Women empowerment is a reality and that’s evident from the recent trends in India’s real estate market. To boost property ownership among women, the Indian government has introduced measures to make property investment profitable.
The Indian economy is building momentum and its real estate sector has been the main contributor. Women investors are increasingly collaborating with builders and developers in Mumbai to realize their dreams of buying property. Here are the advantages for women buyers in the Indian real estate market.
Lower Stamp Duty Rates for Women
Many Indian states offer lower stamp duty rates for women investors. For instance, the Maharashtra State Government has offered a concession of 1% on stamp duty for women since 2021. Moreover, in Delhi, women property investors incur only 4% of the stamp duty.
In Uttar Pradesh, women property investors can avail 1% reduction in stamp duty charges. The below table highlights the stamp duty reduction rates for women based on state.
|States||Stamp Duty Rates for Women Investors|
Low Interest Rates for Women Homebuyers
While investing in property of a top real estate company, women homebuyers get concessions on interest rates. This concession on interest rate is lower by 0.05% to 0.1%. This concession can help women property buyers a lot.
Note that most home loans in India can last for more than two decades. Therefore, a lower interest rate decreases the net amount of EMIs. As a women investor, you will also get lucrative add-on offers for home loans.
Usually, women borrowers In India have a better credit history and tend to repay their loans on time. A lower interest rate makes it easy for women buyers to finance their property from a top real estate developer.
In the longer run, women investors in India can get various types of tax benefits. The real estate industry is empowering women and enabling them to evolve as the focal point for housing sales. You can also claim tax deductions on your salaried income.
Under Section 80C of the Income Tax Act, women borrowers can claim benefits of up to INR 1.5 lakhs on the loan’s principal amount. So, as a woman investor, you can reduce the overall cost of owning a property from developers such as Sunteck Realty.
Top Government Schemes to Empower Women Homebuyers in India
The Indian government is introducing a slew of initiatives to empower women homebuyers in India. With more women showing interest in procuring property, the central and state governments are launching numerous schemes. Listed are the top government schemes to empower women homebuyers in India.
1. Pradhan Mantri Awas Yojana (PMAY) for Women
The PMAY scheme aims to make housing affordable for all Indian citizens. Under this scheme, women investors can claim a subsidy of INR 2.67 lakhs to purchase their dream house.
2. Subsidies for Women in the Rural Areas
Women hailing from rural areas can now have access to housing, thanks to the PMAY Gramin scheme specifically designed for rural areas. The PMAY subsidy for rural areas varies based on the terrain in rural areas. The scheme provides women homebuyers with an aid of INR 1.2 lakhs for constructing homes in plains. On the other hand, women hailing from hilly terrains are liable to receive INR 1.3 lakhs for constructing their homes.
3. The Role of Banks
To buy homes from top builders in Mumbai, you can apply for loans with lower interest rates from private and public sector banks. Furthermore, non-banking financial companies are introducing newer types of financial schemes for women investors. You cannot undermine the role of banks and financial institutions in helping women evolve as real estate investors.
Women Empowerment – Redefining India’s Realty Sector
So, with all these measures, buying your dream property from luxury home developers is a great option. With their tactical investment acumen and aptitude, women have made significant contributions to the Indian real estate market. Being a woman investor, you can easily transition to the role of agent, or broker with all these schemes. If you are an aspiring homebuyer, now is the right time to invest in the real estate sector.