Dewan Housing Fin to launch loan scheme for single women

Atmadip Ray

Mumbai, Dec 3: In a unique drive targeted at single women, Dewan Housing Finance Corporation Ltd (DHFL) is all set to launch its new home loan scheme for them.

DHFL also plans to offer financial support to single woman at large, either salaried or self-employed for buying, constructing and renovating houses. This is the first time a housing finance company is planning to offer loans to independent single women.

Says DHFL managing director, Kapil Wadhawan: “The new scheme is targeted at the present day single woman who wishes to have a property of her own. Earlier, single women were not permitted to apply for a home loan on her own. A co-applicant was needed to avail of a home loan. This new scheme diminishes the need of a co-applicant and allows the women, either single or married to apply on their own”. He also stated that the loan would come with a special insurance cover for the applicant.

Under the scheme, any woman whether single or married; salaried or self-employed; who have the capacity to repay on her own could qualify for loan. “Considering the growing participation of women in all spheres of the present day world and their contribution to the society at large, DHFL has taken this step of furthering the cause of womankind by helping her to be not just self-sufficient but self-reliant”, Mr Wadhawan added.

A customer can avail of housing loans ranging from Rs 10,000 to Rs 50 lakh, not exceeding 85 per cent of the cost of the property, sources in DHFL revealed.

The repayment term ranges from one year to 20 years. The term, however, does not extend beyond the retirement age or 60 years of the customer, whichever is earlier. This is relaxed for self-employed women up to 65 years.

DHFL will not levy any pre-payment charges, in case of such options.
The scheme also allows a customer allows to avail of tax benefits in case of principal repayments up to a maximum of Rs 20,000, while interest payment qualifies for deduction of taxes up to a maximum of Rs 1,50,000.