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For many Indians, buying a home is one of the most important life goals. For some, buying a home means having a sense of financial security. For others, it is an attractive investment that has the potential to offer good returns in the future. Irrespective of the reason for buying a home, owning your own place that you can call your abode can give you a massive self-esteem boost.
If you have decided to buy a home, what about the funds? Do you have enough savings to fund the purchase by yourself or do you want to avail of a home loan? Today, many lenders offer home loans in India at attractive interest rates. And, if you are a woman, you may be eligible for additional benefits. Let us look at the home loan benefits for women.
· Lower interest rate
Whether you are a man or a woman, when you avail of a home, you may inevitably consider the home loan interest before borrowing. The interest rate has a direct impact on the EMI and loan affordability. Higher the interest rate, higher the EMI.
But, as a woman, you have the advantage of getting the home loan at a lower interest rate than the usual rate applicable for others. You must know even a small difference in the interest rate of 0.1% can help you save a significant amount on the EMI payments during the loan tenure.
One of the important reasons why lenders offer home loans in India at a lower interest rate is to encourage women to be homeowners and become financially independent during their old age.
· Longer repayment period
The loan repayment period is the tenure for which you must repay the EMIs. The longer the duration, the lesser the EMI and vice-versa. Most lenders in India provide home loans to women for a tenure of 25 years or more. This allows you to repay the amount without compromising on your other financial commitments.
· Get the PMAY benefits
The Pradhan Mantri Awas Yojana is one of the most popular housing schemes in India that is known to offer special benefits for women. For example, the PMAY mandates all home loan applicants under the scheme to register the property in the name of a female family member as a co-owner of the property irrespective if they contribute to the loan repayment.
Also, as the government aims to build more than two crore affordable housing units under the scheme, during the allotment phase of the home, preference will be given to women applicants and the widows.
· Discount on stamp duty
When you buy a new home, you must pay stamp duty. It is a statutory fee levied by the government. While the stamp duty charges vary from state to state, generally, the government charges 1-2% less if the property is registered in the name of a woman.
Although you may believe it is only a small discount, when you consider the total property value, the discount can be a sizeable amount.
Final Word
Thus, as a woman home loan borrower you are eligible to enjoy several benefits. Make sure that you are aware of these benefits and take advantage of them.
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