Home Loan Benefits For Women In India: Check What Advantage They Can Avail

Owning a house is a dream for many. But the construction of a residence used to be a daunting task, particularly for women. However, in a move to make it easily accessible to women, many lenders are offering attractive policies. The process too has become considerably more straightforward.

The interest rates on a home loan play a crucial role.  A higher interest rate can make repayment more challenging. Interestingly, several financial institutions provide women with the opportunity to access home loans at lower interest rates.

 

Being eligible for a home loan depends on a range of factors, and meeting all requirements may not always be feasible. However, for women, several banks and lending institutions have relaxed their rigorous provisions, making the eligibility criteria more accessible.

Under the provisions of the Income Tax Act, of 1961, women can get a tax deduction benefit. If you are a first-time buyer, you will also claim a tax deduction benefit under Section 80EE and Section 80EEA.

 

As we all know that the Pradhan Mantri Awas Yojana (PMAY) is a government initiative, stands as a widely embraced credit-linked subsidy scheme (CLSS) aiming to offer cost-effective housing solutions to residents across the country. Furthermore, when a woman applies for a home loan under the CLSS, she becomes eligible for interest concessions, providing an extra incentive for female applicants seeking affordable housing.

When registering a home, the state government imposes a legal tax known as stamp duty. This fee is incurred during the property purchase process and can be a substantial expense. However, women are eligible for a reduced stamp duty, typically ranging from 1 percent to 2 percent less than the standard rate.