What Benefits do Women get While Taking a Loan for home?
Women have become an important part of the home-buying decision-making process in modern times. A growing number of women are pursuing full-time jobs/businesses and are no longer financially reliant on their husbands or fathers. As a result, many of them are financially capable of contributing to Loans for Apartments on par with their husbands. If a woman takes out a loan for the home, she will benefit from several benefits. We will look at a few of the most important ones to see why it is always a clever idea to include a woman as a borrower when applying for a loan for homes.
Benefits of a Home Loan for Women:
Higher Loan Eligibility: Working women can apply as co-applicants with their spouses. This can help them increase their loan eligibility, giving them more options when it comes to choosing a new home.
Income Tax Benefit: Both husband and wife are eligible for a tax deduction on loan repayments of principal and interest on the same joint loan. Individually, each can deduct up to Rs. 1.5 lakh on the principal component of the EMI (under section 80C) and Rs. 2 lakhs on the interest component (under section 24). As a result, they can take a combined maximum deduction of Rs. 3 lakhs on the principal (under section 80C) and Rs. 4 lakhs on the interest (under section 24) components of the EMI as a couple, resulting in significant income tax savings.
Lower Stamp Duty: When it comes to stamp duty charges when purchasing a home, being a woman has a lot of advantages over being a man. Women who own a property worth Rs. 30 lakhs can easily save Rs. 30,000 to Rs. 60,000 because many state governments encourage female homeownership by charging 1-2 percent less than their male counterparts.
Higher Chances of Getting Loans for Apartments: According to many financial institutes’ past trends, women are habitual savers, avoid unnecessary debts, are very prudent in household fiscal management, and have historically lower default rates when it comes to borrowing when compared to men. All these factors have prompted financial institutions to lend women loans for the home.
PMAY: A house owner belonging to the EWS, LIG, or MIG sections of society may be eligible for a government subsidy of up to Rs. 2.67 lakhs on the principal amount of a loan for a home under the Pradhan Mantri Awas Yojana (PMAY). One of the most important requirements for receiving PMAY is that a woman is the sole or joint owner of the property.
Women’s Loan for home Eligibility:
A person must be able to meet certain criteria for a Financial Institute to sanction a loan for a home to her. When it comes to HomeFirst, the requirements for a loan for a home for women are straightforward:
- She should be an Indian citizen.
- Her age should be between 20 and 60 years old.
- She must have at minimum two years of job experience.
- A minimum credit score of 650 is required.
- A family with a monthly income of Rs. 15,000 or more is considered wealthy.
Apart from the points mentioned above, the loan for home eligibility calculator can be used to determine the exact Home Loan eligibility.