home buying schemes for women
TRANSCRIPT
Tips For Women That Make Home Buying Easier
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More and more women are stepping forth to make an investment in real-estate thanks to their financial freedom. Although the number is not significant, this could well be the start. Real-estate as such is a safe and stable asset for all sorts of investors. Be it single or married women, the attitude towards investment has been changing. No longer is real-estate just a man's domain.
To attract more women thinking of buying homes, developers, banks and even the government is coming up with different initiatives. They're aimed at making real-estate a lucrative market for women.
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Homemakers to home buyers
In a recently available development, BGA Realtors, a Kolkata-based real-estate player, has cut its booking amount by half for women. Under its scheme unveiled on International Women's Day, the developer can also be offering a subsidy of Rs 2.20 lakh on Rs 6-lakh home loans. These loans, to be disbursed through Micro Housing Finance Corporation Ltd (MHFCL), come with a processing fee, unlike in the case of commercial loans.
Another renowned builders in mumbai, has collaborated with State Bank of India (SBI) to launch a scheme specifically for female home buyers. Beneath the scheme, the interested woman buyers have to pay for only 20 per cent of the agreed value of the property upfront; the residual 80 per cent is paid after possession.
In addition to the payment plan, SBI offers loans at a concessional interest rate of 9.5 per cent to its female customers, under a scheme called ‘Her Ghar '. The bank has also waived its processing fee for female home loan seekers. However, to avail of the scheme, the woman home buyer ought to be the sole applicant or one of many co-applicants of the property loan, and the sole or a co-owner of a house, according to SBI.
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Power to all or any
SBI is not the sole bank that is softening home loan interest rates for female to buy property in mumbai. In 2015, HDFC Bank, too, launched a particular scheme to encourage woman home buyers underneath the name ‘Woman Power '. With this scheme, the financial institution disburses loans at an applicable interest rate of 9.85 per cent. This home loan product, which can be availed of by both joint and sole owners, can also be available to women without any income of these own.
Another financing scheme launched by Aspire Home Finance, Mahila Awas Loan, disburses between Rs 2 lakh and Rs 12 lakh. The interest rate on these loans is higher than the concessional rate made available from many banks. The rate ranges from 10 per cent to 12 per cent. The larger interest rate is directly proportional to the chance involved with a loan disbursed to women without proper identification proofs.
Besides, there are many other schemes directed at women owned by the low-income group. One particular is the MALA scheme that aims at women that are daily-wage workers, employed as domestic help, or running tiffin services at home – these fall underneath the unorganised sector. Many women from these groups may possibly not be qualified to receive home loans, or even bank accounts. Yet, these women, also section of co-operative savings schemes, have a tendency to earn a significant amount and possess enough excess income to pay for equated monthly instalments (EMIs).
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Many state governments also offer stamp duty concessions to woman home buyers. As an example, women in Delhi have to pay for only three per cent of the price Real estate trends in Mumbai as stamp duty, while men have to pay for five per cent.
Because of these initiatives by banks and developers, home ownership in India, largely male-dominated for decades, is placed to see a definite shift in favour of the country's women.
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