Are you planning to buy a new home? If yes, then you must be wondering whether to buy it in your name or your father’s name! Isn’t it? Well! If you are doing so, then it is not your fault. The real estate industry in our country is primarily dominated by males for ages. However, the scenario is changing gradually. This is where you see the benefits given to women. Even the government is also making efforts towards it. When you go through the Saya Homes Gold Avenue news, you will get to know that women are on par these days. As per some stats, over 60% of women are choosing the real estate sector as a primary investment option. Before 2019 (the pandemic), the numbers were quite impressive. Well! The credit for this goes to the growing awareness and women empowerment initiatives.
What benefits a woman can get by buying a property or home?
Well! It is all so refreshing to watch how women are leading from the front. It is more delightful to see that more and more women are availing of the benefits attached. Apart from trust and love, the following are the main reasons why husbands, fathers, and everyone should buy their new home in Delhi-NCR in the name of their lady luck:
Loan eligibility and benefits
Buying a home by paying a huge amount altogether is not possible for everyone. Hence, most people prefer taking home loans from the banks. However, getting the same is not easy as it requires multiple document verification processes and countless rounds to the banks. But do you know that women can get it easily? You may or may not know but the earning amount or the salary of a person is the main criteria to evaluate the loan. When you add your wife, mother, or sister to the property as a co-owner, their wages will also be considered and your eligibility and loaning amount will increase automatically.
Utilize PMAY or Pradhan Mantri Awas Yojana
This is one of the greatest schemes by the Government of India for women so that they can own a house without much hassles. As per the regulations mentioned, to make the most out of this scheme, an individual must add a woman co-owner to the property they are planning to buy. When it comes to the subsidy, it can be up to 2.67 lac. In addition to this, the government is also working hard to uplift the EWS or Economically Weaker Sections along with LIG or Lower Income Group by offering their women home loans with an interest rate of 6.5%. The best thing is that the women are not required to be married to avail of the benefits attached to PMAY.
Homes loans at attractive rates of interest
As per the Saya Homes Gold Avenue news, most popular banks such as State Bank of India (SBI), HDFC, Punjab National Bank (PNB), Axis Bank, etc. are supporting women home buyers. For this, they provide home loans at a slightly lower interest rate than men. For interest, if men are getting home loans with 7% interest in SBI, then women can avail of the same at 6.8%. However, the actual rate of interest may vary from one bank to another. So, before anything, check the same.
Enjoy outstanding tax benefits
Do you want to enjoy the tax benefits? If yes, then you are advised to get your new home in the name of your wife, mother, sister, daughter, etc. By doing this, you can separately claim the tax deductions under Section 80C for the interest amount paid. In case your woman is a first-time homeowner, they can claim Rs. 50000 on the principal amount under Section 80EE.
Lower stamp duty
Uttar Pradesh, Himachal Pradesh, Maharashtra, etc. are among the states in India that actively help women property owners. For this, they have reduced stamp duty. If you compare the stamp duty amount of Delhi with Himachal Pradesh, then you will find a whopping difference of around 2%. Interestingly, Jharkhand has the lowest stamp duty amount for women. Speaking about Tamil Nadu and Karnataka, the stamp duty was the same till 2021. However, now women are getting the benefits of reduced stamp duty.
Final takeaway
According to the latest Saya Homes Gold Avenue news, the real estate sector will continue to boom. When it comes to women home buyers, it is quite inspiring to see how women are leading and investing in properties more than ever. Alongside, several benefits are there that a woman can enjoy by becoming a homeowner. If you are also planning to buy a new home in Delhi-NCR or anywhere in the country, above are a few good reasons to make your lady a co-owner.
