Being owner of concept of women housing -HERHIGHNEST, for the women by the women my observation is Women in India have finally stepped out from the shadows of patriarchy and are actively pursuing their dreams to make them a reality by becoming financially stable and independent. A recent study by Economic Times revealed that nearly 42% of women prefer real estate as an investment asset class, 30% chose fixed deposits and surprisingly only 17% were interested in gold. Real estate developers and home loan lenders have realised the potential of this segment and have come up with various offers and incentives to benefit and encourage female home buyers which will also eventually give a boost to the real estate industry.
Buying a property or taking a home loan in the name of a female family member like wife, sister or mother has the following benefits:
Home loans at a lower rate
A number of leading banks and NBFCs in India offer home loans with concessional interest rates to women, besides various lucrative schemes, offers, and initiatives. This encourages women entrepreneurs, executives, and even homemakers to take a home-buying decision. Survey says As women are generally perceived to be more punctual and sincere in paying back loans and default less on making payments, thus banks also prefer giving loans to women. ‘Her Ghar’ scheme by SBI has waived off the processing fee for women home loan applicants. ‘Women Power’ by HDFC, and Mahila Awas loan are some other schemes which benefit women who are seeking home loans. An important point to note is that banks or HFCs offer discounted rates only if the woman is the solo or first co-applicant.
Partial waiver on stamp duty
In many Indian States, stamp duty for women homebuyers is comparatively lesser than those applicable for men.
Tax benefits on Home loan
If the property is owned jointly by a married couple and the wife is earning then both of them can claim tax deductions separately. Under the newly implemented 80EEA Act, if a house is bought in the financial year of April 2019-March 2020 under Rs. 45 lacs, additional deduction of Rs. 1.5 lacs can be availed.
Benefits under PMAY
Under the Pradhan Mantri Awas Yojana (PMAY), women have been kept under the preferred class of homebuyers. Even an unmarried girl can apply for a PMAY subsidy or a Home Loan as the program doesn’t discriminate on the basis of gender or marital status. PMAY guidelines make it mandatory to have at least one female family member registered as the owner of the house. In case where a woman holds the ownership of the house, the Govt. provides subsidy up to a maximum of Rs 2.67 lakh.
The biggest advantage of buying a home as a single woman is the sense of security, stability and ownership one gets from having one’s own place. It’s a prudent long term investment which benefits the future generations as well.