Indian women have expanded their horizons. They are exceling in various fields. They are setting benchmarks, inspiring people and dreaming big. The financially independent women are taking decisions for themselves and their families.
Indian women have already known as great home makers. Now they have become home buyers too, in large numbers. Considering this home loan lenders have created attractive schemes especially for women with specific benefits. Let’s have a look at them.
Lower interest rates
Interest rates for women’s loans are lower. It is a great benefit that lowers the Equated Monthly Instalments (EMIs) and saves money over the tenure of the loan. Many banks and lending institutions offer a concession of 0.05% to 1.00% on home loan for women.
Lower Stamp Duty
Stamp duty is the state government’s tax on the property during its sale or transfer. Generally the Stamp Duty is from 4% to 10% of the property cost. Many state governments have 1% to 2% lower stamp duty for women buyers, in solo or joint ownership.
Taxpaying women are eligible to claim home loan tax deductions under Section 80C of the Income Tax Act, 1961 and under Section 24(b) of the Income Tax Act, 1961. In addition, there are other additional tax deductions that benefit women home buyers.
Benefits as Co-borrowers
Women can apply as co-borrowers with their spouses. The combined income of the couple endures higher loan eligibility. It allows the couple to select the home of their choice. They can avail tax benefits as well.
Quick Loan Approval
Data analytics has proven that women have higher loan repayment rates. So a woman’s chances of loan approval are higher. More and more women are also encouraged to be home owners so as to become self-sufficient and financially empowered.
Land is a very stable investment option that appreciates steadily but surely. It proves to be a good long term investment for women. TMR has excellent plot schemes at premium locations. With loan benefits and appreciation guarantee, women are sure to enjoy this double benefit and get rewarding returns. So are you ready to take the plunge?