Check out these 8 Government Loan Schemes That You Can Benefit From As A Woman In Business.
There are numerous advantages attached to a home loan when availed by a woman. A host of benefits available to all us are...
Buying a house is one of the most important milestones that every individual wants to achieve. Yet, it is also a very crucial and financially tricky decision to make.
A convenient source to fulfil our dream of owning a house can be through a home loan. A home loan is an effective borrowing tool, when used meticulously it has benefited countless people.
Although availing a home loan generates regular financial outflow through EMIs, it has its own benefits. It improves the credit score when the EMIs are timely paid over the years. It reduces the tax liability by efficiently using the tax deductions available to us along with reduced stamp duty charges in some cases.
It’s quite appealing to know the fact that women have become equally participative in the home buying decision process in today’s era. Many of them are able to contribute financially for home loans at par with their spouse. There are numerous advantages attached to a home loan when availed by a woman. A host of benefits available to all us are:
It is always advisable that home loan should be taken jointly, so that both the borrowers can enjoy tax benefit on his/her taxable income individually. It is further preferable to have at least one woman borrower enabling us to take the advantage of additional benefits.
Among all types of loan, home loan has the longest repayment tenure which can go up to 30 years depending on the loan eligibility and other norms of the home loan provider. This means that longer the loan tenure, lower is the EMI amount, thus providing people the comfort of repayment over a long period without putting pressure on our finances.
Thus, one can reduce the burden of equated monthly instalments by extending the tenure. Further, in some cases of women applicants, the home loan interest rates could be 0.5-1% lower than the prevailing market rate. This may look like a small difference but when compounded over the long tenure of a home loan it can make a significant difference.
The prices of property increases over time, having a house adds up to our list of appreciable assets.
There are two components in a Home Loan repayment: the principal amount and the interest paid on the loan amount. We can avail the tax benefits on both these components under Section 80C, and 24(b) of the Income Tax Act, 1961. Further deduction under section 80 EE and section 80 EEA is allowed based on the date of purchase of the property.
Stamp duty is the tax the government places on a legal document for transfer of assets or property. A significant advantage offered by the government is reduced stamp duty rates in case of women property purchasers. The rates vary from state to state, for example in Jharkhand the stamp duty rate for women applicants is only ₹ 1 which is otherwise 7%, and in Delhi it’s 4% for women applicants while for others it’s 6%. So, the difference varies from 0.5% to 3% and thus when considering a property worth a crore the difference is appreciable.
Even if we are capable of buying a home using our personal funds, it is still advisable to avail a home loan facility to save on the taxes. Such saved funds can be invested in other available avenues to earn an attractive return for example mutual funds. Thus, we can benefit doubly, first by earning a higher return on our own fund and second by paying a lower effective interest rate on our home loan.
It’s never too late, take the first step today and become a homeowner.
Image Source: By Pavel Danilyuk via Pexel
read more...
Women's Web is an open platform that publishes a diversity of views, individual posts do not necessarily represent the platform's views and opinions at all times.
Stay updated with our Weekly Newsletter or Daily Summary - or both!
Chetan Bhagat had no business slut shaming Uorfi Javed or any other woman. If he wants to 'guide' young men in the 'right direction' then he should take accountability for his words.
Chetan Bhagat, one of India’s bestselling authors, thought it was an ingenious idea to slut-shame Uorfi Javed, an Indian actress and influencer, at the Sahitya Aaj Tak literature festival.
“Phone has been a great distraction for the youth, especially the boys, spending hours just watching Instagram Reels. Everyone knows who Uorfi Javed is. What will you do with her photos? Is it coming in your exams or you will go for a job interview and tell the interviewer that you know all her outfits? On one side, there is a youth who is protecting our nation at Kargil and on another side, we have another youth who is seeing Uorfi Javed’s photos hiding in their blankets.”
Uorfi Javed responded with a video on her Instagram stories calling out Bhagat’s bluff. She shared the screenshots of his previous chat conversations with Ira Trivedi, author and yoga instructor, which came to light during the #MeToo movement.
While boys are taught to naturally own the space they enter, girls are taught to give up, to accommodate, to adjust since "it is their primary responsibility to keep families and relations together."
Yesterday, I was watching these 4 young girls around 16 – 17 years old play badminton. They were having fun, goofing around with all 4 of them equally involved in the game.
In some time two of their male friends joined them, and as part of round robin, the 2 boys replaced two of the girls. All good.
As the play continued, I started noticing a change in the way the game was being played. The shuttle was played most of the times between the two boys and there was a sense of competition and aggression brought in. The other 2 girls playing soon starting losing interest in the game as they hardly got any game time. Even if the shuttle came towards them, the boy in their team would move and play that shot. They soon moved to the sidelines as the boys continued to play.
Please enter your email address