More women are taking the financial route of independence. They have gone on to take a rightful place in the society as equals and participating in vital decisions like purchasing 2 BHK flats for sale in Vartak Nagar. The women are looking for property to move in or others could consider it as an investment option. To make the entire task of purchasing a property a fruitful experience for women, there are a few considerations.
Stamp duty
The stamp duty when the apartment is registered in the name of a woman is 1 % to 2 % less when compared to men. It is the case with any city in India. An example is if you are purchasing a home for 50,000,00 then by stamp duty you save around 50000 and all credit revolves around the stamp duty discounts for women.
Benefits of home loan for women
For home loan women are a preferred participant. A simple reason is that they are known to possess a superior track record. The lender finds them reliable and the chances of obtaining a home loan is higher. Even the lenders are encouraging women to take loans by offering them lower interest rates. A lower rate of interest leads to a lower EMI.
Some of the lenders have increased sanctions which means more loan amount to women. For all these reasons women are known to obtain a higher loan amount. It is complemented with a single eligibility criteria. When you compliment it with the eligibility criteria it turns out to be a big yes if you are a woman buyer purchaser in India.
Benefits of tax deduction
When obtaining a home loan a woman can obtain tax benefits. Under section 80 C the limit is 3.5 lakhs relating to principal payment and on the interest paid it is section 24( b) According to the income tax act of 1961, under section 80( c) you may claim a deduction of 2 lakhs under section 24( b)
When it is over and above section 24 ( B) a woman can claim deduction of 1.5 lakhs which falls under section 80 EEA. The moment you are purchasing 1 BHK flats for sale in Vartak Nagar such points come into consideration. It is only applicable to loans which are sanctioned in the last couple of years.
Additional benefits for women
Focussing on empowerment of women the government has launched a series of schemes where you are no facing any form of discrimination. Under this scheme if a woman applies a loan then they are bound to avail concessions on interest. The benefits are going to be on the higher side when it comes to economically weaker sections of the society. Any form of subsidiary is given on the principal amount which lowers down the interest.
To sum it up these are the above benefits that you can avail when you are obtaining a home loan as a woman. The benefits would accrue for a considerable period of time.
