For every one of us, home has always been a precious place. Some people live in leased houses in all aspects of life, while others aspire to own their own. There has been a paradigm shift in how people regard their homes since the outbreak of the pandemic. Today, homes are more than simply dream spaces; they are a necessity for everyone.
When it comes to running the house or managing the finances, women in India have always been in charge of making decisions. Man, on the other hand, is thought to be the one who purchases the house. Today, though, women are defying stereotypes.
While the top real estate developers are mostly men. Today’s woman, on the other hand, wants to build her own money and expand her financial horizon. Overcoming the stereotype that Indian real estate is dominated by men.
According to a recent survey, 32 percent of home purchasers in the United States are single women, and 77 percent of women home buyers want to own a home. Women are now moving out from under the shadow of patriarchy in India, and this is causing some fantastic things to happen.
Female home buyers are on the rise for a variety of reasons.
In India, women have now surpassed males as the second-largest group of home buyers. Women in India are now taking the lead in purchasing dream homes, whether single or married, as they become more financially solid and independent. It’s one of the reasons why women are pursuing and realizing their ambitions. The trend is most noticeable in metropolises such as Mumbai, Delhi, Bangalore, and Chennai.
The government is supporting the trend by enacting different reforms, and the majority of banks are supporting the trend by giving home loans at reduced interest rates. The Maharashtra government has declared that if the residence is registered in the woman’s name, she will receive a 1% discount on stamp duty.
We can observe how women are more interested in and reasonable in making judgments, which has fueled the surge of female property purchasers.
Benefits of Being a Female Home Buyer:
- PMAY Benefits
If you are a female property buyer, it is worthwhile to read about the PMAY perks for women. Female purchasers are kept in the favored class under the Pradhan Mantri Awas Yojana (PMAY). The government’s policy does not discriminate based on gender or marital status, so an unmarried girl or a first-time female home buyer can apply and benefit from it.
According to the PMAY guidelines, the government will grant a subsidy of up to Rs. 2.67 lakhs to women who own their homes. Many female house buyers have been able to purchase the home of their dreams in a desirable location as a result of this.
- Stamp Duty Charges at a Minimum
In many states around the country, stamp duty rates for women are lower than for men. In most cases, stamp duty payments for female property buyers are less than 1-2 percent of what men must pay. If you buy a home in Rajasthan, the government will reduce your stamp duty by 1%, while the Delhi government will reduce your stamp tax by 2% if you are a female home buyer. The Maharashtra government has announced a 1% stamp duty exemption for women who own their homes.
- Eligibility for a home loan is improved
The majority of individuals in India purchase homes using funded home loans since they are a cost-effective and practical approach to realize their aspirations. Do you have any idea? When you apply for a home loan, banks and NBFCs assess your loan eligibility, which is based mostly on your salary. In such circumstances, banks and NBFCs take both applicants’ incomes into account, which helps to boost loan eligibility.
- Home Loan Tax Deductions
In today’s world, women and men are both eligible for home loan interest deductions. If the property is solely owned by women, they can claim a deduction of up to 1.5 lakhs. Regardless, if a husband and wife own the property, both are eligible for a tax deduction.
- Interest Rates Decrease
Several big Indian banks, including SBI, PNB, HDFC Ltd, and NBFCs, have come up with home loans with reduced interest rates for women, as well as several tempting schemes, offers, and initiatives, to encourage this shift in the trend and more female home purchasers. Many women entrepreneurs, professionals, and even housewives were influenced by this drive by Indian banks and finance companies to purchase a property. To recap, women are now fully capable of purchasing ideal homes that provide them with a dream lifestyle, thanks to their growing financial security and independence. Time has passed, and the shift in the trend has demonstrated that women are no longer merely decision-makers or influencers by defying societal norms.