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Real – Estate Market comes calling for Women

29 Dec
admin December 29, 2018 0

Purchasing a house has been perceived as a man driven affair for quite a long time now. Breaking the stereotypes, women are fast catching up establishing a path of their own and becoming more financially independent. More and more women are buying homes, and developers are starting to recognise and cater to this market segment.
The need arises pertaining to – Firstly, to have a place a home for themselves which is in close proximity to their workplace. Secondly, women are acquiring a property in an effort to diversify and expand their investment portfolio.
According to Track2Realty report, single women constitute 32 percent of the buyers across the country. The cities mostly preferred by women home buyers in India are Bengaluru, Mumbai and Hyderabad. Facts like these have made the developers and lenders sit up and take notice of this segment in the society and wooing them with offers and incentives.
Let’s look at some of these –
• Mission – Housing for All
In the name of Women Empowerment, women from weaker sections of the society, lower income groups and middle class group are either made co- owners or sole owners of their house as a ‘Housing for All’ mandate.

• Lower Interest Rates –
Many Indian banks such as HDFC and SBI offer discounted home loans or home loans at a lower interest rate, around 0.25 – 0.50 percent, to encourage women home buyers. Similarly, many financing companies have introduced interesting and beneficial schemes for women buyers. One such scheme is ‘Mahila Awas loan’ by Aspire Home Finance. It aims to provide home loans to women who are not eligible for loans, at a lower interest rate of 10-12 percent offering loan in the range from 2 lakhs to 12 lakhs.

• Benefit of Lower Stamp Duty –
In many Indian states women enjoy the benefit of paying lower stamp duty. Generally, the stamp duty for women is 2-1 percent lower than it is for men, but this again differs from state to state. Let’s take for example if a property is bought and registered in Delhi, the stamp duty for women is 4 percent, as against to the men who have to pay a stamp duty of 6 percent. In the same way in Haryana, women pay 6 percent of stamp duty in urban areas whereas men pay 8 percent, then in the rural areas it is 4 percent and for men it is 6 percent.

• Larger Tax deductions –
If the property is for self- use, women can reduce their taxable amount for property tax up to Rs. 1.5 lakh. In case the property is to be co-owned by the man and the wife, the tax is deducted in equal proportion. Apart from this, if the property is rented, then the interest on the home loan can be deducted from the net rental value.

Perhaps, there is a no better time to buy a home for all the womenfolk in the country than now. Start investing smartly, it is the best way to ensure financial stability and secure your future.

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