Times are changing and the contemporary Indian woman has been evolving and becoming more self-sufficient. They are holding high-level jobs with great growth prospects both in the government and private sectors. Over the last decade or so, an increasing number of women in big cities have also been taking the initiative to buy their own homes and enhance their security.
What’s even more exciting is that Indian laws and regulations are supportive of this sea change to encourage more women into becoming independent home buyers. According to a recent survey across 8 top cities in India, around 30% of the new home buyers are women. If you are a woman and thinking of buying your own home too, then here’s a simple guide to get you started:
You will need a substantial nest-egg saved up to pay as the mandatory down payment for your home. Banks only meet up to 80% of the cost of the home; the remaining 20% has to be borne by the home buyer.
Home purchases are strictly monetary and you should have the financial clout to pay for the monthly EMIs as you repay the loan during the coming years. Ideally, the EMI shouldn’t amount to more than 40% of your take-home salary.
Banks are offering home loans with better interest rates to women when compared to men. This may be to the tune of up to 50-100 lower base points. Women also enjoy exemptions on home loans under sections 80C, 80EE and 24B of the Income Tax Act.
To further encourage women into becoming homeowners, they are eligible for tax deductions of up to 1.5 lakhs on the principal amount borrowed. The interest on the loan can also be claimed back as deductions of up to 2 lakhs.
Check out the credibility of the builder, and wherever possible, go with developers with strong reputations for timely deliveries.
For those on the lookout for buying homes, the ‘Under the Sun’ villas located in a verdant fruiting orchard in Devanahalli, northern Bangalore, make great housing options. Get more information on them here: https://www.underthesun.co.in/.