Home Loans For Women – Schemes, Interest Rates & Benefits
One of the ways Indian lending institutions, like agrimhfc, and government institutions encourage women’s empowerment is by giving women exclusive perks when applying for home loans. So, if you are a woman and feel reluctant about applying for a home loan, it is time that you read this article and know the benefits you can enjoy if you apply for one.
One of the ways Indian lending institutions, like agrimhfc, and government institutions encourage women’s empowerment is by giving women exclusive perks when applying for home loans. So, if you are a woman and feel reluctant about applying for a home loan, it is time that you read this article and know the benefits you can enjoy if you apply for one.
Lower Borrowing Cost/Interest Rate
What is not to like about low-interest rates, right? And if you are a woman, this is what you can get if you apply for a home loan under your name. One of the reasons why lower interest rates are being given to women is because financial institutions believe that women are more reliable. Lower interest rates are a clear indication that they are encouraging women to own a house.
The reduction may be minimal, can be .05% or .1%, but needless to say, this small point can give a huge impact when you compute the total interest of the entire loan. With the small interest rate, expect that repayment will be smoother and more comfortable.
Low Stamp Duty Charges
- There are a lot of expenses involved when buying a house, and one of them is the stamp duty charges. What made women a better option when applying for a home loan is that they are given discounts on this aspect of the home loan expense.
- Rules of most state governments in India state that women who are applying for a home loan should be charged 1% to 2% lower stamp charges compared to males.
- You might think that the figure is insignificant, but considering the total property cost, you would realize that the amount you thought is minimal is actually huge and highly profitable.
- For instance, if a woman applies for a home loan, they can get savings of fifty thousand Rs to 1,000,000 Rs on a property amounting to Rs 50 lakhs.
Tax Deduction Benefits
Section 24 and Section 80 C of the Income Tax Act, state that women borrowers are granted tax deductions on the total amount of the property up to a maximum of 1.5 lakhs, and home loan interest for up to 2 lakhs.
If the loan is applied together with their spouse as their co-applicant, each of them will be eligible to enjoy the tax benefits proportion to their contributions towards the home loan repayment.
Longer Repayment Tenors
Women home loan applicants can choose longer repayments for their loans, making their monthly mortgage smaller. If they want to enjoy a higher principal loan, they can consider applying with their spouse.
One of the ways women can be financially independent is by owning a home, and through this scheme, women can easily achieve it.
