in

Advantages of Buying a Real Estate Property in Your Wife’s Name

Many of the state governments in India are offering benefits for female property buyers. Is there any financial benefit in registering a real estate property in your wife’s name? Experts believe it so! With the state governments and different financial institutions offering various sops for the female property buyers, buying an apartment in the name of a woman as the sole or a joint owner makes sense. The step has been undertaken by the government to encourage more female buyers and investors in the field of real estate.

It is a universal fact that ownership rights of a real estate property give you more empowerment. The government of India wants to propel the objective of women empowerment with the ownership of properties in their names. If a male member of a family is booking an apartment in India in his wife’s name, he could file for an exemption in income tax.

Financial Benefits:-

If the apartment is self-occupied and you have bought it in your wife’s name, you could apply for an extra deduction of Rs 1.5 lakh as an interest amount, at the end of a financial year. Suppose the husband and the wife have separate earning sources and they hold the joint ownership of a real estate property in Kolkata, they both can file for individual tax deductions. The benefits of tax deduction are dependent on the individual share of every co-owner. In fact, there are several benefits of joint ownership of properties by married couples which have been briefly explained below.

  1. Affordability: The loan eligibility determines the budget for the purchase of your home. If you jointly register for an apartment, you can apply for a joint home loan. A joint home loan helps the couple to share the debt burden. It also paves the way to apply for a higher amount of home loan.
  2. Stamp Duty: Some of the state governments in India have kept the stamp duty rates lower by 1% to 2% to encourage more women to own real estate properties either individually or in joint ownership. For example, in case a woman is buying a property in Delhi, she has to pay 4% as the stamp duty and for an apartment bought for the same price, a man must pay 6% as the stamp duty.
  3. Succession: In case of unexpected death of the property owner, the transfer of the property in the name of other family members becomes a lengthy and complex procedure when it had been solely registered in the name of the deceased. Thus, it is always a smart idea to register the property in the joint name.

Apart from the benefits of tax exemption, lower stamp duty and the eligibility for a higher home loan amount, there is an additional benefit to buy the property in your wife’s name. The banks like HDFC, SBI, ICICI offer home loans at discounted rates.

The government of India wants to offer more attractive opportunities to the buyers of real estate properties. This is because the growth of real estate is an integral part of the growth of Indian economy and a higher demand will help it develop more rapidly. Keeping up with the government efforts, the real estate developers in Kolkata and that of other Tier-1 cities are building housing projects that are catering to the requirements of every buyer. In this scenario, you should try to avail the biggest benefits of government policies to fulfill your aspirations in the world of real estate. Hence, buying an apartment in your wife’s name is a wonderful idea.

Source link

What do you think?

How To Make a Relationship Last – 7 Real Deal Of a Long Lasting Relationship

Raising Cows For Beef – 4 Top Preparatory Steps Before You Dive Into Raising Beef Cattle