Benefits of being a woman property buyer

Being a woman should not stop you from anything! Not even buying property! In India, several states are offering benefits for women property buyers in support of women empowerment.  If you are a woman and planning to buy your dream home in Kerala, not to worry! Several measures are taken by the Indian government to make house purchases more profitable for women. Here’re a few benefits of being a woman property buyer listed by the no. 1 portal for buying flats in Kerala - Luxury Kerala Flats.

Benefits that women home buyers enjoy in India

Lower stamp duty 

Many states in India charge a lower stamp duty if the property is registered in a woman’s name. States like Jharkhand and Jammu have even waived stamp duty on property purchases by women. 

 

Stamp duty in key Indian states

State	Stamp duty rate for men	Stamp duty rate for women
Jharkhand	7%	Re 1
Delhi	6%	4%
Haryana	6% in rural 8% in urban	4% in rural 6% in urban
Uttar Pradesh	7%	Rebate of Rs 10,000 on overall charges
Rajasthan	5%	4%
Punjab	6%	4%
Maharashtra	6%	6%
Tamil Nadu	7%	7%
West Bengal	5% in rural 6% in urban (Plus 1% if property cost is >Rs 40 lakhs)	same
Karnataka	5.6%	5.6%

Note: Charges are indicative and subject to change.

 Home loan interest rates for women

For women several banks like SBI, HDFC, ICICI, etc. offer home loans at lower interest rates when compared to men. Typically, home loans for women are priced 50-100 basis points lower than the average rate.

Tax benefits for women property buyers

For first-time home buyers, tax deductions on their individual incomes are given. If a property is jointly owned by a man and his wife and she is a co-applicant in the home loan application, both the spouses will be able to claim this deduction under Section 80C, Section 24 and Sections 80EE and 80EEA.

By merely being a co-applicant in the home loan application, a wife does not become a co-owner in the property.

PMAY benefits for women

If a property is bought under the Pradhan Mantri Awas Yojana (PMAY) scheme, the government has made it mandatory that it must be registered in the name of at least one woman in the household. Women can also enjoy concessions on interest if they are borrowing a housing loan under the flagship programme’s credit-linked subsidy scheme (CLSS). For women borrowers from the economically weaker section (those earning up to Rs 3 lakhs per annum) and low-income group (LIG) category, they can avail an interest subsidy of 6.5% on housing loans of up to Rs 6 lakhs.

All these benefits of being a woman property buyer can only give confidence to women buyers to realise their dream of becoming a house owner. With luxurykeralaflats.com, you can book your apartment or check out flats in Trivandrum for sale today! Good luck to you!