Ownership of the house is considered a matter of pride in the city. It means power and authority. While the custom is that the house is generally registered under the name of the oldest male member of the house, it is subsequently transferred to the generations. But a lot of things are changing. A great number of families are registering the houses under the name of the female member of the family. Many states in India have made laws to empower the female property buyers and interest more and more women to the real estate niche. They facilitate them with many tax relaxations to increase the financial independence of the Indian women. Whether she is the sole owner of the house or a joint owner, she enjoys many perks. So, this makes it a wise decision to get the house under the name of your wife or mother.

Let us see some of the benefits of buying a house under the wife’s name.

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1. Tax deductions

The Indian laws favour women by offering the tax benefits on the interest (of the home loan) up to 1.5 lakh each financial year provided the home loan is under the name of the owner woman. The husband cannot enjoy the tax benefits just by buying the house under his wife’s name. If the man and the wife are the joint owners of the house, they both can claim the relaxation in the tax separately. This tax relaxation depends on the share of the each partner in the home ownership. Sometimes, the finance companies do not consider a woman eligible for home loans if she does not have an income source other than her husband’s. If the property is the income property, i.e. given on the rent, the whole interest can be claimed for the deductions.

2. Relaxation in the stamp duty

We all know that stamp duty at the time of the property registration is a huge amount that needs to be arranged well before buying the house. Many states are offering a reduced stamp duty tax (around 1% to 2%) for the women home buyers; sole or joint owner. In Rajasthan the stamp duty rate for the men home buyers is 5% while for women, it is 1% lesser. Similarly, Delhi and Haryana offer 2% rebate on the stamp duty over the normal rate. The relaxation is usually more if the women are the sole owner as compared to the case of the joint ownership.

3. Easy home loans

Not only the Govt. banks, many private banks also offer flexible interest rates on the loan drawn by the female house owners. The discounted rates are usually 0.05% lesser against the general interest rates for the amount lesser than 1 crore INR. This percentage may not look significant as the number but when calculated on the principal of the loan, it makes a huge difference. For the detailed information, one must always check the condition of the ownership with the bank in advance.

For the females living on the rent, they can get a rent allowance on their taxable income too. So, it is always a smart decision to buy your house under the name of your wife. For more house buying queries, you can contact us. We will guide you with the best advice.

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