India is waiting to give home loans to women..!?
Although the dream of buying a home is common to everyone, the cost of property makes the home dream a nightmare for most of them. However, many banks and financial institutions provide loans for home purchases. A home loan leads to the goal of having a dream home. Moreover, the government provides some incentives for women to buy property. While there are government incentives for women to buy houses, banks, and private financial institutions also offer incentives to provide home loans to women. Owning a home is a dream of many, but women who are housewives are more interested in it. However building or buying a residence was a difficult task, especially for women. But now many lenders are offering attractive schemes to make it easier for women to access. The borrowing process has become very simple. When it comes to getting a home loan, the interest rates on the loan play an important role. The higher the interest rate, the higher the installment. This can make repayment more challenging. Interestingly, many financial institutions offer home loans to women at low-interest rates.
Qualifying for a home loan depends on many factors, and meeting all requirements is not always possible. However, for women, many banks and lending institutions have relaxed their rules, making the eligibility criteria more accessible. Under the provisions of the Income Tax Act, of 1961, women are eligible for tax exemption. If you are a first-time buyer, you will also get the benefit of tax exemption under Section 80EE and Section 80EEA. Pradhan Mantri Awas Yojana (PMAY) is a government initiative, a credit-linked subsidy scheme (CLSS) aimed at providing affordable housing solutions across the country. Also, interest concessions are available when women apply for home loans under CLSS. This is a government scheme that provides additional incentives to women who want to buy an affordable home. When buying a house, the state government levies a statutory tax called stamp duty to register it. This fee is a significant expense incurred during the property purchase process. When women buy property, they are charged less stamp duty. Usually 1 percent to 2 percent less than the standard rate.
Although many incentives are offered to women, there is no change in the fact that the repayment capacity of the borrower will be considered based on his income and existing EMIs and the loan amount and repayment period will be considered.