Today, financial independence has led women to form revolutionary career choices. Acing it across any other fields, women are headed towards a more empowering life. A hike in a number of women is actively taking part to accomplish major milestones of their life, like buying a house. Now it’s very easy for a woman to invest in property due to given loan eligibility criteria, lower interest rates, and extended repayment tenure.
Buying a home is indisputably one among the most important financial decisions you ever make in your life. A home equity loan may function an excellent help at this moment. As a woman, if you’re applying for a home loan solely or as a co-applicant, you have an opportunity to enjoy certain loan benefits. Take a glance at a number of the exclusive home equity loan benefits that women take advantage in India.
Easy Eligibility Criteria
The eligibility requirements for women loan applicants:
The applicant should be a citizen of India.
Age should be between 23 and 58 years.
Should have work experience of three years.
Higher Borrowing Amount & Extended Tenure
Women applicants can apply for a high amount of loan compared to men. Typically, banks offer home loans from 30 lakhs INR to 3.5 Cr. INR for longer repayment tenure up to 25 years to women applicants. Alongside, an easy eligibility criterion, this will be a major home loan benefits for women.
Relatively lower rate of interest
The rate of interest holds the key to an economical home equity credit journey. Because the main borrower of the loan or a co-applicant, woman cheer-up the advantage of a reduced rate of interest. Since home loans are invariably in big amounts and for an extended duration, a concession of the rate of interest is often extremely helpful during the course of loan repayment.
Reduced stamp duty & tax deduction
Homes that are registered within the name of the women, now the stamp duty is mandated reduced by 1% to 20% by most state governments, which may be a considerable saving for a Buying a home. Additionally, women also have extra benefits to assert tax benefits up to Rs.1.5 lakhs on the principal amount under Section 80C and another Rs.2 lakhs on the interest repayment.
Benefit of Pradhan Mantri Awas Yojana (PMAY) Scheme
‘Housing for all by 2022’, this credit-linked pension scheme (CLSS) aims to create more than 2 crore houses for Indians belonging to particular economic sections. Individuals availing loans to buy domestic property or land or to build homes would be available for interest subsidies on the said credit. However, the loan interest subsidy is only available for individuals belonging to Economically Weaker Sections (EWS), Lower Income Group (LIG), or Middle-Income Group (MIG).
Indian government take initiative for women makes it mandatory for a woman to be owner or co-owner of a property to avail an interest subsidy up to 2.67 lakh INR. The number of women in home loan applicants has increased by a substantial percentage, with the help of this scheme allowing women to aim for financial independence in a practical way. Today, home investment is usually a perfect idea, especially for the women of India. As the safest investment opportunities, Vadodara is an ideal city for real estate investment. It offers great returns with the luxury lifestyle. If you’re on the lookout to buy flats in Vadodara, check out the on-going and ready-to-move residences by Shree Balaji Group. You’ll find plenty of affordable options by Shree Balaji Skyrise for 2 BHK in Atladara, and it’s an excellent place for investment with rental income. Buy an apartment in Karelibaug, Vadodara and luxuriate in a successful independent life.