What are women looking for in real estate? When making real estate purchases, women consider many factors and the incentives available to them. Here are some of the benefits for female real estate buyers in India.
Today, many women are financially independent and take an active role in the purchase of real estate. To increase the number of women buyers of real estate, the Indian government has taken several steps to encourage women to buy. These are some financial benefits that Indian women can enjoy if they purchase a home. Let’s look at the benefits of female real estate buyers in India.
Special Benefits For Women Real Estate Buyers
In this blog, we will see the advantages for women real estate buyers in India.
Higher Eligibility for House Loans
Because of their efficiency and practicality, home loans are the most popular form of financing for Indian residences. Before financing your property, however, banks and other NBFCs will assess whether the applicant is eligible for a home loan. This heavily depends on their salary. The loan amount can be increased by the co-ownership of a home with a spouse, as both the husband and wife’s wages are taken into account.
Women’s Interest Rates on Home Loans
Home buyers in India rely on housing financing to buy their homes. This credit allows buyers to purchase homes early in their careers, but it also increases the overall cost of the transaction. Women don’t have to spend as much because many banks offer lower interest rate home loans to women than to men. The interest rate for women is usually 50 to 100 basis points lower than the average national rate. One percentage point equals 100 basis points.
The State Bank of India offers home loans at competitive interest rates, starting at 8.55% per annum
The loan term extension of up to 30 years ensures that you have a long repayment period. SBI Home Loans offer a 0.05% interest reduction for female borrowers. HDFC Bank offers home loans that are tailored to women buyers as part of its commitment. The interest rate for women who are real estate buyers and need loans exceeding Rs 30 lakh is 8.60%, while it is 8.65% for everyone else.
If someone borrowed Rs. For Rs. 30 lakhs, you would need to pay around Rs. 55,95,125. If the interest rate was 7.2%, then the total loan amount would be Rs 56.68,915
Tax Advantages For Women Real Estate Buyers
A co-applicant is a woman who owns a property with her husband. This allows both spouses to receive tax deductions for their respective salaries under Sections 80C and 24, as well as Sections 80EE, 80EEA, and 80EEA. However, benefits under these sections are only available to first-time homebuyers. Advantages for Women Real Estate Buyers in India.
Not only is a spouse not automatically a co-owner of the property if she is listed on the mortgage request, but it is also important to remember that this does not mean that she can apply as a co-applicant. However, she would be allowed to deduct taxes even though she was a borrower from women buyers.
PMAY Benefits
Women real estate buyers are encouraged to apply for the Pradhan Mantri Awas Yojana (PMAY). Because the PMAY program is non-discriminatory, any girl can apply for a home loan or subsidy. According to PMAY regulations, the house owner must have at most one female relative. A subsidy of up to Rs. 50,000 is paid when a woman owns a house. 2.67 lakh.
When applying for a loan under the PMAY MIG 1, or MIG 2 categories, a female co-applicant is not required. Women real estate buyers, however, must be co-owners and owners of the property to qualify for an EWS or LIG-type PMAY loan. This applies only to new homes purchased under the program. It does not apply to existing properties or houses built on land previously owned.
Ensure Financial Security
A woman can purchase a house in her name to help protect their financial assets. A person can’t seize a house in her name if she has incurred a loss in business. Creditors and the government cannot seize it.
Partial Stamp Duty Exemption
When purchasing a home, women buyers of real estate are usually subject to lower stamp taxes than men. Rajasthan offers a 1% discount on stamp duty, while Haryana and Delhi offer a reduction of 2% in stamp tax for women buyers. This applies regardless of whether the woman is the sole or partial owner of the property. The stamp duty fee for property gifted to a female relative is lower than for property owned solely or partially by a woman. In Delhi, for example, a man would have to pay Rs. If he bought a flat worth Rs. 6 lacks, he would have to pay a stamp duty of Rs. 6. 1 crore. It would cost Rs. 1 crore to jointly own the property with a woman buyer of real estate. 5 lakhs and Rs. 4 lakhs to purchase it for a woman. 4 lakh.
| States | Stamp Duty Rates |
| Haryana | For males – 7% in urban areas for females – 5% in urban areas |
| Maharashtra | 6% for male5% for female |
| Odisha | 5% (Male)4% (Female) |
| Uttarakhand | 5% (Male)4% (Female) |
Final words on Indian Women Real Estate Buyers
Recent statistics indicate that 47% of women who buy real estate are between 25 and 35 years old, while 41% are between 35 and 45. In an age where more women are buying homes, many home builders are continuously improving their services. Their offering also includes homes with enhanced security measures, a robust safety system using contemporary technology, eco-friendly amenities, a café, a gym, and healthcare facilities within the borders of their community.
It is possible to buy a house in the name and with the blessings of a female family member. Special tax incentives and financing options are available for women who buy real estate. Female property owners pay less stamp duty in many parts of India. The vast majority of states have lower stamp duty rates for women than men.
Also Read: Building Completion Certificate – A Complete Guide
