In India today, there are a growing number of women shattering the gender stereotype by living independent, career-driven lives. This lifestyle, and a change in the outlook of the general public towards women has given women the leeway to reconsider their priorities. One of their top priorities is now investing in a place of their own.
In fact, millennial Indian women make up a third of home buyers in urban India. While it’s a lot easier today for a single woman to own a property of their choice, there are a few things they should keep in mind before a purchase:
Safe location
As a woman in developing India, it’s imperative that you find a home in a secure location. When scouting for prospective houses, you want to investigate a little into the background of the area you wish to settle down in. Stay away from crime-ridden locations and inquire about the safety of the area from the nearby residents.
You also want to ensure that your new home has ample lighting and is set in an open area. Avoid dingy-looking locations or homes situated in small, dark gullies.
For a more secure home, it’s best to buy a property within a gated community where 24×7 security is guaranteed.
Proximity to amenities
When you’re choosing a home, remember that it’s most convenient to select one that’s close to all the necessary amenities, like supermarkets, hospitals, and shopping complexes.
This way, even if you need to buy something at night, you won’t have to go very far. And it’s best to avoid the streets as much as possible, especially late in the night.
Great connectivity
Besides being close to the basic facilities, it’s important to choose an area that’s well connected to various points across the city. Make sure that you move into a place frequented by buses and other modes of public transport. If your city has a metro running through it, try buying a home that is at a walking distance from a metro station.
If you live in the suburbs but work somewhere in the heart of the city, you should be able to get home as quickly as possible, and preferably, before it gets too dark. This is why you must ensure that there’s a well-connected public transport system within your locality.
Financial awareness
It goes without saying that you need to properly sort out your finances before purchasing a home. To do this, you need to be aware of the various costs involved in the purchase, and the special concessions given to the women homebuyers.
As a woman, you are eligible for a tax deduction of Rs. 2 lakhs on the interest paid on your home loan. Banks also provide home loans at much lower interest rates when women apply for a loan, so it’s important to weigh out your options and opt for the best possible financial aid you can find.
You must also be aware of the fact that the stamp duty rate on real estate transactions is lower in the case of women, dropping a whole 2% in places like Delhi and Haryana.
By staying well-informed about the various costs and procedures involved, you’ll be able to make a sounder financial decision and be satisfied with the investment.
Plan, Plan, Plan!
Buying a house, whether it’s for personal use or to let out in the future, is a time-consuming process and will require a substantial amount of your time, money, and effort.
So be patient and plan well to ensure a fruitful and satisfying investment.
