Today’s Indian women have the confidence and capability to design their lives and can fulfill their dream of owning an apartment irrespective of whether they are married or not. Buying a home is becoming the main priority of many Indian women. Here are some guidelines for women home buyers in India.
- Spend some time doing research on the property: Every women home buyer must spend some time doing research on the property she is planning to buy. She needs to research on the location safety, whether the area offers basic amenities and how well it is connected to other key locations.
- Budget: This factor will determine which property is appropriate for the women home buyers. The women home buyer should plan the budget when buying a new home. Other factors that need to be taken care of our insurance, property taxes, and maintenance costs.
- Get a home loan: A women home buyer who is shopping around for home loans should make queries about the special interest rates and other incentives that the bank is offering. The women home buyers must consider making home loan prepayment. They can reduce the home loan EMIs by opting for home loan pre-payment. Another factor to consider is to inquire about the tax benefits on home loans. If the woman home buyer is married, then she should consider taking a joint loan with her spouse.
- Consider the house type & size: Choose whether the apartment is a high rise, a villa or a row house to suit your needs. Another factor to consider is choosing the size of the apartment.
- Getting insurance: Another factor to consider while buying a home, is to protect yourself financially against the natural calamities and theft by selecting an insurance cover for your new apartment.
- Analyse the rate of return you get from the property: There may be a time when you may wish to sell the house as you will move to another city for better prospects or for a big house. It is important to analyze the rate of return you may get from the property.
Advantages enjoyed by women home buyers
- Women are permitted to deduct the interest paid against the mortgage loan against the net rental value when they rent out their home.
- They are also eligible for a tax deduction of Rs 2 lakh on the interest rate paid on home loans.
- The banks offer home loans at a lower interest rate to women home buyers. As the women homeowners are more punctual in paying back home loans, there is a less possibility to default on payments. Thus, banks are also keen on lending to women.
If you are looking to buy a residential property, Hiranandani Parks Oragadam Chennai is a good option. It is an integrated and self-sustained township that is spread over 400 acres and offers luxury apartments in Chennai . This housing project has been developed by Hiranandani Communities.