Reality Bytes

Reality Bytes

22 Oct, 2014

Women empowerment is a prerequisite for the progress of the society. And if that saying is anywhere near true, it can’t be denied that the real estate industry is doing its bit in this regard.

Or rather, it’s the financing authorities who are encouraging women towards buying property. In any case, it is a great move, as women will now not only shape the outlook of the house; but even have a legal hold over the house. With recent policies as well as competition in the banking and finance sector, there has indeed been a surge in the benefits a woman property buyer can enjoy. The points below just justify a few of the reasons why it is so.

(1)   Relaxation in bank loan interest rates: Most top banks including State Bank of India and HDFC are now offering lower interest rates to women while availing loan for buying property. For instance, SBI, one of the leading and most widely spread Indian banks would charge women 10.10% as the interest rate compared to 10.15% for others. The difference might seem negligible, but amounts to a lot in case of substantial property loans. Innovative schemes such as ‘LIC Bhagyalaxmi’ are promoting their schemes with even more innovative taglines that suggest the lady luck of the house deserves the right to its keys as well.

(2)   Relaxation in stamp duty: For those who don’t know, all property buyers need to pay a particular price to the state government while getting property transferred in their name. This is called stamp duty. Women all around India even enjoy a benefit on the stamp duty at a relatively low rate of 4% compared to 6% in case of men. However rates vary from state to state.

(3)  Joint ownership: Joint registration of property, that is, registering property in the name of the man as well as the woman, can help you avail an overall discount of around 1% on stamp duty, which in itself is a huge relief looking at the everyday escalating property prices.

(4)  The Independent Woman: If you think that your role in the ownership ends once the property is transferred, think again. If the property has been registered solely on the name of the woman, the installments and other payments need to be paid out from the woman’s own funds, unless you want to create further loops to transfer money from your spouse’s accounts to your own. Along with this, there are few more checkpoints to ensure you are not being used as a mere pawn in the entire process. This clause works out well for the woman who indulges in independent luxuries.

(  5)  Benefits on special days and for limited periods: Many institutions such as Tata Capital Housing Finance come up with special offers for women on and around Women’s Day. Other limited period offers can be availed during such women-specific days, so be on the lookout for yet another offer before you seal the deal.

SG Estates take the efforts to make sure that every investment you make worth and they give you flexible options to invest as you desire. However, before you decide to buy the next property in your wife's name, remember that home loans can also be a deciding factor. So it’s important to do your research and seek professional advice if you're unsure about any aspect of the investment. 

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