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08 Aug 2022

Benefits for Women Homebuyers in India

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Women homebuyers in India have a lot to gain when it comes to investing in real estate. The recent changes in the property market and the country’s strategy of promoting housing as an investment option have empowered women to see many advantages of owning a home.

The number of women home buyers is rising in the industry, and they are looking for more options than ever before when it comes to investing their money. So today, we look at some of the key benefits that women homebuyers have in India as well as cover some real estate tips for buyers.

Benefit #1 — Lower Stamp Duty

In India, stamp duty is a tax that is levied on the purchase of the property. The stamp duty for women is usually lower than the stamp duty for men. This means that a woman buying a property in India pays less in stamp duty than a man would. For instance, for residential projects in Pune, women home buyers can avail of a concession of 1% on residential property in comparison to men.

Another advantage for women when it comes to purchasing property in India is the fact that most banks offer special loans to female borrowers. This allows women to buy property without having to rely on expensive private loans.

Benefit #2 — Lower Home Loan Interest Rates

One of India's biggest benefits for women home buyers is the low-interest rates available on home loans. Female borrowers can get loans with interest rates as low as 6%. This is much lower than the interest rates that are available to male borrowers.

Benefit #3 Convenience of Co-borrowing

Another key benefit for property in hadapsar women homebuyers in India is the convenience of co-borrowing with a partner. This means that both spouses can contribute equally to the purchase of the property, and there is no need to go through a separate mortgage application process. This comes as one of the handy first-time home buying tips.

Benefit #4 Tax Benefits on Home Loan

Females in India are entitled to a deduction in tax on interest up to Rs 2 lakh on loan obtained for either purchase or construction of a home. This deduction is available regardless of whether the property is owned jointly by a married working couple or not.

Furthermore, females are often given preferential treatment when it comes to loans. As stated above, banks often offer lower interest rates to female borrowers than they do to male borrowers. This makes it easier for women homebuyers to get the loans they need without having to pay high-interest rates.

Benefit #5 Benefits under PMAY

A women home buyer can apply for a subsidy under the Pradhan Mantri Awas Yojana (PMAY) scheme. Under this scheme, homebuyers who take a loan and participates in PMAY will be eligible for a subsidy of up to Rs 2.67 lakh on their loan. At the same time, the scheme has made it mandatory to register the property under the woman’s name or with women as co-owners. The move has empowered women with low-income to own a property.

In Conclusion:

There are several key benefits for women homebuyers in India when looking to buy a home. For example, women in India can buy residential projects in Pune in Amanora Park Town, Hadapsar.

Amanora Park Town offers home buyers the chance to buy a property in Hadapsar, the heart of major industrial area. This means that there are plenty of shops, restaurants, and other amenities available nearby. Additionally, the town is well-connected by public transportation, so it is easy to get around. Homebuyers can look up at various residential projects offered by the town as per their requirements.