Stepping into the 21st century, there has been a significant rise in the number of women investing in real estate. Even properties like Luxury flats in Chennai are being bought up by women, pointing to a progressive society that enables women to secure their future. Recent economic studies even showed that up to 42% of women preferred investing in properties in comparison to 30% in FDs and 17% in gold. The shift towards immovable assets can be seen with clarity.
Right now the focus for developers and the government must be towards encouraging more women to buy real estate. Here are some of the tax and other ancillary benefits that women can benefit from when it comes to real estate investment in India.
Reduced interest rates:
Both private and nationalised banks offer special interest rates for women. It can even be up to 1% lower than the normal interest rates offered. While it seems quite low in percentage when translated into amount, it can become a significant sum as luxury flats in Chennai can be expensive. Banks offer special credit schemes that are applicable only to women offering them higher flexibility in the repayment tenure and methods.
Individual tax deduction:
When a woman is the joint owner of real estate properties, and the spouse and the woman have distinct sources of income, both can claim the home loan in tax deductions. Thus buying luxury flats in Chennai is no longer a distant dream for women. The entire family can benefit from this investment in the form of individual tax deductions.
Stamp Duty:
Women benefit from reduced stamp duty rates in different states. This has been a long-standing practice. However, people started to misuse this by first registering the property in the woman’s name and then re-registering it in the name of a male family member later on. To avoid this, some of the state governments have banned this re-registering of property for at least a period within a year of purchase. This has helped a lot of female heirs to retain their rights to property without being dependent on the men of the family.
Lifestyle housing is a reputed real estate developer of apartments in Chennai. Our brand stands for gender equality right from our employment practices to encouraging more female home buyers with expert guidance. Our new residential project in Tnagar is a never to be missed opportunity for women to own prime real estate in the heart of Chennai city. Its located bang on the main road of its key commercial zone.
