#InternationalWomensDay: A Woman’s Guide To Home Loan

Although no bank or financial institution discriminates among any home-loan applicants, there are some special incentives made available to women home loan borrowers.

Here is a quick list of all the key aspects around this subject.

• Women are eligible to get discount of 0.05 per cent on the interest rate.
• Besides the reduced interest rate, women are eligible for relaxation in stamp duty and registration charges as well. Women buyers can get the concession of one-two per cent in stamp duty and registration charges.
• Tax is to be paid by every citizen, but women tax payers get privileges in this regard, too. You are eligible for maximum of Rs 2 lakh as tax deduction in the principal amount and interest amount paid annually. If you are a co-applicant for the home loan with your husband, you get tax deduction in equal proportion with your husband.

Also Read: Advantages Women Homebuyers Have In India

The paperwork

Let us now check the list of documents you need to submit while applying for home loan:

*Salary slips of last three months or any valid income proof, if self-employed

*PAN card, which also serves as a photo ID card

*Address proof such as driving licence, voter ID card, bank statement, electricity bill or any such document issued by the government

*Passport size photographs

*Bank statement of past six months

*Documents providing proof of total assets and liabilities

*Number of dependents

*Duly signed application form

*Processing fee cheque

*In case you are applying for a loan for a specific property, proof of down payment (at least 10 per cent) also needs to be submitted

Additional points to keep in mind do note that:

1. You should be the primary applicant to apply under ‘home loan for women’ category and get the befits that come along.

2. It is advisable to keep all the aforementioned documents ready before reaching out a bank.

3. Another most important point to note is your credit report. A credit history holds importance as it reflects the way one has been dealing with financial matters. Keep your credit score healthy in order to eliminate the chances of rejection.

Also Read: Security Is Not The Only Concern For Women Home Buyers