The decision to buy a home can be a major financial commitment, but for women living in Maharashtra, there are several benefits to help make the process easier and more affordable. From lower stamp duty rates and property registration charges to access to government schemes and specialized loan products, these advantages can significantly reduce the cost of purchasing a property and help women achieve their dream of homeownership.
Additionally, investing in real estate can be a wise long-term investment strategy, particularly in times of inflation. As the cost of living increases, so do property values, and owning a home can serve as a hedge against inflation. Real estate is also a tangible asset that can provide steady income through rental yields or appreciation over time.
A recent report by ANAROCK points out that Indian women prefer real estate over gold for investment, consider it ideal for current times. By owning a property, women are taking ownership of their financial future and investing in their own stability and security. Because when women own their choices, they truly own it all! By investing in real estate, women can build wealth and create a legacy for themselves and their families.
Here are some of the key benefits of buying property in Maharashtra for women homebuyers:
Lower Stamp Duty Rates
Stamp duty is a tax levied by the government on the purchase or transfer of property. The Maharashtra government reduced stamp duty rates in 2021 to help boost the real estate market, and women homebuyers are eligible for an additional discount. This is a significant benefit as stamp duty charges can often be a significant portion of the total cost of buying a property. For example, if you buy a property for ₹1 crore, the stamp duty would be ₹5 lakh at a rate of 5%. With the 1% discount, women homebuyers can save ₹1 lakh on this amount.
Concession on Property Registration Charges
Property registration fees are charged by the government to register the property in the buyer's name. In Maharashtra, women homebuyers are eligible for a concession on these fees, which can be a significant savings on the total cost of purchasing a property. For example, if the property registration charges for a property worth ₹1 crore are ₹1.5 lakh, women homebuyers can save ₹30,000 with a 2% concession.
Access to Schemes like PMAY
The Pradhan Mantri Awas Yojana (PMAY) is a government scheme that aims to provide affordable housing to all citizens. The scheme has specific provisions for women and economically weaker sections, and women homebuyers in Maharashtra can take advantage of these provisions to access subsidies and other incentives. For example, under the PMAY scheme, eligible women homebuyers can receive a subsidy of up to ₹2.67 lakh on the purchase of a home.
Higher Loan Eligibility
Many banks and financial institutions offer higher loan eligibility to women homebuyers. This means that women can potentially borrow more money to purchase a property than they would be able to if they were not eligible for this benefit. For example, some banks may offer up to 90% of the property value as a loan to women homebuyers, while the maximum loan-to-value ratio for others may be 80% for male borrowers. Additionally, some banks may offer lower interest rates on home loans for women.
Women-Specific Home Loan Products
Some banks and financial institutions offer home loan products that are designed specifically for women. These products may include features such as lower interest rates, longer repayment tenures, and flexible repayment options. For example, some banks offer a 0.05% reduction in interest rates for women homebuyers, while others offer longer repayment tenure of up to 30 years. These features can make it easier and more affordable for women to purchase a property.
In conclusion, women homebuyers have access to several benefits that can make buying a home more affordable and accessible. With the additional advantage of real estate as a long-term investment strategy, owning a home can provide financial security and stability for women and their families.
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