Today’s women are founding and obtaining more wealth within various specialized industries. This sheds light on the importance of broadening their investing knowledge and allows them to make more improved decisions.
By obtaining a home loan for women, they can make sound monetary choices to help ease any financial burden.
With the increasing trend, many banks and government programs are providing advantages for women borrowers on home loans. Let’s have a look at it.
Based on a policy imposed by lenders, women can get access to higher home loans at preferential terms, making it easier for them to secure a mortgage. For example, some lenders may allow women to get a higher loan-to-value (LTV ratio) through the provision of loans.
Lower Interest Rates:
Several lending institutions offer promotional interest rates for women borrowers, as it permits them to maintain EMI prices cheaply and minimise the total amount borrowed over the loan’s lifespan. These concessions may be between 0.10 and 0.05 percent.
Reduced stamp duty:
Many states offer women rebates of up to 2% on home stamp duty to compensate for acquiring a home while paying. This is known as a stamp duty rebate, which allows substantial savings. Thus, it also decreases the purchase price. As an example, if a woman receives a stamp duty rebate of 2, she can save up to ₹1 lakh on a property costing ₹50 lakh.
Income Tax Benefits:
Section 80C and Section 24(b) of the Indian Income Tax Act 1961 allow for a tax credit for the co-borrowers of self-occupied property of up to ₹1.50 lakh on the principal that has been repaid and an additional ₹2 lakh on the interest that’s been paid. If you are a couple of co-owners of the property, you can claim separate tax waivers if she’s got an independent source of income.
Extended debt period:
Women frequently face financial challenges, whether they are raising a family or working in a professional capacity. Women can buy a home with a low down payment, although longer home mortgage repayment periods offer them the advantage of lower EMIs.
The tax benefits on home mortgages may inspire women to invest more in real estate. After all, buying a home is a big step in the direction of financial independence! The numerous allowances on apartment home loans makes it possible to own your fantasy house and house a better residence for your relatives. It is time to come and check out the various residential projects and purchase your dream house at Vijay Properties!