Advantages Woman Home Buyers Have In India
The number of women home buyers in India is only likely to rise. Most women today play an active part in the home buying decision. Single or married, these women constitute about 30 per cent of property purchasers in urban India. Did you know women have certain benefits if they purchase a home in India?
Here are some of the advantages woman home buyers have in India:
- Leading Indian banks typically offer home loans at a lower interest rate to women home buyers. As women are more punctual in paying back loans and less likely to default on payments, banks are also keener on lending to women.
- 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.
- 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.
- 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.
- 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.
- 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.