In India, the dream of owning a home was once considered daunting, especially for women. However, with evolving policies and the increasing financial independence among women, this dream is now within reach like never before.
Rise in Women Borrowers
Over the past decade, there has been a notable surge in Indian women opting for home loans. This trend signifies a significant stride towards financial resilience and independence, breaking free from historical constraints.
Tailored Home Loan Schemes
Recognizing this growing trend, numerous financial institutions have introduced specialized home loan schemes exclusively designed for women. These schemes offer a plethora of benefits, ranging from easy financing to expedited approvals and enticing add-on offers.
Exploring Home Loan Benefits for Women
Let’s delve into the specific advantages that women can leverage when obtaining a home loan in India:
1) Low Interest Rates
Financial institutions often extend home loans to women at lower interest rates, reflecting their credibility and reliability. This eases the repayment process and brings them closer to realizing their homeownership dreams.
2) Enhanced Home Loan Eligibility
Many banks and lending institutions have relaxed their stringent eligibility criteria for women borrowers, making it easier for them to qualify for home loans. This inclusivity opens doors for more women to achieve their housing aspirations.
3) Tax Benefits
By becoming co-applicants in home loan applications, women can avail themselves of tax deductions individually under various sections of the Income Tax Act, of 1961. These deductions, including those under Section 80C, Section 24, and Section 80EE/80EEA for first-time buyers, provide additional financial relief.
4) Benefit under PMAY
Under the Pradhan Mantri Awas Yojana (PMAY), women applicants can capitalize on the government’s credit-linked subsidy scheme (CLSS). With mandatory property registration in the name of at least one woman in the family, women can access interest concessions when applying for a home loan under this scheme.
5) Lower Stamp Duty
Women also enjoy reduced stamp duty rates, typically around 1% to 2% lower, when registering a property. This alleviates the financial burden of property acquisition, making homeownership more attainable for women.
Conclusion: Making Homeownership Attainable
With the support of government initiatives and the accommodating provisions of financial institutions, the prospect of owning a home is no longer out of reach for women in India. Through tailored home loan benefits and favourable policies, women can embark on their journey towards homeownership with confidence and ease. So, if you’re a woman aspiring to build your own home, the opportunities are within your grasp!