Today, women are working hard to realize their ambitions by being financially stable and self-sufficient. Women purchasing flats on B T Road is proof of that fact. Women are now actively selecting and buying a home as several flats in North Kolkata have been sold to a woman, formerly done primarily by the family’s male members.
You may have often heard of new house purchasers registering their properties in their wives’ names. While this can be recognized as an act of empowerment, especially if you plan to secure a home loan, it also comes with immense benefits. Here are some additional advantages to a woman purchasing a home besides providing her with a valuable asset registered in her name.
Home Loan Benefits
The interest rate is an essential consideration when looking for a house loan. If your wife works, she may be eligible for a home loan, and women may be eligible for special home loan perks for purchasing the best flats in B T Road. Most banks provide reduced interest rates to female borrowers. For example, the interest rate for a home loan for a woman who is working maybe around 8.55 percent, but it is 8.60 percent for their male counterparts in Kolkata. If a woman is a co-applicant, you can redeem the smaller proportion for buying flats in North Kolkata.
Stamp Duty Charges
Many places in India and Kolkata have imposed a lower duty charge for stamps for women. Although the actual number varies, more and more states are adopting this approach to provide empowerment to more female property owners. There are a few benefits if you register a residence under the name of any woman within the family. Be it your mother or your wife. It’s crucial to grasp the complexities of purchasing flats in B T Road in a woman’s name to reap the most benefits from this opportunity and avoid financial disaster.
Another benefit of buying flats in North Kolkata in a woman’s name is that they can avail of tax breaks. Female property owners will be awarded an additional interest deduction of Rs 1.5 lakh every financial year if it turns out to be a self-occupied dwelling.
Flexibility in Eligibility Criteria
Most banks in Kolkata have modified their eligibility restrictions for women seeking home loans. Any woman between 23 and 58 can acquire a home loan based on her earning situation under this rule. Any woman who has at least three years of work experience can get a home loan from most institutions. Furthermore, customers might repay the loan over up to almost 25 years.
Benefits under Government Schemes
Women have been preserved as a preferred homebuyer class because the Pradhan Mantri Awaas spreads the notion of women’s empowerment. The scheme requires that at least one woman be a part-owner of the property, for example, when buying the flats in B T Road. Furthermore, a woman who takes out a loan under this plan is eligible for a 6.5 percent rebate under the scheme that has been for the Economically Weaker Section (EWS) and Lower Income Group categories (LIG).
If you are a woman and want to buy flats in B T Road or flats in North Kolkata, then these are the tips that you should keep in mind for acquiring the benefits of being a woman property owner in Kolkata.