'When a woman home buyer makes a purchase decision, she considers practical value and functionality.'

When it comes to buying homes, women have gone from being an influencer to the primary decision-maker, driven by the need for a safe and secure nest in the current regulatory framework. Millennial women, an increasing group of property buyers in recent years, are forward-thinking and willing to take financial risks. As a result, they've made a shift in their financial investment strategy, shifting their focus from gold and fixed deposits to real estate because of factors such as ownership stability and excellent returns. After the Covid 19 pandemic, this important demographic is on the rise, which has sparked interest in the industry.

The Indian government has taken several steps to make home ownership more affordable for women, with the goal of increasing the number of women who own their own homes. A woman who buys a home in India and registers it in her name is entitled to the following financial benefits:

• Lower interest rates for house loans

In India, the vast majority of home buyers take out loans to finance their property purchases. While this perk enables consumers to purchase homes early in their careers, it also raises the total cost of the purchase. Women, on the other hand, do not need to spend as much as males do because many banks offer women lower-interest home loans. Mortgages for women are frequently priced 50 to 100 basis points lower than the average. A woman would only have to pay 6.80 percent interest on a loan up to Rs 30 lakhs if she took out a home loan from the country's largest lender, State Bank of India. On the other hand, men have a 7 percent effective rate.

• Women need to pay a lower stamp duty

The stamp duty on properties registered in the name of women is lower in most Indian states. Compared to men, women in the Indian city of Delhi pay only 4 percent of the property's worth in stamp duty, while men pay 6 percent. Stamp duty on property acquisitions is waived for women in several states, such as Jammu. Women in Uttar Pradesh are eligible for a 1 percent reduction on stamp duty. However, this decrease is only applicable up to Rs 10 lakhs of the entire transaction amount. If a property is registered in the name of a woman in Himachal Pradesh, there is a two-percentage-point differential in rates, 4 percent for women and 6 percent for men. The stamp duty will be 5 percent in the case of joint ownership.

• Benefits of PMAY for women

Property purchased under the Pradhan Mantri Awas Yojana must be registered in the name of at least one woman in the household, according to the government. Women who take up a house loan through the flagship program's credit-linked subsidy scheme get interest discounts. On home loans up to Rs 6 lakhs, women borrowers from the economically disadvantaged class (those earning up to Rs 3 lakhs per annum) and the low-income group can get a 6.5 percent interest rebate.

• Women can take advantage of tax benefits when purchasing a home

It is necessary for a woman to sign on as a co-applicant on a house loan application when a married couple owns a home together. As a result of this, both spouses will be allowed to claim tax deductions on their individual incomes under Section 80C, Section 24, and Sections 80EE and 80EEA.

To conclude, buying a house for a woman is all about finding a safe haven, which is why she chooses apartments of a reasonable size that can accommodate her family's demands while also providing room for future expansion. This International Women's Day, join hands with Dwello to make an informed decision of home ownership.