Women empowerment being the most recent revolutions has brought about several benefits for women who wish to own property. To enable them further different banks in India offer lucrative reimbursements and discounts with a view to promote financial independence in women. Women feel empowered having a property in Mumbai to call their own, it nurtures a sense of security, sense of accomplishment and a boost to their self-esteem. By availing these benefits prudently she can invest for the future of her and her family.
However, arranging funds to buy flats for sale in Mumbai for any gender is not always easy.
Banks today provide lucrative home loans to make one’s cherished dream of owning a house come true.
Women are fortunately eligible for some additional benefits with a view to empower them and encourage them to be financially independent.
Following are the home loan benefits an Indian woman can obtain:
- Lower interest rate: The right home loan can spell the difference between a cost-effective house and a financial drain. So finding a bank or NBFC that caters to your needs is imperative. It is great that Indian women get a concession on the rate of interest when taking a home loan. This can be anywhere between 0.05% and 0.1%. This may not seem like much, but in the larger picture, it can make a big difference.
- Home loans can stretch anywhere from 15 to 25 years. If you consider the cost of a home that runs into lakhs and crores of rupees, this lower interest translates to lower monthly EMI. It adds up to a considerable amount, which makes the home easier on the pockets.
- Reduced stamp duty: Stamp duty is another factor that adds to the cost of the property. To encourage women to own property, different states in India offer a reduction of 1% to 2% in the stamp duty. This again makes for considerable savings. For example, for a house worth Rs 1 crore, women can save up to Rs 1 lakh to 2 lakh.
- Tax benefits: Women also enjoy income tax benefits on their home loan repayments. The maximum tax deduction allowed is Rs 1.5 lakh on the principal amount and Rs 2 lakh on interest repayment. If both husband and wife are co-owners of the property and have different sources of income, both can claim tax deductions.
- Lucrative add-on offers: Some banks also have enticing offers for women borrowers. This can be a gold coin, jewelry vouchers, a prestigious credit card, or a free holiday. Though small gifts, these are often enough to sweeten the already sweet deal.
- Women can make use of schemes like PMAY – The Pradhan Mantri Awas Yojana (PMAY) makes your co-ownership mandatory, offering you an interest subsidy up to Rs.2.67 lakh. It also gives preference to women applicants. This has caused a 6% rise in the number of women applying for a home loan in India.
With more women becoming financially independent, there has been an increase in women borrowers for home loans for new projects in Mumbai. Therefore there has been an increased number of benefits on home loan schemes available for women. Thus women can now move towards financial independence and purchase their own home with a customized home loan.