A Glance at Property Rights for Women in India
Jun 26, 2024
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.
FAQ's
What are the legal provisions regarding property rights for women in India?
Some key legal provisions regarding property rights for women in India:
- The Hindu Succession Act of 1956 and Amendment 2005 - Daughters have equal rights as sons to inherit parental property.
- The Married Women's Property Act of 1874 - Safeguards a woman’s property from her husband and creditors.
- Women have full ownership rights over any property they acquire, inherit, or receive through gifts.
- Women cannot be forcibly evicted from their homes, regardless of property ownership.
- Wives have a share in their husband's property after his death, along with other legal heirs.
How can women exercise their property rights effectively?
Women can effectively exercise female property rights by:
- Getting knowledge of their legal rights.
- Seek legal counsel specialising in women’s property rights in India.
- Ensuring proper registration and documentation for property ownership.
- Confidently asserting their legal rights whenever necessary.
What are the benefits of women applying for home loans?
The benefits of women applying for home loans include simple eligibility criteria for getting loan amounts up to 90%* of the property’s value, flexible loan tenures of up to 30 years*, and home loan tax benefits.
What documents are required for women to apply for a home loan?
The general home loan document required for women to apply for a home loan with SMFG Grihashakti include:
- KYC documents for identity and proof of residence - Passport, PAN card, Aadhar card, Ration card, and so on.
- KYC documents for co-applicant or guarantor if applicable.
- Income proof for salaried women - last 6 months’ account statements, last 3 months' pay slips, Form 16.
- Income proof for self-employed women - IT Returns for the last 2 years, balance sheet, business registration proof, and so on.
- Property-related documents such as the sales deed.
How can women overcome societal and familial barriers in accessing property and home loans?
Here are some ways women can overcome societal and familial barriers to accessing property and home loans:
- Educating themselves on property rights for women, personal finance, investing, and loan processes.
- Gaining financial independence through a stable source of income.
- Open communication with family members and seeking support from women’s rights groups or legal counsel specialising in female property rights.
- Taking advantage of government schemes like PMAY.
What are the steps involved in the home loan application process?
SMFG Grihashakti offers an easy online application process. Once you check your eligibility and the required documents, click on Apply Now, enter the requested information, and submit the documents. Our representative will get in touch with you for the further process. Alternatively, you can visit your nearest branch.
What factors should women consider before applying for a home loan?
Here are some key factors women should consider before applying for a home loan:
- Assess your eligibility based on income, job stability, credit score (should be at least 700), and existing debt obligations. Use online eligibility calculators to estimate the maximum loan amount you can qualify for.
- Consider putting a larger down payment (at least 10% of the property’s value is necessary) to reduce the loan amount and monthly payment burden.
- Assess your repayment capability to ensure you can cover EMIs without straining your budget.
What are the consequences of defaulting on a home loan?
Depending on the number of payments missed, the consequences can include late payment fees, negative impact on credit scores, legal notices from lenders, or even seizure of the property by the lender.
How can women protect their property rights and investments in the long term?
In order to safeguard their investments and property rights over time, women should make sure that ownership documentation is correct, keep up to date on legal requirements, think about insurance options, and seek legal counsel when necessary. Their investments can also be protected by upholding financial discipline and making loan repayments on time.
Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.