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The Pradhan Mantri Awas Yojana or PMAY<\/a> benefits for women are multi-fold. Why, yes! The central government and lenders are taking considerable steps to incentivise women to purchase a home.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Pradhan Mantri Awas Yojana is a central government-backed initiative aiming to ensure affordable housing<\/a> for the economically weaker sections by the year 2022. The \u2018housing for all\u2019 scheme offers an interest subsidy on home financing to construct, improve, buy, or extend a house.<\/p>\n\n\n\n Now, here are the women benefits for PMAY.<\/p>\n\n\n\n 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)<\/a> categories can get a subsidy of 6.5% on a loan of up to Rs. 6 lakhs.<\/p>\n\n\n\n Also, read – Loan for Women: Apply Personal Loan for Women<\/a><\/p>\n\n\n\n With a woman as the co-owner, the interest on your home loan<\/a> 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.<\/p>\n\n\n\n Also, read – Business loans for women up to Rs. 90 lakh at low interest<\/a><\/p>\n\n\n\n Under the Pradhan Mantri Awas Yojana, many state governments partially waive off stamp duty<\/a> for buyers registering houses in a woman\u2019s name. With women as co-owners or owners, you can easily get a 1-2% waiver on the applicable stamp duty.<\/p>\n\n\n\n Also, read – Home Loan for Women: Interest Rates, Eligibility and Benefits<\/a><\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Also, read – Top 10 Government Schemes for Women Entrepreneurs<\/a><\/p>\n\n\n\n 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.<\/p>\n\n\n\n Pradhan Mantri Awas Yojana offers women several benefits<\/strong> to promote home ownership and financial security. <\/p>\n\n\n\n Below, we list some of the biggest PMAY benefits for women<\/strong>:<\/p>\n\n\n\n 1. PMAY subsidies for ladies<\/strong>: This scheme provides women with subsidized interest rates. If applying with a woman co-owner, borrowers may receive subsidies of up to Rs. 2.67 lakhs. <\/p>\n\n\n\n 2. Lower interest rates<\/strong>: Another PMAY female applicant benefit<\/strong> is reduced interest rates on home loans. <\/p>\n\n\n\n 3. LIG and EWS benefits<\/strong>: Another major Pradhan Mantri Awas Yojana benefit for ladies<\/strong> is that those belonging to the LIG and EWS categories can avail subsidies of 6.5% on loans up to Rs. 6 lakhs<\/a>!<\/p>\n\n\n\n Also, read – 10 Best Business Ideas for Women at Home<\/a><\/p>\n\n\n\n Men\u2019s and women\u2019s PMAY criteria<\/strong> can overlap. However, there are key rules governing PMAY subsidy eligibility for ladies<\/strong>. Below, we list the PMAY eligibility for women<\/strong>:<\/p>\n\n\n\n For further information, visit the PMAY website!<\/p>\n\n\n\n Also, read – Udyogini Scheme: A Scheme for Women Entrepreneurs in India<\/a><\/p>\n\n\n\n Wondering how to apply for PMAY for women?<\/strong> The PMAY online application for women<\/strong> is straightforward and easy to follow. We break down the steps below:<\/p>\n\n\n\n For more information regarding the PMAY process for women homeowners<\/strong>, visit the PMAY portal!<\/p>\n\n\n\n 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<\/a>.<\/p>\n\n\n\nBenefits on subsidy<\/strong><\/h2>\n\n\n\n
Reduction in interest amount<\/strong><\/h2>\n\n\n\n
Partial waiver of stamp duty<\/strong><\/h2>\n\n\n\n
Tax benefits<\/strong><\/h2>\n\n\n\n
Prepayment charges waived<\/strong><\/h2>\n\n\n\n
What Are the Pradhan Mantri Awas Yojana Benefits for Ladies?<\/strong><\/h2>\n\n\n\n
Eligibility Criteria for PMAY Benefits for Women<\/strong><\/h2>\n\n\n\n
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How to Apply for PMAY Benefits as a Woman Homeowner<\/strong><\/h2>\n\n\n\n
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In conclusion<\/strong><\/h2>\n\n\n\n