Most Indian states charge a lower stamp duty (stamp duty-The charge that the buyer has to pay, in order to get the property registered in the government’s records).
Home loan interest rates for women
A majority of home buyers in India rely on housing finance, to buy properties.
Women, however, do not have to spend as much as men, as several banks offer home loansto women at lower interest rates.
Typically, home loans meant for women are priced 50-100 basis points lower than the average rate. (A 100 basis point makes up for one percentage point.)
If a woman were to take a home loan from the country’s biggest lender State Bank of India at present, they would have to pay only 7.30% interest.
the loan size is up to Rs 30 lakhs. On the other hand, the effective rate for men is 7.35%. For a similar loan amount, housing finance company HDFC currently charges 8.20%-8.70% from women borrowers. For men, on the other hand, the interest rate ranges between 8.25% and 8.75% per annum.
Tax benefits for women property buyers
In case a property is jointly owned by a man and his wife, she would have to become a co-applicant in the home loan application.
A benefit of this would be that both the spouses will be able to claim tax deductions on their individual incomes, under Section 80C, Section 24 and Sections 80EE and 80EEA.
Benefits under the latter two sections are available only to first-time home buyers.
It is pertinent to mention here that by merely being a co-applicant in the home loan application, a wife does not become a co-owner in the property. Even if she is just a borrower, she would, however, be able to claim tax deductions on her salaried income.