Home Loan Benefits For Women In India

What Benefits?

Here are the main benefits available on home loans for woman.

Low Interest Rates

Women often benefit from lower interest rates on home loans due to their credibility and reliability. Lower interest rates ease the burden of repayment, bringing women closer to their dream of owning a house.

Enhanced Eligibility

Banks and lending institutions have relaxed their stringent eligibility criteria for women. Women find it easier to meet the eligibility requirements for home loans, simplifying the process of obtaining one.

PMAY Scheme Advantages

The Pradhan Mantri Awas Yojana (PMAY) offers a credit-linked subsidy scheme (CLSS) for affordable housing. Women applicants enjoy concessions on interest rates when applying for a home loan under the PMAY scheme. Properties purchased under PMAY must be registered in the name of at least one woman in the family.

Tax Benefits For Women

Women can be co-applicants with their husbands in home loan applications, enabling them to claim tax deductions individually. Sections 80C and 24 of the Income Tax Act, 1961, provide tax deductions for both spouses. First-time house buyers, including women, can also benefit from deductions under Sections 80EE and 80EEA.

Reduced Stamp Duty For Women

Women benefit from lower stamp duty rates, typically around 1% to 2% less, when registering a property. This reduction in stamp duty contributes to making home ownership more affordable for women.

Easier To Buy Homes

Government initiatives and flexible provisions by financial institutions have made owning a home more achievable for women. With various benefits tailored for female homebuyers in India, achieving homeownership has become more accessible.