Ride The Wave
Privileges for the Woman homebuyer
Women’s Day was celebratedin the initial week of this month. What more reason do we need for dedicating an article in the honour of the fairer sex. If you are a woman and looking to buy a property, you are eligible for a number of benefits as per the experts.
With the number of working women increasing rapidly, the propensity of them buying a property has increased as well. Making this as one of the stepping-stones for the empowerment of women in India, the government of India and many financial institutions has been taking various initiatives in support of this positive change. Experts point out that there are a number of benefits available, when a property is registered in a woman’s name. Briefly they are:
• Preferential interest rates offered by some lenders
• Relaxation in registration charges
• Lower stamp duty (as low as 1-2%)
• Liberal eligibility norms
• Tax benefits for women, even if she is a co-applicant
• Women-centric schemes are offered by many developers
Apart from these privileges, women are also permitted to subtract the rate of interest paid against the mortgage loan, against the net rental value at the time of renting out their home. So, if the husband and wife are co-applicants of the loan, both parties can claim tax deduction on the interest rate paid.
The experts believe that the trend of women property buyers has just begun and is only slated to increase. May the assets of our nation, continue to move towards a brighter future with all the empowerment they need!