Dear Madam,
It is fine to purchase the house in your own name to avoid future complications. The other benefits as extended by government to women are as follows:
Benefits pertaining to tax
Tax is one of the main issues that clamour the minds of home buyers. If the wife is a
taxpayer, she can enjoy additional deduction of up to 1.5 lakhs of rupees every year towards the payment of home loan. When both the husband and wife are working, then both can claim the tax benefits individually. The amount of tax benefit is proportionate to the share of ownership both of them enjoy.
Tax slabs for woman exempt larger amount of income when the earner is a female.
Stamp Duty burden becomes less
UP, Delhi, Rajasthan are some of the states that have extended relaxation in stamp duty
amount to female property buyers. While the male buyer is liable to pay 6%, and the couple 5%, the female buyers are given the opportunity to pay stamp duty at 4%. Thus, buying property in the wife’s name does help you save on the stamp duty amount. Jharkhand is the latest to announce unprecedented benefit to female buyers; here, it is proposed that she will be liable to pay only Re.1 as stamp duty.
Home loan at cheaper rate
Home buyers are always on a look out for ways to reduce expenditure on loans. Home buying is seen as a pretext to save tax and helps build wealth, in addition to having a place to call your own. Our taxation system is designed in a manner to promote investments in realty and infrastructure. In addition to encourage more moves from female property buyers, they are offered home loans at cheaper rates than males. A female buyer can get home loan at rate 0.05% cheaper than the male buyers. Experts report that a female buyer can get up to 30 lakhs of loan from State Bank of India at 8.50% as against a male who is sanctioned loan at 8.55% interest rate. The difference may look very small in terms of percentage, but makes a great impact on expenses if the loan availed is of a very large amount.
These are a few of the monetary benefits that a person can enjoy by buying the property in
your name. If these fail to encourage you to take a call, then the facts that you can win her in style by booking property in her name may prompt you to do so. The idea of being labeled as promoter of women empowering soul and the one who loves and cares for the wife deeply is also exciting to go for the property in the name of the wife.