This blog article is very useful if you are a woman looking to buy a property or if you are willing to buy a property in your mother’s, wife’s, or daughter’s name. You will learn:
You may also have learned of new home buyers registering their property under the names of their wives. While this is an act of empowerment, particularly if you are planning to get a home loan, it also has many advantages that you can enjoy. In addition to providing your wife with a valuable asset registered in her name, here are some more benefits of buying a woman’s house.
The biggest thing to remember when we are finding a home loan is the interest rate. If your wife is a working woman, she can take advantage of a home loan and women can also benefit from exclusive home loan benefits.
For female borrowers, most banks have a lower rate of interest. For example, the interest rate on a home loan for working women might be around 8.55 percent, while for their male counterparts, it is 8.60 percent. This lower percentage can also be redeemed when a woman is a co-applicant.
Therefore, it is very helpful for those who want to take out a home loan to do so by registering the property in the name of their partner.
The tax rebates that women can enjoy are another advantage of buying a property in a woman’s name. If it is a self-occupied house, women property owners will be given an extra interest deduction amounting to an amount of Rs 1.5 lakh per financial year.
As compared to men, many parts of India have set a lower stamp duty charge for women property owners. Although the exact percentage may vary, this concept is now being adopted by more and more states to empower more women property owners.
There are a few advantages of registering a house, be it your mother or wife, in the name of a woman in the family. To make the most of this and prevent any financial fiasco, it is important to understand the finer nuances of buying a property in a woman’s name.
If your wife is a homemaker, it can lead to a Benami transaction that can make the whole thing very tricky by registering it in her name. So in this case, it is easier to opt for co-ownership to prevent any complications.
If both of you have combined your income to purchase the house, the rental income received from the property is taxed separately. However if the wife is a homemaker and has not contributed to the purchase monetarily, then the rental income is combined with the income of the husband, and the same is covered by regular taxes.
Let’s answer several other significant variables that you need to bear in mind.
Hundreds of women have bought their property in their name at various family-friendly residential complexes offered by Kolkata realty brand, Magnolia. Here’s one new opportunity in the newly launched project at a hot location, Rajarhat, Magnolia Merlion
WHY IS 2020-2021 THE PERFECT TIME FOR YOU TO BUY A HOME?
Because of the worldwide financial crisis and job losses, many NRIs had to return to their native India. However, amidst all the gloom, there is a ray of hope for those who dream of buying their own home in India.
As a consequence of the revised monetary policy of RBI to support economic growth in India, home loan interest rates have reached a historic low this year. One of the country’s biggest banks, the State Bank of India, now offers interest rates as low as 6.9 percent, a record drop compared to previous years. Not only would a lower interest rate decrease the interest charged on the loan, but also the monthly EMI pressure. Many banks give 80-90% of the loan sum now so you don’t have to pay a large amount of money in advance.
The purchasing of a house in the name of a woman in the family has many benefits. The exclusive home loan incentives and tax rebates can be taken advantage of by women. For female property owners, several parts of India have set a lower stamp duty charge. Stamp duty for women in most states is lower than that of stamp duty applicable to men. Women will earn an additional interest deduction amounting to Rs 1.5 lakh per financial year if it is a self-occupied home.
Every woman buyer has got all benefits mentioned above in every Magnolia project in Kolkata. Here’s one new opportunity for you in the newly launched project at the hot location, Rajarhat Magnolia Merlion
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