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How Women in India Can Make the Most of Lower Home Loan Interest Rates - Explained!
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Fulfilling financial goals is no longer a gender-specific thing. Women are equally participating and involving themselves in taking major financial decisions. To further encourage women to invest in a house property, the government, as well as lenders, provide them with opportunities to save money on home loans.
If you have been planning to purchase a house, here are ways through which you can save money while availing a home loan.
Often home loan interest rates for women are lower than those offered to men. Even a slight difference in interest rates can add up to saving a huge sum of money in the long run. It can reduce your cost of borrowing, considering the tenure of a housing loan spans for up to 20 years. You can get the benefit of the concessional rate if you are the sole applicant of the loan or even a co-borrower or co-owner.
Stamp duty differs for men and women in many Indian states. For example, in Delhi, the stamp duty for men is 6 percent of the property value. However, for women, the stamp duty charge is only 4%. This difference can help you save lakhs of rupees, depending on your property value. If you buy a house and get it registered in your name, you can save money on stamp duty. However, the charges for stamp duty vary from state to state. Many states like Orissa, Maharashtra, Punjab, etc., offer concessional stamp duty for women.
Government too supports women to become homeowners in India. Under the government's housing scheme Pradhan Mantri Awas Yojana, a credit subsidy on interest repayment is available for home loan borrowers. However, a woman should be the owner of the property to claim the subsidy. Moreover, under this scheme, the government prioritises women of the economically weaker sections and lower-income group category of the society to avail the benefits
Many lenders believe that women are less likely to default in making loan repayments. This observation makes them approve the loan application of women faster.
You can also save money by availing tax benefits on home loans. You can claim a tax deduction on interest repayment on a home loan up to Rs 2 lakh under section 24(b) of the Income Tax Act, 1961. In addition, you can claim a tax deduction on the principal repayment of a housing loan from your income under section 80C of up to Rs 1.5 lakh.
If you are looking forward to buying a house, there is no better time than this. The interest rates are at an all-time low, and there are several concessions and benefits for women borrowers too. So, fulfil your dream of owning a house and apply for home loan today.
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