House Buying: No one will tell you these 5 benefits of buying a house in wife's name, know here...

Many people think that there is no special benefit of buying a house in the name of a woman, but this is a completely wrong notion. The Government of India gives special benefits in property registration to empower women financially. This is not only a sensible financial step, but also a great way of tax planning.

1. Huge discount in stamp duty

Most state governments give a discount of 1 to 2 percent in stamp duty on buying property in the name of women. For example, in Delhi, the stamp duty for men is 6%, while for women it is only 4%. This amounts to a direct saving of Rs 1 lakh on a property worth Rs 50 lakh. The same concession is applicable in states like UP, Madhya Pradesh, Punjab, and Rajasthan.

2. Additional tax exemption on home loan

If the house is in the name of a woman and a loan has been taken on it, then under section 80C, a discount of up to Rs 1.5 lakh is available on the principal amount of the home loan. At the same time, under section 24, one can get a discount of up to Rs 2 lakh on interest. If the husband and wife are co-owners and both are repaying the home loan, then this discount can be doubled.

3. Affordable home loan rates

Many banks give women up to 0.05% lower interest rate on home loans. Although this difference may seem small, in a loan tenure of 20 years, this discount can be in the lakhs of rupees. For example, if a man is getting a loan at an interest rate of 9%, then a woman can get the same loan at 8.95%.

4. Benefit of additional subsidy

Under the Pradhan Mantri Awas Yojana (PMAY), if the woman is the co-owner of the house or the property is in her name, then the family gets the benefit of interest subsidy. Under the scheme, women from the economically weaker section (EWS) and the income group (LIG) can get a subsidy of up to Rs 2.67 lakh on buying a house. To avail of the benefits of this scheme, the woman must have the ownership rights.

5. Priority in government schemes

In many government housing schemes, including Pradhan Mantri Awas Yojana (PMAY), it is necessary for the woman to be a co-owner or single owner. Because of this, many times the benefits of these schemes are available only when the house is in the name of the woman. In such a case, subsidy is also available, and eligibility also increases.

How to get the benefit

While buying a house, make sure that the registration is in the woman. The woman should apply as the main applicant for a home loan. While applying for government schemes like PMAY, the woman's name should be included in the ownership documents. To avail the stamp duty exemption, get information from the state's official website or sub-registrar office.

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