28 AUGUST, 2019

The 21st-century woman enjoys a noteworthy role in the decision-making process of homebuying. In addition to this significant empowerment, home loans taken by women also have significant benefits as compared to a man availing a home loan. From tax benefits to better interest rates to add-on offers, women today are wooed with the idea of being financially independent.
Financial independence translates to creating assets, including real estate properties. Being a long-time financial commitment, buying a home requires a lot of planning. Thus, utilising every available resource is undoubtedly a wise choice. Either individually or jointly with a family member, women can apply for a home loan to avail a wide array of benefits.
Involvement of women in the process of buying a house has some advantages.

Eligibility


Property value being as high as they are, financial institutions decide housing loan eligibility based on many parameters. One of the primary ones being monthly net income. Thus, when two people co-apply for the loan, the bank translates two co-applicants as two streams of disposable income. The income of both co-borrowers provides higher eligibility than individual income. Thus, working women make a significant contribution towards helping the process of home buying.

Tax Benefits


Following is the nature of tax deduction for co-applicants on a home loan

  • Tax deduction up to Rs. 1.50 lakh on principal repayment
  • Tax deduction up to Rs. 2 lakhs on home loan interest


Lower Interest Rates


Currently, most lenders offer lower home loan interest rates to women applicants. Whether they are considered as safe borrowers or are empowering them toward financial literacy and independence, this contributes to a more-manageable EMI. Either applied independently or along with co-borrower, women receive the benefit of the lower interest rates on home loans.
Women are best known for their excellent planning skills that come in handy while managing the EMIs on a home loan. When such managing skills meet with modern-age tools like home loan EMI calculators , handling finances throughout the tenure of home loan only get simplified.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.