Now that women are becoming financially independent, their inclination towards buying a property is obvious. But finding your dream house that fits your budget in a good locality isn’t that easy a task to deal with. But with GP homes, one of the best builders in Chennai, a woman’s dream of owning a beautiful house will soon turn into reality.

Why should you go for a home loan?

Needless to say, buying a house eats up a chunk of savings which is why availing home loan becomes the most sought after option. However, the Government has a lot of attractive features for women borrowers and this is all the more a strong reason as to why women should consider availing a loan to buy a house.

• Lower interest rates: The ones who pay interest know how much even a slightest reduction in the interest rate would matter. How about women paying lesser interest than men on home loans? Sounds great right? With women having a better track record than men in terms of credit worthiness, the Government has asked banks to offer them a benefit of 0.05% to 1.00%. This in terms of percentage might look insignificant but for a home loan that spans for about 20 to 30 years, it does make a huge difference. So those flats in Anna Nagar, Chennai that caught your attention like never before need not see more waiting time. A home loan with lower interest makes it easier than ever.
• Lower stamp duty: If all your eyes have been on that individual house for sale in Ayapakkam or any property for that matter from the best builders in Chennai, then after the deal is complete, you’ll have to pay stamp duty. It is a compulsory tax that the state Government imposes on the property. It usually is in the range of 4% to 10% of the property cost and depends on its usage, locality, etc. But if the property is in the name of a woman, the stamp duty is usually 1% to 2%. This is a huge difference considering the fact that the property would cost at least 40 to 50 lakhs. Simply put, a property worth 50 lakhs, a woman will save at least 50000 to 100000.
• Longer repayment tenures: In case of men, they are given a tenure of either 20 years or a period till they reach an age of 65, whichever is earliest to repay the home loan. But, in case of women, they can repay either in 30 years or till they reach the age of 70.
• Tax benefits: Women borrowers can enjoy tax deductions of up to 3.5 lakhs. Under Section 80C of the Income Tax Act, 1961, they can claim a tax deduction of up to Rs. 1.5 lakh on home loan repayment and under Section 24(b) of the Income Tax Act, 1961, a tax deduction of up to Rs. 2 lakh on home loan interest can be obtained. In addition to these, there are other tax benefits as well that the women borrowers are entitled to. Also, all of these benefits can be claimed even when a woman applies for a home loan with her husband or any other eligible co-applicant.
• PMAY benefits for women: The ‘Pradhan Mantri Awas Yojana’ scheme under the Government’s initiative of providing ‘Housing for all’ by 2022 has a lot of benefits to offer for women borrowers. An interest subsidy of 2.67 lakhs can be availed by women under this scheme. However, it is mandatory for a woman to be a co-owner of the property. What can get better than owning a beautiful house constructed by the best builders in Chennai and getting an interest subsidy as well.

Women should surely consider buying a house by taking a home loan. This is because the benefits associated are surely worth it. Also, with the Real estate sector having immense potential to boom in the days to come, there cannot be a better time to invest in the same. Think no more and contact GP homes, one of the best builders in Chennai and turn your dreams into reality.