Home loan scheme for widows in India?
The widows or the single women are the ones who have lost their husband due to some unfortunate incidents happened in their life. The home loans disbursement covers people from all strata of communities. Also, these women should get help from the women & child Development Corporation of India. Various schemes are being available against which the women flat buyers benefit from the schemes available for single women. It is very difficult for a single woman to run the house independently. The real estate prices are very high in the urban areas and are ever-increasing. Thus buying a home is a difficult task. There are various schemes like home loans that can be availed at lower interest rates and the reduction in stamp duty charges from the state governments. The number of women amongst the working class is increasing, and thus women can make decisions on their own in case of buying homes. Slowly & steadily, the ownership of the women buying homes is rising as the contribution of the women in the corporate sector is increasing. Thus many women have become financially independent and are free to make their own decisions.
The widowed women category should also include those who belong to the unorganized sector or typically the labor class. There are various possibilities that the husbands of women employed in hazardous activities may have lost their lives, and thus, they become widows. The government, “Garib Kalyan Yojana,” focuses on the development of the poor. Also, the war widows are the ones who are amongst the focus areas for purchasing the homes. The war widows may be entitled to a pension through which they can avail of loans. Also, there are schemes like an entry in the job posting in the Indian Army, Indian Navy, or the Air force for the war widows. Thus the war widows are also the ones who are amongst the target segment for the disbursement of home loans. There are various schemes for the empowerment of the war widows by the government of India. The banks are ready to provide loans to the widows amongst the working class at lower interest rates to help the widows or the single women buy their houses early. The women borrowers are more trustworthy for the banks as the chances of willful defaulters are much less than the men.
Home loan scheme for widows in India:
- Lower stamp duty charges for women:
Many state governments give concessions to the women flat buyers if the flat is registered solely in the women’s name. The government gives a concession of a 2% rebate on the stamp duty to register the house in women’s names.
- Ex-servicemen quota in low-cost housing scheme:
There is a quota for the ex-servicemen in the low-cost housing scheme of the government wherein the war widows can register themselves to buy the flat. At a low cost, the housing scheme of the government flat can be purchased at a much lower price than the actual rates going on in the locality.
- Lower interest rates on home loans for women borrowers:
The loans can be availed at lower interest rates by the women borrowers. The banks give a rebate of 0.50% for the properties registered in the women’s name. As the interest rates are calculated on a cumulative basis, the concession of 0.50% also makes a huge difference for the borrowers.
- PMAY scheme for women:
The PMAY scheme aims at increasing the ownership of women across the country through the scheme. The flat buyer has to take the loan from the bank and can avail of the concession of up to Rs.2.67 lakh as a benefit on the interest amount. The scheme has helped thousands of people avail their own houses through the subsidy benefit. This scheme mandated that while buying a property, it is necessary to have at least one woman as co-owner or can be 100% share owned by women to benefit from the PMAY scheme.
There are various schemes and benefits available for the women for which the women can take benefits to buy their own house. Except for the war widows, the government hasn’t come up with any special schemes for the widows to buy their own house else than the benefits provided for the common women like lower registration stamp duty charges or the loans available at concessional rates. There is a need that the government should come up with more schemes with higher benefits for women.