Advantages of Buying Property on Wife’s Name

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Advantages of Buying Property on Wifes Name
November 16, 2017 fr Real Estate advantages of
buying property, Advantages of Buying Property in
Wife's Name, property blog, property website
blog, Real estate blog, real estate property
blog, real estate website blog 1 Srishti Chandola
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There are various advantages of buying any
property in the name of women, either as the sole
owner or maybe as a joint owner with the banks
and governments proffering various
sops. Ambitious home buyers can actually seek
certain advantage including the tax exemptions if
the home is bought in the name of women. Such
offers can attract women buyers to the real
estate sector. Inspiring women to register assets
in their name and boost women empowerment. Tax
benefits The experts explain that some of the
clear tax benefits of home buying in the name of
the wide which includes an extra deduction of the
interest up to Rs. 1.5 lakh for the financial
year, if the house is self-occupied. If husband
and wife are joint owners of the property and if
wife plans to separate source of income, they can
claim the tax deductions individually. The tax
benefit will certainly depend on ownership share
of each co-owner. Discount on stamp duty
charges The various state government in the north
Indian are now proffering partial waiver on the
stamp duty for the buyers registering the
properties in the name of women's either sole
owner or joint owner. You can save 1-2 on the
stamp duty if the property in name of lady. In
Delhi, stamp duty rate is only 4 for women in
comparison to for men. Furthermore, if you are
undergoing some of the financial setbacks and
have some of the debts to repay, the property
held in name of wife does not come undercover for
the loss.
Discount on home loan interest rates
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Numerous banks such as ICICI, SBI and HDFC Bank,
offer discounted rates on the home loans for the
women borrowers. The prevailing rate of interest
for women borrowers as mentioned below Things to
keep in mind when buying home in name of
wife Experts maintaining that it is a good idea
to buy a house in name of ones wife or in the
co-ownership. The wife, however, can enjoy tax
benefit if she has a genuine and separate source
of income. Furthermore, if there is a legal
dispute on the property, the both, husband and
wife will also be involved in the case. Thus, the
home buyers should actually evaluate all
possibilities for making the final decision.
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