5 Ways You Can Benefit From Home Loans If You Are A Woman


Pay lower interest rates

Many lenders offer low interest rates to women who take out home loans, thereby encouraging them to do so. Although the interest rate on this subsidized home loan is minimal, ranging from 0.05% to 0.1%, it has a significant influence on the EMI. Your monthly payments will be positively influenced by a lower interest rate. Because a loan can last from 15 to 25 years, a reduced interest rate can mean increased affordability, significant savings, and comfortable, stress-free repayments.

Can choose longer repayment terms

Can choose longer repayment terms

Women can repay the mortgage over a longer period, up to 25 years, which allows them to extend their budget by paying smaller IMEs. As a result, the financial pressure is eased. You can meet other commitments while paying off your mortgage if you choose a longer term. Many lenders don’t charge a fee when they make partial payments or cancel a home loan. As a result, you have the flexibility to pay off your loans earlier than expected and avoid foreclosure.

Lower stamp duty

Lower stamp duty

Stamp duty rates can be 1% to 2% cheaper if the property is registered in a woman’s name than in a man’s name. While 1% -2% might not seem like a big deal, when the total cost of ownership is factored in and 1% -2% of it is calculated, the amount saved is significant.

PMAY premiums

PMAY premiums

The Pradhan Mantri Awas Yojana (PMAY) makes condominium a requirement and grants preferential treatment to female applicants. PMAY is the main program of the Indian government. It is a Credit Linked Grants Program (CLSS) that divides the country into urban and rural districts based on annual income levels, with people eligible to receive interest subsidies on home loans.

Tax benefit

Tax benefit

Women can claim tax savings of up to Rs 1.5 lakhs. When you repay the principal and interest amount, you can benefit from a maximum tax deduction of Rs 2 lakhs. If you and your spouse are co-owners, you will be able to claim tax deductions on your income when purchasing your property under Articles 80C, 24 and 80EE and 80EEA of the Income Tax Act.

Final result

Final result

You can get a substantial loan amount ranging from Rs 30 lakh to Rs 3.5 crore to buy your dream property as lenders tighten their requirements to attract female consumers. This, along with clear eligibility conditions, simplifies the home loan application process.

Understanding the responsibilities, risks and issues involved in home ownership is essential. To better understand what to expect when buying a home, take advantage of tutoring and home financing incentives for women.


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