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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Apply NowYou always go for beautiful things in life that really matter you and a home is no exception. You keep searching for the right house, keep working under a tight budget and keep looking for the suitable loan to own and live in a dream home of yours.
Buying a home requires a lot of money that you have to invariably depend on a home loan. A loan with a tenure of 20 or 30 years will have a different interest rate, which may cost high for you in the long run. Nevertheless, a housing loan for women costs less owing to various benefits women get.
With more and more women going to work, they have become financially independent and are free to make decisions. Banks encourage them to play a major role financially in life. Here are some benefits offered on a home loan for women:
The rate of interest plays a critical role in making a home loan cost-friendly. It has an impact on the duration of the loan, where you pay higher interest on a tenure of 25 or 30 years than that on 15 years. A home loan for women is offered at a special interest rate, which is lower than the regular one. For instance, a reduction of 0.05 – 0.1 percent can have a significant influence on the EMI payable. In the long run, it works out to be a considerable amount.
As the housing loan for women is offered at a longer tenure, it helps them pay easily. A longer duration helps you have a lower EMI, and thus, you can meet all your commitments, without postponing any payments such as the credit card bills, utility bills, and more. Women borrowers are at an advantage of making foreclosures and part prepayments without any penalty or charges.
The registration of a property attracts stamp duty, which adds to the cost of the property. For women, the stamp duty charges are 1-2 percentage lower, irrespective of the state they are in. When calculating on the total cost of the property, this small percentage will give you a substantial amount of saving. For instance, if you buy a home of Rs 70 lakhs, as a woman borrower, you are eligible for 1%-2% reduction on the stamp duty, which will help you save Rs 70,000 – Rs 1,40,000.
Most banks try to offer the best home loan for women to help them avail the tax benefits. The tax deductions for women borrowers are Rs. 2 lakhs on the interest amount and Rs 1.5 lakh on the principal amount repaid in a particular financial year. If they, along with their husbands, are joint owners of the property, still they are eligible for the deductions mentioned above.
The Credit Linked Subsidy Scheme (CLSS), Pradhan Mantri Awas Yojana (PMAY), offers several benefits on the home loan for women. Other than the interest subsidy up to 2.67 lakhs, a woman borrower can also avail a less expensive loan if she is a co-owner of the property.
It is time you should choose to become financially independent and look for the best home loan for women. IDFC First Bank offers a home loan for women at the interest rate starting from 6.90 per annum, with tailor-made repayment options get online instant loan. You can take your first step towards buying your dream home now.
To apply for a home loan from IDFC First Bank, click here.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.