Home Loan Benefits for Women in India

Building a house of your own seemed like a tough job back in the day, especially for a woman. But, with the inception of several supporting policies and financial independence earned by the women's crew, it has become much simpler.

In the past decade, the number of Indian women borrowing a home loan has increased remarkably. This denotes financial resilience, independence, and liberty from the barriers that dangled in the past.

Since these numbers are rising day by day, many financial institutions are coming up with numerous home loan schemes conscientiously designed for women. From easy finance to quicker approvals, from low-interest rates to exciting add-on offers, women can now avail of varied benefits while getting a home loan.

Today, we will cover such and many more benefits in detail.

5 Home Loan Benefits for Women in India

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

1) Low Interest Rates

The interest rates on a home loan determine how easily one can repay the same. The higher it is, the harder it becomes to be paid back. However, for women, many financial institutions offer home loans at lower interest rates due to credibility and higher reliance.

This facilitates easy repayment and brings women one step closer to their dream house.

2) Increased Home Loan Eligibility

Being eligible for a home loan is way tougher than it seems. Eligibility is determined based on various factors, and you may or may not be able to meet each of the requirements. But for women, many banks and lending institutions have liberalised their stringent provisions and made the eligibility criteria much easier.

3) Tax Benefits

As a wife, a woman can become a co-applicant in the home loan application with her husband. This will also help them both in claiming a tax deduction individually under Section 80C and Section 24 of the Income Tax Act, 1961.

They can also avail of a deduction under Section 80EE and 80EEA, but this applies to only first-time house buyers.

4) Benefit under PMAY

The Pradhan Mantri Awas Yojana (PMAY), a government initiative, is a popular credit-linked subsidy scheme (CLSS). The scheme is designed to provide affordable housing to the residents of the country.

As a woman applicant, you can make the most of the PMAY scheme. It is so because now it is mandatory that property purchased under this scheme must be registered in the name of at least 1 woman in the family.

Not only this, if a woman is applying for a home loan under this CLSS, she can avail of concessions on interest.

5) Lower Stamp Duty

In the process of registering a home, the state government levies a legal tax in the form of a stamp duty. It is levied while purchasing a property, which can be a costly expense. But for women, such stamp duty is around 1% to 2% less.