In order to increase the number of women in real estate and to promote women empowerment in many states of India, many advantages are being given to women property buyers. So property registration in the name of women is a good decision because it will give you many benefits. Let us explain in detail about these benefits and how to take advantage of them.
House in the name of wife, will get tax exemption
Buying a house in the wife’s name will give you tax benefits. You will get an additional discount of up to Rs 1.5 lakh every financial year. If your wife is a co-owner in the property. If a man co-owns his wife in property and if the wife has a separate source of income, then both will get different tax exemption.
But the tax exemption depends on the ownership share of each co-owner. Therefore, the tax exemption available in this case can be doubled as per individual.
Discount on home loan interest rate for women
Many home loan finance companies offer additional discounts and offers to women home customers. These discounts are also available at interest rates and other charges. These discounts and offers for women vary from bank to bank. But compared to men, women taking home loans are given extra exemption.
To take advantage of this advantage, a person will have to compare the details of the home loans of various lenders in the market. You can check this by going to the lenders website. For example, SBI offers home loans to women at 8.7-9.25 per cent, while that of men from 8.75 per cent to 9.35 per cent.
Stamp duty exemption
On sale or transfer of property, you have to pay stamp duty to the government. This is a matter of state government and the stamp duty rate in different states varies between 4-8 percent. You cannot claim property in your own name without paying stamp duty charges. Therefore, it is very important to pay stamp duty after purchasing property anywhere in the country.
On the other hand, if we talk about women home buyers, then they also get a discount on the stamp duty rates.
For example, in Delhi, women house customers have to pay 4 percent stamp duty while men have 6 percent. So the difference is 2 percent. But when you calculate 2 percent of the total cost of your property, then this amount is large. A large number of men and women are being encouraged by the exemption on stamp duty and they are registering property in the name of women.
Do not ignore these things
There are many advantages to buying a house in the name of women and it is a great decision financially. Women get these benefits: Home loan becomes less expensive because they get loan at lower interest rates. They get a concession on stamp duty, tax exemption as well as other offers. Therefore, to get more benefits, take a loan in your wife’s name today.