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How Women Benefit From Home Loans?

IndianMoney.com Research Team | Posted On Wednesday, February 26,2020, 02:51 PM

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How Women Benefit From Home Loans?

 

 

Women are becoming financially independent and are availing home loans. Home loan is a must for those who are starting their careers. They are getting home loans at low rates and even though they don’t have the money, they can buy a house at a young age.

Women borrowers tend to be more reliable than men when it comes to repaying. So, banks sanction home loans to women at lower interest rates. Home loan interest rate cuts may be just 0.1%, yet they have a significant impact on home loan EMIs.

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How Women Benefit from Home Loans?

1. Longer Repayment Tenure:

Banks allow women longer repayment tenure of 20-25 years. This means lower home loan EMIs and lesser pressure on home finances. There are no charges levied on part-prepayment and foreclosure of home loans.

See Also: How to Select The Best Home Loan in India? What Should I Consider?

2. Lower Stamp Duty

If the house is registered in a woman’s name, stamp duty is lower by 1-2% than male home loan borrowers. This is offered by most State Governments. A lower stamp duty (1-2% range) may seem a small amount, but turns out to be really substantial.

Stamp Duty Charges for Women Vs Men

Stamp duty charges for Women Vs Men

 

 

State

For men

For women

Jharkhand

7%

Only Re 1

Delhi

6%

4%

Haryana

6% in rural

4% in rural

8% in urban

6% in urban

UP

7%

Rebate of Rs 10,000 on overall charges

Rajasthan

5%

4%

Punjab

6%

4%

Maharashtra

6%

6%

Tamil Nadu

7%

7%

West Bengal

5% in rural

Same

6% in urban

(Plus 1% if property cost is >Rs 40 lakhs)

Karnataka

5.60%

5.60%

Many male family members register house/property in wife/lady’s name to save on stamp duty. Take a look at Delhi where stamp duty is 6% for men and just 4% for women.

See Also: How Much Home Loan Can You Take?

3. Simple Eligibility Criteria

Banks have simple eligibility criteria for women borrowers. Some banks just ask you to be an Indian Citizen with a certain number of years of work experience. This gives women huge loan amounts to buy the dream house of choice.

4. Home Loan Tax Benefits

You get tax benefits under Section 80C on home loan principal up to Rs 1.5 Lakhs a year. You also get tax benefits under Section 24 on home loan interest up to Rs 2 Lakhs a year. First time home-buyers get an additional Rs 1.5 Lakhs on home loan interest under Section 80EEA subject to certain conditions.

See Als: Home Loan Interest Rates

Now, a husband and wife can avail a joint home loan and claim these home loan tax benefits individually. This is double tax benefits on the same home loan.

5. Banks Entice Women with Lucrative Add-Ons

Banks are giving enticing offers to women home loan borrowers to take the home loan. These could be gold coins, jewelry vouchers or even a credit card or free holiday.

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