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  • Home Buying Guide for Women
    March 31, 2019

    To buy a home of your own is a dream come true for everyone. As women are employed and salaried, most of them have changed their investment preferences to buying homes. And with the umpteen number of benefits offered for women investors, the number has only increased. Here is a quick guide for every woman who is planning to buy their new home:

    Check for prevailing interest rates

    Do extensive research before choosing a lending institution for your home loan. With more women investing in residential properties, banks have taken advantage of this situation to come up with interest rates that are much friendlier than the regular ones. A minimum difference of 0.05% and upwards can be expected, based on the loan amount.

    Prepare a checklist of documents

    The major checks required before and while applying for home loans are:

    Ascertaining clear property title.

    Requisite approvals from all concerned bodies or authorities.
    Check if any dues are running on the property from any other agency.
    The property adheres to the terms of building regulations, regulations for residential use, etc.
    Also, few of the key legal documents to be kept in handy while property buying are commencement and completion certificate, No Objection Certificate for non-agricultural land, Certificate of ownership, water and electricity connection approval, Occupancy Certificate (OC) and an approved building plan of the property.

    Tax benefits

    Women home buyers who apply for loans to buy their first home can enjoy various tax benefits offered by the Government and certain private banks. They can avail tax deductions for up to Rs. 1.5 lakhs on principal loan amount. The maximum amount for tax deduction on interest repayment is Rs. 2 lakh.

    Government policies

    Housing for All by 2022 scheme by the Government of India states that women should either be co-owners or sole owners of any affordable residential property. Aimed at empowering women and encouraging them to invest in homes, they are offered subsidies. For example, if the annual household income is less than Rs. 6 lakh per annum, then she is eligible to avail an interest subsidy of 6.5% on the principal amount of Rs. 6 lakh.

    Check the credibility of builder

    Women investing in homes should assess the credibility of the builder/developer by tracking their record in terms of handing over possession of the property within the agreed timeline, if they adhere to legal procedures, quality of offering, if proposed payment plan coincides with home loan terms, registration with RERA, etc.

    Home buying is not rocket science and by following the above-stated pointers, give a great boost to your investment portfolio while securing your future too. With many variants in residential properties available these days, starting from affordable to ultra-luxury, make a wise decision in your investment choice. Come own your haven at Ladder Kerala, builders of the finest flats and apartments in Calicut, offering you living spaces with plenty of world-class amenities and facilities at the best locations, making it an ideal choice of investment for all.

    For details about our projects -https://ladderkerala.com/projects/