A quick guide for first time women home buyers

Are you a working women professional and planning to buy your dream home? But quite unsure about the availability of home loans, interest rates or subsidy. Then stop thinking about all this. With Government and the whole country focussing on women empowerment these days even buying a house for a working woman has become an easy task.

first time women home buyers

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Owning your own home is always a dream for every woman and today as most of the women are employed and salaried, they can easily become a home owner. Especially those women who have just started their professional career have many reasons to buy their own home. With the promise of a higher take-home pay package, lower interest rates on home loans, reduced stamp duty, and a swing of affordable housing options on offer, a women buyer has many reasons to rejoice.

So here is a quick guide and important points which help a working woman dare to dream of their home own:

  • The Government’s Housing for All by 2022 Scheme states that women should be either co-owners or sole owners of an affordable house. So, it clearly empowers more women to aim for a dream home more than ever. A woman who is planning to buy her first home can get a good subsidy too. According to the Credit Linked Subsidy Scheme (CLSS) first-time woman home-buyer have been provided with more benefits. If the annual household income is less than Rs 6 lakh per annum, she is eligible for an interest subsidy of 6.5 percent on the principal of Rs 6 lakh.

  • Secondly, women home buyers who take home loan to buy their first home can enjoy various tax benefits which are given by all the government and private banks. Eligibility for tax deductions on interest paid on home loans is up to Rs 2 lakh for women. Maximum tax deductions for principal and interest repayments are Rs 1.5 lakh and Rs 2 lakh respectively.

  • As it is always said starting early is always good. So, if you are in your early stage of job, then think wisely and start investing now. For example, if you are 25-26 years of age with an average salary Rs 4.5 lakh/annum, then you can opt for home loan from any government or private bank at good interest rates.

  • If a women in investing in an under-construction project then many states including Uttar Pradesh, Rajasthan, and Madhya Pradesh have lower property registration rates for women than that offered to men.

So, with record numbers of single women becoming first-time home buyers, this guide will definitely help encourage more women to fulfil their dream of becoming a house owner.