Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > Why Should You Keep Women as a Co-owner to Avail PMAY Benefits?

Loan for Home

Why Should You Keep Women as a Co-owner to Avail PMAY Benefits?

Why Should You Keep Women as a Co-owner to Avail PMAY Benefits?

The Pradhan Mantri Awas Yojana or PMAY benefits for women are multi-fold. Why, yes! The central government and lenders are taking considerable steps to incentivise women to purchase a home.

Here, the primary objective is to encourage women homeownership in the country. Before diving into the host of advantages of women being the owner or co-owner while buying a property, let us understand the Pradhan Mantri Awas Yojana.

Pradhan Mantri Awas Yojana is a central government-backed initiative aiming to ensure affordable housing for the economically weaker sections by the year 2022. The ‘housing for all’ scheme offers an interest subsidy on home financing to construct, improve, buy, or extend a house.

Now, here are the women benefits for PMAY.

Benefits on subsidy

Under the Pradhan Mantri Awas Yojana guidelines, it is mandatory to register at least one woman member of a family as the owner of the house. With a woman co-owner, the maximum available subsidy is up to Rs. 2.67 lakhs. Furthermore, women belonging to the Lower Income Group (LIG) and Economically Weaker Sections (EWS) categories can get a subsidy of 6.5% on a loan of up to Rs. 6 lakhs.

Reduction in interest amount

With a woman as the co-owner, the interest on your home loan gets calculated by the daily reducing balance method. This means, if you partially prepay a large sum, the principal amount is reduced on a daily basis. Now, you pay a relatively lower interest amount.

Additional Read: Top Benefits of Buying a Home in a Woman’s Name

Partial waiver of stamp duty

Under the Pradhan Mantri Awas Yojana, many state governments partially waive off stamp duty for buyers registering houses in a woman’s name. With women as co-owners or owners, you can easily get a 1-2% waiver on the applicable stamp duty.

Tax benefits

Apart from home loan subsidy benefits for PMAY, purchasing a home with a woman co-owner also makes you eligible for a tax rebate. If the home is self-occupied, you can receive an additional tax rebate on the interest amount of up to Rs. 2 lakhs every financial year.

Moreover, a married couple co-owning a property can claim separate tax allowances if the woman has an independent source of income. The deductions will depend on the individual ownership share of each co-buyer.

Prepayment charges waived

There are no prepayment charges for women under the Pradhan Mantri Awas Yojana. Moreover, some lenders offer discounted processing fees and lower interest rates for women homebuyers. These borrowing cost concessions can vary from one lender to another.

Additional Read: Things to Consider if You Are Planning to Become a Home Loan Co-Applicant

In conclusion

With an array of incentives from the central government in place, this is surely the right time for women to invest in property or become equal partners in the same. If you want to avail of Pradhan Mantri Awas Yojana benefits on home financing, turn to Tata Capital.

With competitive home loan interest rates starting at just 6.90%, you can get an amount ranging from Rs. 5 lakhs to Rs. 5 crores. Apply today to build the home of your dreams!

Apply For House Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.