No one will tell you these 5 benefits of buying a house in your wife's name! Not just once, but every year, lakhs are saved.

Benefits of Buying Home on Wife's Name: Buying a house is the dream of every middle-class family, but do you know that if you buy this house in your wife's name, then not only do you get special benefits from the government, but you also get a huge discount on tax and stamp duty. This is such a formula, if you understand it, you can benefit by lakhs every year.

Many people think that there is no separate benefit of buying a house in the name of a woman, but this is a completely wrong notion. The Government of India gives special benefits in property registration to empower women financially. This is not only a sensible economic step, but also a great way of tax planning.

Most state governments give a discount of 1 to 2 percent in stamp duty on buying property in the name of women. For example, in Delhi, the stamp duty for men is 6%, while for women it is only 4%. On a property worth Rs 50 lakh, this is a direct saving of Rs 1 lakh. The same exemption is applicable in states like UP, Madhya Pradesh, Punjab, Rajasthan.

If the house is in the name of a woman and a loan has been taken on it, then under section 80C, a deduction of up to Rs 1.5 lakh is available on the principal amount of the home loan. At the same time, under section 24, a deduction of up to Rs 2 lakh can be available on interest. If the husband and wife are co-owners and both are repaying the home loan, then this exemption can be doubled.

Many banks give women a lower interest rate of up to 0.05% on home loans. Although this difference may seem small, but in a loan tenure of 20 years, this discount can be of lakhs of rupees. For example, if a man is getting a loan at an interest rate of 9%, then a woman can get the same loan at 8.95%.

Under the Pradhan Mantri Awas Yojana (PMAY), if the woman is the co-owner of the house or the property is in her name, then the family gets the benefit of interest subsidy. Under the scheme, women from economically weaker sections (EWS) and low income group (LIG) can get a subsidy of up to Rs 2.67 lakh on buying a house. To avail this scheme, it is necessary for the woman to be in the ownership.

In many government housing schemes including Pradhan Mantri Awas Yojana (PMAY), it is necessary for the woman to be a co-owner or single owner. Because of this, many times the benefits of these schemes are available only when the house is in the name of the woman. In such a case, subsidy is also available and eligibility also increases.

While buying a house, ensure that the registration is in the name of the woman. The woman should apply as the main applicant for a home loan. While applying for government schemes like PMAY, the woman's name should be included in the ownership documents. To avail the stamp duty exemption, get information from the official website of the state or the sub-registrar office.