Hello Readers! 

Have you ever wondered, years before there was an era, in which women were forced to live their life inside the four walls of the house, she was not allowed to take her to say in family or family financial matters, yes that’s true? This era existed! 

Today the picture is completely different. Today women have excelled themselves in every sector and every field. Today they confidently take part in their household finances and not only this, they actively handle their own finances. To support, celebrate and accelerate women's participation in finances, the government took many initiatives to offer specific benefits to women entrepreneurs and investors. The financial services industry has done its bit by introducing products and services aimed at women.

Here we will be discussing a few of the financial advantages that women enjoy, read this, and make you don’t miss any!

Low Stamp Duty On Property Purchase!

Some of you might be aware of this, some may not be, but yes there is a provision from the government, that if the property you are buying is registered under the name of women, it will fetch you a bit low-cost price!

Know how! Understand it through an example, in the capital city of India that is Delhi, the stamp duty payable by men is 6 percent of the value of the property. But in the case of women, the stamp duty is only 4 percent. That means if we do some calculation then it’s a straight saving of Rs 2 lakh on a property worth Rs 1 crore. If the couple goes buying the house jointly then they will be charged 5% of stamp duty.

This is not only applicable in the capital city but is also in other states like Bihar, Haryana, Punjab, Maharashtra, Orissa, Uttar Pradesh, and Uttarakhand. These states offer concessions on stamp duty ranging from 0.5 % to 3%.

The motive of the government was to make the property bought in her name as her support and a safeguard for her interests.

Low Home Loan Rates!

Women are exclusively offered a low-interest rate home loan than compared to men. This is another way to register a property in the name of a woman. If in a home loan application, the primary applicant is a woman then the interest that the home loan fetch is lower than compared to a man. Most banks and financial institutions offer a discount of around 5 bps on the interest rate.

The concession might see small but here it is worthy to note that the home loan is a long-term commitment and a small difference in the long-term is perfectly noticeable. Besides the lower rate, some lenders also relax the terms and partially waive the processing fee.

You must be aware of the PMAY (Pradhan Mantri Awas Yojana) scheme of the government. To avail the benefits of this scheme, govt. has made it mandatory to include a woman in the ownership of the property. The credit subsidy under the PMAY scheme is available only if a woman is the co-owner of the property.

Cheap Loans For Women Entrepreneurs!  

To encourage business start-ups by women, the government offers women entrepreneurs cheap credits. The government launched the Mudra scheme under which loans of up to Rs 10 lakh can be availed by individuals and small businesses in non-agriculture sectors.

Women entrepreneurs are availed discount on this credit of up to 25bps. Well, this initiation of government worked in a positive direction and this is completely visible in the data presented. Data indicates that NPA levels of Mudra loans taken by women are 30-50 percent lower than those taken by male entrepreneurs.

Insurance Policies Specially Designed For Women!

Health insurance is a need for every individual and that too in the time when there is no certainty. But it is a must for each and every woman, as they are prone to several women-specific health issues or diseases. Thus, in order to make a health insurance plan an easy way to fight her health problems financially, insurance companies offer policies that cover women-specific diseases.

Policies such as the Bajaj Allianz critical illness plan and TATA AIG Wellsurance cover cancers that are women-specific and associated with job loss challenges.

Saving Bank Account With extra Benefits!

There are many banks that offer women employees to maintain a lower minimum balance in their savings bank account than compared to male employees. Not only this but female employees also reactive the benefit of cheaper loans. For example, If we look at the benefits provided by HDFC on women’s saving bank account, then it is really appreciable. It has many additional benefits such as an accidental death cover of Rs 10 lakh, accidental hospitalization cover of Rs 1 lakh, a preferential rate of interest and extended tenure on loans, waiver of first year’s locker rental, and the Easy Shop Woman's Advantage Debit Card, besides other additional benefits.

Well, the above mentioned are all the benefits that the government, banking, and financial sector of our country have given to the women citizens to celebrate and initiate financial independence and their charge on their own finances.

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For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).