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Benefits of buying flat in wife’s name?

 

Benefits of buying flat in wife's name

Real Estate investment is one of the most attractive investment options. It assures great returns and long term benefits. This is why more and more people are choosing to opt for real estate investing. Plots in Mohali and Zirakpur have seen a rise in demand, as IT companies are establishing their footing in these developing regions.
People who cannot afford real estate investment in Chandigarh often choose to invest in real estate in Zirakpur and Mohali, due to their convenient distance from Chandigarh. Today, both men and women are property buyers and proud owners.

What measures has the government taken to encourage women to invest in property?

  • The government has launched various schemes and tax exemption policies to bring in more women in the real estate investment sector.
  • They’ve several lucrative offers and inviting schemes that encourage women to take the plunge into the property market.
  • Many State Governments offer concession from stamp duties if the property is purchased under a woman’s name. Stamp duty is paid to get the property registered in your name.
  • Private and Public sector banks, as well as Housing Finance Companies offer women home loans at attractive interest rates.

Advantages of buying property in your wife’s name.

With new laws and regulations, the government offers several benefits for women buyers. Therefore, it is highly beneficial to buy a property in a wife’s name, either as the solitary owner or as a joint owner. If you choose to buy property in Zirakpur or Mohali, it is recommended that you always buy it in your wife’s name.

  • Banks offer a cheaper interest rate on home loans to women. The current rate of interest for women property buyers is 8.60%, while for others it happens to be 8.75%.
  • There are stamp duty concessions, especially if you buy property in Chandigarh.
  • Buying a home in your wife’s name is a great idea. However, your wife can avail tax benefits only if she has a separate and genuine source of income. There can be a significant tax deduction if the property is owned by the woman.

Joint ownership of the house also comes with several benefits. Buying a property in Chandigarh or adjoining regions in your wife’s name is a prudent choice to make. Carefully weigh in all the benefits you will be getting before making a purchase. When you choose to buy property, you can opt to have it in your wife’s name to secure tax benefits as well as reduction on home loans. Before making a purchase, it is imperative that you hire a realtor from a reputed real estate agency who can guide you flawlessly through this process.

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