Exclusive Home Loan Benefits that Women Enjoy in India
August 14, 2020
Today, financial independence has led women to make revolutionary career choices. Acing it across any and all fields, women are headed towards a more empowering life. An increasing number of women are actively participating in accomplishing major milestones in life, such as buying a house. Given the eligibility criteria, lower interest rates, and extended repayment tenure, more and more women are considering investing in real estate.
Buying a house is indisputably one of the biggest financial decisions you ever make in your life. A home loan may just serve as a great helping hand at this moment. As a woman, if you are applying for a home loan solely or as a co-applicant, you stand a chance to enjoy certain loan benefits. Take a look at some of the exclusive home loan benefits that women enjoy in India.
Easy Eligibility Criteria
As a loan applicant, the eligibility requirements for women are as follows:
- The applicant should be an Indian citizen.
- Should be between 23 and 58 years.
- Should have work experience of 3 years.
Higher Borrowing Amount & Extended Tenure
Women applicants can comparatively apply for a higher amount of loan. Typically, banks offer women applicants home loans from 30 lakhs INR to 3.5 crore INR for a longer repayment tenure up to 25 years. Together with an easy eligibility criterion, this can be a significant home loan advantage for women.
Relatively Lower Interest Rate
The rate of interest holds the key to a cost-effective home loan journey. As the main borrower of the loan or a co-applicant, a woman enjoys the benefit of a discounted interest rate. Since home loans are invariably in big amounts and for a long duration, a concession of the interest rate can be extremely helpful during the course of loan repayment.
Reduced Stamp Duty & Tax Deduction
Homes that are registered in the name of the women, most state governments have mandated the stamp duty to be reduced by 1% to 2%, which is a considerable saving in the total cost of the property. Additionally, women also have the opportunity to claim tax benefits up to Rs.1.5 lakhs on the principal amount under Section 80C and another Rs.2 lakhs on the interest repayment.
Benefit of Pradhan Mantri Awas Yojana (PMAY) Scheme
This Indian government initiative makes it mandatory for a woman to be the co-owner or owner of a property to avail an interest subsidy up to 2.67 lakh INR. With the help of this scheme, the number of women home loan applicants have increased by a considerable percentage, allowing women to aim for financial independence in a practical way. Home investment is always a good idea, especially for the women of India, today. As for good investment opportunities, Chennai is an ideal city for real estate purchases. It offers great returns with a luxurious lifestyle. If you are on the lookout to buy flats in Chennai, check out the on-going and ready-to-move residences by Casagrand developers. You will find a host of affordable options by Casagrand for 1 BHK in Chennai, and it is a great place to start your investment journey. Buy an apartment in Chennai and enjoy a successful financial independent life.