India is approaching towards a robust and well regulated financial sector with affordable housing and finance, making home loan a comfortable exercise which can be customised according to customer requirements. Interest Rates for Home Loan are falling subsequently and expected to decline further in future, as rates are directly connected to Cash Reserve Ratio (CRR) now.
To increase women investors and to boost women empowerment in real estate sector, Government of India offers special benefits to women with great concessions on interest rate, stamp duty, etc.
Women are more reliable and eligible borrowers and Govt. of India encouraging women to register assets in their name. As expected, PMAY increased number of women applied for home loan in India by 6 % and a person can avail home loan up to 90 % of the value of the property.
Buying home is a biggest financial commitment of one’s life, which give you an asset that provides a sense accomplishment. Purchasing house in name of a woman considered as one of the monetarily brilliant move. Repayment terms are friendlier, flexible and foreclosures are easy, thus repayment will be more stress-free. All amounts saved are quite substantial. Long tenures of repayment will lower the EMIs too.
Benefits availed by Women compared to Men in terms of buying a house:-
EPR – External Benchmark Rate
EWS – Economic Weak Section / LIG – Lower Income Group.
*No Tax Benefits for under construction property/ Value for Tax Benefit in case of co-ownership stands when female is working.
Data as on 04-02-2020
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