Home buying is an important decision in any person’s life and usually happens once or twice at most. We put huge efforts in finding the right property and then struggle hard to get best interest rates on EMI’s. In this post we have strive to find out benefits of buying the home on wife’s name or mothers name as it may yield several long term benefits.
With an aim to increase property ownership among women, the Indian government has put in place several measures to make house purchases more profitable for them!
- Lower Stamp Duty – Most Indian states charge a lower stamp duty if the property is registered in the name of a woman. For example in Delhi, women buyers only pay 4% of the property value as stamp duty, as compared to 6% payable by men. States like and Jammu has gone a step ahead, by waiving stamp duty on property purchases by women or home on wife’s name.
- Lower Home Loan Interest Rates – Women generally get 0.5% to 1% extra discount on home loan interest rates. Also, if your wife is working making her a co-applicant is also beneficial in govt. and private financial institutions in terms of interest rates etc.
- Various Income Tax Benefits – In case a property is jointly owned by a man and his wife, she would have to become a co-applicant. A benefit of this would be that both the spouses will be able to claim tax deductions on their individual incomes, under Section 80C, Section 24 and Sections 80EE and 80EEA.
- Pradhan Mantri Awas Yojana Takings – The government has made it mandatory that property bought under the scheme, must be registered in the name of at least one woman or the complete property / home on wife’s name in the household. Women borrowers from the economically weaker section (those earning up to Rs 3 lakh per annum) can avail of an interest subsidy of 6.5% on housing loans of up to Rs 6 lakh.
- Peace of mind – A women when comes at your home after marriage she literally leaves everything behind , she puts in all her trust in her husband and his family so, when you are capable enough to buy a house why not reciprocate the feeling and give her a place to call her own.
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