Have you ever felt that subjects such as finance and real estate are men’s domain? According to this study by Fidelity Investments, you are not alone. Only 29% of women see themselves as investors, and less than one in four ladies are comfortable with their knowledge of investing. However, a women home buyer can actually enjoy many benefits by investing in apartments in Chennai.
In an effort to make the process a little easier to navigate, we have compiled a few points that highlight the benefits of investing in real estate as a woman home buyer.
Home loans at lower rates
As this Hindu article suggests, women are believed to have a better track record of repaying their loans. This makes them favoured candidates across banks. Most financial institutions offer a special concession of 0.05% to 1% to encourage ladies to invest in properties and buy new homes.
Tax benefits on home loans
Indian law makers, in an effort to encourage more women to invest in real estate, have packed home loans with a multitude of tax benefits, one of which is a tax rebate. Under the Income Tax Act, interest paid for property bought by a woman is eligible for tax deduction while filing income tax returns. The law allows ladies to claim deductions of upto a whopping INR 3.5 lakhs! Female owners are also eligible to claim depreciation on property. But it doesn’t end with just that, co-applicants can enjoy these benefits too, encouraging joint ownership with women.
Benefits under PMAY (Pradhan Mantri Awas Yojana)
The PMAY-Credit Linked Subsidy Scheme is an initiative by the Government of India which provides affordable housing to the urban poor with a target number of 2 Crore houses by 31st March, 2022. The scheme offers a subsidy of up to INR 2.6 lakhs with lower interest rates.
And the benefits don’t stop there! If you’d prefer to invest alongside your partner, then you definitely have to check out this Act! This act was drafted to encourage female co-owners and requires at least one woman member registered as the owner of the new house.
Stamp duty concession on the registered property
The benefits for female investors start right from the beginning of the investment process. They enjoy lower stamp duty charges (a charge that the buyer has to pay, in order to get the property registered in the government’s records). For instance, in Delhi, women homebuyers only pay 4% of the property value as stamp duty as opposed to the general 6% charge.
These benefits only form the tip of the iceberg. The government, society, and builders alike have opened several avenues to make real estate a worthy investment for women. Embark on the journey of real estate investments and revel in the benefits for a woman home buyer.
Be a proud homeowner today, with Appaswamy’s apartments for sale in Chennai!