Buying a property in the wife’s name is beneficial only when she has an accountable source of income.
All the Government policies and provisions are framed in order to make women stronger and financially secured. Buying a property is a big dream that any family man tries to realize at least once in his lifetime.
Working couples looking for some relief in property buying expenses are the best lot to claim the deductions and to enjoy various monetary benefits associated with putting wife’s name as the property owner.
Women empowerment is the hottest trend in the country at the present. All the Government policies and provisions are framed in order to make women stronger and financially secured. Buying a property is a big dream that any family man tries to realize at least once in his lifetime. Therefore, ensuring women Financial Security for a long period of time to protect her rights in case of any mishap or uncertain situations, the Government gives many benefits.
B. Discount on stamp duty charges for women
Several state governments in north India are now offering a partial waiver on stamp duty, for buyers registering properties in a woman’s name – either as a sole owner or as a joint owner.
Stamp duty charges for MEN and WOMEN IN VARIOUS STATES (April, 2019 rates)
State Name |
For Men |
For Women |
1. Delhi |
6% |
4% |
2. Jharkhand |
7% |
Re. 1 |
3. Punjab |
6% |
4% |
4. Haryana |
6% in Rural 8% in Urban |
4% in Rural 6% in Urban |
5. Rajasthan |
5% |
4% |
Additionally, many banks such as SBI, HDFC, ICICI, etc., offer discounts on home loan interest rates to women as compared to men. This varies from bank to bank and goes up to nearly one per cent.
The prevailing interest rates for women borrowers are as mentioned below:
Home loan interest rate (floating) – Women borrowers Vs Others
Bank |
Interest rate for Women borrowers (per cent, per annum) |
Interest rate for others (per cent, per annum) |
SBI |
8.95-9.20 |
9.00-9.30 |
ICICI Bank |
9.2-9.25 |
9.2-9.25 |
HDFC Ltd |
8.95- 9.1 |
9.00-9.15 |
Note: Rate as on 15th April, 2019 (For Term loan amount < Rs Seventy Five Lakhs)
To conclude, in the present times, the Government is very particular about the clarity of source of income and property titles. Hence, while buying a property, the buyer should have a clean and crisp record of the money that goes into buying the property.
Buying a property in the wife’s name is beneficial only when she has an accountable source of income. Working couples looking for some relief in property buying expenses are the best lot to claim the deductions and to enjoy various monetary benefits associated with putting wife’s name as the property owner.
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