Women are becoming more empowered each day, and it is causing revolutionary changes in our society. We have really progressed from when women couldn’t own or inherit property to women becoming financially independent with careers, steady incomes, and life choices of their own. They have also started investing their money to secure their future, and the most popular investment has been real estate. So if you are a woman and are eyeing 3BHK flats for sale in Chennai, this article will tell you about exclusive home loan benefits for women in India.
Investing in a home will be one of your biggest financial commitments, but it will also turn out to be a valuable asset. A home loan would be of immense help to achieve your dreams. As a woman, you are eligible for certain benefits on your home loan whether you apply as the sole applicant or a co-applicant. Let’s see what they are:
The eligibility criteria for women to apply for a home loan differ with each bank. But the general rules are:
- The applicant should be a citizen of India.
- The applicant should be between 23 – 58 years of age.
- The applicant should have work experience of 3 years.
If you fit all 3, then you are entitled to a loan. This easy access to home loans is an exclusive advantage for women.
Lower Interest rate:
The home loan interest rate plays an important role in your decision. Women in India enjoy reduced interest rates on home loans when compared to men. Considering the huge amount of money involved in investing in apartments in Chennai, even a marginal discount goes a long way in savings and repayment of the loan.
Extended repayment tenure:
Women are eligible to apply for larger loans, from Rs. 35 Lakhs to as large as Rs. 3.5 Crores. This loan can be repaid in flexible payment tenures. You can choose to even extend your tenure up to 25 years. This will reduce the monthly payments towards the loan, and you can easily afford 3BHK flats for sale in Chennai.
Reduced Stamp Duty:
The Central Government and State Governments want to encourage more women to own and enjoy the property. This has translated into a reduction in Stamp Duty for women in some states. The discount is an extra 1-2%, but the value is quite high when calculated on the total cost of the property.
Tax deduction benefits:
Like men, women are also entitled to tax benefits on home loans. They can claim up to Rs. 1.5 Lakhs on the total principal amount of the mortgage, under Section 80 C of the Income Tax Act of 1961. They can also claim an additional Rs. 2 Lakhs on the interest repayment.
The Pradhan Mantri Awas Yojana (PMAY) Scheme:
The PMAY scheme introduced by the Central Government in 2015 made it mandatory for a woman to be the co-owner of properties purchased under the scheme. This makes them eligible for a subsidy of up to Rs. 2.67 lakhs on the interest.
This brought a significant increase in the number of women applying for property ownership and was a great initiative to promote women’s empowerment and independence. Owning a home also is a practical asset for the women, giving them shelter for life.
Luxury flats in Chennai are the go-to property investment for women, and Lifestyle Housing is the most popular luxury developer in town. We have premium 3 BHK flats for sale in Chennai, at premium residential locations, and at affordable prices.