10 real estate terminologies you should be aware of
Purchasing a property is among the most significant investments that you can make in your lifetime. A…Read More
Every person has the dream of owning the perfect home where he/she can live with their family comfortably and now with the government promoting different schemes to ease the financial burden of people, owning a house can be a reality for all. Further, several benefits are available when the property is being bought by a woman either as owner or co-owner:
1) Lower stamp duty charges for women:
Several state governments especially in north India offer discounts on the stamp duty applicable on the property.
2) Lower borrowing cost:
Adding women borrowers in the property and loan can now benefit you in paying lower rates of interest or processing charges. Women are offered discounted interest rates or processing fees for home loans from most of the leading banks and financial institutions.
3) Subsidy under PMAY Scheme:
The government is also supporting this initiative by launching special schemes like the Pradhan Mantri Awas Yojana (PMAY) which makes it mandatory to have a co-ownership of women to avail the loan. As per the scheme, the applicant also gets an interest subsidy of up to Rs.2.67 lakh with special preference to women applicants. This is the reason why there has been a 6% rise of women applicants for a home loan in the country.
4) Tax Benefits:
Experts have also claimed that there are a number of tax benefits to women buying properties which includes an extra deduction of interest up to Rs 1.5 lakh per financial year
There is a clear indication that now is the best time for women to take a step towards financial independence and be an equal partner while buying a property and applying for home loans.
Hero Housing Finance Ltd has also taken a step in this direction and have launched the Grah Shakti scheme which provides a 50% on the processing fees on cases where the property is bought by a woman as an owner or co-owner. The offer is valid till 31st March 2020. The company assures to make the application of the loan process as smooth and flexible as possible.
Reach out to us on www.herohousingfinance.com