Home Loan for Women

The number of women opting for a home loan in India has increased in recent years as per a report from CRIF High Mark. In 2023, the number of female home loan borrowers increased to 33%. Lower interest rates, tax benefits, and better loan terms are some factors that have contributed to this increase. Also, builders and developers usually offer 1% - 2% lower stamp duty charges to female homebuyers. Do you wish to buy your dream home and enjoy these benefits as well? Consider purchasing the property with a home loan available on Bajaj Markets. Here is all you need to know.

*Disclaimer: The mentioned details are subject to change at the lender’s discretion.

Here are the provisions of the Income Tax Act, 1961, that help you enjoy tax benefits on home loan repayment:

Here are some common criteria that you may be required to fulfil in order to be eligible for a home loan:

• Your age should be between 18 and 70 years

• You should be an Indian national, non-resident Indian (NRI), or person of Indian origin (PIO)

• You should be either salaried or self-employed

• You should have an annual income as determined by the lender

• You should have a permanent residential address or live on a rental basis in the same property for at least 1 year

• You should have a CIBIL Score of 750 or above

Alongside these, you may have to submit the following documents:

• ID proof: Any one of the following

  • PAN card

  • Aadhaar card

  • Voter ID

  • Driving licence

  • Passport
    

• Address proof: Any one of the following

  • Aadhaar card

  • Utility bills

  • Ration card

  • Passport
    

• Income proof:

  • If salaried - Salary slips and bank account statements

  • If self-employed - Bank account statements, latest ITR filings, and business financial statements
    
    

Alongside the mentioned paperwork, you may also have to submit some property-related documents. The requirements can differ from one lender to another. Remember to check the required documents and eligibility criteria before applying.

Here are some quick and easy steps to help you apply for a home loan effortlessly on Bajaj Markets:

• Click on ‘Apply Now’ on this page

• Provide the requested details like your name, phone number, etc.

• Select the lender from the list of loan providers available

• Enter your preferred tenure and loan amount 

• Cross-check the details and then click on ‘Submit’

You will be contacted by a representative who will further guide you through the process.

Here are some things that you can do to improve your home loan application:

• Maintain a Good CIBIL Score

It is essential to have a good CIBIL Score, usually over 750, to get a home loan at favourable terms. Take measures to improve your score by paying your credit card bills and EMIs on time. You should also consider reducing your credit utilisation ratio by closing your old credit cards. Make sure to resolve any discrepancies in your credit report so that the credit information stored with the bureaus is accurate. Lenders usually access this data when determining your loan eligibility.

• Leverage Low Interest Rates

Many lenders offer preferential rates to women homebuyers. This can help you benefit from lower EMIs. This helps you save a large sum which can then be used to meet your other financial requirements.

• Opt for Joint Home Loans

Applying for a home loan with a co-borrower can help in faster loan approvals. This is because the risk of default is reduced with the shared repayment responsibility. It generally leads to better loan terms and flexible repayment options. Furthermore, both you and the co-borrower can get tax benefits on the same loan. So, you can consider applying for the loan with your spouse, family members, etc. and enjoy the benefits of a joint home loan.

• Provide Complete Documentation

Get the complete list of documents required from your chosen lender. Prepare these documents beforehand to ensure a smooth loan application process. This helps you get speedy loan approval. Incomplete documentation can lead to delays or even result in loan rejection.

• Seek Professional Advice

Before applying for a loan, gaining insights from financial advisors is important. Such professionals can help you assess your finances better and plan your repayments. This helps reduce the repayment burden by making the loan more manageable. Discuss the down payment along with the charges for stamp duty, registration fees, etc. when planning your home loan application.

If you have a home loan that is difficult to manage, a balance transfer can be a great option. It can help you get lower interest rates and flexible repayment terms for easy loan repayment. Furthermore, you may be offered waivers on prepayment and foreclosure charges as well. However, before you apply for this option, check the total cost of the transfer. Also, compare your new instalment amount to your existing EMI. This helps you assess whether this option can help you save considerably. 

But, if what you need is not a relaxation in the repayment but rather a higher loan amount, consider top-up loans. These can help you borrow additional amounts on your existing loan at the same terms. Such loans are quite useful for home renovations, repairs, and other needs. Before borrowing the amount, assess the loan's impact on your EMIs and the total loan cost.