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Be it a woman or a man, it is an important milestone for every individual to buy a home. With millennials bringing their A-game to the tabe and making it big with the earnings, be it a woman or a man, investing money in a good entity has become a question for both. For some women, bringing a home is basically to support their families, but for some on the other hand it is a way of investment. Whatever the reason may be, owning a home gives a sense of pride and security as well. Most of the working professionals opt in for a home loan, as it gives the flexibility to pay it through monthly installments. Women are eligible for restaurant benefits when it comes to getting a home loan.
Most of the banks offer lower rates of interest exclusively for women. This is to encourage more and more women to buy assets in their own names. It is an initiative to help women empowerment as well make them financially independent.
For example SBI offers a home loan at an interest rate of 7.20 % to all, but, women candidates receive the home loan at 7.15%. Maybe the number seems small right now, but it creates a significant reduction in the amount of EMI.
Stamp duty is one of the expenses that is involved in purchase of a home. As a part of women empowerment initiative different states in India offer asthma duty concession to women buyers, The rate of reduction varies from state to state. It may be around 1% or 2% only but, over a huge amount of actual home cost, it would make a great difference.
Women are considered as responsible borrowers dn thus, this gives them an ability to receive a larger sum of amount form the bank. Along with the simple eligibility criteria, the process of applying for a home loan becomes easier. Contact any nationalized bank to get more details about the terms and conditions involved in this process.
Women can avail tax benefits of the home loan repayments. A maximum of 15 lakhs on principal amount and around 2 lakhs on interest repayment can be availed if you take a home loan. The tax deductions are applicable even if the woman is the co-owner of the property. Additionally women home buyers avail benefits from PMAY - Pradhan Mantri Awas Yojna, which is a credit linked subsidy scheme, Here you can get a maximum of 2.67 Lakhs. To avail the benefits of this scheme it is mandatory to have a female member of the family as the owner or co-owner of the property.
When a male applies for a home loan he is given a tenure of maximum 20 years for payment of teh home loan and the maximum age limit of 65 years. Whereas for a woman, the same age limit extends to 70 years and the tenure increases to 30 years. Therefore, with an increased number of years, the amount of EMI reduces, helping women to pay the loan without affecting their daily expenses.
We do know that owning a home is no easy process. With proper planning and research, every woman can achieve this dream. If you wish to know more about home loan eligibility. Customized benefits and home loan details. Do visit us and Let us help you find your dream home and help you be the owner of your dream home.