Believe it or not, real estate has always been dominated by male members. But now the scenario seemed to be changing. Because of the perks of the women-owned property, the number of female buyers is increasing. It is good to see that women are the actual influencers and decision-makers when it comes to buying a property. It has been estimated that 30% of house buyers in urban areas are women. The government and the financial institute are coming together with an interesting project and planning to promote women empowerment. This initiative by the government not only spreads the message of women empowerment but it contributes to the economy too. Here are some of the perks of being a women-home-buyer in India.
Cheaper loan
Almost all of the leading banks and financial institutions offer women home loans at a lower interest rate. Rather there are different schemes to encourage the women to motivate them to buy their own house. The scheme like ‘Her Ghar’ by State Bank of India, ‘Mahila Awas Yojna’ by Government of India are the example of the government initiative.
Government Initiative
Homes with basic amenities comes under the scheme of Mahila Awas Yojna. In this scheme, the Government offers the female member home at a lower rate. The scheme has several benefits to offer female buyers apart from housing. As the name suggests the home offered under this scheme will be equipped with facilities such as gym, common recreation hall, health and wellness clinics, and advanced security features.
Reduction in stamp duty
A difference in percentages of Stamp duty also makes a big difference when you buy a flat. In Delhi and Haryana stamp duty is 2% for women. Somehow It is convenience for couples to buy a home for obvious reasons. Men can also get a discount on stamp duty when jointly registered with a female partner.
Tax deduction
Women can also be eligible for a tax deduction of Rs 2 Lakhs on the interest rate paid on home loans. If couples are the joint owner of the home and the wife shows her source of income, then both of them can claim tax deduction individually.
Conclusion
The list of benefits does not end here. The government has a lot to offer to women-home-buyers in India. Women are the strongest pillars of India and offering them these facilities can contribute to the Indian economy. With all these schemes mentioned, women can now become more independent and can now make better decisions about property development in India.
