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How Beneficial is Buying a 3BHK+1+1 in Mohali in Wife’s Name?
26 Oct

By Balvinder Singh Kalra

Category: blog

How Beneficial is Buying a 3BHK+1+1 in Mohali in Wife’s Name? No Comments

How Beneficial is Buying a 3BHK+1+1 in Mohali in Wife’s Name?

Check out some of the financial benefits offered by the Government of India for women home buyers or if the property is registered in a woman’s name.

The Indian government has initiated various measures regarding a home purchase in India for women. This is done to increase property ownership among women and ensure a sense of stability and financial security. Here are a few financial benefits that women homebuyers in India enjoy if the property/ gets registered in their name.

·        Partial Wavering of Stamp Duty

Stamp duty is a charge that every buyer of 3BHK+1+1 ready to move flats in Mohali has to pay to get the property registered in the government’s record. Punjab relatively charges a low stamp duty, if the 3 BHK+1+1 flat in Mohali airport road is registered in name of a woman. The revised stamp duty charges for men are 7% and 5% for women in Punjab.

In case the ready to move flats in Mohali are registered in the name of both man and woman, the charges are 6%.

·        Increased Home Loan Eligibility

A major chunk of home buyers buying newly built 3Bk+1+1 airport road Mohali flats avail home loans for their financial standings. If you are applying as co-owner with your wife, the combined income is taken into consideration. So, the chances of granting a home loan increase multi-folds.

Read More: Top 7 Things to Consider Before Applying For Home Loan| 3BHK+1+1 in Mohali

·        Home Loan Benefits

The rate of interest is the main factor while seeking home loans. If your wife is working, then she can avail home loan at a lesser rate of interest along with other home loan benefits. Most of the banks offer a rate of interest 0.05%-0.1% less than similar offered to male home loan seekers. For a woman, the rate of interest is again less than a homemaker.

For example: HDFC bank offers 8.6% interest rate to salaried women whereas the it’s 8.65% in case of her salaried male counterpart.

·        Secure Financial Cover

Buying a 3BHK+1+1 in Mohali helps in securing the financial assets of the couple. Suppose, there incurs heavy debt or losses in the business, the home registered in the name of your wife cannot be claimed by creditors or the government to cover the loss. For that, one has to make sure that your wife is not a co-owner of the property and is the complete owner of the 3BHK+1+1 builder floor in Mohali.

Read More: Home Inspection Checklist Before Taking Possession of 3BHK+1+1 in Mohali

·        No Succession Issues

Becoming a co-owner in a 3BHK+1+1 flat in societies on airport road Mohali ensures equal succession rights. In case of a partner’s demise, the jointly owned property can easily be claimed by the other partner. This is one of the best options to avoid family disputes and saving mutation charges.

·        PMAY Benefits

Any property brought under PMAY (Pradhan Mantri Awas Yojana) should have at least one woman registered in the household. Women coming from the economically weaker sections and low-income group category can avail interest subsidy on home loans as well.

Things to Consider

While buying or investing in any residential projects on airport road Mohali in the name of wife one should ensure the following:

  • The wife should have a regular source of income, else, the purchased 3BHK+1+1 in Mohali would be considered as the husband’s asset.
  • Any ready to move flats in Mohali should be bought from a known source of income.
  • Any rental income generated may attract tax from both the co-owners.

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[email protected] is one of the best-selling residential project in airport road Mohali offering premium 3BHK+1+1 independent floors in sector 85, Wave Estate. We have a collaboration with all major banks for home loans. Call us at +91 97001 97007 to know more or you can also mail your enquires at [email protected].

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Balvinder Singh Kalra

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