Get Home Loan Benefits For Women - Low Interest Rates

Buying a house is dream of every person. To fulfill this dream majority of people take home loans. There is a mis-conception earlier that only men can take these loans but situation has changed now and more women are coming forward to get home loans. We will learn the information and loan options for women to buy a house.
home-loans-to-women-low-interest-ratesBanks and financial institutions are considering Women as the most trusted customers because in terms of credit rating, loan history and loan repayments they are more reliable than men. In terms of savings and financial consultations women are participating more and more.

All these financial factors that are positive towards Women will help them in getting Home loans at cheaper rates. There are few things to follow before applying for a Home loan that will help you to stay confident and successful.

  • Fill the application form without any mistakes.
  • Address proofs, age proofs and verification documents likes Aadhar cards should be kept handy.
  • If the loan applicant is employee, she may be asked to submit 2 years Form 16, Tax returns and 3 to 6 month's salary slips.
  • If the applicant is self employed, she may be asked to submit last 2 years balance sheet, profit loss statements and bank account details. Some financial institutions might ask additional documents as per their loan procedure.
Most of the banks and finance institutions are giving loans online, so you may be requested to upload the required documents and the hardcopies can be submitted to the representative after loan approval.

Usually Home loans are sanctioned in 10 to 12 days but it might take few more days if there are any obligations.

Co Applicant
When a women is taking home loan she can name husband, parents and children as co applicants. Incase of a joint business or joint family she can also name brother and sisters co applicants. This situation would help to increase the total loan amount. If the loan applicant is also co owner of the property then both can get tax benefits.

Clear dues
  • Keep all the loans documents at safe and handy location.
  • Clear credit card bills and other personal loans in time to get any benefits on interest rates.

Special Schemes

Indian Government and State Governments are trying to giving Home loans to Women under various schemes. There will be interest rate and certain benefits under these schemes, so please contact local authorities for more information.

Which Type of Loan Interest Rate Should You Choose?

Home loans will have generally  Fixed interest rate and Floating interest rate options. Fixed rates will have fixed equal amount installments for the entire period of time. The starting payments cover the majorly interest and the principal amount is covered in later tenures. The fixed rates are usually higher.

Floating interest rates change depending on the market conditions and interest rate change when base rate changes. As per the conditions that are today most of the Home loan borrowers choose floating interest rates.

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Get Home Loan Benefits For Women - Low Interest Rates
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