Discount on Home Loan Interest Rates for Women
Many banks as well as housing finance companies (HFCs), such as the State Bank of India (SBI), HDFC, etc., offer a reduction considering five basis points where women are named as the first applicants. A basis point is one-hundredth of the percentage point and women as a category receive differentiated pricing in the cases where they have co-ownership of the housing property.
The tax benefit for women on registration and stamp duty in Maharashtra has made housing property an ideal investment option for many households.
Things to keep in mind when buying a home in the wife’s name
Experts maintain that while it is a good idea to buy a home in the name of one’s wife, we should note that the wife has to have an independent source of income to be able to avail of these tax benefits.
And, it should also be noted that if both the spouses have jointly invested the funds when buying the property, the rental income earned on the said property might attract the taxes for both the joint owners separately.
ABIL’s Founder, Mr. Avinash Bhosale believes, this announcement of a 1 percent rebate in stamp duty for women homebuyers will give an added boost to the housing property sales in the state of Maharashtra and will help empower women.
A fitting gift for women homebuyers, that will benefit them long past International Women’s Day. As we have already seen the impact of a cut on stamp duty in 2020, this announcement is expected to continue the momentum for the real estate sector.