Home Loan Benefits For Women
by Finway FSC Empowering People FinanciallyFinding a dream home is like getting yourself an
assurance of the lifetime stay, which cannot be achieved on rented
accommodation. In pursuit of your dream home, you can invariably rely on a home
loan that can be availed for as long as 20-30 years. Since the home loan tenure
is long, the final loan cost from the customer end can be high. However, in the
case of a women borrower, the loan cost can be modest. With the increasing
participation of women in the workplace which is making them financially
independent.
Furthermore, they also weigh in on big decisions
of life, like purchasing a home for their families. This disposition in home
loans to create a unique scheme and opportunities for women to acquire their
own homes with some unique home loan benefits. Moreover, home loans in Delhi
provide multi-fold benefits for ladies.
Lower interest rates
Many lending institutions accommodate lower
interest rates for women applicants, which has a huge impact on Equated Monthly
Instalments (EMIs) and renders significant savings over the tenure of the loan.
In fact, women borrowers enjoy a concession of 0.05% in the interest rate from
most banks in India.
Women benefit as co-borrowers
Women have the opportunity to apply as
co-borrowers with their spouses. The combined income of the couple generates
higher loan eligibility and more flexibility in choosing a suitable home for
their family. Furthermore, like their male partners, women can also enjoy a tax
deduction on the home loan repayments with the maximum deduction allowed in
principal as well as the interest at Rs. 1.5 lakh and Rs. 2 lakh respectively.
Presently the Pradhan Mantri Awas Yojana (PMAY)
has made female co-ownership mandatory for a female head of the family. In the
Economically Weaker Section (EWS) and Low Income Group (LIG) segments of the
PMAY scheme, including widows and single women.
Reduction in Stamp Duty
The government is encouraging homeownership for
ladies as well. Home loan benefits for women include lower stamp duty charges
by 1-2% by many state governments. Therefore, she can save Rs. 80,000-Rs.
1,60,000 on a property worth Rs. 80 lakh.
Stamp duty does form the part of the property
cost, and a difference of a few percentages can make a huge difference in your
homeownership cost. Banks capitalize a home loan at about 80%-90% of the
property cost. As far as stamp duty goes, it differs from one state to another.
A concession of 1%-2% is generally applicable and therefore on a property of
worth Rs 60 lakh, a female borrower can save around Rs 60,000-1,20,000.
Tax Benefits
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Created on Mar 12th 2020 03:44. Viewed 304 times.