According to a study by a leading real estate research company, most Indian women are now preferring to invest in real estate in Mumbai, as compared to investing in other cities. For motivating women to invest in property, the government has implemented several measures to make purchase of a house more advantageous to them. In this article, we will tell you why female home buyers are increasing in Mumbai.
Lower stamp duty
Stamp duty is the charge that a home buyer has to pay so that the property is registered in the government’s records. If a woman buys residential property in Maharashtra, she has to pay only 2% stamp duty, as against 3% if the property is registered in a male’s name. This is because, on March 8, 2021, the Maharashtra government announced a one-percentage-point concession in stamp duty for women home buyers. chandak greenairy consists of premium lifestyle apartments with several lifestyle amenities and connectivity.
Lower home loan interest rates
For owning homes in the early of their working lives, home buyers have to avail of home loans to bridge the funding gap between their down payment and the total cost of the property, thereby increasing the overall cost of purchase. For women, this cost of purchase is comparatively lower than men, as banks offer home loans to women at lower interest rates, which is almost one percent lower than the interest payable by men who take a housing loan.
Women home buyers get tax benefit
If a woman buys a house in joint ownership with her husband, she will be eligible to claim tax benefits along with her husband under Section 80C, Section 80EE, Section 80EEA, and Section 24 of the Income Tax Act. chandak greenairy borivali east gives you a deluxe platform for residents in search of luxury and class and who wish to live an extravagant life.
Any property bought under the Pradhan Mantri Awas Yojana (PMAY) must be mandatorily registered in the name of one woman from the household. If the woman buyer avails a housing loan under the scheme’s credit-linked subsidy scheme (CLSS), the bank or housing loan company will give her the housing loan at a concessional rate of interest. If the borrower is from the low-income group category, she will be eligible for an interest subsidy of 6.5% on a housing loan of up to ₹6 lakhs.
Women are finally stepping out of the shadows of the male bastion and successfully pursuing their dreams of choosing their desired careers and becoming financially independent. With this newfound freedom, they are increasingly becoming the decision-makers as far as buying property is concerned. Women are relocating from their hometowns to metros in search of better opportunities and a majority of them are choosing Mumbai as the city where they want to live and work. This is why both real estate developers and home loan lenders are going out of their way to woo women home buyers with exclusive schemes and discount offers.
Secure from creditors
When a woman buys property in her own name, she is secured from any creditors of her husband who might want to attach the property for recovery of their dues. A house registered under the name of the wife cannot be attached by creditors or government officials to make good the dues that are payable by her husband to them. This ensures that she and her children continue living in the house and have a permanent roof over their heads.