As we all know, in India buying a home is a very common dream of any middle-class person as it is not merely buying fruits or vegetables from the shop. For any lower-income household, buying a home is a dream because first, in India home is very expensive, and they invest all their savings which they have earned in a lifetime so, it is a huge step which every person does not dare to take that’s why in India almost 30% – 40% people lives in rented house secondly, for any middle-class person homeownership is a very proud thing as living in your own house gives one some feeling of security rather than living in someone else’s house. It is believed in India that owning a house is one of the first necessity of a earning man.
Now let us talk about what it’s like to own a house for women in her name. Earlier there was a lack of awareness amongst women about owning properties as buying and choosing of the property was only done by male members of the family and women were not allowed to intervenes in property matters, but in present times things are changing and women are taking part by buying or owning properties. Some of these changes in present times are possible due to the government’s efforts by giving women home buyers subsidies and relaxation in stamp duties and taxes also by doing awareness campaigns in small tier 2 or tier 3 cities to aware women about the schemes and importance of homeownership and to make women financially stable and independent. In recent times the effect of providing schemes and doing campaigns is positive as women home buyers have increased rapidly in real estate.
To make women financially stable and independent, and also to involve more women in the real estate industry, the government has given some interesting offers, especially for women home buyers, Following are some benefits of buying a home in the name of a female member of the family
- PMAY Benefits:
Pradhan Mantri Awas Yojana or PMAY is the government’s flagship scheme. Under this scheme, women get many benefits over men as women applicants will get a subsidy of up to 2.67 lakhs, but there is a certain condition that the house on which the loan is taken should be the first house in the name of the women applicant.
- Tax Benefits:
For women home buyers or buying a home in the name of a woman will have a deduction of interest up to Rs 2 lakhs in every financial year.
- Getting home loans at a lower rate:
As a lender one thinks that the money which he has given shall be returned back in time and it is seen that money as a loan given to women is safer than given to men because it is believed that women will return the money with interest on time and have less chance of making fraud
In conclusion, we can say that by these kinds of initiatives and schemes, women as home buyers will increase the real estate industry and overall benefits for the economy of any country, especially in a country like India, it is very much necessary as we have less number of independent women who are financially stable. Also, by increasing homeownership of women in the country will decrease the mentality of male dominance in the country, and overall, the equality will prevail in this form, as well.