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Less Known Pros Of Buying Properties In Mysore In A Woman’s Name

Buying Properties In Mysore In A Woman Name

Mysore is a real estate hotspot for all types of properties in Mysore, whether buildings (residential or commercial) or vacant land.

Being a Tier 2 city, properties in Mysore are still affordable although the city is on the verge of joining the Tier 1 cities in a few years of time. Mysore is urbanising fast with an increase in the number of companies belonging to various industries. For the good quality of living that it provides, Mysore real estate is undoubtedly worth investing in.

The pros of buying properties in Mysore or anywhere in India in a man’s or woman’s name is a topic that is not much discussed. Nonetheless, it is good to know the pros of investing in real estate as such an investment demands much planning to even begin with.

 

Less known pros of buying properties in Mysore in a woman’s name

 

India is a developing country where men have been more empowered than women for centuries. However, this is changing for good and the GoI is supporting women more than ever to empower them in every field. One of the biggest supports is through tax exemptions or reduced tax that are only valid for women.

There are so many benefits that men option to invest in properties in Mysore in their wives’ names to gain these benefits. At the same time, the women here also get empowered as they can own properties.

When investing in properties in Mysore in a woman’s or wife’s name, one can use the same woman’s name to apply for home loans. The interest rates applicable on home loans are relatively lower for a woman in most financial institutions (including the most popular and reliable ones) and the interest rates are generally higher for a man applying for home loans, regardless of the amount. This step towards empowerment of women can also be seen in case of other loans and on increased interests earned on savings in saving accounts.

Jointly owning properties in Mysore i.e., owning properties can be much more affordable when one of the owners is a woman. Even in this case, home loans can come at a much lower interest rate and help in investing in any property. Joint ownership of properties can be between any two people, but typically the joint owners are both spouses.

A woman can still be an owner of a property if she is not a working professional. In case of joint ownership, much lower taxes need to be paid considering that only the husband has a source of income. Plus, given that she has no other source of income individually, has clearly not contributed in investing in the property financially.

The most prominent benefit of investing in properties in India in a woman’s name can be seen in the case of stamp duty, although this varies from one state to another. In rural areas where the women live the most backward lives as compared to even urban areas, the difference in stamp duty for women as that for men is relatively more. While this may not be a higher amount for smaller properties, it could be tremendous for expensive properties. Also, affordability is highly relative and is based on numerous factors such as income, inheritance, etc.

As seen above, there are many benefits that are not well-known to those who want to invest in any type of property. There is however a crucial need to know about each benefit in detail before assuming what works best for one’s financial situation.

GSS Projects is a real estate consultant that proudly houses experts in the field. Look no further for professional real estate consultancy services, contact us now.

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