Know 5 Hidden Benefits of Buying a House in Your Wife’s Name – Save Big Every Year

Buying a house is the dream of every middle-class family. But do you know that if you buy the house in your wife’s name, you can get special benefits from the government? You can also get big discounts on tax and stamp duty. If you understand this method, you can save and earn lakhs of rupees every year.

A House in Wife’s Name is a Profitable Deal

Many people think there is no special benefit in buying a house in a woman’s name, but this is wrong. The Government of India gives special benefits in property registration to empower women financially. This is not only a smart financial step but also a good way of tax planning.

1. Huge Discount in Stamp Duty

Most state governments give a 1% to 2% discount in stamp duty when property is bought in a woman’s name. For example, in Delhi, stamp duty for men is 6%, while for women it is only 4%. On a property worth ₹50 lakh, this means a saving of ₹1 lakh. Similar benefits are available in UP, Madhya Pradesh, Punjab, and Rajasthan.

2. Extra Tax Exemption on Home Loan

If the house is in a woman’s name and a loan is taken for it, she can get up to ₹1.5 lakh tax exemption under Section 80C on the principal amount. Under Section 24, she can also get up to ₹2 lakh exemption on interest. If husband and wife are co-owners and both pay the loan, this benefit can double.

3. Lower Home Loan Interest Rates

Many banks give women a 0.05% lower interest rate on home loans. This small difference can save lakhs over 20 years. For example, if a man gets a loan at 9%, a woman may get the same loan at 8.95%.

4. Extra Subsidy Benefits

Under the Pradhan Mantri Awas Yojana (PMAY), if a woman is the co-owner or sole owner, the family can get an interest subsidy. Women from the Economically Weaker Section (EWS) and Low Income Group (LIG) can get up to ₹2.67 lakh subsidy on buying a house. Ownership rights in the woman’s name are required for this benefit.

5. Priority in Government Schemes

In many housing schemes, including PMAY, a woman must be a co-owner or sole owner to get benefits. In such cases, she gets subsidy and better eligibility for the scheme.

How to Get the Benefits

While buying a house, register it in the woman’s name. Apply for the home loan with the woman as the main applicant. While applying for schemes like PMAY, make sure her name is in the ownership documents. To get a stamp duty discount, check details on your state’s official website or visit the sub-registrar’s office.