It’s the age of the new Indian woman. The woman who is emotionally independent. And financially independent. A home has long been equated with security. And nothing can provide more security to that oft-forgotten demographic of Indian society – the single Indian woman- than a home.
About 30% of homes in urban India are purchased by women (single or married) while one-fifth of home buyers in India are single women. More single women are buying homes compared to single men in India. And it’s not just a phenomenon that is restricted to India alone.
More single women are becoming homebuyers the world over. In the US, single women now make up more than one-third of the growth in real estate ownership since 1994.
Even after considerably progressive policies, women still earn less compared to their male counterparts, face the prospect of losing jobs if they decide on parenthood, and are known to save less for retirement. So what is pushing more and more women to become homeowners?
Top reasons for women to buy a home:
- A growing awareness of the real estate industry as an investment option
- Lower property values and low interest rates
- Job growth and a wide range of financial lending options
- A desire to own her own home
- A desire to live independently while still being close to family
- Single parenting – single women are more likely to be single parents, compared to single men
With more women pursuing higher education and career prospects, they are also marrying later – and buying homes later compared to single men.
In India, the number of women buying homes is expected to rise further. Most women, whether single or married, are big influencers when it comes to a family’s decision to buy a home.
In India, women can avail certain benefits at the time of buying a home.
- Most Indian banks offer home loan at lower interest rates for women.
- In many Indian states women pay lower stamp duty.
- Women are also eligible of a tax deduction of Rs 2 lakh on the interest rate paid on home loans.
- Women can deduct interest rate paid against the home loan against net rental value when they rent out their home.
- In an effort to empower women from low-income households, the Indian Government’s Housing for All mission stipulates that women should either be co-owners or sole owners of houses built under this scheme.
- Some Indian states are writing laws asking for women’s names to be included in the land titles of plots allocated by the government to low-income households.
With growing financial independence, friendly financial and taxation initiatives from governments and lenders, and a strong desire to own their own home, it’s hardly any surprise that more single women into first-time homebuyers.
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