Know About Different Types of Home Loans in India for Women

Nowadays numerous people are availing home loans to construct their dream houses. They are the most convenient and the most attractive kind of loans which can be used for buying as house. Some loans come with a high rate of interest whereas there are other loans which are a little subsidized, especially for the fairer sex. Home loans come with a number of advantages such as tax breaks, and thus the demand for the same has been increasingly in demand nowadays.

There are varieties of home loans that are offered by the banks and many financial institutions catering to the requirement of various individuals including women as well. Nowadays there are various options of home loans for single mothers as well who would like to avail a house and the best part is that if the women is working and has a good amount of salary beside her. There are various kinds of loans for women at a low interest rate. The interest rate is lesser for a woman because

• Women are the fairer sex
• They have been given an added advantage through ages and still are being given the same as a privilege
• They are still considered dependent and thus are given an added advantage over man when it comes to issues regarding monetary value. Let us now know about the various home loans which can be availed by women at a lower interest rate.

1. Yearly fixed rates

This is the most commonly availed loan which can be availed by women where they along with their broker can decide on the rate of interest along with the years of payment of the loan amount.This is a long term loan.

2. Reduced rates

This loan is yearly fixed at a specific amount; however you would not be able to sell your property within the first five years of buying the same.

3. Down payment grants for woman

There are down payment grants which are specific only for a woman where the financial institutions assist a woman financially while buying a new home. There are local resources as well that will help woman in funding if required.

4. Veterans’ management

This is a loan specially designed for women where they provide mortgage guarantees with no down payment. This assists women to buy homes easily. This loan is provided by personal lenders to entitled veteran women buying homes as most important residence. Somehow, if a woman does not succeed to pay back the loan the VA will guarantee the payment of the loan. However a woman must be eligible to get the VA loan.

5. Federal housing loans

Women can also take the advantage of federal housing administration loans which offersloans at a very low interest rate as well as lower down payments and lower closed rates. The assistance programs are of two types.

• Second mortgage where down payments can be backed by second mortgage. Initially no payment is required
• Seller assistance programs where the women is helped by a nonprofit organization for a loan.