In a significant move to promote home ownership among women, the Indian government, along with banks and tax authorities, is extending several benefits specifically tailored for female homebuyers. These benefits not only make it easier for women to purchase property but also empower them financially, helping them secure a stable future.
Let’s explore the four key advantages women can leverage while buying a house in India:
One of the most prominent benefits for women homebuyers is the concession in interest rates. Most banks offer a 0.05% to 0.10% lower interest rate on home loans taken by women applicants. Though the difference might seem small, it translates into significant savings over the tenure of a long-term loan.
Banks often view women as more reliable borrowers due to better credit scores and lower default rates, making this concession a win-win for both lenders and borrowers.
Female homeowners can avail substantial tax deductions on their home loan under the following provisions:
Up to ₹1.5 lakh under Section 80C on principal repayment.
Up to ₹2 lakh under Section 24(b) on interest paid.
If both husband and wife are co-owners and co-borrowers, each can claim the deductions separately, effectively doubling the tax savings for the household. First-time homebuyers can also benefit from an additional deduction of ₹50,000, subject to eligibility under Section 80EE or 80EEA.
Stamp duty is a major expense during property registration, and several states offer women buyers a reduced rate:
Delhi: 4% for women vs. 6% for men (2% savings)
Rajasthan: 5% for women
Uttar Pradesh: 1% concession for women
This discount can help save lakhs of rupees, depending on the property value, making homeownership more affordable.
Under schemes like Pradhan Mantri Awas Yojana (PMAY), it is mandatory for at least one woman to be listed as an owner or co-owner of the property to qualify for interest subsidies and other benefits.
This ensures greater financial inclusion of women, particularly from low-income households, and enables them to become rightful property owners, boosting their social and economic standing.
Historically, home buying was often considered a male-dominated decision. But times are changing. Today, women are actively taking charge of financial planning and real estate investments. By offering these benefits, the government and financial institutions are recognizing and supporting women’s growing role in wealth creation and financial independence.
Whether you're planning to buy a home for the first time or looking to invest in a second property, these schemes make the journey more rewarding for women.
Final Thought:
If you or a woman in your family is considering purchasing a home, now is a great time to act. Take advantage of these exclusive benefits and move one step closer to owning your dream home—with added financial perks and government support.
For more updates on housing, government schemes, and financial planning, stay tuned to our real estate coverage.
