Home Loans In India For Women – 5 Benefits You Can Get
Published: July 29, 2022
Today, women are more financially independent and making revolutionary career choices. They are also taking an equal and active part in accomplishing bigger milestones in life, like buying a home, which is undoubtedly one of the biggest financial decisions one can make in life. For some, buying a home is to extend a sense of security, while for others, it can be a sense of achievement. Whatever the reason, buying a home today has become one of the top priorities.
In recent years, there has been an increase in the number of women borrowers for home loans. As a result, financial institutions have introduced some of the cheapest home loan schemes in India specifically for women. Home loans for women also come with lower interest rates.
You Get Lower Interest Rates
With women having a better track record as reliable borrowers, lenders often offer better housing loan interest rates for women borrowers. This makes home loans a lot more affordable and accessible for women to apply for and repay easily.
Repayment Tenures are Longer
Women home loan borrowers can avail longer tenures for loan repayment. This helps them lower their EMI and save for other financial goals that they might have planned for. Additionally, there are no charges levied on pre-payment of housing loans for women, which makes it even more attractive.
Avail Lower Stamp Duty
As mandated by the Indian Government, stamp duties are a must when buying a home in India. The charges may vary from state to state based on factors like the location of the property, usage of the property, value of the property etc. Usually, financial institutions charge 1-2% less stamp duty for women home loan borrowers if the house is being registered in the woman’s name.
Make Use of Schemes like PMAY
Women home loan borrowers can avail tangible home loan benefits under Pradhan Mantri Awas Yojana, where borrowers can get an interest subsidy of INR 2.67 lakhs. The PMAY scheme makes it mandatory to keep women as co-applicants while applying for a home loan. The scheme acts as a catalyst for more women to purchase property and avail additional tax benefits for registering homes in their name.
Get Tax Benefits
According to the Income Tax Act 1961, there are various home loan benefits for ladies. The maximum amount women borrowers are eligible for is INR 1.5 lakh on the principal amount and INR 2 lakh on interest payment. If the husband and wife are both co-owners of a property and have separate sources of income, both can claim tax deductions as per the Income Tax Act.
Women today have a clear vision of achieving their financial independence and making milestone decisions like buying a house, and at Capri Loans, we embrace this mindset.
Capri Loans offer home loans for women borrowers that are offered at the most competitive interest rates with easy EMI scheme options. Capri Global Housing Finance has also aligned its business with the Prime Minister’s vision of providing ‘Housing for All by 2022’, Pradhan Mantri Awas Yojana (PMAY). Under the scheme, a credit-linked subsidy is passed on to the borrower so that one can save a considerable amount of money while purchasing a home. Search for ‘home loan near me’ and you are sure to find us there, disbursing the best home loans in India.