4 Advantages Of Buying A Home As A Millennial Woman
Regardless of their relationship status, women are starting to create equity and look to become homeowners. There are certain advantages to homeownership for women. Several benefits are being provided to female house buyers, even though they aren’t always evident. Take a deeper look to know more.
Advantages of purchasing a house under your name:
- The interest rate on loans: In some circumstances, women are given home loans at reduced interest rates. For example, a bank charges 8.50% interest on female clients while charging 8.55% on male clients. Although the difference in interest rates may not seem like much, it makes a big impact when the amount of a loan is considerable. Saving money translates into earning money. According to a survey, banks are more eager to lend to women since they are more prompt at repaying loans and less prone to pay late.
- Tax Deduction: You may be able to receive a tax deduction home loan. Up to Rs. 2 lakh in interest can be written off under Section 24C, and up to Rs. 1.5 lakh in the home’s principal can be written off under Section 80C. When renting out their homes, women also get to subtract the rate of interest on the home mortgage loan from the net rental value.
- Discount on the cost of stamp duty: For buyers registering homes in a woman’s name, some State governments are granting a partial stamp duty waiver. Women frequently pay one to two per cent less in stamp duty than men do.
- Special deals: Banks frequently have promotions for working, single women. For instance, they provide female homeowners with gold vouchers. Despite how insignificant they may seem, these programs can assist women in taking a step toward financial freedom.
Make sure you check and look deeper into such special benefits and make the utmost use of them.
All the women out there, make your housing dream come true at luxurious gated communities at Aparna Zenon and Aparna Kanopy YellowBells.
Last updated on November 2, 2022