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Advantages for Women Homebuyers in India
Women in this era have made it possible to actively pursue their dreams and turn them into reality through their independent establishment. Previously, they were known to manage the entire house and so it is because of their better decision-making they are now able to manage finances as well. Nowadays, a number of women homebuyers who are actually interested in the real estate market are being witnessed quite often.
Women are spontaneously responding while selecting and buying a property. As per a recent study by Economic Times, on average 42% of women consider real estate marketing as a profitable investment asset. Apart from making education and the corporate section as their careers, property investment for women is also a way of establishing their independent stability. In recent times, home interest rates come with better choices and facilities, especially for women. In fact, there has been a smooth setup regarding home loan percentage and home loan EMI preferably for women. This sort of women empowerment is quite often seen in metropolitan cities like Kolkata, Delhi, and Bengaluru.
An outstanding observation according to Track2Realty, approximately 32% of home buyers are single women. Now we will have a glance at the reasons why a woman as a home buyer is much advantageous:
Securing loans at a lower rate
A number of leading banks provide home loans to women with concessional interest rates. Additionally, they can avail of huge offers, incentives, lucrative schemes, and so on. This not only encourages women entrepreneurs and home makes but also strengthens their perception and decision making. Women are considered far more punctual in repaying back loans. SBI has processed a home loan structure for women named ‘Her Ghar’ scheme. ‘Women Power’ by HDFC is another woman benefitting scheme who are seeking home loans.
Maximum eligibility of home loan
Banks and NBFCs preferably evaluate home loan seekers and grants maximum home loan eligibility to a person who is co-owning the house with a housewife. This is because it is clearly understood that the home loans are financed through the incomes of only one earning member of the house and the amount is taken into consideration.
Lesser stamp duty
In Indian states such as Kolkata, stamp duty for women home buyers is comparatively lesser than that of men. It does not matter whether the woman is the sole or joint property owner. The same is levied even if the property is handed over to a woman as a gift. In most places in India, the state government charges around 4% of stamp duty from a woman compared to the 6% of stamp duty from men.
Advantage of Pradhan Mantri Awas Yojana (PMAY)
Under the PMAY scheme, women are chosen to be the most preferable section of the society of home buyers. Nowadays, a PMAY subsidy can be applied even by an unmarried girl. This clearly shows that any sort of home loan program does not discriminate against women based on their marital status. This is another advantageous gender biases. Under the PMAY scheme, there are certain guidelines that demand to have at least one female family member registered as the house owner. Our government provides subsidy up to as much as Rs 2.67 lakh when women hold ownership of the house or any property. Women must be the co-owner of the property in the case of LIGAND EWS category applicants. This rule is applicable only to newly purchased houses.
Secured financial coverage
Financial assets are secured if the house is bought in a female’s name. Even if in debt or loss in business or profession, the government cannot claim a house back registered under the name of a woman in order to cover the loss. This shows that the female member is not a guarantor or a co-owner to any loan availed by her spouse.
Moreover, a gated community like Gems City offers a variety of residential apartments and bungalows in South Kolkata with enhanced security for women and children. It is one of the most secure living options and abundant with all the necessary amenities that offers affordable living.
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