Any modern Indian woman with control over her finances, dreams of owning a home she can call her ‘own’. In fact, between the country’s banks, real estate developers, and the Indian government, the many schemes on offer make it easier for her dream to turn into reality. Additionally, these schemes also empower women across the country by giving them a chance at gaining ownership of a family property, courtesy the advantageous position that has thus been accorded to women buyers. Here are some initiatives every woman must know about before purchasing a residential property:
Her Ghar by State Bank of India
The State Bank of India offers women homebuyers loans at a concessional interest rate of 9.4%, which amounts to Rs 834/lakh for a period of 30 years. With a waiver on the processing fee, the bank requires the woman to be the sole applicant or co-applicant for the loan, as well as her having ownership or co-ownership of the said property.
Women Power by HDFC
At 9.85%, this initiative by HDFC offers a special rate of interest to women buyers. While the pre-requisites are similar to those of State Bank of India, HDFC has also extended this scheme to women without a source of income.
Mahila Awas Loan from Aspire (MALA)
Offered by Aspire Home Finance, Mahila Awas Loan is a scheme that truly aims to empower women. Open for loans ranging between Rs 2 lakhs to Rs 12 lakhs, the initiative gives salaried as well as self-employed women from low-income segments a chance to own a home without proof of identity. Though an interest rate that varies from 10% to 13% might seem high, that’s one way for the company to mitigate the risk.
Tata Housing
Collaborating with the State Bank of India, Tata Housing has launched a lucrative scheme for female buyers by offering them the prospect of paying only 20% of the agreement value while the balance could be paid post possession.
Subsidy by Micro Housing Finance Corporation
Catering to those working in the unorganised sector with an absence of income documentation, the Mumbai-based Micro Housing Finance Corporation or MHFC offers female applicants loans at a subsidised rate of interest.
Subsidy in Housing for All by 2022
Also known as Pradhan Mantri Awas Yojana, the scheme aims to make affordable housing accessible to the economically weaker section of the population, with a special subsidy ranging from Rs 1 lakh to Rs 2.30 lakhs in place for women buyers. During the allotment process, the government will also give preference to women applicants.
Stamp duty concession
When buying a home, women buyers often get a concession on stamp duty. While the stamp duty levied on a property is different in each state, usually, state governments offer women a rebate of at least 1-2%. It might seem like a small step, but when the numbers are big, even tiny discounts like these can lead to good savings.
Authored by Hemul Neelu Goel
