Posted on 27 Oct 2022
You may have often heard that nowadays people buy homes in their wife's name or any other woman's name. This is because buying a house in a woman's name has some significant benefits in Indore. This is a step towards women's empowerment. In this blog, we will discuss various benefits of buying a house in a woman's name in Indore.
Benefits of buying a house in a woman's name in Indore
1- Saving a lot of tax
A house having joint ownership can claim for several tax deductions as per section 80C. If there is equal joint ownership then a deduction of about 1.5 lakh can be obtained on your home loan yearly. Along with that, an additional deduction of 2 lakhs can be claimed on the interest of your house loan.
If the house is solely owned by a woman then, as per section 80EE a deduction of 50,000 can be obtained on the interest of your house loan.
2- Lower interest rates
Buying a house on loan can be overwhelming due to high-interest rates. But if your wife has a source of income then the home loan can be obtained in her name and she can enjoy home loan interest discounts which are exclusive to women only. The discount rate is different for different banks. Along with that if you go for some government schemes like PMAY then a subsidy of 6.5% can be claimed for 20 years.
3- Stamp duty
The cost of the stamp duty is quite a lot. It is about 4% of the house value. But a concession of 2% is provided to women by the government on stamp duty.
4- Deduction on rental income
If you want to rent your home but are worried about the tax to be paid on your rental income. Then owning a house by woman can be the solution to your problem. A woman can claim interest deductions on interest paid on a loan against rental value over and above the standard 30% deductions on rental income.
5- Financial cover
In case of debt or bankruptcy, the house usually gets seized by the government or creditors. But if the house is owned by a woman then the house can not be seized by the creditors.
6- No legal succession issues
If the house is co-owned then the legal succession issues are easily resolved. If one partner is demised then, the other partner becomes the sole owner of the house.
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