In recent years, there has been a significant shift in traditional gender roles, particularly when it comes to homeownership and financial decision-making. Women are no longer limited to caretaker or homemaker positions; they are increasingly taking charge of managing finances. They are using resources such as Home Loan EMI Calculators and knowledge of Credit Scores to redefine their presence in the financial industry.
This blog explores the ways in which women are making progress and the tools that can help them along the way.
New homeowners in town
A wave of change is visible in the housing sector. Women are breaking barriers, understanding Home Loan eligibility criteria, and becoming homeowners. One of the key tools that assist in this journey is the Axis Bank Home Loan EMI Calculator.
With this tool, you can easily estimate the monthly expenses and prepare a budget. Understanding the mechanics of Home Loan Balance Transfer allows you to shift your loans to lenders offering lower interest rates, thereby saving money over time.
Utilizing tools like Home Loan EMI Calculators and Home Loan Balance Transfer options empowers women to make informed decisions in homeownership.
Also Read: Smart ways to reduce your Home Loan EMI
Credit Scores
It is no secret that having a good credit score is essential for maintaining financial stability. And while this is true for both men and women, many women are taking note of the importance of this financial metric.
A study by TransUnion CIBIL highlighted that women borrowers in India are more consistent than men in repaying loans. The data revealed that a higher percentage of women (as compared to men) were in the most creditworthy category, signifying their responsibility in managing credit.
A good Credit Score can significantly increase the likelihood of being approved for a Home Loan, as well as provide access to a variety of credit options and other financial benefits. By building and maintaining a strong Credit Score, women can take control of their financial futures and achieve greater financial security and success.
Financial products for women
According to a report by Bain & Company, in collaboration with Google, women in urban India were seeing less of an income gap compared to men than ever before, and about 30% of women in urban India were earning in equal ranges as their male counterparts. This means more women are part of the banking ecosystem and using banking products.
Many banks offer a range of products designed to cater to the unique financial needs of women. One such product is Axis Bank's Women's Savings Account, tailored to offer various perks that include low minimum opening deposits, free chequebook, low monthly average balance maintenance facility and personal accident insurance cover.
Tips to manage Home Loan
- Understand your Home Loan EMI: Use an EMI calculator to get an idea of your monthly commitments.
- Monitor your Credit Score: Regularly check your credit score to ensure you meet the eligibility criteria for financial products.
- Consider a balance transfer: If you find a lender offering a lower rate, use the Home Loan Balance Transfer option.
To summarise
Women are not just stepping into the role of financial decision-makers; they are excelling in it. With the help of powerful tools like Home Loan EMI calculators and a clear understanding of Credit Scores and Home Loan Balance Transfer, they are taking leaps in areas traditionally dominated by men.
Axis Bank offers tailored products like Women's Savings Accounts and Home Loans with balance transfer options, making this financial journey smoother.
So, whether it is about securing a Home Loan or transferring an existing one for a better interest rate, women today have both the knowledge and the resources to make it happen.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
