LOWER RATES ON HOME LOANS AND STAMP DUTIES FOR WOMEN

A STEP TOWARDS MAKING A HOMEMAKER THE HOMEOWNER

Although gradually, India is witnessing a steady growth of women home-owners. Many banks and housing finance companies (HFCs), offer special products or lower rate of interest for women home loan borrowers. As of March 2021, SBI and Kotak Mahindra have reduced home loan rates to 6.65 percent per annum – the lowest in the market, followed by SBI with home loan interest rate of 6.70 percent for loans up to Rs 75 lakh and 6.75 percent for loans above Rs 75 lakh to Rs 5 crore. 

Along with lower rate of interest, women home owners are also offered concession in Stamp duty charges vary from state to state. for instance, in Delhi the stamp duty payable 4% compared to men which is 6% which amounts to a saving of Rs 4 lakh on a property worth Rs 2 crore. Several other states have followed suit.

Also, there are various Government policies that support women homebuyers such as Pradhan Mantri Awas Yojna for instance which made it mandatory to include a woman in the ownership of the property. Or the Credit-linked subsidy scheme where in women receive interest rate subsidy of 3-4%. Also loan takers enjoy a tax deduction on repayments with the maximum deduction allowed in principal Section 80C as well as the interest under Section 24 at Rs 1.5 lakh and Rs 2 lakh. 

The combined income of the couple means higher loan eligibility and more tax benefits for the couple. These measures taken by the banking sector, as well as the government, helps bridge the socio economic gap we face as of today, and pave its way to a balanced future.

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