Home Loan Benefits For Ladies

If you wish to know about subsidy on home loan for ladies, this is the right place to be at. I availed of a home loan through PMAY and gained benefits because of the same as a woman. Let me share all the details with you.

What is the Home Loan Subsidy for Female?

The Pradhan Mantri Awas Yojna (PMAY) has encouraged women to take control of their lives and take benefit of residential facilities by making it compulsory for a female to be a co-owner while applying for a home loan through this scheme. 

The subsidy given through this scheme is divided into two sections. They are as follows.

Home loans will be given at subsidized rates to EWS and LIG up to a loan amount of 6 lakh rupees. For amounts exceeding this limit, the rates will be nonsubsidized. Same goes for MIG (1) and MIG (2).

The PMAY has been extended till December 2024, which will bring a lot of benefits to women applying for home loans. Let me point them out in brief. 

1. Reduced interest amount

2. Tax benefits

3. Benefits through subsidy

4. 1-2% waiver on stamp duty

5. No prepayment charges

This is all the information I had regarding the female home loan subsidy. I hope this helps you.

Hey friend,

Ever since we were young, we have been taught the importance of “roti, kappa and makaan”. Getting a home of your own requires research on property prices, market trends, area, and loans. As a female, I found out I would be getting home loan benefits for ladies. Take a look below to know more. 

To encourage women to own property, certain benefits have been offered. I believe these steps and schemes have brought a change in housing patterns. Here are home loan benefits for female in India:

If you have a woman as a co-borrower on your home loan. You will be able to avail a higher loan amount. You will also get more tax benefits. The maximum tax deduction on home loan repayment is capped at Rs. 1.5 lakh. 

Take a look at the table given below to get an idea.

There are home loan institutions that give lower interest rates for women applicants. This in turn impacts Equated Monthly Installments (EMIs). Overall, it leads to savings and benefits in your loan.

The government of India has launched benefits for females buying property in the form of lower stamp duty charges. Generally, the charge is 1-2% lower in comparison to stamp duty charges that will be paid by men. According to my calculations, this will help me save Rs. 80,000-Rs. 1,60,000 on a property worth Rs. 80 lakh.

I bet you have heard about Pradhan Mantri Awas Yojana (PMAY). Under the scheme, female co-ownership is mandatory for the female head of the family. For the Economically Weaker Section (EWS) and Low Income Group (LIG) segments, widows and single women are included as well. Even though the scheme has now ended, PMAY has had an immense impact on the housing pattern of India. 

This is all from my end on home loan benefits for ladies.

A home loan serves as a boon for people who wish to buy their dream home. While home loan plans are available for everyone, there are a few special benefits for women that can be made use of. I have done research on home loan benefits for ladies myself. And I would love to enlighten you about the benefits of enlisting the interest rates and processing rates at which home loans are offered to women by various banks in India.

1. Lower Interest Rates: Women get the benefit of lower interest rates on home loans from various banks. This is because lenders generally are of the view that women should be encouraged to own assets for themselves. The interest rates are just a few points lower than the market rate but the rates are still less stressful and the EMIs can be paid off more conveniently.

2. Simple Eligibility Criteria: The eligibility criteria for applying for a home loan set by certain banks are very simple for women. Certain banks allow women who are citizens of India and are between the age group of 23-68 and have a work experience of just 3 years, to apply for home loans. Different banks have different rules.

3. Long Repayment Tenures: Women also get the benefit of long loan repayment tenure ranging up t0 25 years.

These are some of the most important home loan benefits for ladies, I hope my answer helped you.