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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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With home loans, buying your dream home is no longer an impossible task. You can buy the kind of house you need and pay the cost over several years as per your comfort and financial viability. The best part is, anyone can take a home loan as long as they meet the eligibility. Moreover, in the backdrop of women empowerment, the government, as well as lenders, offer concessions for women borrowers. Many opportunities are floated for women to encourage them to buy their homes and attain financial independence.
If you are planning to avail a home loan, you would be glad to know about the various benefits women borrowers enjoy. Read on.
Typically, it is observed that lenders offer lower interest rates for women borrowers. It is because women are believed to be mor e reliable than men when it comes to repayment of the loan reducing the risk of default. Usually, the interest rates for women are 0.5% to 1% lower. Though it seems a small amount, it adds up to a significant value depending on the cost of the house. It can substantially reduce the loan amount and thus your EMI.
Stamp duty forms a significant part of the entire cost of the house you buy. Women get to save money on stamp duty too. Many states offer concessional stamp duty for women borrowers. These rates are 1-2% lower than that offered to men. For example, in Delhi, the stamp duty for men is 6%, while it is 4% for women. Similarly, states like Maharashtra have concessional stamp duty for women home loan borrowers.
Often lenders offer benefits for the women to make the house more affordable for them. For example, many lenders offer higher loan amounts than men. The home loan eligibility criteria are also fewer for women due to their higher creditworthiness and credibility. Many lenders also offer longer tenure to the women borrowers, helping them repay the loan amount conveniently.
The housing scheme of the central government - the Pradhan Mantri Awas Yojana is directly attributed to benefit women. As per this PMAY scheme, a woman should mandatorily be the owner or co-owner of the house. Under this scheme, the homeowner belonging to the EWS, MIG and LIG sections of the society can get an interest subsidy of up to Rs 2.67 lakhs. However, to claim this subsidy, the house should be in the name of a woman.
A woman can also avail tax benefits on the interest and principal repayment of the home loan under the Income Tax Act, 1961. These concessions and offers provided to women make it easier for them to buy their dream home and be financially independent. Noteworthily, a woman can be a primary owner or a co-owner to avail these benefits. So, wait no more. Check the attractive features on Kotak Mahindra Bank website and apply for home loan today.
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