Buying a home is a key financial decision and it becomes even bigger when taken by a woman. With them reaching the sky in their careers, there has been a significant rise in the number of women home-buyers in the last decade.
With this revolutionary shift, there are plenty of benefits and schemes provided to encourage this financial decision by women.
1. Interest Rates: There are special interest rates and discounts available for women applying for a home loan from major banks and NBFCs. The application should be in the name of the woman or she should be a co-borrower of the same to enjoy these.
2. Eligibility Criteria: There are simple eligibility criteria like being an Indian citizen between age 23 and 58 with 3 years of working experience.
3. Lower Stamp Duty: As compared to others, women can enjoy a lower stamp duty of about 1-2% in most of the states. This is a significant amount when applied to the huge cost of the property.
4. Benefits as a co-borrower: As a matter of fact, women are considered to be more trustworthy when applying for loans. This makes the sanction process easier and faster to deal with.
5. Choose long payment tenure: There is also an option to select the longer payment period which ensures low EMIs and lesser stress on the finances.
6. Tax Benefits: They can enjoy the tax benefits in the form of home loan tax deductions of up to Rs. 3.5 lakhs with segregation of Rs. 1.5 lakhs under Section 80 C and Rs. 2 lakhs under Section 24(b).
7. PMAY benefits: With Pradhan Mantri Awas Yojna, a government initiative, any home application applied with a woman as a co-owner is eligible for an interest subsidy up to Rs. 2.67 lakhs.
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