Women constitute only 29% of the home buyers out of the entire population in India. The number is less, but it is rising each and every day. A home is a dream come true and there should not be a gender working behind that. It should be open to both male and female genders to get a home loan. To bring women forward and raise the numbers, there are various tax benefits that are given to women. Women are eligible to receive a good amount of tax rebate when they borrow a home loan from any governmental or private loan-offering institution. There are a few tax re criteria that a woman has to meet according to the legal formalities. If you are looking for a home, you should claim your tax rebate and save a good deal of money.
Eligibility for women
● The female applicant should be a residing citizen of India. She should stay at least 10 years or more in the country.
● Women should have a steady source of income. A good source of income is a must for a home loan.
● Should have work experience of 3 years.
● Salaried women must be between the ages of 23 and 62 years.
● Self-employed women should be 25 to 70 years of age.
● Must have a business operating for 5 years.
● Before applying, women borrowers can use a home loan EMI calculator to check the monthly instalments they have to pay towards their credit repayment. It will enable them to compare lenders and opt for a loan at competitive interest rates.
● Use a security to secure the home loan with less burden of EMI monthly. Learn How to calculate business loan by using business loan calculator.
Tax rebate
● Women get a tax deduction on the amount of interest paid for property. The total tax component that they pay for the home loan is covered by tax. It is a huge rebate under Article 24b.
● Under section 80 EEA, women can claim additional tax benefits on home loans. The tax deduction is always in favour if two conditions are met, like the stamp value of the home property should be Rs.45 lakhs, and it should be sanctioned in the year 2019-2020. This section is an additional tax reduction that you can get from your principal loan amount.
Finishing up
Get a fast home loan in a few steps with Clix Capital. It is easy and affordable. An instant home loan will give you a permanent address as well as some amazing tax deductions.
Read Here : How to Get an Instant Business Loan?
