Women home buyers receive many benefits when they buy a home. Not surprisingly, women have been increasingly buying homes in India. According to some estimates, over 30 per cent of the home buyers in urban India are women. As women are becoming more independent every year, this is only likely to rise in the future.
Here are some of the advantages
woman home buyers have in India:
1. Leading Indian banks typically
offer home loans at a lower interest rate to women home buyers.
2. According to the Narendra Modi
government’s Housing for All Mission, women should be either co-owners or sole
owners of affordable houses. The government decided that this should be so to
empower women from low-income households.
3. In many Indian states, women
pay lower stamp duty. In Delhi and Haryana, for instance, stamp duty for women
is two per cent lower. Stamp duty for women is often one-two per cent lower
than it is for men. So, for many reasons, it is much advantageous for couples
to buy their home in the name of the female partner. Even when property is
gifted to the female partner, the stamp duty will be lower. You can get
discounts in stamp duty by jointly registering property in the name of the
women partner.
4. Women are also eligible of a
tax deduction of Rs 2 lakh on the interest rate paid on home loans. If you and
your husband are co-applicants of the home loan, both of you will be able to
claim tax deductions on the interest rate paid, if the property is let out.
5. Women are also allowed to
deduct the interest rate paid against the mortgage loan against the net rental
value when they rent out their home.
6. In poverty alleviation schemes
in Indian states like West Bengal, women’s names are included in the land
titles of the plots that the government allocates to low-income households.
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