To insinuate the financial stability of Indian women, the government has taken it upon themselves to introduce newer plans, catering towards safeguarding their future, in the best possible manner. That said, housing is one aspect that has been given precedence to and over the past few years, a lot has been done regarding home loan scheme for women. While there are a host of benefits when it comes to ascertaining the housing loan benefits for Indian women, some of the most important ones include streamline purchase avenues, lower loan costs, and subsidized interest rates.
Enlisting the Existing Set of Benefits
Interest rate concessions
In the case of female borrowers, the interest rates are further reduced, as compared to the existing ones, in case of secured loans. In certain cases, the rates might even go down to 1 percent which significantly eases out the repayment process.
In case of women asking for loans, the approval process is extremely seamless and the loan amount is often processed almost immediately if the credit score is within the eligibility limits.
Enhanced Tax Benefits
Women can avail additional tax benefits based on 24(b) and 80(c) acts of the income tax section which facilitates decent exemptions. Moreover, first timers can also opt for additional deductions, in the ballpark of 50,000.
Every home loan scheme of women comes with a host of additional benefits, including extended tenor up to 25 years, balance transfer benefits, top-up loans, and more. However, the exact set of benefits depends on the concerned lender.
As mentioned, women applying for loans have a lot going for them, regarding financial benefits and additional benefits. Moreover, they can also approach credible lenders and get an idea regarding eligibility, before proceeding further.