There are a number of states in India which offer a variety of benefits to women home buyers. This is being done to encourage more number of women to become the owners of their own homes. Thus, if you are married, it will be more profitable for you, if you purchase property in the name of your wife.
Apart from enjoying the lowest housing loan interest rates, there are a number of other benefits which can be enjoyed. There are a number of benefits of buying a property in the name of your wife, a few of which are as follows -
Lower Interest Rates
Most borrowers do not know about this but women actually enjoy a lower interest rate. The extent to which the interest rates for home loans are subsidized varies from one lender to the other, but usually varies from 0.005% to 0.1%. These figures may look small but in the long run when your expenses can rise, these lower interest rates can greatly aid in planning your finances better repay back your loan more easily.
Access Higher Value Loans
Another added benefit of women applying for home loans is that they get access to higher value home loan more easily. This is because the eligibility criteria is less strict for them. Thus, irrespective of the lender, be it a conventional financier or an NBFC (Non-Banking Financial Company), women can look forward to higher value loans.
Reference Read: Affordable Home Loan Rates for Women - Know the Benefits
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.