Advantages For Women Homebuyers In India
Women Homebuyers In India- Here are a few financial advantages available to Indian women who purchase homes, provided that the property is registered in their names. The Indian government has implemented a number of policies to encourage women to buy homes and to make the process more advantageous for them. The following are some financial advantages available to Indian women who purchase homes, provided that the property is registered in their names.
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Lower stamp duty for women
If the property is registered in a woman’s name, the majority of Indian states waive the stamp duty—the amount the buyer must pay to have the property recorded in the government’s records. For instance, women only pay 4% of the property value in stamp duty in Delhi. The nation’s capital, while men must pay 6%. By eliminating stamp duty on female buyers of real estate, states like Jammu have advanced.
On March 8, 2021, the Maharashtra government announced a rebate of one percentage point for female homebuyers. This implies that the stamp duty associate with property registration is now limited to 2% of the property value for female home buyers. Recall that from January 1, 2021, to March 31, 2021, the stamp duty in Maharashtra will be lowered to 3%.
Women in Uttar Pradesh are eligible for a 1% reduction on stamp duty. However, this decrease only applies to the first Rs 10 lakh of the transaction’s total value.
If a property is registers in a woman’s name in Himachal Pradesh. The rates are different by two percentage points, with 4% of the rate applied to women and 6% to men. The stamp duty in the event of joint ownership is five percent.
Home loan interest rates for Women Homebuyers In India
In India, the vast majority of homebuyers purchase their residences through housing finance. Although this credit makes it possible for customers to own real estate when they first start working, it also raises the purchase price overall. However, because many banks provide women lower interest rates on home loans. They do not have to spend as much as men. Women’s home loans are typically 50–100 basis points cheaper than the average rate. (One percentage point is equivalent to 100 basis points.)
Currently, a woman can obtain a home loan up to Rs 30 lakh with interest rates as low as 9.15% from State Bank of India (SBI), the largest lender in the nation. For men, however, the effective rate is 9.20%. The housing financing business HDFC presently charges 8.95% to female applicants for loans of a similar amount. The rate is 9% for men.
Benefits from taxes for women property buyers
Should a man and his wife jointly own a property. The wife must apply for a house loan as a co-applicant. This will have the advantage of allowing both spouses to claim tax deductions on their respective salaries. Under Sections 80C, 24 and 80EE and 80EEA (the latter two sections only apply to first-time house buyers).
It is important to note that a wife does not automatically become a co-owner of the property by just co-applicating on a home loan application. She would be eligible to claim tax deductions on her salaried income even though she is only a borrower.
Benefits of PMAY for women
The government has mandated that any property purchased through the Pradhan Mantri Awas Yojana (PMAY). Be registered in the name of at least one woman residing in the household. Women who obtain housing loans under the credit-linked subsidy scheme (CLSS) of the flagship initiative also benefit from interest rate discounts. An interest discount of 6.5% is available to female borrowers on house loans up to Rs 6 lakh who fall into the economically disadvantaged category (earning up to Rs 3 lakhs annually) or the low-income group (LIG).
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