5 benefits that a millennial woman can reap from buying home!
Attention all the millennial woman, reap the benefits of buying your dream home today!
Women are increasingly looking to become homeowners and have started to build equity, regardless of relationship status. There are certain benefits that women get when it comes to buying a house. These aren’t always noticeable, but take a closer look and you will see that there are multiple advantages being offered to you as a woman home buyer.
Benefits of buying a home on your name:
- Bank interest rate
The rate of interest levied on a home loan is lower in some cases for women. For instance, a bank charges a woman customer 8.50% interest rate whereas they charge 8.55% to other customers. The difference in rates may not look significant, but when the loan amount is high it makes a significant difference. Money saved is money made!
- Discount on stamp duty charges
Many State governments are offering a partial waiver on stamp duty charges, for buyers registering properties in a woman’s name. Stamp duty for women is often one-two percentage lower than it is for men.
- Tax Deduction
Home Loan can help you to get a tax rebate. Under Section 24C, you can get a tax rebate on the interest up to Rs. 2 lakhs and under Section 80C, you can get a tax rebate on the principal amount of the house up to Rs. 1.5 lakhs. Women are also allowed to deduct the interest rate paid on the mortgage loan against the net rental value when they rent out their home.
- Lower interest rates
Leading Indian banks usually offer home loans at a lower interest rate to women home buyers. Survey says that women are more punctual in paying back loans and less likely to default on payments; banks are also keener on lending to women.
- Banks offer special discounts
Banks always have special offers for the working single woman. For example, they offer gold vouchers to female homeowners. Paltry as they may seem, such schemes can help women to take a step towards financial independence.
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