4 Key Benefits for Women Home Buyers in India

Days are gone when women were given the least priority. Times sure have changed and women are now given opportunities in almost all sectors. This has increased employment opportunities for women and also increased their purchasing capacity. Women have shown that they can ace and shine at all fronts, be it fulfilling household or professional responsibilities. 

To appreciate and empower women, the Indian government has put in place several measures to increase property ownership among women home buyers. The post mentions 4 key benefits for women home buyers in India.

1.   Lower Home Loan Interest Rates

Home buyers in India rely on housing finance to accomplish their dream of buying a house of their own. Several banks in India offer housing loans for women at lower interest rates, which helps in making home ownership more profitable for women. Not only does it reduce the interest rate per annum but also the EMIs.

2.   Tax Benefits

In case a married couple wants to own a house jointly, it will allow both the husband and the wife to enjoy tax benefits on their individual incomes, under Section 80C, Section 24, and Section 80EE. Under Section 80C, the maximum deduction for principal repayment is Rs 1.5 lakh. Section 24 allows Rs 2 lakh as a maximum deduction for interest paid in a financial year. Plus, first-time home buyers can get an additional interest tax benefit of Rs 50, 000.

3.   PMAY Benefits

Speaking of the government scheme for women buyers, PMAY or Pradhan Mantri Awas Yojna is one scheme that offers great benefits to women home buyers. As per PMAY, it is compulsory that the property bought must be registered in the name of at least one woman in the family. Plus, women getting a home loan under the scheme also enjoy concessions on interest.

4.   Lower Stamp Duty

Most Indian states charge lower stamp duty if the property is to be registered in the name of a woman. Women home buyers can check out the stamp duty applicable in their state to avail of this benefit.

So, these are the benefits that women home buyers can enjoy on the purchase of a property.