The demand for real estate in India is on the rise. Today, a number of women are willing to buy the properties. Here, you will come across a brief guide that will help women to buy the properties. Although the real estate sector had been long dominated by males, the current trends reveal that a number of women are buying homes for themselves. Besides, they are also investing in commercial real estate. This guide will help them in buying the right property and avoid common mistakes that homeowners make.
Get the tax benefits
In principal and interest repayments, a maximum tax deduction of INR 1.85 lakhs and INR 2 lakhs are allowed, respectively. If you are borrowing money as home loans along with your husband, you can apply for deduction of tax in an equal proportion. In case you own the property entirely, you can get an additional deduction up to INR 2 lakhs on the interest every financial year. If you jointly own the property with your husband, and you are having a separate source of income, you can both claim the deductions in tax individually.
Interest rates for home loans
A study had been made, considering the rates of interest for home loan from various banks. It has been revealed that women get lower rates of interest when they apply for home loans. The rates for men are higher by around 0.05%, and this is an advantage for women. However, the monetary policies in the country and other fluctuations in the economy influence these aspects to a certain extent. Several platforms offer home loans to women at discounted rates, if they are the solo applicants.
Reduced stamp duty
You should have a basic knowledge about the stamp duty when you buy a house. A few percentages can make a huge difference in the cost of ownership of the home. The homes are financed by the lenders at around 80% to 90% of the ownership cost. The stamp duty differs from one state to another and this can have an effect on the overall cost of the property. Women generally get a concession of 1% to 2%, even if they get the property as a gift, as long as it remains in their name.
Create a checklist before you buy the property
It is important to check the affordability of the property before you make the purchase. Make sure that the EMI of your home loan is not more than 35% to 40% of the net salary. Besides, you need to scrutinize the ledger. Besides, you need to choose a credible builder, so that you do not face hassles while acquiring it.
Apart from these, you should check out the overall infrastructure of the area where you buy the property. Have a look at the connectivity in the area. Homeowners check out the transportation facilities to the commercial areas, schools, colleges, hospitals and other social institutions. These guidelines will help you to purchase the right home. You can have a look at the reputed real estate websites for the home that suits your needs.
