Benefits that Women Home Buyers Enjoys in India
Mar 10, 2018 Home Trading Steps
Real estate has been always dominated by men whether professionally or even as buyers. But now with women moving at par with men, the numbers of women home buyers are also increasing. Whether single or married along with managing household work, now women also actively participate in the home buying decision. As per some report, 30 percent of home buyers are women in urban India. And interestingly women enjoy certain benefits if they invest in real estate in India.
• Several top banks offer home loans to women at a much lower rate. As women are more punctual and sincere in paying back loans and default less on making payments, thus banks also prefer giving loans to women. In addition, banks also offer some special discount to encourage women borrowers such as SBI under its ‘Her Ghar’ scheme offers loans at a concessional interest rate. It has also waived off the processing fee for women home loan applicants. However, in order to avail this scheme the woman needs to be either the sole applicant or one of the co- applicants in the home loan.
• In many states, women enjoy lower stamp duty charges. For instance in Delhi and Haryana stamp duty for women is two percent lower than the usual for men. Hence it is better for couples to buy property in the name of the female partner. Even if a property is given to a female in the form of a gift, then also female partner has to pay a lower stamp duty charge. By jointly registering property in the name of women partner men can get discount on the stamp duty.
• As per Housing For All Mission by Modi government, women should be either sole owners or co-owners of affordable houses. This move is to empower the women of lower income households.
• Women are eligible for a tax deduction of Rs 2 lakh for the interest paid on the home loans. if you and your wife are co-applicants in the home loan and you are letting out the property then both of you are eligible to claim the tax deductions on the interest paid.
• When women rent out their property, they are allowed to deduct the interest rate paid against the loan against the net rental value.
• In states like West Bengal, under poverty alleviation schemes women’s names are supposed to be included in the land titles of the plots which are allocated to the low income households by the government.
• Several top banks offer home loans to women at a much lower rate. As women are more punctual and sincere in paying back loans and default less on making payments, thus banks also prefer giving loans to women. In addition, banks also offer some special discount to encourage women borrowers such as SBI under its ‘Her Ghar’ scheme offers loans at a concessional interest rate. It has also waived off the processing fee for women home loan applicants. However, in order to avail this scheme the woman needs to be either the sole applicant or one of the co- applicants in the home loan.
• In many states, women enjoy lower stamp duty charges. For instance in Delhi and Haryana stamp duty for women is two percent lower than the usual for men. Hence it is better for couples to buy property in the name of the female partner. Even if a property is given to a female in the form of a gift, then also female partner has to pay a lower stamp duty charge. By jointly registering property in the name of women partner men can get discount on the stamp duty.
• As per Housing For All Mission by Modi government, women should be either sole owners or co-owners of affordable houses. This move is to empower the women of lower income households.
• Women are eligible for a tax deduction of Rs 2 lakh for the interest paid on the home loans. if you and your wife are co-applicants in the home loan and you are letting out the property then both of you are eligible to claim the tax deductions on the interest paid.
• When women rent out their property, they are allowed to deduct the interest rate paid against the loan against the net rental value.
• In states like West Bengal, under poverty alleviation schemes women’s names are supposed to be included in the land titles of the plots which are allocated to the low income households by the government.
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