Home Loan Benefits for Women in India

 Tracing back to a time, there was a period when women were subjugated and severed from all rights. Thankfully times have changed and women are scaling the heights of personal as well as professional success. In such a scenario, purchasing a property on her own is a commendable job. So, to celebrate this spirit and encourage such dreams, women in recent times are entitled to a lot of privileges in getting a home loan and this blog will enlighten you further. 

Before we begin we would just like to remind you that it is better not to go for a house near a warehouse in Jaipur. This will only cause a lot of noise, disturbing your calm and peace. Besides, you can consider a location that will suit all your needs and expectations. Now, moving on to the benefits.

Attractive home loan privileges

i.                    Impressive rate of interest

Choose the bank from where you want to get the loan sanctioned. On further talks, you will be intimated about the special discounts on the home loan amount as well as the special rate of interest. In most cases, the woman has to be the main borrower of the loan or a co-applicant to enjoy this privilege.

ii.                  Considered stamp duty

As a woman buying a home you can get a special discount - 1% to 2% on stamp duty as per the rules stated by the Government of India. The saved amount would tentatively be a handsome sum based on the price of the flat. You need to mention this point to the loan-giver if he/she does not bring up this point.

iii.                Advantage of the PMAY scheme:

The guidelines of the Pradhan Mantri Awas Yojana state that if a woman is a co-owner of the flat then she is entitled to a subsidy of Rs.2.67 lakhs on the purchase amount of the house. Single women and widows belonging to the Economically Weaker Section or Lower Income Group of the society can also benefit from this scheme.

iv.                Tax benefits:

Being a woman co-applicant, you can apply for a higher loan amount. Even females can claim Housing Loan Tax Benefits and tax deductions starting from Rs.1.5lakhs. 

 

So, with all these privileges enjoy the liberty of having your own home. However, when buying from the flats in Sidharth Nagar or anywhere else do consult your real estate dealer and learn about the prices considering all the related factors. Once you decide upon a particular flat and have an estimated budget, you should apply for the home loan at your earliest. The sooner you start paying the EMIs, the better it will be for you.