Building your own home felt like a difficult task back then, especially for a woman. However, with the implementation of various supportive legislation and the women’s crew’s financial independence, it has become much easier.
The number of Indian women taking out house loans has surged dramatically during the last decade. This represents financial resilience, independence, and freedom from the constraints of the past.
As these figures continue to rise, several financial institutions are developing a slew of home loan programs just for women. Women may now take advantage of a variety of incentives when applying for a house loan, ranging from simple financing to faster approvals, cheap interest rates to interesting add-on offers.
Today, we will go over these and many other advantages in depth.
5 Home Loan Advantages for Indian Women
Here are the primary advantages of house loans for women.-
1) Reasonably Low Interest Rates
The interest rate on a house loan determines how quickly the loan may be repaid. The higher it is, the more difficult it is to repay. However, because of their trustworthiness and stronger dependence, many financial institutions give house loans at cheaper interest rates to women.
This makes repayment easier and gets women one step closer to their dream home.
2) Expanded Home Loan Eligibility
Being approved for a house loan is far more difficult than it appears. Eligibility is decided by a number of parameters, and you may or may not be able to fulfill all of them. However, for women, many banks and financial institutions have relaxed their severe requirements and made the eligibility standards much simpler to meet.
3) Tax Advantages
As a wife, a woman can join her husband as a co-applicant on a house loan application. This would also allow them both claim a tax deduction under Sections 80C and 24 of the Income Tax Act of 1961.
They can also claim a deduction under Sections 80EE and 80EEA, although only first-time home buyers are eligible.
4) Lower Stamp Duty
The state government imposes a legal charge in the form of a stamp duty on the process of registering a residence. It is imposed when acquiring a home, which may be an expensive investment. Women, on the other hand, pay about 1% to 2% less in stamp duty.
In conclusion
Building a house used to seem like a far-fetched objective, but with government efforts and liberal provisions of financial institutions, it no longer does.
With various house loan incentives for women in India, owning a property that you can name YOURS has never been easier.
So, if you’re wanting to make one for yourself, look no further, lady!