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According to the National Association of Realtors, single women accounted for 17% of homeownership in 2019. Financial independence has made it possible for women to purchase property without strain. In today’s society, women view housing not only as a necessity but a means to diversify their investment portfolios. The easy availability of home loans in India, coupled with numerous incentives offered by the institution, have made it easy for women to have a roof over their head and, in most cases, on their own.
Things to Consider While Buying a Property
Purchasing a home is a significant financial commitment with little room for error. Therefore, we will cover a few details that single female property purchasers should pay attention to before buying one.
- Do Proper Research
With technological advancements, you now have easy access to a wealth of knowledge. It is essential to have a strategy in place and begin your web search accordingly. Also, conduct extensive research on the developer, his previous and prospective projects, etc.
After marking a few properties, go for a site visit. Nothing beats an actual site review and talking to folks on the ground. If at all feasible, take someone with you on the physical trip. Another set of eyes would allow you to examine the place more critically. Also, look for internet reviews of the property. This should give you a good notion of whether or not to invest. Also, make sure the marked project is RERA-registered.
- Location Matters
It is preferable to look for a peaceful neighbourhood as a single lady. Purchasing a home in a low-crime area must be your priority. Other basic amenities such as a hospital, parks, decent road infrastructure, connectivity, and the property’s appreciation potential are also significant. Before applying for a home loan for women, ensure that the location has growth potential and contribute to the property’s value.
- Stick to Your Budget
Before purchasing a home, consider your savings and home loan eligibility to determine how much you can afford to spend. Everything else must revolve around this number. It would be best if you never strived to extend your budget. A property purchase would include a slew of other costs, all of which must be budgeted for.
- Home Loan Benefits
A single women home buyer is entitled to certain benefits when buying a property. This includes low home loan interest rates and tax deductions on the home loan insurance plans.
- Stamp Duty and Other Benefits
If you are a first-time homebuyer with no property in any state, you can qualify for the CLSS benefit under the PMAY scheme. Moreover, stamp duty is reduced when property registration is done in a woman’s name. These charges, however, differ by state. Before applying for a loan, use a home loan calculator to determine your EMI affordability.
- Check the Paperwork
Please focus on the documents on the day of the transaction as it stamps your authority over the asset. After the home is registered, make sure you have all of the relevant papers, including the sale deed, occupancy certificate, share certificates, and so on.
Owning a home is a huge decision that needs your undivided attention to even the smallest details. This will assist you in obtaining the best property bargain for which you may get a home loan in India at competitive rates.
