Buying a home is a very important step in a person’s life. With the easy availability of home loans, it is possible for young couples to buy a house during the early stages of their marriage. Modern housing projects like Provident Park Square in Bangalore has made it all the more convenient and affordable for young couples to buy their own house.
Many states in India are offering special benefits to women home buyers, as part of women empowerment. A woman home buyer is given several benefits and exemptions by the Government. Therefore, it may be a good idea to buy your home in the name of your wife and avail various benefits offered to the women home buyers.
The benefits of buying your home on your wife’s name are as follows:
Tax saving
If both you and your wife are working, it makes a lot of sense to buy your home jointly with your wife. This way, both of you can claim a tax deduction on jointly owned, self-occupied home. Under section 80C of The Income Tax Act, husband and wife both are eligible for tax deductions Rs. 1.5 lakh individually on the capital repayment of your loan and an equal amount on the interest that you pay.
Concession on Stamp Duty
The stamp duty on property purchase is quite high in India. However, the Government offers certain discounts to women home buyers. In many states the stamp duty on property purchase is 1-2 percent lower for women. This can result in huge savings if the value of the property that you’re buying is very high.
Lower interest rates
Many financial institutions offer lower home loan interest rates to female borrowers. They may charge them 0.5 to 1 percent lower rates of interest when compared with their male counterparts. Since the home loans are usually of very high amount, even a small reduction in interest rates can help you save a substantial amount.
Apart from the above benefits, many lending institutions also offer special schemes and exclusive features for female home buyers. For instance, you can opt for Home Loans from Bajaj Housing Finance Limited which offers competitive rates of interest and flexible repayment options to provide hassle-free finances to women homebuyers.
In case you’re looking for houses or villas for sale in Bangalore, it is recommended that you check out Provident Park Square by Provident Housing. It is strategically located at Kanakpura, giving you access to all the prime locations of South Bangalore. The project also offers the assurance of high-quality construction and several top-class amenities.
