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SYNOPSIS

Women are increasingly turning to home ownership due to societal changes.

Home financiers offer attractive terms to women.

A woman as co-borrower can increase the loan amount resulting in a larger house and more tax benefits.

For first time home buyers, PMAY scheme offers a credit subsidy but having a woman co-owner is compulsory.

Women are increasingly taking their rightful place as equals in Indian society. As women in the country become financially independent, they are also weighing in on big decisions of life like purchasing a home for their families. This has translated into home loan providers creating special schemes and opportunities for women to own their homes and extending some unique home loan benefits for ladies.

HOME LOAN BENEFITS FOR WOMEN IN INDIA

Home loan benefits for ladies are multi-fold. Women are recognising this and are opting to take a home loan. Here are some benefits:

1. Lower interest rates: Many home loan institutions provide lower interest rates for women applicants. A lower rate makes a great impact on Equated Monthly Instalments (EMIs) and provides significant savings over the tenure of the loan.

Home loan tax benefits for Individuals

Principal under Sec 80 C

Interest under Section 24

Total Deductible

2. The actual amount of tax benefit enjoyed by each co-applicant is in proportion to their contribution in repayment of principal and interest, subject to the limits mentioned above.

3. Lower stamp duty: The government is encouraging home ownership for ladies as well. Home loan benefits for female include lower stamp duty charges by 1-2% by many state governments. A woman can thus save Rs. 80,000-Rs. 1,60,000 on a property worth Rs. 80 lakh.

WHAT ARE THE BENEFITS OF CLSS UNDER PMAY?

In order to receive PMAY subsidy, you should meet these criteria:

CLSS offers a subsidy on the interest payable on your home loan subject to specified conditions. CLSS benefits differ depending on which section of the society you belong to:

Benefit: You receive subsidy on interest rate up to 4% on maximum home loan amount of Rs. 9 lakh.

Category: MIG II:You are considered MIG II if your annual household income is above Rs. 12 lakh but below Rs. 18 lakh and you are constructing or purchasing a house with a maximum carpet area of 200 sq. metres.

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