Home Loan Benefits For Women

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Home Loan Benefits For Women Finding a dream home
is like getting yourself an assurance of the
lifetime stay, which cannot be achieved on
rented accommodation. In pursuit of your dream
home, you can invariably rely on a home loan
that can be availed for as long as 20-30 years.
Since the home loan tenure is long, the final
loan cost from the customer end can be high.
However, in the case of a women borrower, the
loan cost can be modest. With the increasing
participation of women in the workplace which is
making them financially independent. Furthermore,
they also weigh in on big decisions of life,
like purchasing a home for their families. This
disposition in home loans to create a unique
scheme and opportunities for women to acquire
their own homes with some unique home loan
benefits. Moreover, home loans in Delhi provide
multi-fold benefits for ladies. Lower interest
rates Many lending institutions accommodate
lower interest rates for women applicants, which
has a huge impact on Equated Monthly Instalments
(EMIs) and renders significant savings over the
tenure of the loan. In fact, women borrowers
enjoy a concession of 0.05 in the interest rate
from most banks in India. Women benefit as
co-borrowers Women have the opportunity to apply
as co-borrowers with their spouses. The combined
income of the couple generates higher loan
eligibility and more flexibility in choosing a
suitable home for their family. Furthermore, like
their male partners, women can also enjoy a tax
deduction on the home loan repayments with the
maximum deduction allowed in principal as well
as the interest at Rs. 1.5 lakh and Rs. 2 lakh
respectively. Presently the Pradhan Mantri Awas
Yojana (PMAY) has made female co-ownership
mandatory for a female head of the family. In the
Economically Weaker Section (EWS) and Low Income
Group (LIG) segments of the PMAY scheme,
including widows and single women. Reduction in
Stamp Duty The government is encouraging
homeownership for ladies as well. Home loan
benefits for women include lower stamp duty
charges by 1-2 by many state governments.
Therefore, she can save Rs. 80,000-Rs. 1,60,000
on a property worth Rs. 80 lakh. Stamp duty does
form the part of the property cost, and a
difference of a few percentages can make a huge
difference in your homeownership cost. Banks
capitalize a home loan at about 80-90 of the
property cost. As far as stamp duty goes, it
differs from one state to
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another. A concession of 1-2 is generally
applicable and therefore on a property of worth
Rs 60 lakh, a female borrower can save around Rs
60,000-1,20,000. Tax Benefits Women borrowers
are eligible for a tax deduction on the home loan
repayments, just like the male counterparts. The
maximum tax deduction allowed in the principal
and interest repayments is Rs1.5 lakh and Rs 2
lakh, respectively. While applying for a home
loan in delhi, women with their husbands can
receive the tax deduction in an equal proportion.