May 18, 2022

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Top Ways for Women to Benefit from Home Loans

3 min read
Top 5 Ways Women Can Benefit from Taking Housing Loans - Wemogee.com

Women are becoming increasingly aware of the need to invest in their savings. With them becoming financially independent, they have also started looking into purchasing houses, and for that, they need home loans. There are various criteria for home loans that specifically benefit women. But before one starts investing their money in the market or thinking about home loan interest rates, they should carefully analyze the most useful ways to benefit from such loans.

  • There are several property insurance policies and home loan eligibility plans that provide special concessions for working-class women, such as corporate workers, school teachers, government services, and many more. Having information about your eligibility for home loans can help you achieve the best financial options and investment alternatives.
  • For instance, if a young woman aspires to buy a house for her parents, she should look at an extended loan period of anywhere between 10 and 20 years. It is advised that she avail the long-term benefits of such lower home loan interest rates.
  • Women who wish to purchase a house can avail low interest rates for a home loan by calculating it on the Home Loan EMI Calculator.
  • Salaried women can rely on the home loan policies offered by many financial institutions because they carry many tax-based financial advantages and long-term investment returns at minimum home loan interest rates. For example, the individually tailored policies of the company can enable a middle-class woman to afford a well-furnished 3BHK flat in a posh locality of a metropolitan city by availing the benefits of our Home Loan EMI Calculator.

Benefits from home loans for women

  • Borrowing costs/interest rates are lower: Lenders consider women to be more reliable since they have a better track record. They have traditionally encouraged women to invest in real estate and purchase new homes by offering them lower lending rates. Financial lending institutions offer women borrowers a 0.05 percent to 1% discount on home loan rates. It has a substantial impact on EMI and relieves women of the burden of repayment. This makes it more reasonable for women to take out and repay a home loan.
  • Benefits of Tax Deductions: When taking out a home loan, women might also benefit from tax breaks. Section 80 C covers up to 3.5 lakhs in principal payments, and Section 24 (b) covers interest paid. Borrowers can claim a deduction of up to Rs 1.5 lakhs under section 80 C of the Income Tax Act 1961 and a deduction of up to Rs 2 lakhs under section 24 of the Income Tax Act 1961. (b).
  • Furthermore, women can obtain a loan with a longer repayment term, allowing them to lower their EMI and save for other financial goals. This also reduces stress and allows them to attend to other obligations while repaying their house loan. Women can get a home loan with a maximum term of 30 years. Female borrowers might also benefit from the fact that there are no prepayment penalties.
  • Stamp Duty Rates are Low: Stamp duty is a statutory fee imposed by the state government on all property sales and transfers. The rate is determined by a variety of factors, including, but not limited to, the property’s location, status, use, and valuation. It also differs depending on the state you’re in.

Conclusion

When taking a loan, you must dig deep and look into the various options available. A middle-class family, especially working women, can avail heavy discounts and get it at a low home loan interest rate. To check the loan rate and what will be the best for you and your needs, use the Home Loan EMI Calculator. You can also check the detailed information about home loan eligibility, home loan interest rates, and many more.

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