A Guide to Finding the Right Home


Women Home Buyers - Schemes & Facilities

Gone are the days when real estate was a male-dominated sector and buying a house was a ‘men’s thing’ to do. The Indian society is progressing everyday, so are its women. Increased employment opportunities for women have alerted the outlook of today’s generation. Women are becoming financially independent with a good understanding of investment. When we hear the term ‘independent’ we automatically associate it with having a home of our own. Buying a house plays an important part in contributing towards the feeling of being independent, besides diversifying your investment profile. At present women hold a major portion of the consuming section, and real estate, both residential and commercial, is not an unexplored territory anymore for them.

The government has a pivotal role to play in this bloom. The government nurtures and encourages women consumers to increase property ownership. Below are a few schemes and facilities to ease and support the property buying process for women:

Lower Interest Rates

A majority of property buyers rely on home loans at any stage of their life. This increases the overall cost of the purchase. However, women consumers do not have to spend a substantial amount like men. Several eminent banks offer home loans at a reduced interest rate to women. This increases the probability of women purchasing a home of their own in their early stage of their career.

Exemption of Tax

The government encourages women consumers to invest in real estate by offering rebate in property tax. Women can reduce their taxable amount for property tax up to Rs. 1.5 Lakhs per financial year. If the property is co-owned by both spouses, then the tax can be deduced in equal proportion.

PMAY Benefits for Women

In an effort to increase women homebuyers, both in urban and rural areas, the government has implemented various schemes. Under Pradhan Mantri Awas Yojana (PMAY), an affordable housing initiative for all, the government has made it mandatory to register a female member of the family as the co-owner (if not the owner) of the property bought under this scheme. Women seeking a home loan can get a concession on the interest rate under the same scheme.

Reduced Stamp Duty

Stamp duty is the legal cost you pay while registering your newly bought property. Few states in India offer a reduced stamp duty fee for women homebuyers.

Whether it is a commercial property for budding women entrepreneurs or residential projects to increase their assets, thorough research about all the government implemented schemes and bank facilities is the key to getting the most out of your investments.