Nowadays, many people buy real estate under the name of women. This is done because of numerous plans and schemes in their favor. These offer benefits such as reduced stamp duty or female independence.
If you are considering buying a house in Jaipur, buy under a woman’s name. The benefits of doing so are listed below.
Reduced stamp duty
The government and the real estate industry have reduced stamp duty for female owners. Several Indian states, such as Delhi, Rajasthan, Tamil Nadu, and others, have done so. For example, when buying a property in Rajasthan, women only have to pay 4% of the stamp duty. In Tamil Nadu, it is 7%, and so on.
Women get benefits under the PMAY scheme
Another advantage of buying property in a woman’s name arises from the Pradhan Mantri Awas Yojana (PMAY). Under the PMAY, women can apply for a housing loan or grant regardless of marital status. Ownership of a house where a woman is registered as the owner is subsidized up to Rs. 2.67 lahks. Moreover, a female owner doesn’t need a co-applicant when applying for PMAY. However, they must be classified as MIG 1 or MIG 2.
Financial security
You secure financial benefits when you buy a house in a woman’s name. For example, no one can get to your house if you incur debt or suffer a loss in your business. No official or creditor can claim the place. However, it is a prerequisite that the woman is not a guarantor or co-owner of the loan.
Tips for buying a home
You know the advantages of buying a property in a woman’s name. Now let us look at some tips for buying a property in Jaipur.
Location
This is important because you want the property to be in an area that is developing or will develop. Otherwise, you will not be able to get future returns from the property.
Land area
Be careful when buying a vacant plot to build your home. You want to buy a home with excellent topography. The building land also needs to be perfect. Everything should be tailored to your requirements. This includes location, budget, location, and much more.
Check the builder’s credibility
Before you sign on the dotted line:
- Check the builder’s credibility.
- Check their reputation, financial stability, legality, and more.
- Ensure the builder is genuine.
In conclusion, buying a property under a woman’s name is beneficial. However, before you do so, you should find the best property and developer to invest in. There are many property developers in Jaipur. But to find the right one, you must consider factors like license, reputation, and more. Otherwise, you will only waste your time, money, and effort.
