In the current scenario, women’s are playing a major role in almost all the sectors whether office or home. Talking about the home buying, with Government focusing more on women empowerment these days even this process has also become an easy task for them.
Today, being a woman is not a limiting factor anymore to homeownership ability or rights. Around 24 percent of women in India holds the post of senior executives and 30 percent of them are the sole earning member of the family. This figure brings them to the fifth position among homebuyers in India.
As per the latest reports by a research firm, around 74 percent of women act as a contributor when it comes to buying a home, and among them around 32 percent act as single homebuyers.
So maybe self-employed or salaried, if a woman has a good credit score, secure job, organized budget and enough savings, then she can easily own a home in her name and with complete rights.
So let’s take a look at few tips a women home buyer must know before purchasing a home:
Good Credit score: The first and foremost requirement is to maintain a good credit score. Be it timely payment of EMIs of education loan or credit cards or any other loans; make sure all your dues are clear so that while applying for a home loan you must have a good credit score.
Budget Planning: Figure out your budget and plan all your expenses in advance before getting into numerous house listings available on the internet. Once you decide the price start saving for the down payment. Do a proper study of the real estate market, multiple down payment options available etc. Apply for a home loan and check eligibility.
Get yourself insured: While property buying is a dream for women, insurance coverage is also a must always. Suppose, you are an independent woman then it becomes more of a priority to safeguard yourself from unfortunate incidents, be it unforeseen medical expenses or sudden unemployment issues. Hence, you must go for an insurance coverage before applying for a home loan.
Expert opinion: Don’t hesitate to go for an expert opinion before you start the house hunt. You must also do an independent research, read reviews, and ask for referrals to find the right professionals so as to understand each and every aspect of buying a home.
Future Planning: Think before zeroing in on a particular property as it must not be very big that requires more maintenance or so small which is not able to fulfill all your requirements. Here the role of an expert comes into focus.
Advantages of being a woman home buyer
In order to increase the percentage of women home buyers in India, the Government and banks have introduced many women-centric initiatives in India. For example, Government has made it compulsory under the Pradhan Mantri Awas Yojna (PMAY) that the ownership of the house should mandatory be in the name of female members of the family.
- A woman home buyer who is purchasing a home under PMAY scheme gets the benefit of PMAY-CLSS scheme where she gets reduced goods and services tax (GST), i.e. 8 percent instead of 12 percent. The reduction in GST along with the interest subvention scheme results in a significant amount of savings.
- Many banks and financial institutions offer lower interest rates on home loans to women homebuyers.
- Women are also eligible for a tax deduction of Rs 2 lakh on the interest paid on home loans.
- A woman homebuyer gets the benefit of paying lower stamp duty in many states. (For example, in Delhi and Haryana, stamp duty for women buyers is 2 percent lower.)
So keep in mind these important points and fulfill your dream of becoming a house owner.