Home Loan Benefits for Women in India
1 Reduced Home Loan Interest Rates
- Most lenders in India offer women a 0.05% to 0.1% reduction in Home Loan interest rates.
- Home Loan tenures last between 15-30 years. So, a 0.05% lower interest rate could lead to significant savings.
2 Flexibility in Home Loan Repayment
- Many lenders give women the option to customize their Home Loan repayment.
- They also provide legal and technical counsel to help you choose what’s right for you.
3 Income Tax Benefits on Home Loans
- Income Tax benefits on the Home Loan Principal amount.
- Income tax benefits on the Home Loan Interest paid.
- Other Tax benefits on Home Loans.
4 Lower Stamp Duty on Home Loans
- Indian women can get lower stamp duties by about 1-2%.
- These savings can be put to other uses like paying off the EMIs or investing the amount.
5 Higher Borrowing Amount and Longer Home Loan Tenures
- In some cases, women can choose to pay their Home Loan EMIs for 30 years or till they turn 70 years old - whichever comes first.
6 Extra Offers on Home Loans for Women
- Many Home Loan lenders run special offers for women - Eg: Gold coins, Holiday packages, etc.
- The Indian Government also encourages home ownership for women through schemes like the Pradhan Mantri Awas Yojana.
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