Benefits Of Buying A Home In The Wife’s Name

By Author: Abhishek Anand
Total Articles: 6
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Buying a flat in NH 24 Ghaziabad in your spouse’s name has several advantages. Of course, it will impress her, and you will be seen as a trendsetter in a patriarchal society. But you might also be able to get a discount of 1-2% of the property value because several Indian states are offering benefits for women property buyers to boost their empowerment. Today we are going to discuss the benefits of buying a home in the wife’s name:
Relaxation in Stamp Duty
Stamp duty is a charge that one pays on the sale agreement, this is paid on or before the date of registration of the agreement. This stamp duty is fixed by the state government and varies anywhere between 4 to 8%. Given below are stamp duty of some states:
Some states of our country offer discounts to women home buyers on the stamp duty rate. Take Delhi for example, where men need to pay 6% stamp duty, whereas women only need to pay 4%. Sometimes you might not able to register the property in your spouse’s name. In such cases, applying for joint registration will be helpful. Some states offer a 1% discount on stamp duty. Additionally, you and your ...
... spouse can also avail tax benefits on a home loan.
Tax Benefits
One of the obvious tax benefits of buying a home in your wife’s name is that you can get an extra deduction of interest up to Rs 1,50,000 every financial year. If your wife has a separate source of income and you and your wife are the joint owners of a property, then you both can claim tax deductions individually. The tax benefit is directly proportional to the ownership share of each co-owner.
Lower Interest Rate on Home Loans
Several leading banks also offer lower interest rates on a home loan for women borrowers.
You should remember that if you buy 2 BHK apartments in Ghaziabad in the name of your wife who doesn’t have a source of income, it can be deemed as Benami transaction.