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Husband or wife, who is more suitable to avail home loan?

In India, an earning woman can get a much better ‘deal’ on a Home Loan than her husband who is earning as much as her. Most banks and NBFCs grant loans with lower interest rates and better (more flexible) lending terms to women applicants of Home Loans. Such great initiatives could be considered a part of the government’s successful attempts to empower women and give them a better standing in the situations wherein they have to take an important decision for the family and its finances.

Generally, financial institutions finance Home Loans up to 70% to 80% of the property’s value. In case of Home Loans for women applicants, the same banks are willing to finance up to 90% of the property’s value. This means a lower strain on you to bear the expenses of the down payment. The interest rate charged is also significantly lower in this case. To top it all, there are tax benefits as well on the repayment of a Home Loan’s principal and interest.

To avail Home Loan benefits, the wife has to be the sole applicant or a co-applicant of the loan. In addition to that, she also has to be the sole owner or a joint owner of the property that is being financed by the bank.



 1 Replies

karan

karan   09 October 2017

As already given you the notifiaction link in one of your other queries still here's the link I am posting again, please have a look for all the details.

https://rbi.org.in/scriptts/NotificationUser.aspx?Mode=0&Id=9092

Frankly it depends upon whose tax bracket is on lower rate or unutilised, if both are same you may go for any of those two.


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