More Indian women than ever before are financially empowered to buy their own homes. Lower stamp tax for properties registered in a woman’s name and special housing loan programmes have also made it easier for women to invest in real estate.

Santhosh Kumar, Vice Chairman – ANAROCK Group, says “Women today are no longer mere influencers in the homebuying process, but independent decision makers and are buying homes for either self-use or investment. According to the latest ANAROCK Consumer Sentiment Survey, a whopping 78% women homebuyers prefer to buy homes for end-use, and 22% will do so for investment. If we look back in H2 2021, this end-use vs investment ratio stood at 74:26.

The survey also finds that 61% women respondents see housing as the preferred investment asset class. Approx. 16% prefer the stock market, and 14% pick gold. Of the total of 5,510 survey participants, women comprised a 50% share.

Notably, 3BHKs are the most favoured configurations for a significant 57% women respondents, followed by 29% women home seekers voting for 2BHKs. Around 9% are looking for 4BHK homes or larger.

In terms of budget ranges, nearly 36% of respondent women home seekers prefer to buy mid-segment housing (priced INR 45 – 90 lakhs), followed by 28% preferring premium homes priced between INR 90 lakhs and INR 1.5 Cr. A significant 23% prefer to buy luxury homes priced >INR 1.5 Cr, and just 20% will settle for affordable homes priced

“While the survey finds that 24% of all polled home seekers now prefer newly launched properties, a deep dive reveals that just 15% women respondents prefer homes in newly launched projects,” says Kumar. “A massive 71% will zero in on properties that are either ready or to be completed within the next six months. This clearly indicates that the majority are buying for immediate self-use.

Women empowerment has become a core topic in India in recent years, with various measures being taken by the government for their upliftment. The most recent was the passing of the Women’s Reservation Bill, 2023 in the Parliament. While the government has been prioritizing women’s homeownership via its flagship PMAY scheme, large numbers of independent urban women have also come to the market to buy homes.

A greater number of Indian women are buying their own homes because they want to feel safe and independent, and there are more single women living alone and in nuclear families.

Also Read: Hope you are not dealing with these Real Estate Agents

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The real estate sector in India has been dominated by men for decades, but times have changed. Today, women are almost on par with men in real estate. Currently, 66% of Indian women, according to a recent survey, prefer real estate as an investment. Even before the pandemic, the numbers were on the rise, thanks to woman empowerment and growing awareness of the goldmine that is property investment.

While it’s refreshing to see women take the lead, it is even more delightful that there are multiple benefits for women buying a property. The time is ripe to be a female homeowner as there are several benefits in store; from low interest rates and tax exemptions, to discounts and lower stamp duty charge.

Here are some of the key benefits for women to own a property in India:

Attractive interest rates:

Banks often keep their home loan interest rate low for women borrowers compared to men borrowers. A lower interest rate makes a great impact on Equated Monthly Instalments (EMIs) and provides significant savings over the longer tenure of the home loan. The rates would differ across banks, with a difference of around 0.25 per cent and  is also applicable when a woman co-applies for the home loan.

Lower rates for Stamp Duty:

A majority of the state government encourages home ownership by women and thus they provide a significant rebate on registration fee/stamp duty if the property is registered in the name of a lady. Home loan benefits for females include lower stamp duty charges by 1-2%. For eg: the State Government of Maharashtra recently announced in their budget that they would give a 1 % rebate on stamp duty for women which would not only encourage a sense of homeownership among women in the state but would also aid them in saving money spent on the registration of properties.

Tax deductions:

To avail of certain tax benefits, women can also become the joint owner of a property along with her spouse. If she has a separate source of income, both can claim tax deductions individually if they opt for the old tax regime. Hence, under Section 80C of the Income-tax Act, 1961, each co-owner can claim a deduction on the principal payment of up to Rs 1.5 lakh. When it comes to interest payments, each co-owner can claim a deduction of up to Rs 2 lakh. Due to their financial awareness and credit consciousness, women borrowers are also less likely to default on the home loan, and they also have better credit scores as compared to men. This enhances their home loan eligibility and opens up more loan repayment options, too.

Pradhan Mantri Awas Yojana (PMAY):

PMAY is a game-changer initiative for home buyers. The PMAY makes female co-ownership mandatory for the female head of the family. When it comes to the Economically Weaker Section (EWS) and Low Income Group (LIG) category, the PMAY scheme preference is extended to widows as well as single women.

In summation

It is heartening to see so many women in leadership positions in the real estate industry, which is currently booming and also to see women become homebuyers in greater numbers. No one should hesitate because there are so many advantages for a woman buying a home in India!

Also Read: Maharashtra State Budget 2023-24: Women Homebuyers to benefit

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