A recent survey conducted by a leading real estate agency revealed that the portion of women preferring investment in real estate to investments in fixed deposits or gold has increased over the years. Having an active say in the home buying decision, women nowadays constitute nearly thirty percent of the entire property purchases in India. On the occasion of Women’s Day, 99acres.com brings to you a list of some of the advantages enjoyed by women homebuyers in India.

Gone are the days when real estate was majorly a male-dominated industry. The sector, just like the rest of the other domains, is increasingly witnessing the presence of women homebuyers who are putting themselves upfront in making a purchase decision. A recent study on women in real estate  revealed that nearly 42 percent of women prefer real estate as an investment asset class. Around thirty percent chose fixed deposits, and surprisingly only a meagre 17 percent were interested in gold.

With more and more women stepping forth in the industry, the developers, banks, and even the Government is coming up with initiatives to make real estate a lucrative market for women. Here are some of the benefits that a woman homebuyer enjoys:

Home loans at a lower rate: A number of leading banks and other financial institutions in India offer home loans  with concessional interest rates to women. Besides this, a number of schemes, offers, and initiatives are also available to encourage more women including entrepreneurs, executives, and even homemakers to take a home-buying decision. ‘Her Ghar’ by the State Bank of India, ‘Women Power’ by HDFC, and Mahila Awas loan are a few examples of such schemes.

Partial waiver on stamp duty: In many Indian States, stamp duty for women homebuyers  is comparatively lesser than those applicable for men. For instance, while Rajasthan offers a one percent reduction in stamp duty for women, there is a two percent reduction in the stamp duty payable in Delhi and Haryana. This is irrespective of the fact whether the woman is a sole or a joint owner of the property.

Stamp duty charges for Men vs Women in various States of India

States

Men

Women

Jharkhand

7 percent

Re 1

Uttar Pradesh

7 percent

Rebate of Rs 10,000

Punjab

6 percent

4 percent

Maharashtra

6 percent

6 percent

Tamil Nadu

7 percent

7 percent

Delhi

6 percent

4 percent

Tax benefits on Home loan: Women, unlike men, are also entitled to tax deduction up to Rs 2 lakh on the interest paid on home loans. In case the property is owned jointly by a husband and a wife, and the wife has a separate source of income, both of them are entitled to claim tax deductions individually.

Benefits under PMAY: Under the Pradhan Mantri Awas Yojana (PMAY), women have been kept under the preferred class of homebuyers as compared to male applicants. It has been made mandatory under the PMAY guidelines to have at least one woman member registered as the owner of the house under the flagship program. In case where a woman holds the ownership of the house, the Government provides subsidy up to a maximum of Rs 2.67 lakh. Women falling under the category of Economically Weaker Section (EWS), earning up to Rs 3 lakh annually or Lower Income Group (LIG), earning up to Rs 6 lakh per annum, can avail interest subsidy of 6.5 percent on home loan up to Rs 6 lakh.

All thanks to the schemes as mentioned here above, women can now make better decisions pertaining to property investments in India. With escalating financial independence and initiatives from lenders and financial institutions, the number of women aspiring to become first-time homebuyers is gradually witnessing a rise.