Real estate investment for Women
From cheaper house loan interest rates to prolonged eligibility for home loans, women procurers might profit monetarily from real estate investments.
Many incentives have been realized in the industry to promote women's property ownership. Let's inspect the times available to women who invest in real estate.
The Indian real estate market is very vulnerable to interest rates. The majority of buyers use financing substitutes to acquire a property. Banks and other financial institutions maintain standard interest tariffs for home loans. Nevertheless, women get a privileged rate, which is 1-2 per cent below the market rate. This permits them to save a substantial amount of money over time.
Supported Stamp Duty
In addition to the marketing benefit, stamp duty represents a sizable cost element. In Rajasthan, Maharashtra, Uttar Pradesh, and Odisha, the stamp duty on real estate is between 5 and 7 per cent of the market value of the property. However, the stamp duty is decreased to 4 to 6%, or 1% less than the original rate, when the property is bought in the name of a female family member.
PMAY
The objective of the Pradhan Mantri Awas Yojana (PMAY) is to propose housing at an affordable price. The plan is obtainable to economically weaker section (EWS), low-income group (LIG), and middle-income group (MIG) women who own or co-own businesses and states that the female head of a family must be the single or joint holder of the home.
Women may profit from this programme by taking benefit of PMAY's subsidies and other inducements. For the purchase or construction of a home, women who are single or co-owners of a property may get funding of up to 2.67 lakh rupees. This subsidy may significantly lower the cost of obtaining or constructing a house for women.
Tax Benefits on Home Loans
Men and women are both eligible for a tax deduction on up to Rs. 2 lakhs of interest paid on a mortgage for buying a home or for building loans. If a married couple owns the property jointly and the woman is employed, Swain says, "then both parties may be entitled to interest payment tax inferences separately under Section 24." (5). For the principle amount, each party may make an individual Section 80C deduction (up to INR 150 lakhs).
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