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Investing in real estate property? What is in it for women homebuyers?

24 Aug, 21
Property purchase doesn’t come with equal benefits for all. It is different for different classes and categories in distinct parts of the country. Among the key beneficiaries are women who get extra privileges from the Indian Government when buying a home. If purchased by women, a property, regardless of the developers in Mumbai they buy it from, promises to give tons of fiscal benefits. Given that, women seem to have developed a taste for investing in residential property in Mumbai rather than gold, FDs, and other financial instruments. A survey by renowned property consultants revealed that 62% of women across the nation chose housing as their preferred asset class, which is more than men.

These changing drifts have triggered the needed boost in the real estate in Mumbai over the years, making home buying even more lucrative for women. In this blog, we will be exploring what is in buying a residential propertyfor women.

Lower Stamp Duty
Stamp duty charges are mandatory for all property purchases. However, in the case of a woman buying a home, there is some remission on it. Most Indian states charge a lower stamp duty if it gets registered in the name of a woman. So, whether you buy a residential property in Mumbai or any other state, the stamp duty deduction given by the state government is an apparent benefit a woman homebuyer can reap.

Tax Benefits
Of all benefits given to women when buying a property, tax exemptions on a home loan are the key drivers to encourage women to buy a home from a developer in Mumbai. If the husband and wife jointly own a property, she becomes a co-applicant in the home loan application, thus claiming tax exemptions on principal and interests. In such as case, both spouses can claim tax deductions on their individual income under sections 80C, 24, 80EE, and 80EEA. However, the benefits under 80EE and 80EEA areapplicable for first-time homebuyers only.

PMAY Benefits for Women Homebuyers
The PMAY aims at providing affordable housing for the urban poor. Under Pradhan Mantri AwasYojna (PMAY), the Government offers a subsidy on the condition that at least one woman from each household should be registered as a property owner. And if she meets other eligibility criteria as per the scheme, she can avail of the benefits of buying a residential property in Mumbai or other states of the country. It has led more and more women to look for real estate builders in Mumbai for a property purchase.

Concessions on Home Loan
When a woman applies for a home loan for a residential property in Mumbai, banks offer sizeable discounts on interest. These discounts are, however, available for solo women homebuyers. They can also avail of the same if they are the primary applicant of joint ownership. In an endeavour to make women homebuyers independent, most banks also liberate the loan processing fees.This concession acts as an added force in increasing the number of women buying homes.

Other Benefits for Women Homebuyers
Home buying has emerged as one of the most preferred investment options among women today. Apart from just the benefits above, women can ensure a secure future with a home in an upcoming residential project in Mumbai. A home is not just a place to offer them shelter but a possession that gives social security, stability, and a sense of ownership. It is where they can weave and live their dreams and have financial independence.Along with subsidies and tax rebates, price appreciation benefits make home-buying the safest investment plan for women across the nation.

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