Benefits of buying a house in wife’s name:
These days, women home buyers are increasing rapidly in India. The involvement of the woman of a family is always their in the the home buying decision. In India, most women buyers are from the urban cities only. But how many of us know there are certain advantages for women home buyers in India. Here is a portion of the favorable circumstances for women buyers in India.
(1) Women are more likely to get home loans at lower interest rates. It is because women are generally responsible for everything. So it is worth providing the home loan for women as they repay regularly without fail.
(2) As the leading banks are so much interested in lending loans for women, this makes the process easy for well-qualified women to avail home loan sooner.
(3) Another advantage for women buyers is the tax benefits. If the wife has a separate source of income excluding husband’s income, then it is likely to get separate tax deductions in person. It also includes an extra advantage of deducting 1.5 lakh for each financial year.
(4) Check out with the authorities in your locality for the concession amount of stamp duty. This is applicable if the joint registration is done with a female during the time of property registration.
(5) Empowering women is another aspect of having women as the co-owners or sole owners of the property as per the government. Our Prime Minister, Narendra Modi for women from low-income households, decided this.
(6) In most of the states in India, women are asked to pay 2% lower for stamp duty. So it is always advantageous to buy the house in the name of the woman in the house to gain discounts on the stamp duty. Or just joint register the house for this benefit.
(7) As said above, the government have ordered to have their women’s name to include in the property title. It is beneficial to buy a house in the wife’s name to get special benefits other than the above-mentioned advantages.
(8) Generally, the female taxpayer can avail house rent allowance exemption on the taxable income. Due to this, she gets to gain the benefit of 25% of the tax deduction with restriction to the sum of 2000 pm, say some investment experts. This is applicable only if she doesn’t own a house.
So, it is always beneficial to buy a house in the wife’s name.
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