Buying a house is a big deal for a lot of people, keeping in mind the financial, social, & emotional factors affected by this decision. People realize how much they have at stake when planning to buy a house and it is beyond just money. Thus, homebuyers spend a lot of time on research to make a well-informed decision after analyzing the exact needs & wants in terms of their new house.
After putting in so much thought, time, money, and effort, some people still make puerile mistakes in the documentation when buying their property. One of the most common ones is purchasing their property in the wrong name as it can cost you more than the base price of your chosen property. Buying housing properties in Thane equals a lifetime achievement that opens doors to happiness for families, especially for newlywed couples as they start a new life together.
Due to all these reasons, you must understand the documentation and buying process of a real estate property to enjoy the secret perks from knowing between the lines. Purchasing housing properties in Thane in a woman’s name carries multiple benefits and price reduction is a significant one but still not known to many people. Booking a residential property in your spouse’s name has many advantages while you can still be the proud owner of it.
Below are briefly discussed some of the secret advantages of buying a home in your wife’s name apart from pleasing her & impressing the entire family:
The government has introduced new policies like tax exemptions & discounts on stamp duty registrations to encourage women to buy their own houses. This way the nation moves forward by empowering women as their financial status gets better & makes them less exposed to manipulation.
The nation is facing an unstable sex ratio, particularly in the North Indian states. The discounts for women were initiated to incentivize female real estate property owners. Moreover, these aren’t just one-time offers but apply to every property deal that women make.
Purchasing housing properties in Thane under the name of a female family member can slice off an additional 1.5 lakhs reduced from your taxed amount over a fiscal year. This is only possible if you are going to stay in this house after buying it and not if you are buying it for investment purposes.
If she is a housewife, then there won’t be any issues. If she is an earning member of the family and has a stable income every month, then two members can avail of the tax exemption benefits individually. The only major condition to be met here is that the bought property must be self-occupied.
Most of the Indian states have lowered stamp duty rates on property purchases for women. The percentile charge may be different for every state but all the states are actively implementing this initiative to empower women & encourage property purchase amongst them.
Stamp duty charge deductions are a great way to reduce the economic burden for women who already have the hefty price of housing properties in Thane. This also makes it a smart move to register your home in a woman’s name to save on the stamp duty expenses. This is one of the most important benefits of buying a home in a female family member’s name, be it your sister, mother, or wife.
If you are planning to buy a home with the help of a home mortgage loan, the largest aspect to take into account is its interest rate. If a working woman is a part of your family, she can enjoy the elite benefits of home loans when planning to buy a property.
Banks offer specially discounted interest rates on home loans for women applicants, which is another reason for you to buy your new home in a woman’s name.
For some reason, if you can’t buy housing properties in Thane in the name of your wife, you can also opt for joint ownership of the property. In such instances of joint registration, some states offer small discounts on the stamp duty rates. There are many taxation & legal advantages of buying a residential property with joint registration with your wife.
If your wife is a joint owner and the property is occupied by her, she can also redeem a discount of up to 1.5 lakhs on the interest rates of a home loan. Whereas if the property is let out on a lease, the complete amount of interest paid can be claimed by the couple.
Also, if the male co-owner suffers losses or is indebted from business, any property jointly owned by a female cannot be used to cover those losses. In case of the demise of one spouse, the other individual mechanically becomes the solitary owner of this property.
You can buy housing properties in Thane by merging both of your incomes and the rents generated from this property will be taxed discreetly. But if the wife is not a working professional and has no monetary contribution in buying the property, then the rents generated are appended to the husband’s income. This overall amount is then covered by generic taxes.
Finance professionals have said that it is a smart move to buy a residential property in your spouse’s name, you must also understand that the tax exemption and other benefits are only valid when she has a different & credible source of income.
Thus, buying housing properties in Thane in the name of a female member of your family can be highly beneficial for everyone. This is beyond just an absolute act of empowerment given the benefits that it comes with, especially if the property is a residential one. Along with being a precious asset to your wife, even you can avail the outstanding benefits of the circumstance.
Owning a house stays with you in even difficult times of your life so you must give mindful thought to every detail of the process before reaching the final decision.
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