LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Women's Day: Here's how much a woman can save on house loans

Moreover, banks offer special interest rates and features for women applying for home loans. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Women's Day: Here's how much a woman can save on house loans
Women are liable for lower interest rate on home loans. Photo: Pixabay
Written By: Hitisha Jain
Updated: Wed, Mar 08, 2017
11:04 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
After reduction in circle rates, another good news for Delhi homebuyers! After reduction in circle rates, another good news for Delhi homebuyers!
Home loans alert! This RBI measure to give fillip to bank lending to real estate sector - All you need to know Home loans alert! This RBI measure to give fillip to bank lending to real estate sector - All you need to know
EXCLUSIVE! Homebuyers to get income tax rebate on housing loan; BIG GIFT! Massive boost for Real Estate sector coming EXCLUSIVE! Homebuyers to get income tax rebate on housing loan; BIG GIFT! Massive boost for Real Estate sector coming
Cheaper Advance loan for government employees! Right time to purchase your dream house Cheaper Advance loan for government employees! Right time to purchase your dream house
Govt approves creation of Rs 60,000 crore National Urban Housing Fund Govt approves creation of Rs 60,000 crore National Urban Housing Fund

Buying a home is one of the single biggest event in the lifetime of an Indian. 

With interest rates coming down because of massive deposits garnered by banks due to demonetisation, banks admit that queries for home loans have increased. 

Moreover, banks offer special interest rates and features for women applying for home loans. 

We take you through the list.  

Lower Interest Rates

Women are liable for lower interest rate on home loans. Home loans are invariably in large amounts for a longer duration. So, if the interest rate is on the higher side, your pockets gets pinched more.

A woman can get a concession of 0.05% in the interest rate from most of the banks in India. 

Speaking with Zeebiz, Rishi Mehra, CEO of Wishfin.com (earlier knows as Deal4Loans), said, "A slight difference in the interest rate can reduce the flow of interest outgo substantially in a period of 20-30 years. In addition, the monthly installment will also come down." 

For instance, the loan amount is Rs 50 lakh and the tenure is 20 years, here's how much men and women will save:

Clearly, from the above table, women will save around Rs 38,000 as compared to male applicants! 

Reduction in Stamp Duty

According to Mehra, stamp duty does form the part of the property cost. And a difference of few percentage can make a huge difference in your home ownership cost. The lenders finance a home loan at about 80%-90% of the property cost. 

As far as stamp duty goes, it differs from one state to another. Particularly, when women buy a property, the stamp duty generally remains lower. A concession of 1%-2% is generally applicable. So, on a property worth Rs 60 lakh, a woman borrower can save around Rs 60,000-1,20,000.

Tax Benefits

Like the male counterparts, women borrowers are also be eligible for a tax deduction on the home loan repayments. The maximum tax deduction allowed in the principal and interest repayments is Rs 1.5 lakh and Rs 2 lakh, respectively. 

Women borrowers applying for a home loan along with their husbands can receive the tax deduction in an equal proportion, Mehra added.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
housing loansWomen's DayBenefits on housing loans for womenTax benefits for womenReduction in stamp duty
RELATED NEWS
After reduction in circle rates, another good news for Delhi homebuyers! After reduction in circle rates, another good news for Delhi homebuyers!
Home loans alert! This RBI measure to give fillip to bank lending to real estate sector - All you need to know Home loans alert! This RBI measure to give fillip to bank lending to real estate sector - All you need to know
EXCLUSIVE! Homebuyers to get income tax rebate on housing loan; BIG GIFT! Massive boost for Real Estate sector coming EXCLUSIVE! Homebuyers to get income tax rebate on housing loan; BIG GIFT! Massive boost for Real Estate sector coming
Cheaper Advance loan for government employees! Right time to purchase your dream house Cheaper Advance loan for government employees! Right time to purchase your dream house
Govt approves creation of Rs 60,000 crore National Urban Housing Fund Govt approves creation of Rs 60,000 crore National Urban Housing Fund

LATEST NEWS

New Inbase smartwatch Urban LYF is here - Check features, offers, promo code and more

Homebuyers alert! Avoid real estate troubles by knowing these top 5 things before buying flat in 2021

Sovereign Gold Bonds 2020-21 scheme: Check opening, closing dates and rates

Apple, Croma join hands on Steve Jobs' birth anniversary

Websites of traditional media houses to come under the ambit of section 69(A) of IT Act: Report

REVEALED! This is the most preferred financial product to protect family post-COVID 19 pandemic

Successful! Indian rocket PSLV puts Brazil's Amazonia-1 satellite into orbit

'Improved economic environment to boost FY21 credit growth'

IndiGo's select flights from Mumbai Airport from March 10

Mann Ki Baat Latest Episode: What all PM Narendra Modi said in his popular radio programme today - Know here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved