Another benefit when registering a property jointly with a woman is you get a one per cent benefit in stamp duty.
In Haryana, there is a 2 per cent exemption on stamp duty.
Governments and banks both offer various benefits to women who own real estate, whether as sole owners or as co-owners. These benefits encompass a reduction in stamp duty, tax benefits, discounted interest rates on home loans and Pradhan Mantri Awas Yojana (PMAY).
If you are planning to invest in a property or considering buying a house, it is recommended to register it in your wife’s name to avail several benefits. Purchasing the property under the name of your wife, mother or daughter allows you to take advantage of reduced stamp duty. Numerous states in the country provide stamp duty exemptions specifically for women. For example, in Haryana, there is a 2 per cent exemption. Men are subject to a 7 per cent stamp duty rate, while women only need to pay 5 per cent in many states.
In addition to the aforementioned advantages, there is another benefit of registering a property jointly with a woman as you get a one per cent exemption on stamp duty. Paying stamp duty is a significant financial obligation. In light of the present surge in inflation and the soaring costs of properties, acquiring a two per cent deduction during the registration process of a house, flat or shop grows more imperative.
Suppose you have purchased a property in Delhi worth Rs 50 lakh and need to complete the registration process. If you decide to register the property under your name, you will be required to pay a seven per cent registration fee. However, if you opt to register the property in the name of a woman, such as your wife or mother, you will only need to pay a five per cent registry fee. This way, you can save one lakh rupees in registration costs.
Including a woman as a joint owner rather than having the property ownership exclusively in her name, you can still take advantage of a 1 per cent rebate. This would lead to savings of Rs 50,000. It is worth highlighting that the exemption of stamp duty for property registration in the name of women is now implemented in nearly all states across the country, extending beyond the geographical confines of Delhi.
In many cases, the process of securing a home loan becomes expedited and more financially beneficial when a woman owns or co-owns the property. Banks commonly provide special discounts and incentives for women applying for home loans. If a working woman or businesswoman applies for a home loan, her income can be combined with that of the co-applicant, resulting in a potentially higher loan amount.