Times are changing and women are reigning in every field. They are carving a niche for themselves in every industry. According to a recent report by the organisation Catalyst.org, a research firm, nearly 24% of women in urban India are in the process of taking over senior executive level posts. Another survey indicates, around 30% of women are equal earning members in urban, nuclear families and consider home buying as a significant investment. Reinstating this increasing economic power of urban women is the fact that women in the higher income groups constitute nearly a fifth of the home buying population of the country. This figure has been on the rise and is expected to surge further in the coming years.
To make this Women’s Day special for every woman, we at Valmark decided to share a handy home buying guide for women investors. Buying a home is a great investment that also provides a sense of security. If you wish to take the plunge this year, then let’s first tell you about the loads of benefits that you can get in buying a property.
Tax Concessions: According to the prevailing tax laws, the maximum concession on principal repayment is Rs. 1.5 lakhs and Rs. 2 lakhs on interest repayment. If a woman is a sole proprietor, then she can get an additional tax benefit of Rs. 1.5 lakhs on the interest paid by her in every financial year. However, if husband and wife are co-owners and the wife has a separate source of income, then she can claim individual tax deductions. If a woman is applying for a home loan along with her husband, then she can claim equal tax concession.
Interest Rate on Home Loans: Most banks have a special rate of interest for woman applicants. It implies that a woman should either be the first or solo applicant of a home loan. In comparison with men, they offer women slightly less rate of interest on housing loan. However, it is important to note here that the interest rates keep changing according to the market changes and monetary policies.
Reduced Stamp Duty: The stamp duty is levied on the property documents during the sale or transfer process. This tax is levied by the state government and varies from state to state. But in most states a woman home buyer gets a concession according to the prevailing stamp duty rules. This reduction in the stamp duty makes a difference in the cost of home buying. The concession provided to woman buyers usually varies between 1-2% and it is applicable even if the property is a gifted one. The only criteria is that the property should be in the name of a woman.
If you are convinced to make a leap forward in this direction, then here is a handy checklist that will come useful in buying a home.
Workout your Finances: Buying a home is a big decision and you should plan your finances first. Financial planners usually advise that the home loan should not exceed 35-40% of your net take home salary. So, before you even start your research you should look into your finances, existing savings and then allocate a budget for your home.
Plan your Home Loan: Woman can get home loan from leading banks and financial institutions. In fact, some of them even offer special woman only packages. However, you should not get overwhelmed. Instead, research well and scrutinize the different options. After you narrow down on the best home loans, you should visit the bank branches and understand their offers in detail before pursuing it further.
Settle on a Reliable Developer: Like the financial aspect, you should consider different projects by top real estate developers. You can start with online research and then visit the properties, which you like. After you decide on the property and developer, it is advisable that you should try to know more about the developer. One way can be by visiting the past projects of the developer. A visit to these accomplished and occupied houses will give you a better idea about the kind of projects the developer has done in the past and the quality of house you can expect.
Focus on Location & Development: Work is taking people to different places. However, you should buy a home in a city, which is developing at a good pace. Within the city, look for an area which is safe and offers better return on investment. The house should be in an area, which is closer to your work place, safe and will give you good rate of return if you sell it in the near or distant future.
Make it Special with Valmark Homes
If you are looking for home buying options in the buzzing metropolis, Bengaluru, then visiting Valmark homes will be worth it. Making homes for the people of Bengaluru for decades, we are a reliable and trusted name. Every Valmark home gets designed by giving special attention to space and quality. The interiors and exteriors are carefully planned. One of our projects that can be ideal for woman home buyers is Valmark Orchard Square. There are 2 and 3 BHK apartments for sale in this project located in JP Nagar. Spread over 3.25 acres, it offers a lush green landscape and several amenities including round the clock security. A perfect property in the most sought-after locations of Bengaluru, travelling to any part of the city will be a breeze. Adding to its value are the many schools, hospitals, tech parks and malls in its proximity. The exquisite charm of this property is sure to behold you. Know more about it and plan a site visit today to make this woman’s day truly memorable.
Happy Woman’s Day!