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Every woman aspires to be the queen of her home – and, deservedly so. Haven’t you heard of the term ghar ki rani?
Today’s woman is financially independent and wise enough to know where to put her money. A house is one of them.
It is not surprising then to observe a survey https://www.anarock.com/research-insights/real-estate-consumer-survey-h2-2019 that stated 87 per cent of homebuyers in India were women who bought a home for their own use.
So, why should every woman own a home? Here are 5 top reasons:
Financial security
It is empowering for a woman to feel financially secure. Financial independence is important for her self-esteem and confidence. Owning a home gives her that feeling of security which she cannot find in a rented one . By owning a property or being a co-owner of the home, it gives her certain legal rights she can enjoy. In any unforeseen circumstances where she faces a job loss, a separation, or a loss of a partner, the house can be a security blanket she can be safe under.
Return on investment
For a woman, her house can be the best investment decision she has ever made. By renting it out, she can earn steady income for as long as she wants. And if she has taken a loan for the house, she can rent it out to help her pay the EMIs from the rental income. She can also consider turning a room into a paying guest accommodation or a bed-and-breakfast one if she so prefers. The idea is to reap in the rewards on her wise investment move.
Lower interest rates
It’s a fact that women are becoming increasingly financially secure. This is a big plus when it comes to borrowing a home loan for that dream home. More banks and home finance companies are offering home loans to women, hence empowering them to buy property. This is why lending institutions have customised home loans for women with a lower interest rate than the prevailing market rate. This makes the EMIs lighter on the pocket to repay them.
HDFC Bank offers separate home loans for women – loan up to Rs 30 lakhs is from 6.90 to 7.40 % and on loan from Rs 30.01 lakhs and above the interest rate is from 7.00 to 7.50 %. SBI offers home loans for women aged between 18 and 70 in different categories: for Term Loan for salaried the interest rates are 6.95% to 7.55% whereas for self-employed it is 7.10% to 7.70%. Kotak Mahindra Bank customers can get home loans starting at 6.9 % per annum this festive season, with a special discount rate for women applicants. Home loans at Union Bank start from 7 % interest rate and there will be no processing fee till December 31. The bank has slashed its home loan interest rate by 10 basis points for loans above Rs 30 lakh. Women borrowers will get an additional concession of 5 basis points in the interest rate.
Lower Stamp Duty
Every homebuyer is required to pay Stamp Duty to the government at the time of registration of the property. This fee is levied to validate the homebuyer’s registration agreement by the State government. In India, women homebuyers usually pay a subsidised stamp duty fee of roughly 2% lesser then what the men pay. While stamp duty charges are lower if property registration is executed in the name of a woman, these charges vary from state to state. The exemption for women varies between 1-2�ross different states. And this can be a substantial amount saved if the total property cost is in the higher bracket.
Tax benefits
A woman borrower is eligible for tax benefits on home loans. Her home loan repayments can reduce her taxable income up to Rs. 3.5 lakhs. Eligibility for tax deductions on interest paid on home loans is up to Rs 2 lakhs for women. Maximum tax deduction allowed in the principal and interest repayments is Rs 1.5 lakh and Rs 2 lakh, respectively.
The Pradhan Mantri Awas Yojana (PMAY) pmaymis.gov.in has come as a boon to women homebuyers. This scheme makes a woman’s co-ownership in the property mandatory, offering her an interest subsidy up to Rs.2.67 lakh. The best part of this scheme is it also gives preference to women applicants.
If you are a woman looking for a home in Bengaluru for you and your family, this is where we can help you.
HM Constructions http://www.hmconstructions.com/ is a popular construction group with several residential and commercial projects scattered around the city. Each of the homes is built in a way to offer maximum space and comfortably accommodate a family of four.
The unique scheme lets you book any of our spacious units of your choice with a booking amount of Rs.10,000 only. Since the units are ready-to-move, you can finish up the formalities and move into an apartment of your own in just 10 days. What’s more, once you move in, you can let HM take the burden of your EMIs! The EMI Holiday Facility lets you postpone your EMIs by 10 months so that you may enjoy your stay at HM Indigo for nearly a year before you start paying the EMIs. While you live in your home, you also become eligible for a proxy rental for your apartment. This is the icing on the deal.
So, stop worrying about your monthly financial commitments to own a home and book an HM Indigo apartment today.
Call us on 8880225555 and we will help you find a home that suits your lifestyle, falls within your budget, and is close to all that you would need throughout the year!