Your wife is your better half or some might say soulmate. This Bengali New Year, or colloquially known as ‘Poila Baishakh’, have you thought of gifting her anything? Well, how about gifting her a home? In India, several states are offering numerous benefits to women property buyers in an attempt to boost women empowerment. Kolkata is no different. Women enjoy a lot of perks in the City of Joy and if you were to register your home in your wife’s name, you can be assured of enjoying a lot of financial advantages.Buy exclusive residential apartments for your wife and let her turn it into your dream home.
Irrespective of whether you are purchasing your new home solely in the name of your wife or as a joint owner, you can look forward to a number of scopes offered by both banks and government. Here, take a look at some of the lucrative benefits of buying a home in your wife’s name.
Deduction on stamp duty charges
Partial waiver on stamp duty charges can be enjoyed by buyers who are registering their home in the name of their wife – either as a joint owner or a sole owner. You can approximately save one to two percent on stamp duty.
Attractive tax benefits
One of the most obvious benefits of purchasing a home in the name of your wife is receiving a deduction of interest every financial year to the tune of Rs. 1.5 lac. However, this is mainly applicable if the house is occupied by you. Moreover, if your wife and you are joint owners of the home and your wife has an independent source of income, both of you can individually claim tax deductions.
Discount on home loan interest rates
Most of the popular banks, such as HDFC, ICICI, and SBI Bank offer discounted rates of interest to women borrowers who take home loans. This is particularly beneficial if you have to take out a loan to purchase a home. The reduced rate of interest is going to offer you financial respite when the time comes for you to repay back the loan.
So, if you are looking to bring down the cost of purchasing a home, it is probably a good idea to buy a home in your wife’s name or in joint ownership. In case you are on the lookout for a 2 or 3 BHK flat in Kolkata, you can check out StarOm Millenia. Located in B.T. Road, this upcoming residential development is complete with all the modern amenities and facilities required for luxury living. The residential complex featuring high-end architecture is perfect for young couples, as well as, families.