When buying a home, it’s natural to wonder whether gender affects your homeownership journey. You may find yourself comparing factors such as home loan interest rates and tax benefits to make an informed decision.
This article will help you understand how the men vs women home loan tax benefits work and how you can take advantage of them. You’ll also learn how joint loans work and the specific benefits available for women to encourage them to take the leap into property ownership.

Overview of Home Loan Tax Benefits in India

When you take a home loan in India, you are eligible for two primary tax deductions under the Old Tax Regime:

• Up to INR 1.5 lakh per year under Section 80C on the principal repayment.
  
• Up to INR 2 lakhs per year under Section 24(b) on the interest paid.

Are There Tax Benefit Variations Based on Gender?

At a fundamental level, the tax laws do not differentiate based on gender. Essentially, home loan tax benefits for men and women are the same under the Income Tax Act.
However, a comparison of home loans for men vs women does reveal some meaningful differences beyond tax treatment.
For instance, many lenders offer preferential interest rates to women borrowers, provided they meet the overall eligibility criteria. Additionally, several Indian states provide stamp duty rebates of 1% to 2% for women property buyers, which can lead to significant savings.
So, while income tax deductions remain the same regardless of gender, the overall cost of property ownership may be lower for women due to these financial incentives.

Joint Home Loan Scenarios: Women vs Men

If you and your spouse take a joint home loan, each of you can claim up to INR 1.5 lakh on principal and up to INR 2 lakhs on interest, as long as you're both co-owners and contribute to EMIs. This adds up to a potential total tax deduction of INR 7 lakhs per year for the household.
Thus, joint loans not only help boost loan eligibility but can also maximise tax savings. In joint ownership between spouses, if the woman is the primary applicant, she may also enjoy the preferential interest rate benefit. You can use a home loan EMI calculator to see how this affects your monthly repayments and overall interest costs.
This strategy can be particularly useful for spouses aiming to reduce the interest burden and optimise tax benefits as a household.

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Home Loans for Women vs Men: Unique Benefits

How SMFG Grihashakti Empowers Women Home Buyers

While there is no significant difference in how tax laws treat home loans for men vs women, the real advantages for women come from other avenues.
As more and more women take up the mantle of homeownership, SMFG Grihashakti stands ready to support their ambitions with home loans of up to INR 1 crore*. Eligible borrowers may enjoy preferential interest rates and flexible tenures of up to 30 years*. Check out the required documentation and apply online today! Feel free to contact us or visit your nearest branch for more information.