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Owning a home is a dream, dear to both man and woman alike. It gives a great sense of security financially as well as personally. But, at the same time, it is a huge investment too. And, that’s why most of us seek for a home loan to fulfill this dream. Though the basic factors and eligibility criterions remain same, but women have an upper hand compared to her male counterpart while applying for home loans. Governments and banks have taken several steps and introduced various policies and schemes to empower women and make her financially independent. Initiatives like special accounts for women and the girl child, concessional rates on home loans, and other women specific special schemes provides an extra edge to women folk to apply home loans.

So, as a woman, if you are looking to purchase a house, here are the four major benefits you will be entitled to as against your male counterpart:

1. Concessions on interest rates – Interest rates are one of the most crucial considerations while availing a home loan. Even a small variation in the interest rates has a huge impact on the monthly EMIs. And, since a home loan is a long-term financial affair, lower rates of interest or concessional rates can help you save a considerable amount of money over the entire loan period. This is where women applicants are at an advantageous side because they get preferential or lower interest rates. However, this is true only when the woman is a primary applicant or a co-applicant for a home loan.

2. Lower stamp duty rates – Despite being a part of the loan amount, no concessions are provided by lenders. Instead, stamp duty rates are decided by respective state governments and thus differ from state to state. Though there is no universal rule, yet, many states offer lower stamp duty for women property buyers. Usually, a concession of 1%-2% is given to women property buyers in some states, and it is a huge relief on the loan amount. For example, it could mean a straight price cut of Rs. 1-lakh for a house that costs Rs. 50-lakh.

3. Higher chances of loan approval – Lenders and banks have a pre-defined eligibility and loan acceptance criterions, and it is important for the applicant to meet those criterions to avail a loan. A credit score is an important consideration as it determines the risk potential of the applicant. This holds good for both men and women applicants. However, there is a general perception that women pay their dues on time and are less risky borrowers compared to men. Hence, though all the terms and conditions are taken into consideration, women applicants have higher chances of getting their loan application approved.

4. Special schemes by banks and builders – When a woman is a sole applicant or the primary applicant in case of a co-applicant, different banks offer different home loan packages and schemes. These schemes will have lower interest rates on the loan availed. The concessional home loan rates are a great boost for women to buy properties. In addition to the special packages offered by financial companies, some property developers and builders also offer time bound schemes to encourage women to buy houses. Offers like discounted rates, waiving of on miscellaneous charges and the like are certain privilege points for women property buyers.

The above-mentioned factors are crucial benefits while availing home loan. So, for all the women out to there, make the most of these benefits. It’s time you own your dream home and embark on the next level of financial security and personal independence.