Advantages of buying a home in the Wife’s name

Advantages of buying a home in the Wife’s name, Women are considered to be a building block and with several states in India offering benefits for the women property buyers. With this they will boost women empowerment, along with that it makes them financially strong. There are several benefits to buy property in a woman’s name, either as the sole owner or as a joint owner, with governments and banks offering several concessions.

A lot many home buyers are women because they seek few extra benefits including tax exemptions if a home is bought on their name. Such offerings can also attract more women buyers to invest in real estate. Encouraging women to register assets in their name makes them independent and confident enough to stand strong.

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Let’s read about what all advantages women gain when they buy property in their name...

1. Tax benefits of buying a home in the wife’s name

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An extra dedication in the interest of almost up to Rs. 1.5 lakh every financial year either the house is self used or kept vacant. This is the most common benefit that a women homebuyer gets. This extra tax saving attracts a lot new women buyers. If in case, the property is bought under the ownership of both husband and wife, with wife having her separate source of income, they are liable to claim tax deductions individually. But the tax benefit will be in accordance of the ownership share of each co-owner in the flats for sale.

Moreover, if the property is used for renting out then the wife has the additional advantage to claim the total interest payable towards a home loan as deduction.

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2. Stamp duty charges Discount for women

Either woman’s name in a property is as a sole owner or she is a part of joint ownership, they are offered a partial waiver on stamp duty in several states in North India. It is beneficial to have a property in the name of a woman to earn this additional advantage. Approximately you can save 1%-2% on stamp duty on both under-construction and ready to move projects.

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In Delhi, the stamp duty rate is 4% for women, compared to 6% for men.

3. Husband’s Debt do not Bind Women’s held property

Moreover, if a husband is undergoing any kind of financial setback or do own some debts to repay, the property held in wife’s name will not come under the cover for your loss. Thus, the property is absolutely safe and secured.

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4. Special Discount on interest rates of home loan for women

Women in comparison to men can get several discounts on home loan interest rates. Banks such as SBI, HDFC, ICICI, etc., offer these kinds of discounts but it varies from bank to bank and goes up to nearly one per cent.

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Though there are benefits associated with taking a property in women’s name but there is flip side to it as well. So, before making any final decision does look at other side of the story as well. As per expert’s opinion it is surely a good idea to buy an apartment in the name of one’s wife or in co-ownership. So, the wife can enjoy the tax benefit discount, only if she has an independent source and separate way of income. In case of any kind of legal clash on the property, then husband and wife both will be involved in the case and will be held equally responsible.

Think and Invest!!!

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