Advantages that women Home-buyers enjoy In India

Posted on Posted in Advices

Gone were those days when it was a man’s domain to buy a real estate property. Today’s women are far stronger and financially independent to make these big decisions of her life by increasing their wealth & widen their investment portfolio. As per the data from the recent report of RoofandFloor, it is suggested that out of the total prospective buyers looking for a home, men do lead the show, but the women do not remain behind either.  

 

With more & more women are becoming financially independent, there has been a rise in the borrowing of home loans as well. Thus, the home loans schemes available to women has also increased significantly. Benefits like simple eligibility criteria’s and lower interest rates, provided to women who apply for a home loan has further encouraged a woman to invest in property and become home-owners. Customized home-loans have become popular among women home loan borrowers & can benefit from the current laws.

 

To increase property ownership among women, the Indian government ha sput in place several measures to make house purchase more beneficial for the women. Here are the few benefits that women home-buyers thoroughly enjoy while investing in a real estate property, and if the property registered under their names:

 

Lower Interest Rates

 

A majority of home-buyers avail home loans to finance their house purchasing needs. As women do not spend as much as men and are considered to be more punctual & sincere in repayment of loans & are fewer defaulters; thus, banks also prefer giving loans to women. Additionally, banks also offer certain schemes to lure especially women home-buyers. A few banks waive offs processing fee for women home-loan applicants.

 

Reduction in Stamp Duty

 

Stamp Duty is the charge that the buyer has to pay, in order to get the property registered in the government’s records. Most of the Indian states charge a lower stamp duty when the property gets registered in women’s name. For instance, in Ghaziabad (Uttar Pradesh), women get a rebate of Rs. 10,000 on overall charges while in Delhi/NCR, women-buyers pay only 4% stamp duty as compared to 6% by men. Also, by registering a property jointly in the name of women partner, men can get a discount on the stamp duty. Hence, it is sometimes better to buy a property together & in the name of a female partner. 

 

Tax Benefits

 

Women home buyers are eligible for tax deduction up to Rs 2 lakh for the interest paid on buying a property. Even if a woman is a co-applicant in the home loan application, both the spouses are eligible for tax deductions on their salaried incomes.

 

 

Women can choose longer repayment tenors.

 

Women home-buyers enjoys longer loan repayment tenor of up to 25 years. This would reduce the amount of EMI’s to be paid & reducing the pressure on your daily finances. Thus, there is a huge convenience as a women home-buyer as there are no charges levied on making part-payments & fore-closing your loans.

 

Women can access high amounts of loans with simple eligibility criteria.

 

Generally, women can access high loan amounts ranging from Rs.30 lakh to Rs.3.5 crore to book a property. This also coupled with simple eligibility criteria making the home loan application much easier.

 

So, all the women out there, if you have decided to take on high heels then plan your budget & research well upon all the prospects to get a great deal on your home. You can also, go for the ongoing offer “Charms India ka Charming offer” where the home-buyer just have to pay 50 % of the total amount and rest on possession. 

Charms India offers outstanding residential property – Charms Castle in the sub-urbs of Raj Nagar Extension, Ghaziabad with great infrastructure nearby and the excellent in-house amenities & facilities for your comfortable & safe living.

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