A Glance at Property Rights for Women in India

Female Property Rights

In the past, women faced inequality in property ownership, and society often limited or denied their inheritance rights. However, modern social movements and legislative initiatives have made considerable progress towards giving women equal rights to inheritance and property ownership.

This article explores the different property rights for women, the factors that affect the rate of women’s participation in owning property, and how they can be empowered to do so.

Table of Contents

• What are the property rights of women in India?
• Factors affecting the participation of women in ownership
• Legal estate and property rights granted to women in India
• Role of home loans in facilitating property ownership for women
• Advantages of women availing of home loans
• Conclusion
• FAQs

What are the property rights of women in India?

The Hindu Succession Act of 1956 was the first significant Act that marked the progress of female property rights. It granted women equal rights to inherit parental property as men. The Hindu Succession (Amendment) Act of 2005 took this one step forward. Through this Act, daughters have equal coparcenary rights in their father's property and have equal inheritance rights as sons in ancestral property. For other religious communities, property rights can vary based on personal laws. Other laws also play an important role in the progress of property rights of women in India.  An example is The Married Women's Property Act of 1874 which safeguards the property of a woman against her husband and creditors.

Factors affecting the participation of women in ownership

Restricted legal knowledge: Lack of awareness of women's property rights in India holds them back from property ownership, especially in rural areas.

Restricted education: Many women, especially those living in rural areas, have a lower literacy rate. This can lead to a reluctance to deal with the paperwork beyond what is necessary for daily activities.

Restricted financial support: Women frequently lack basic investment knowledge despite earning income, so they must rely on male family members to help with property-related matters. These things work together to make women less likely to pursue ownership goals and female property rights.

Apart from this, societal traditions that give more importance to male property owners also contribute to the lower participation of women in property ownership.

Legal estate and property rights granted to women in India

Some of the most important women's property rights in India include:

Right to the property: Women are the only owners of any property they buy until they gift it. Husbands and in-laws have no ownership rights after marriage.

Property acquired in a woman’s name: The woman retains ownership of the property rights, regardless of the buyer. For instance, if a husband purchases real estate under the wife’s name, she is the only owner.

Ancestral property rights: Daughters are entitled to ancestral property equally as a son. Legal rights to own the property are still valid even when the father is living.

Rights to spouse’s assets: The wife is entitled to a share of her husband’s properties following his death, along with other legal heirs.

Residence rights: The law protects women from forcible eviction and grants them the legal right to remain in their homes, regardless of whether the property is in their name. Strict measures are implemented against anyone who tries to do so.

Advantages of women availing of home loans

Advantages of home loans for women include:

• Simple home loan eligibility criteria that can let women access funds up to 90%* of the loan amount.
• Flexible loan tenures of up to 30 years* so that women can plan repayments as per their preference and financial goals.
• Home loan tax benefits such as deductions of up to INR 1.5 lakhs paid toward the home loan principal amount under Section 80C.
• Timely repayments can help women build a strong credit history, which can be useful for future loan applications.

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Conclusion

While historical and societal factors have limited property rights for women, significant strides have been made through legislative Acts and social movements. Women now have strong legal rights to own and inherit property. Financial tools like home loans, with more favourable terms for women, further help them achieve property ownership, financial independence, and security.

SMFG Grihashakti offers home loan amounts up to 90%* of property value, along with flexible repayment terms for eligible women applicants. To know more, apply online or visit your nearest SMFG Grihashakti branch.