Buying a home or a piece of land is still a dream for many middle class people in India and the possibility of buying real estate is completely dependent on the approval of a loan from the bank. Most of the buyers typically plan to purchase apartment or plots in EMI which is the most subscribed method to own a property
We do a lot of research before diving into property search right from type of property to government schemes for first time home buyers. We look for benefitting schemes to save a few lakhs or to increase the possibility of loan approval.
To encourage property ownership among women several incentives have been introduced in the sector. Let’s see those offers that women can take advantage of. This could save you a few lakhs when we buy and register the property in your wife, daughter or mother’s name.
Developers Offer:
Few real estate promoters offer women specific discounts to encourage women buyers in their city. You can check with the promoter for any such offers or check the real estate advertisement column in Saturday and Sunday papers. This offer varies from sqft discount to free registration.
In Chennai , a developer offers free registration for women when they buy residential villa plots in Chennai from them. The promoter advertises the same in the newspaper every Week.
The only way to know about these kinds of offers is only through outbound communications from the respective promoters in the media.
Lower Interest rates:
Women can avail low housing loan interest rates i.e one or two percent lower than the market rate. This can help them save a few lakhs on the total cost.
To avail these benefits, you have to speak to the banker and check for women specific loan schemes.
A working woman can become a co-owner of the property with her husband to increase the loan eligibility as well. When you two individuals co-own the chances of getting the desired loan amount is higher.
Few banks are offering upto 100% for plots and 80% for apartment purchase.
Discount on Stamp duty:
Stamp duty in Rajasthan, Maharashtra, Uttar pradesh and Odisha varies from 5 to 7 percent of the market value of the property but when the same is registered in the name of a female member of the family the stamp duty is charged between four to six percent which means 1 percent lower than the market value. Here you can save a few thousands.
Benefits of PMAY scheme:
The Pradhan Mantri Awas Yojana (PMAY) scheme aims to provide affordable housing for all.
To avail this scheme women who own or co-own business in the Economically Weaker Section (EWS) ,low income group and Middle Income Group categories should be a sole or joint-owner of the property.
Women can benefit from this scheme by availing subsidies and other incentives under PMAY.
Women who co-own a property can get a subsidy of upto 2.67 lakh for purchasing or constructing a house in this Scheme.
Women can take advantage of these benefits to achieve their dream homeownership. Do not forget to check out the best real estate websites in India.
