6 Ways Women can Benefit from Home Loan in India

Women these days are independent, are earning a good income, and are readily investing their money in real estate. Making a home of their own has become an important milestone for all women. While some women need it to support their families while some others look at it as a good investment to secure their future. Despite the reasons, owning things of your own gives real freedom, pride, and security to women.  Most working professional women prefer taking a home loan as it gives the flexibility to pay back the loan through monthly installments. So women are eligible to get some additional benefits when it comes to home loans in India. 

So let’s have a look at the home loan benefits for women:

Lower interest rate:

Banks or other lenders reduced the home loan interest rates, only for women. So that women will be encouraged to buy a flat and apartment of their own and become financially independent. Therefore women in India can get subsidized home loans in India. 

Reduced stamp duty:

Stamp duty is another expensive thing that is involved while taking a home loan. Different states, provide various offers in stamp duty concession, to the women who are availing home loans. So women are eligible to get a 1% or 2% reduction in stamp duty charges while buying a home. 

Eligibility for High Loan Amount:

Women being more responsible than men provide them with the eligibility to get higher loan amounts sanctioned. Along with the simple eligibility criteria, the process of applying for home loans in India is much easier for women than men. One can easily get eligibility criteria and all other details from the bank.

Longer Repayment Tenures:

Female borrowers are offered repayment tenure of up to 30 years and up to 70 years age limit to repay the loan, which is early as compared to men. This will help women to reduce the EMI burden, and pay the amount without affecting their daily expenses. 

Tax benefits: 

Women have the liberty to can avail income tax benefits based on their home loan repayments. A maximum of Rs 1.5 lakhs on principal amount and Rs. 2 lakhs on interest repayment can be deducted if you have taken a home loan. This tax is also offered even if the woman is a co-owner of the property and has a different source of income. 

PMAY scheme benefits:

Mantri Awas Yojana (PMAY) scheme offers interest subsidy up to Rs. 2.67 lakhs for the women home loan buyers. To avail of this subsidy, it is mandatory to have a female member of the family as owner or co-owner of a housing property.

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