By Runwal Group Posted On Dec 09, 2020
Category Residential properties
A Woman has always been an active member of the decision-making process of Indian households. Today, with the numerous women empowerment initiatives, society is changing rapidly and women are increasingly taking their first step towards buying homes. A recent study by Economic Times has revealed that 42% of women prefer real estate as their preferred choice of investments, 30% go for fixed deposits, whereas 17% invest in Gold.
This upcoming positive trend is seen in Tier-I and Tier-II cities. The reason being these cities don’t have any limitations in terms of job opportunities, education as well as safety, and recreational opportunities.
Buying a property in the name of women has many financial advantages too. Let’s have a look at the same –
Almost 90% of houses in India are brought through home loan only. And while analysing the repayment ability of a household, if both husband and wife name is mentioned then both their income is taken into consideration. And this increases the chances of the loan getting sanctioned smoothly and quicker than usual.
Many financial institutions and banks are providing home loans at a quite lesser rate when the property is co-owned by a woman or even singly owned by a female. It is seen that women are quite particular in repayment of loans as well as there are very few chances of women getting delayed in paying the interest amount. SBI has come up with a “Her Ghar” scheme where the processing fee is completely waived off if a woman owns the property. Similarly, many other banks also offer benefits in home loans when females are the property owners. But one of the most important points is that you can avail of these benefits only when a woman fully owns the property, or she is the first applicant in the property.
Many states offer relaxation in the stamp duty fees in case of a women applicant. For instance, Rajasthan offers a 1% reduction in the stamp duty charges, whereas Delhi and Haryana offer a 2% reduction in the stamp duty charges.
If a property is co-owned by both husband and wife, then both of them can claim it under their tax deduction column separately. This has helped and increased urban purchases of 3-4 BHK flats in Mulund West.
Pradhan Mantri Awas Yojana is a major game-changer. In case anyone female of the house is registered as the co-owner, then the Govt allows tax subsidy up to a minimum of Rs.2.67 lakhs.
Buying a home under the name of a woman not only offers security and stability, but it is also a wise financial decision. This long term investment will benefit future generations, as well. All the above financial outputs have led to an increase in residential apartments in metro cities like Delhi and Mumbai. But one of the essential points is to get through a trusted builder. Explore 1, 2 & 3 BHK flats at Ruwnal Pinnacle, Mulund West