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In India, it has been observed that property ownership is traditionally in the name of the male member of the family. But in the present times, changes have started to be seen. Nowadays, the number of working women in India has increased significantly. This is the reason why most women today are buying property in their own name as they are financially independent and capable. When women buy property in their own name or jointly, the family gets many other benefits. Let us discuss here the advantages of buying property in the name of women and the benefits they get from the government.
Interest rate benefits
The interest rate you pay on a home loan is very important for buying a house. Saving a few percent on the interest rate can save lakhs of rupees in the long run. Women benefit from home loan interest rates. Interest rates are lower for them. It can be reduced by up to one percent. The benefits of its low interest can be understood with an example.
Suppose there is a home loan of Rs 50 lakh with an interest rate of 9 percent for men and 8 percent for women. The loan tenure is 20 years. Now calculate it, the monthly installment at 9 percent interest rate will be around Rs 48,871. Thus, on this basis, the total interest paid in 20 years will be Rs 57,29,040. But when calculated at 8% interest rate, the monthly installment comes to around Rs 46,096. The total interest to be paid in 20 years will be Rs 40,65,504. Thus, by reducing the interest rate by just 1%, you can save Rs 10,73,536 in 20 years.
In most states in India, the stamp duty is lower for women buyers. For example, according to ICICI Direct, there is a difference of about 2% in stamp duty between Delhi and Himachal Pradesh. In Jharkhand, women have to pay only Rs 1 as stamp duty. Stamp duty is levied on the purchase amount. In such a situation, if you buy a property worth Rs 50 lakh, then saving one percent is very important.
Loan Eligibility
Women can get higher loans from banks. The loan amount is determined based on the salary of the buyer. If women are co-buyers, the salaries of both partners are added together and the eligibility automatically increases.
Tax benefits also available
Tax deductions are the same for men and women, but joint ownership allows claiming separate tax deductions. According to ICICI Direct, first-time homebuyers can claim up to Rs 50,000 on the principal amount paid in addition to other claims under Section 80EE.