In India, women are finally stepping out from confines of their homes and are actively pursuing their dreams. They have slowly started moving forward towards better final independence and stability. In any Indian household, women always manages the household finances and yet owning a home falls under the male bastion. But today the real estate market in India is witnessing a major increase in women home buyers.

A survey by the Economic Times in 2019 shows that about 42% of women prefer investing in a home.  Property investments are a good for building long term financial stability for women. Women prefer investing in bigger and livelier cities where there are employment opportunities, safety, and good standard of living. Like in Assam, the city of Guwahati has better employment and educational opportunities as compared to other prominent cities. The government, real estate sector, and even banks now have various schemes offering vast benefits for women home buyers.

Advantages for women homebuyers in India:

Home Loans at Lower Rates

All the major banks and financial institutions in thecountry offer home loans to women at lower rates.  Apart from that, they also have multiple schemes and offers for women.  SBI offers ‘Her Ghar’ home loan for ladies specially aimed at making home owning a real possibility for every woman. With HER GHAR loan SBI offers you a concessional interest rate of 9.50% per year.  Also, the extension for the repayment tenure is maximum 30 years. The application process is also very minimal requiring only a few documents and very less processing charges.

Discount in Stamp Duty Charge

In most states in India, the stamp duty charges are comparatively lesser for women in contrast tothose for men. The stamp duty for women is comparatively 1 or 2% lesser with no obligation to being single or joint owner. In Assam, the stamp duty for women is 4% in urban areas for a property within 40 lakhs. So if you are looking to buy a flat in Guwahati, there are good savings on the stamp duty charge.

Tax Benefits

Both men and women are eligible to tax benefits of Rs.2 lakhs against the home loan interest. In case of a joint property, the wife can claim individual tax deductions presenting her own source of income. As per the new 80EEA Act, a flat bought in the FY 2019 – 2020, additional tax deductions of Rs. 1-5 lakhs is available.

Benefits under PMAY scheme

Women are the preferred class of homebuyers under the PMAY (Pradhan Mantri Awaas Yojana) scheme. Under this scheme, even a single or unmarried woman can apply and avail a loan. Also, in this scheme it is mandatory that there should be a woman co –owner of a flat. In this case the government also provides a subsidy of up to 2.67 lakhs. Women under the economically weaker section can get interest subsidy of 6.5 % against home loan of Rs. 6 lakhs.

A home, registered in a woman’s name provides her financial relaxation to some extent. The government cannot claim property registered under the woman’s name, in case of monetary loss by the family or business.

There is nothing a woman is not capable of. Women are now taking over the male dominated territory of owning homes. There are many more graceful changes and this also indicates the arrival of better times. With all the above mentioned facilities, a woman is able to make wiser decisions in terms of property investments. Soon, we will witness a rise in the number of women home buyers in our country.

If you are a working woman intending to buy 2/3/4 BHK flats in Guwahati, visit Protech Group – https://protechgroup.in/. Since its establishment in 2005, Protech Group has delivered 11 residential projects. You can also reach us at (+91 98540-47000).

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