In Indian society, people spend their whole life saving for their dream house. And for lower-income employees buying their first house is a challenging and expensive task.
According to a survey, around 30% – 40% live in rented homes.
This is why buying a house in India is considered a great achievement. Living in your home provides financial and emotional security.
The home buying process is covered under RERA as it is a governing body that supervises Real Estate’s working in India. RERA has provided home buyers transparency and stopped all the illegal work in real estate.
A few years back, all the decisions related to buying and choosing property were taken by the male members of the Family. And women were not allowed to interfere in property matters. But in the present time, things have changed, and women are taking an active part in Real estate investments.
This change has been possible due to the government’s efforts by providing subsidies and relaxation in stamp duties. As a result, these schemes have made women financially stable & independent.
Consider the following points to know about the benefits that women can avail themselves while buying a house:
- The benefit under Pradhan Mantri Awas Yojana
This scheme provides more benefits to women as compared to men. Under this scheme, you need to register one woman member as your property owner. Then the government will provide you with the subsidy associated with the PMAY scheme.
Moreover, PMAY is now linked with the Credit-Linked Subsidy Scheme, and this will help women get concessions on the interest rate on home loans.
The government has divided CLSS into 4 significant groups:
- Economically Weaker Section:
Women with an annual income less than or equal to 3 lakhs are given a subsidy of 6.5% at a home loan upto 6 lakhs.
- Low Income Group:
Women having an annual income less than or equal to 6 lakhs are given the same benefits as EWS
- Middle Income Group-1:
Women with an annual income of not more than 12 lakhs are provided a 4% subsidy on home loans upto 9 lakhs.
- Middle Income Group-2:
Women having an annual income of not more than 18 lakhs are provided with a 3% subsidy on home loans upto 12 lakhs
2. Concession on Stamp duty
Stamp duty is a one-time charge that needs to be paid on the sale agreement either on or before the date of registration of the agreement. Generally, the tax is calculated on the circle rate of the property or on the consideration amount, whichever is higher.
Some states provide a concession on stamp duty. The Haryana government has imposed just 6% stamp duty on women and 7% on men. This is why most homebuyers register their property under a woman’s name.
3. Rebate in Property tax
Property tax is the net amount that needs to be paid by the landowner to the municipal corporation or the local government. And this tax needs to be paid every year.
The municipal corporation in Haryana offers rebates on property tax, and the property tax rate varies across municipal corporations within a state. So, it is considered a good option if you register the property in a woman’s name.
4. Lower rate of interest on Loans
Most of the renowned banks provide home loans to women with low-interest rates. Besides this, they also offer various schemes, offers, etc. This motivates women to make better home-buying decisions.
Moreover, Banks prefer giving loans to women as they consider women to be more sincere in paying back the loans and making default-less payments.
So, what are you waiting for? If you are a woman and want to invest in real estate, then get in touch with ANRA. These experts will guide and provide you with the best luxury properties in Gurgaon and will also help you to understand about the location which will not only bring appreciation but also generate monthly Recurring Payments.
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