Real Estate in Kolkata has grown by leaps and bounds in recent years with the tremendous upsurge in financial investments in the industry.
Attributable to the constructive steps undertaken by the present Government, the real estate market is now a rapidly thriving vertical with the emergence and increase of several vast and ambitious residential projects, lead and developed by various real estate companies in Kolkata.
Looking for an ideal residential place stays particularly in the psyche of the general population as it provides them with the assurance and affirmation of a secured stay for their entire lifetime. A similar certainty is not conceivable with a leased or rented accommodation.
In the quest for the dream residential flat in Kolkata, a buyer inevitably depends upon a home loan, which is ideally available for tenures of 20 years or more. Since the period is very long, the inevitable cost of borrowing can be extremely high from the customer end.
The cost of borrowing is comparatively lower in case of women loan-seekers. Stay tuned to the details of the various advantages that women borrowers can appreciate while availing a home loan from reputed banks who have tie-ups with leading real estate developers in Kolkata.
Lowered Interest Rates
The home loan interest rate is a significant factor that decides an affordable and accommodating journey towards building your own house or buying an apartment in Kolkata. Home loans are always availed in huge amounts and a long drawn out tenure, as value estimation of the houses ends up in lakhs or crores of rupees.
Along these lines, if the rate of interest is high, your pocket can be adequately pinched and squeezed. A marginal reduction in the rate of interest can lessen the stream of money outlay significantly in a time span of 25-30 years. What’s more, the monthly scheduled EMIs will likewise go down.
It’s not only a general apparent fact that women repay their dues in time, but many studies also prove that women, in reality, are more averse to default on credits than men.
Woman borrowers in Kolkata, therefore, benefit from concessions in the rate of interest that is somewhat between 0.05% and 0.1%, lower than the typical interest rates, offered by the established banks in India. That may appear like a little concession.
However, since the cost of the houses in almost all major residential apartments in Kolkata, usually run into lakhs or crores of rupees, it implies that women can look ahead to remarkable savings in their repayment plan.
The EMIs will be more comfortable and lighter to manage. In any case, to avail a reduced interest rate, the woman has to be the primary applicant or the co-applicant for the loan.
Reduced Stamp Duty for House Registration
Stamp duty obligation forms an integral part of the cost of the property. What’s more, a variation by a small percentage can even have an immense impact on the possession cost. Usually, banks offer to finance at around 80%-90% of the value of the property.
To the extent stamp obligation goes, it may differ marginally among the real estate companies. Numerous realtors in Kolkata are offering cheaper stamp duty obligations for registrations and enlistments done in a woman’s name. This is done to boost property possession by women. Especially, when a woman buys a property, the stamp duty, by and large, remains less.
A concession between 1% and 2% is typically relevant for the most part. A reduced stamp duty additionally helps women’s borrowings. Assuming the property estimation in lakhs/crores, this amounts to a significant saving. Along these lines, if a property costs around Rs 60 lakhs, the woman loan-bearer saves anything between Rs. 60,000 to Rs. 1, 20,000.
Increased Tax Benefits
Like their male counterparts, women borrowers are also eligible for income tax exemption on home loan EMI repayments. The maximum permitted limits of tax deductions in the repayment of the principal and interest amounts are Rs. 1.5 lakhs and Rs. 2 lakhs respectively.
Therefore, women are qualified to show a lowered taxable income by Rs. 3.5 lakh effectively by paying back the home loan. Lady borrowers, who apply for home loans, say for 2, 3 or 4 BHK apartments in Kolkata alongside their spouses, can get the income tax deduction in an equivalent extent.
Special Schemes
Once in a while, financial institutions offer exceptional schemes to women on home loan disbursement. For instance, they come up with gold vouchers conceived for female property holders. Such plans can enable women to make a stride towards budgetary autonomy and financial independence.
In specific schemes, which are aimed at poverty alleviation in Kolkata and adjoining areas of West Bengal, women’s names are put in the titles of the land plots, allocated by the government especially for low-income based households.
All these benefits can be availed based upon clear-cut criteria of a stable income and an untarnished credit history.
Oswal Group is a renowned real estate development and construction company in Kolkata offering an exciting line-up of impressive real estate projects of elegant yet affordable residential properties which encourages women to hold residential flats in their name.