From Influencers to decision makers- shifting roles for women in real estate!
Privileges for the Woman Homebuyer
Did you know, more than 30% of real estate investors in urban India today, are women? Gone are the Dark Ages of men riding the silver horse to come to the rescue of the damsel. Today’s woman is independent and looks more for companionship than support. We agree there is still a long way to go for the society to entirely change its view about women, but if the above-said number is anything to go by; we are certainly getting there sooner!
Buying a house of your own has always been a decision driven by patriarchy but these women home buyers of today have their reasons, and EMIs sorted. They are not afraid and nor are the men standing tall behind these women! Also, what helps is that the Indian Government has spearheaded a lot of policy changes that work in favour of the women who buy homes, in recent times. If that piqued your interest, below are the details-
Subsidized stamp duty-
Certain states in India have lowered the stamp duty for women home buyers to as low as 1-2%. What’s more? You can even claim the stamp duty and registration expense when filing your income tax return! Emaar India’s presence across the country accentuates the discount on stamp duty. Our properties in Mohali and Gurugram will fetch a woman home buyer 4% charges on stamp duty vis a vis 6% for men.
If a woman co-owns a property with her partner, both the co-owners can claim a tax deduction up to Rs 1.5 Lakh on the principal amount and Rs 2 Lakh on the interest. Further, it enhances your credit rating because you are applying as a combined entity. To know more about how to financially plan your first real estate investment, visit us here.
The banks chip-in-
A lot of banks in India that delve in home-loan provisioning have announced lower interest rates for women investors as compared to men. It does feel like a flock of supporters wanting the women to rise up to the occasion. Banks like HDFC provide an interest rate* in the range of 8.8 to 9.3% on a loan of Rs 30 Lakh and above to a woman, whereas the same for a man is 8.85% to 9.35%. Similar for SBI where women get 8.75% as compared to 8.8% for men (on a loan to value ratio <=80). The interest rates may show a variance starting from 0.05%.
Housing for All-
And the last straw is, of course, our Government’s Pradhan Mantri Awaas Yojana. It makes it mandatory for a female member of the family to co-own the house along with the male member, under the affordable housing schemes. Co-owing a house implies your loan eligibility increases, you can share the loan repayment responsibilities and avail better tax benefits as stated above. More importantly, if not done at the time of buying the house, you can always legally add a co-owner later by either selling a portion of your property to him/her or by gifting it.
So, what is stopping you from buying a home of your own? Provided that your monthly rents will be in tune with the EMIs (after possession) that you shall pay, women must certainly consider having an abode of their own. As more men continue to buy real estate on the merit of the women in the family, it not only creates a healthy mix of investments but also takes the weight of dependency off the women.
Emaar India firmly believes in and lauds the courage and strength of women. We have created a custom curated checklist for the first-time home buyer to make the path simpler for you. Emaar India’s projects are gender independent when they are planned and we aim to create a friendly habitat for the buyer irrespective of it being a man or a woman. We expect to see a pleasant rise in the number of women home buyers and we shall proudly stand beside them to help turn their dreams into realities!
*The interest rates mentioned are as on 7th Mar’19