Benefits of Buying a House in Your Wife’s Name: Few People Know These Advantages

Owning a home is a dream for many, and it often takes years of savings to turn this dream into reality. However, when buying a house, there are additional costs beyond the property price. If you choose to buy a house in your wife's name, there are several financial benefits. The Indian government, in its efforts to increase women's participation in society, offers various incentives and concessions to female property buyers. Here’s why buying a home in your wife’s name can be advantageous.

Lower Interest Rates on Home Loans

In India, women are given special consideration in various financial areas, including property purchase. One of the biggest advantages of buying a home in your wife’s name is the potential savings on home loan interest rates. Many banks and housing finance companies offer loans to women at lower interest rates compared to men. These companies also have specific schemes tailored for female borrowers, which makes home loans more affordable when taken in the name of a woman.

Stamp Duty Concessions

When purchasing a house, there are several legal formalities, including registering the property, which involves paying stamp duty. Stamp duty can be a significant expense, but many states in India offer reduced rates for women. Compared to men, women typically receive a 2-3% concession on stamp duty.

For example:

• In Delhi, men are required to pay a 6% stamp duty, while women only pay 4%.
• In Uttar Pradesh, men are charged 7% for stamp duty, whereas women only pay 5%.