Real estate today is now witnessing a constant rise in women homebuyers. Gone are the days where real estate have been men-dominated industry and this is now changing with women putting themselves upfront in making a home purchase. The participation of women is rising with success in every domain and this means real estate included. This has made us encounter a number of women home buyers have increased in the recent years of our Indian real estate. This is not the result that happened overnight. What made this happen and still prolonging to have us seeing more women home buyers every day? Let’s see how and what encouraged making a positive change in the country to the surprising rise of women buyers in Indian real estate.
How did it happen?
Since educated women have been constantly thriving in all the domains are independent to make decisions in the home purchase as well. Also, all the countries across the world including the Indian Government support women purchasing properties on their own under various schemes that make property purchase affordable for them in spite of their financial status.
What are the Schemes that support Indian women buy properties?
What advantages do women have in buying a home?
Some of the leading banks in India offer home loans with low-interest rates for women. In order to improve this, banks recently came up with another scheme that encourages women home buyers to purchase properties under their names.
According to the Pradhan Mantri Awas Yojana Scheme established by Narendra Modi Government’s “Housing for All” mission ensures the urban housing constructed is affordable for women. The sole purpose of this scheme is to empower women from Low-income households to own a property, either under their name or as the co-owner of the ‘men’ household in the family.
Lower stamp duty:
Women are now entitled to pay lower stamp duty in few Indian states. This is considered advantageous since women pay 2% lesser than the stamp duty paid by men. If you are planning to buy an independent villa in OMR, then buying the property under the female partner’s name or wife’s name is advantageous.
Indian women are now eligible for an extra tax deduction of interest up to 1.5 to 2 Lakhs if the house is self-occupied. If the male and female partner has decided to buy property jointly then they can claim tax deductions if the wife is a co-owner of the property.
Buying property under wife’s name:
It is a wise idea to buy a property under the name of your wife or in co-ownership since you can claim tax benefits if she has a separate income source. Home buyers should evaluate all the possibilities coming to a final decision because both the male & female owner are involved in case of any legal disagreements on the property.