Throughout history, women may have been anonymous, but in the 21st century, all that can be said of them is that women are more empowered than ever. The journey that started from securing voting rights has today landed at an era where women are successful entrepreneurs, executives, even running for President! One such area where women are being encouraged to invest their time and money is homeownership. And to ensure maximum female participation in the same, female homebuyers are entitled to some very exclusive benefits while taking a home loan. Let’s find them out.
Benefit#1 Partial waiver on stamp duty charges
Irrespective of whether a woman is a sole owner or a joint owner of the property, they are given a waiver on stamp duty charges when compared to their male counterparts. For instance – female homeowners can avail a waiver of 1% in Rajasthan whereas the same goes further down to 2% in places like Delhi and Haryana. In fact, lower stamp duty charges are also charged in cases where the home is to be gifted to a female family member.
Benefit#2 Tax benefits on housing loan
This is a benefit that both men and women are entitled to. They can avail a tax deduction on the interest paid on home loan up to a maximum of Rs. 2 lakhs. In the case of jointly-owned properties, if the wife is also an earning member, then both the husband and the wife are eligible to claim tax deductions separately. Additionally, if the house was purchased between April 2019 and March 2020 and is under Rs. 45 lakhs, an extra tax deduction of up to Rs. 1.5 lakhs can be claimed.
Benefit#3 Privileges under PMAY scheme
The PMAY scheme or the Pradhan Mantri Awas Yojana gives exclusive benefits to female homebuyers. In fact, women are a preferred class under the PMAY scheme. Firstly, the home loan eligibility extends even to unmarried women; plus, the scheme makes it mandatory to have at least one female member of the family as the co-owner of the house (this requirement is optional in case of MIG I and MIG II sections). Finally, in case of sole female homeownership, the PMAY scheme offers subsidy up to a maximum of Rs. 2.67 lakhs.
Benefit #4 Lower interest rates
It is generally observed that women, as housing loan borrowers, are more sincere and punctual in making their monthly instalment payments. As a result, lenders may be willing to offer concessional home loan interest rates to women, besides other lucrative schemes and offers. This is further done to encourage women entrepreneurs, professionals, and even homemakers to invest in homeownership.
Plus, female homebuyers may also be entitled to higher home loan eligibility as compared to their male counterparts. If you are a woman and wish to become a first-time homeowner, you have exciting benefits awaiting you, just be sure to stay prepared in advance regarding the eligibility criteria, documentation, and EMI payments, and you will have it all smooth sailing.