The real estate sector has demonstrated the ability to change in every way possible over the past ten years. Instead of only advertising to guys in a certain age group, they are now more likely to bring up numbers. Now, it’s a brand-new, brave little globe.
Since the start-up boom has had a major impact on the Indian subcontinent, women among us are just as moved by it as men are. The administration has been exceptionally kind to female home purchasers and is providing several advantages to encourage their frenzied desire for real estate.
Studies on consumer behavior have shown that roughly 42% of women favor real estate as a form of investment. About 30% of them picked fixed deposits, while 17% of them expressed interest in investing in gold. Banks and other financial institutions, real estate firms and builders, as well as the government are launching numerous customer-friendly programmes through which women can participate in real estate projects as more and more women are buying homes.
Female investors in real estate projects might take advantage of a variety of perks.
1. Reduced Interest Rate Loans
To encourage female home buyers to purchase property from their projects, many banks and financial organizations are providing low-interest home loan options. Many provisions with plans, deals, and brand-new initiatives are developed to draw women entrepreneurs in order to strategically promote this. Women in India are encouraged to possess a variety of properties for their family members and are able to invest and sell homes to build an amazing portfolio thanks to incentives like these. These incentives are available to executives, homemakers, and women entrepreneurs.
2. Benefits of Co-Lending
Whether they are women or men, almost everyone who is purchasing a property finds it difficult to meet the requirements for a mortgage while doing so for the first time. Applying for a loan as co-borrowers, however, makes it considerably simpler for a couple. Consider a scenario in which you need a loan for 80 lakhs and earn Rs. 1 lakh each month. Banks only approve loans that are roughly 60 times the applicant’s monthly salary, therefore you won’t be approved for one. If you apply as co-borrowers, the monthly income of the spouse will also be taken into account when determining how much money you need to borrow 60 times if you have that income.
3. Reduced Registration Fees
The government supports female home ownership as well. Stamp duty fees are reduced by 1% to 2% for female borrowers of home loans by various state governments. So, on a Rs. 80 lakh property, a lady can save anywhere from Rs. 80,000 to Rs. 1,60,000.
4. Pradhan Mantri Awas Yojana Advantages (PMAY)
In comparison to men, women are offered higher precedence and subsidies under the PMAY programme when purchasing a property. The PMAY programme stipulates that in order to proceed, a person must be listed as the registered owner of the property. If a woman is the owner of a specific property covered by the PMAY plan, she may receive subsidies of up to Rs. 2.67 lakh.
5. Female Homeowners
According to a recent survey conducted by a top real estate agent, the percentage of women who prefer investing in real estate over fixed deposits or gold has grown over time. Women currently make up close to 30% of all real estate purchases in India, and they play an active role in the decision.
The average home loan for women is Rs. 26.57 lakh, while the average home loan for males is Rs. 22.97 lakh, which is 20% less than for women, according to BankBazaar’s Money Mood. According to data from the TransUnion CIBIL report 2019, the percentage of women who successfully applied for credit increased by 48% between 2015 and 2018. Male borrowers, meanwhile, only saw a 35% gain.
According to data from the National Association of Realtors, women made up 19% of first-time buyers and 17% of repeat purchasers in 2020, while single men made up 11% of first-time buyers and 9% of repeat buyers. These female home buyers are typically 33 years old, whereas female repeat buyers are often 59 years old.
As the population grows, so will the relaxations since real estate players perceive this as a big chance to gain market share by making women satisfied with their products.
With the rise in real estate prospects for women in India, there is a lot of room for them to gain when purchasing their ideal piece of property. We hope that women would assume more responsibility and grow in their personal independence.