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Mar 2018

Quick tips for the first time women home buyer

Quick tips for the first time women home buyer

Are you a working female professional and are planning to purchase your dream home, but quite not sure about the availability of the loans of home, subsidy or interest rates. Then, stop thinking about it all. With the government and the complete country focusing on the women empowerment, buying a house for the working woman has actually become an easy task.

Having your own house is a dream for each woman and today as the women mostly are employed as well as salaried, they can conveniently become a homeowner. Especially those women who have just begun their professional career and have reasons to purchase their own home. With the clear promise of the higher take-home pay package, the lower interest rates on the home loans, a swing of affordable housing options, reduced stamp duty on offer, as the women home buyer has numerous reasons to rejoice.

So, here are the important points and quick guide which will help the working woman dare to dream of their own home-

• The government’s initiative on Housing for All by 2020 states that the woman should either be co-owners or the sole owners of the affordable house. Thus, it clearly empowers the woman to aim for the dream home more than ever. The woman who actually is planning to purchase her first home can get the good subsidy too. As per the credit, Linked Subsidy Scheme first-time home buyer has been given some more benefits. If the annual household's income in lesser than Rs 6 lakh annually, she is eligible for the interest subsidy of 6.5% on the principal of Rs 6 lakh.

• Secondly, the woman home buyer takes a home loan to purchase the first home can enjoy various tax advantages which are provided by all government as well as private banks. The eligibility for the tax deductions on the interest paid on the home loan is up to Rs 2 lakh for the women. Maximum tax deduction for the interest repayments and principal are Rs 1.5 lakh and 2 lakh.

• As it is said, beginning early is always good. Thus, if you are in the early stage of the job, then do think wisely as well as begin investing now. For instance, if you are 25-26 years of the age with an average salary of Rs 4.5 lakh per annum, then, you can certainly opt for the home loan from the government or the private bank at the good rate of interest.

• If the women are investing in the under-construction project then the states including Rajasthan, Madhya Pradesh, and Uttar Pradesh have lower property registration rates for the women than of what is offered to men.

Thus, with the record numbers of the single women becoming the prime time home buyers, this guide will definitely help to encourage more women to fulfill their dream of becoming the house owner.


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