Women Home Buyers: 28% women are planning to buy a home due to cheap home loans, while 22% are finding offers and discounts attractive.
Women Home Buyers: Be it the impact of work from home or the effect of changing needs in the environment of Kovid-19, the trend of home shopping among women is more than that of men. More than 70 percent of women believe that this is the right time to buy a house. There is also a high demand for affordable and mid-segment homes. This information is given in the report of ANAROCK Property Consultants. The report said that 62 percent of women want to invest in asset class real estate while 54 percent of men will choose real estate over gold, stock market and FD.
What kind of homes are in demand?
According to the report, 82 percent women want to buy a house for their use, 18 percent as investment. On the other hand, 68 percent of men desire to buy a house for use and 34 percent for investment. Affordable and mid-segment homes, which cost less than Rs. 90 lakhs, are more inclined towards them. Most of the women have given priority to the big house.
According to Enarock’s Consumer Sentiment report, 28 per cent of women are planning to buy a home due to cheap home loans, while 22 per cent are finding existing offers and discounts attractive. At the same time, it has also been said in the report that 71 percent of the women surveyed are choosing houses with ready-to-move-in.
Big benefits of buying a home for women
Many kinds of concessions are given at the state level from the Prime Minister’s Housing Scheme to encourage women to buy houses. Under the Lower Income Group (LIG) or Economic Vicar Section category (EWS) of the Pradhan Mantri Awas Yojana (PMAY), it is mandatory to give a shared ownership to a woman in the house for taking subsidy.
In many states, stamp duty is reduced when women buy homes. In Delhi, Uttar Pradesh, Punjab, Haryana, Rajasthan, there is some exemption in stamp duty when there are women home buyers. This rebate can be up to 1-2 percent. At the same time, there is a difference of 4 percent in the fixed stamp duty for men and women in Punjab.
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There are many exemptions for women in home loans from banks as well. On the one hand, they get a home loan at a rate 0.25–0.5 per cent lower than the interest rates at that time, while the home loan limit can also be increased if it is a co-owner. On being a co-owner, both the husband and wife can claim income tax deduction.
Recently, SBI, HDFC, ICICI Bank and Kotak Mahindra Bank have reduced interest rates on home loans. These banks are now providing home loans at an interest rate between 6.5-6.7. However, these rates are till 31 March 2021.
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