Home Loan Schemes for Widows in India

After the death of her husband, a woman is responsible for taking care of the family and arrange all the basic amenities. House is one of the most aspiring dreams of the Indian household. It is somehow difficult for a woman to buy a property if her husband is no more and she is a housewife. To ensure a woman actively participates in the home buying process, government and banks have come up with some women-friendly schemes. Whether single, married or widowed, women in India constitute 30 percent of the home buyers in the urban area. Real Estate is no more owned exclusively by men. Let us have a look on the advantages that women home buyers possess in India on home loan-

• Most lenders offer a lower home loan interest rates to all women borrowers. They believe women are more punctual and sincere than men in paying back the loan amount and therefore, there is a less chance of them becoming a defaulter.

Additional Read: Benefits of Applying for a Home Loan for Women in India

• Women as Co-owner, Primary owner and Solo owner of the property According to a law made by the Central government a woman should be either the co-owner or the sole owner of a property. This is a welcome step that will ensure economic stability and social equality for the women in the long run.

• In many Indian states, women are entitled to pay lower stamp duty charges as compared to their male counterparts. States like Delhi and Haryana, stamp duty charges are two percent less for women. In some states, it is one percent less. Therefore, it is advisable to make the woman the primary owner while buying the property. In fact, the stamp duty is less if the property is being gifted to the female of the family.

• Also, there are many schemes in the market for women belonging to the lower income groups like daily wages workers, laborers, domestic helpers, and maids. These women fall under the unorganized sector. One such scheme for these women is MALA

However, when the woman is the sole earner in the family, it is advisable to carefully pick the right property and apply home loan. It becomes indispensable to check the builder’s background and repute in the industry. Is the builder a known name? Has the builder delivered good projects earlier and on time? From when is the builder operating in the real estate industry? All these questions must be answered before investing in the dream property for a secured future.

Additional Read: Home Loan Tips for Women Borrowers

Builders say all good about their construction. But one should never trust blindly what they say about the land khata and other government and municipal approvals. A solid homework about the property should be done. Ask the builder whatever comes in mind, such as, whether the property has all NOCs or the project has been approved by a bank or whether they provide occupancy and possession certificate without any hassle. What will be the mode of Khata transfer etc. However, banks will also verify the property and builders and validate them. You can also find the list of approved properties on the bank’s website.

It is suggested to go through various banks websites, check their interest rates and decide based on personal choice and preference and apply for home loan. Death of husband in a woman’s life is a great loss and the void cannot be filled. Hence, it is very important to plan your finances accordingly as any unforeseen circumstance can hit in any phase of life.