There was a time when buying a house was considered a decision of only men, but now times have changed! Today’s women are not only becoming self-reliant with their hard work, but are also securing their future by buying a house. It is not just four walls, but a dream home, and the government, banks, and tax system together are fully supporting women in making this dream a reality. If you are also a woman and are thinking of buying your own house, then this is the right time. Let us know what special benefits and discounts the government and financial institutions are giving you.
1. Special discount on interest rates on home loans
Do you know that banks give loans to women at a lower interest rate for buying a house? Women usually get a special discount of 0.05% to 0.10% on home loans as compared to men. This small discount can save you lakhs of rupees in the long term. Banks also consider women to be more reliable customers. This is because their credit score is better, and the chances of loan default are less. This is a financial incentive that encourages women to buy a house.
2. Get double benefit in tax
Women who buy a house also get tremendous tax benefits, which can reduce the burden on their pockets significantly. Women can avail an income tax exemption of up to Rs 1.5 lakh under section 80C on the principal amount of the home loan and claim this exemption separately. This means that you can jointly get double the benefit in tax. If you are buying a house for the first time, you can also get an additional exemption of up to Rs 50,000, which further increases your total savings.
3. Big relief in stamp duty
Stamp duty is a major expense when buying a house. But women also get special concessions on this front, which can save lakhs of rupees.
Special discounts in states
In Delhi:- Stamp duty for women is 2% less than for men.
In Rajasthan:- Women have to pay only 5% duty, while this rate is higher for men.
In Uttar Pradesh:- Here too, there is a 1% reduction in stamp duty for women.
This discount can save lakhs of rupees at the time of house registration, which significantly reduces the total cost of buying a house.
4. Priority in government housing schemes
Many ambitious housing schemes of the government are playing an important role in making women homeowners. In major schemes like PMAY, the property owner or co-owner must be a woman to avail the subsidy. This provision has especially empowered women from low-income groups to own their own houses. This ensures that even financially weak women can fulfill their dream of having a roof over their head.
The growing importance of home ownership for women
Today’s woman is not just becoming a homemaker, but also a home buyer. This not only symbolizes her financial independence but also a strong foundation for the family’s future. Having a home of her own increases a sense of security and confidence in women.