The real estate industry has showcased the potential to change in any way possible in the yester-decade. They have become more inclined to bring up numbers than just catering to a close-ended age range of men. It’s a new brave little world altogether, now.
As the start-up wave has flooded the Indian subcontinent with a great influence and the women are as moved as men among us. The government has been a lot generous towards female home buyers and is offering a lot of benefits to support their galloping interest in real estate.
According to studies done on the market response; nearly 42 % of women prefer real estate as an investment. Around 30 % chose FDs (fixed deposits), & about 17 % of them were interested in gold investment. As more & more women are becoming home-owners; banks & other financial institutions, real estate companies & builders, and the government are introducing many customer-friendly schemes through which women can invest in real estate projects.
Female home buyers have many benefits that they can avail of while investing in a real estate project.
1. Loans on lower interest rates
Many financial institutions & banks are offering low-interest rate home loan plans to encourage women home buyers to buy inventory off their projects. To push this strategically; many provisions with schemes, offers & completely new initiatives are formulated to attract womenpreneurs. With benefits like these, women in India, are encouraged to own different kinds of properties for their family members & are able to invest and divest to make an impressive portfolio. womenpreneurs, homemakers, and executive segments of the population can avail these offers.
2. Convenience of Co-borrowing
No matter if it's men who are buying a home or a woman; mostly all of them struggle on their first time to meet the eligibility criteria to get a home loan. However, it becomes much easier if a couple applies for a loan as co-borrowers. For example, let's say if you are earning 1 lakh a month & you need a loan for 80 lakhs. You will not get it because banks only give out loans of about 60 times the per month income of the applicant. If you apply as co-borrowers, the spouse’s monthly income will also get counted in the per month income against of which the 60 times the amount will be calculated.
3. Benefits under Pradhan Mantri Awas Yojna (PMAY)
Under PMAY women when buying a home are given more preference and rebates in comparison to men. It is mandatory under the scheme of PMAY that one should be a registered owner of the property to process through. Up to Rs. 2.67 lakh subsidies are provided to women if they are the owner of the particular property, associated with the PMAY scheme.
4. Women as home-owners
Women as home-buyers have made their way into the minds of the sellers and they are now there to stay.
According to BankBazaar's Moneymood, on average, women take up a home loan of Rs.26.57 lacs whereas men take 22.97 lacs which is about 20 % lower than women.
Considering registry procedures, the government gives a 2% concession to the properties which are bought under the name of a female. These all concessions & relaxations by the government; also pushes a female home buyer to have a property under their name.
This makes womenkind; another market segment to tap into for real estate players. With rising numbers, the relaxations will also increase as the real estate players are seeing this as a huge opportunity to have a portion of the market by making women happy with their offerings.
With the increasing number of opportunities for women in India in real estate, there is a lot of scope for women to avail many benefits while buying their favorite piece of property. We hope that women take even more charge & become more independent as an individual.