This is the age of women empowerment. The government and other bodies are coming up with new sets of rules and regulations to promote financial independence for women. Buying a home is considered one of the most crucial steps towards women’s independence. It is the perfect way of ensuring lifetime security where the worry that comes with rented homes is no more.
Many women are applying for home loans, firstly because all of us, especially women, dream of becoming homeowners and secondly because there are several home loan benefits for women in India.
Renowned banks and similar other lending institutes are encouraging women to buy a house by introducing attractive home loan offers for women. From offering lower interest rates, stamp duty, and less processing fees, today let’s find out some home loan benefits for women in India.
Lower Stamp Duty Charges
The State Government imposes stamp duty which is a compulsory tax on a property during its sale. There is no fixation on this stamp duty charge as it varies from one state to another.
The rate of this stamp duty depends on the location, type, and usage of the property. In most cases, this rate varies from 3% – 9% of the property cost. However, a decent concession is offered in this stamp duty if the property belongs to a woman. The difference ranges from 1% – 2%, which is not a small amount keeping in mind the price of any property.
Research shows that women have a better record of repaying loans when compared to their male counterparts. Thus banks and other lending institutions have the tendency to approve home loans when the property is registered under the name of a woman.
There are some lending organizations who apart from the reduced interest rates offer a special concession on home loans. This is considered one of the most important home loan benefits for women in India.
Easy Home Loan Eligibility
Approval on home loans depends on many factors but the most important ones are the income of the applicants and their credit scores. In the case of women applicants, it has been observed that due to their perfect credit score, they are more prone to be eligible for home loans.
Home Loan Tax Benefits
There are certain tax deductions that are only applicable to women. Under Section 80C of the Income Tax Act, all women loan borrowers can claim home loan deductions up to Rs. 3.5 lakhs. This home loan tax benefit is only applicable to women borrowers. Keeping in mind the plethora of loan-related issues people usually face during their home loans, having such home loan benefits for women in India is worth mentioning.
Apart from the above-mentioned home loan benefits for women, there are certain banks that provide some exciting offers to women borrowers. From gold coins, vouchers to other free gifts – women truly enjoy some prestigious benefits when it comes to home loans in India.
It is indeed a matter of great pride and honor for us to witness that there are so many home loan benefits for women in India. So if you are a woman who is wondering if you will be able to get a home loan, be assured that if you have good credit scores you will. For more real estate-related information, keep following Sun Asticus Blog.