HOME: Who doesn’t want to buy their house. But here we are going to tell you some ways by which you can save extra expenses
Who does not want to buy their home? However, the costs incurred on it often stop the move. But, here we are going to tell you some ways by which you can save extra expenses. For this, instead of taking it from one’s own name, you can take the house in the name of a female member. In the last few years, the number of people buying property in the name of women has increased. By doing this, there is a concession in various expenses including stamp duty.
The government is constantly taking measures to strengthen women financially. In the matter of ownership of the property, they also have some more rights. If you buy a property in the name of a woman, then you have to pay less on it.
Stamp duty duty relief
Many states give exemption in stamp duty on registration of property in the name of women. In some states of North India, the rate of registry fee for women and men is about two to three percent lower than the rate of registry fee prescribed for men. Apart from this, provisions have also been made for the exemption of women in property tax, but for that the ownership should be of the woman.
Discount is available on loan
Most people take a loan to buy a house. The amount that the customer pays to the bank after taking a home loan includes the interest rate and principal, which is called Equal Monthly Installment or EMI. Housing finance institutions give interest rate relief to women as compared to men. Some housing finance companies have also created special loan schemes according to the purpose and income of women. Most loans get a rebate of 0.5 per cent to five per cent. Apart from this, if you want to apply for a home loan, then make the wife a co-applicant. But your wife also does the job. After doing this, their income will also be included in your income. This gives you more home loan and easier and faster.
Tax exemption
Taking a loan in the name of a woman or in a joint ownership also provides additional tax benefit on the income. The special thing in this is that if the source of income of the wife is different, then both husband and wife can take tax exemption on repayment of installments i.e. double tax benefit without making additional investment.
Tax liability will decrease
If there are many properties in the name of the husband, then registration of the property in the name of the wife will reduce the wealth tax liability of the husband. Reason: Wealth tax is calculated on the basis of whose name a property is. If there are many properties in the name of the husband, then registration of the property in the name of the wife will reduce the wealth tax liability of the husband.
