With a view to promoting property ownership among women, the Government of India has introduced several measures that make purchasing a home more affordable for female buyers who register a property in their own name.
Lower Stamp Duty for Women
In most Indian states, registration charges are lower for women than for men. In Delhi, for instance, male buyers pay 6% of the property value as stamp duty compared to 4% for women, while some states like Jammu have waived stamp duty for women altogether. Maharashtra introduced a 1% concession for women buyers in March 2021, Uttar Pradesh offers a 1% concession on properties up to Rs.10 lakh, and Himachal Pradesh charges 4% for women, 6% for men, and 5% for joint ownership.
Home Loan Interest Rates
Many banks charge women lower interest rates on home loans — typically fifty to a hundred basis points less than the average rate. State Bank of India, for example, charges 6.80% for women against 7% for men on loans up to Rs.30 lakh, while HDFC offers a slightly lower rate to women as well.
Increased Loan Eligibility and Tax Benefits
Co-owning a home with a spouse increases loan eligibility, since dual income is taken into account. Both men and women can claim a deduction on home loan interest up to Rs.2 lakh, and a married couple who jointly own a property can each claim this deduction separately. An additional deduction of up to Rs.1.5 lakh is also available under Section 80EEA for eligible purchases.
Benefits Under PMAY
Women receive special consideration under the Pradhan Mantri Awas Yojana (PMAY), and can apply for a home loan or PMAY subsidy regardless of marital status. The scheme requires at least one female family member to be registered as a co-owner, and where a woman is the sole owner, the government provides a special subsidy of up to Rs.2.67 lakh.
Many women buyers are drawn to homes in areas like Bachupally for their easy access to IT hubs, choosing from a range of 2 BHK and 3 BHK configurations while taking advantage of these financial benefits.