Buy Home in Wife’s name & Get benefits!
If you are someone who believe that women should be empowered and should enjoy an equal role as men does then you will be glad to know that it banks and government offer several sops if you buy a property in Woman’s name.
In order to empower women, there are many states in the country that are offering number of benefits for women property buyers. So let us check up why experts recommend property buyers to register properties in woman’s name.
In case you are going through financial turmoil and you have any debts to repay then the property registered in your wife’s name does not fall under the cover for your loss.
You will be happy to know that many reputed banks offer discount on interest rates for women home loan borrowers (Home Loan lower than 1 crore). So, if you register a residential property in woman’s name, you can enjoy discounted lending rates on home loans.
There are many states that offer huge discount on stamp duty charges. Delhi charges 4% stamp duty from women 2% less than men. Rajasthan charges 4% stamp duty from women property buyers’ 1% less than men. Haryana charges 3% to 6% from women and up to 7% from men.
You can enjoy additional tax benefits if you register a residential property in your wife’s name. But, she can only enjoy the benefit if she has got real source of income. You can have an extra deduction of interest up to Rs 1.5 lakh each financial year.
As per the pointers given in this blog it is wise to register a property in a woman’s name. But, in case of any property dispute, both wife and husband will be involved in the case. Make you decision by properly weighing the pros and cons of the outcome.
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