Exclusive home loan benefits that women enjoy in India
Women add up to more than 30% of homebuyers in India. Independent women who don’t think twice to experiment in the real estate stride should be lauded. Along with creating, nourishing and transforming the society to its perfect form, women now are taking positions as individual homebuyers. Various banks, companies and even the Government have placed schemes to make this commitment gender-equal and fair to women.
Lower interest rates
Women are allowed a lesser interest rate compared to men, facilitating investment by women a manageable one. Interest rates for women are subsequently lower than the standard interest rate. Borrowing loans with large interest rates are challenging to the buyer and therefore demotivates the buyer vastly. These adjustments in interests rates depend on the banks and certain banks offer a subsidy of 0.05 to 0.1% to the home loan for women. These figures make a huge difference in the total loan repayment.
Higher loan permit
Women borrowers are entitled to higher loans than men. This is to ease the burdens on women. Banks offer loan from 30 lakhs to 3.5 crores to women applicants.
These are the only criteria laid out to women loan seekers:
1. Applicant should be an Indian citizen
2. Applicant should be between 23 and 53 years
3. Applicant should have work experience of 3 years.
Increased tenure
Generally, banks extend the term of the loan repayment to 25 years. This gives women the privilege of a reduced EMI, reduces pressures rested on them and aids to face unexpected circumstances.
Pradhan Mantri Awas Yojana
PMAY began in 2015, intends to provide houses to the low income and the economically weaker sections of the society. This project also makes it compulsory for women to be co-owner of a property to acquire an interest subsidy of up to 2.67 lakh. This objective has brought forth numerous opportunities for women to pursue.
Reduced stamp duty
Stamp duty for women applicants is reduced by 1% to 2% by the respective state governments. Property registered in the name of women acquires this advantage. Additionally, women can obtain tax benefits along with their husbands or individually under sections 24 and 80C, Income Tax Act.
Home loan benefits for women has unlocked the road less travelled. Investments are largely made by men in India and women are abandoned as the weaker subsection in the nation's hierarchy. The above-mentioned windfalls have navigated women especially those with children to live life with confidence and belief.
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