Decades ago, India was a country whose growth was because of the muscle work of men. Times changed. With the growing opportunities and fading patriarchy, women successfully proved their worth, changing the dynamics of the gendered economics altered to a great extent.
To further help women’s financial independence, the Indian Government has incorporated several perks into the ongoing home buying system.
Below are some of the unique advantages of being a woman home-buyer in India:
Data suggests that women are more reliable compared to men as borrowers. So, banks and lenders offer loans for a lower interest rate.
It is easy for women when they want to own assets like properties at the interest rates, which are slightly lower ‘0.05% to 0.1%’. This simple difference can help save a lot of hard-earned money in the long term in EMIs.
It goes as an extension of the above point. Women borrowers can have access to higher loan amounts. They can claim anywhere from Rs 30 lakhs to Rs 3 crore, and the lenders would alter the rates to lure them into borrowing the money. Many men prefer having women co-applicants for the loan to face lighter interest rates.
Women are eligible to choose the repayment tenure as long as 25 years. This act can help pay less money in EMIs and extend the loan tenure- all in all, a stress buster. Extending the loan tenure can help meet the other financial commitments of every woman.
The stamp duty charges can be anywhere between 1% to 2% less when the house is in a woman’s name. Though this is less when looked at, it could be a substantial sum when the total cost of the property is considered.
In addition to this, the woman loan-borrower can claim the tax benefits up to Rs. 1.5 lakh and Rs. 2 lakh on principal and interest repayment for a self-occupied home.
The Pradhan Mantri Awas Yojana (PMAY) is among the most influential schemes ever introduced by the Indian Government. This scheme makes the co-ownership mandatory, offering up to Rs. 2.67 lakh on the interest as subsidy. This scheme primarily focuses on women. The steep rise in the women applicants (6%) is the proof of it.
Every woman aspires to be financially independent and even provide her family with a safe home in a sprawling environment. If you are one among many, you must check out the Aparna Kanopy YellowBells and Aparna Zenon luxury apartments for sale in Kompally.