Advantages Of Buying Your Home In The Name Of Your Wife
As a homebuyer, there are many financial benefits and concessions that you can avail of by purchasing the property in your wife’s name. These perks and discounts have been designed as an incentive to enable and empower women through property ownership. As a male investor, you might want your wife to be the joint owner or the sole owner of the property, as that can bring you both a variety of benefits.
Here are the advantages of buying your home in the name of your wife:
- Tax benefits:
By registering the property in your wife’s name, you can avail of an additional tax deduction of up to Rs. 1.5 lakhs every financial year. This is applicable in the case that both the husband and the wife are joint owners of the property (to avail of individual tax deductions), the property is self-occupied, and the wife has a genuine source of income of her own. As to exactly how much concession you or your wife can avail of will depend on your ownership share.
2. Discounted stamp duty charges:
You can also avail of a partial waiver on stamp duty charges upon registering the property in a woman’s name. The exact discount (typically 1-2 percent) that you can avail of will depend on the regulations of the government of the state where the property is being purchased. For example, in Delhi, the stamp duty charges for women are applicable at 4 percent (compared to 6 percent for men).
3. Lower home loan interest rates:
In order to encourage property ownership among women, several banks across India, like SBI, ICICI and HDFC, offer discounted rates on home loans for women borrowers. As the owner of the property, your wife can avail of these concessional interest rates.
4. Empowering women:
Most importantly, the practice of encouraging women to have property and assets in their name is directly linked to their improved economic status. This is one of the best ways to empower women and counter the rampant issue of gender discrimination and exploitation.
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