Owning a home is a cherished dream for many, and financial institutions in India are making strides to turn this dream into a reality for women. In this article, we’ll explore the advantageous policies and benefits that women can avail of when applying for a home loan.
Lower Interest Rates for Women:
One of the key hurdles in home ownership is the interest rate on loans. Thankfully, many financial institutions are now offering home loans to women at lower interest rates, making repayment more manageable.
Relaxed Eligibility Criteria:
Eligibility for a home loan involves various factors, and meeting all requirements can be challenging. However, several banks and lending institutions have eased their stringent provisions for women, making the eligibility criteria more accessible.
Tax Deduction Benefits:
Under the Income Tax Act of 1961, women can enjoy tax deduction benefits. First-time female homebuyers can also claim additional tax deductions under Section 80EE and Section 80EEA, providing financial relief.
Pradhan Mantri Awas Yojana (PMAY) Advantage:
The PMAY, a government initiative for affordable housing, includes a credit-linked subsidy scheme (CLSS). Women applying for a home loan under CLSS can benefit from interest concessions, making housing even more affordable.
Reduced Stamp Duty for Women:
During property registration, the state government imposes a stamp duty. Women, however, are entitled to a reduced stamp duty, typically 1-2 percent less than the standard rate, easing the financial burden associated with property purchase.
In conclusion, women in India are enjoying exclusive benefits when it comes to home loans. Lower interest rates, relaxed eligibility criteria, tax deductions, PMAY advantages, and reduced stamp duty make the dream of homeownership more achievable for women.