Owning a joint property is a beautiful thing and is an informed decision taken by couples. In the present situation, many couples are opting for joint property that helps them with taxation and in future too. Indians are leaving no stone unturned to get benefits out of the property for the long term. There are some intangible benefits of having joint registration of property including better bonding, loan re-payment, elevating the status of a wife in a patriarchal society. However, there are some financial advantages too. For instance, if a couple wants to invest in a flat in HOME a project by Bayaweaver; they will certainly enjoy certain benefits, especially in terms of finance.
Let us now check some of the advantages of jointly owning a property in Real Estate:
When we look for a flat investment, the very first thing that comes into our mind is the budget. This depends on the income of the couple and investment status. So in this situation, spouses can opt for a joint home loan offered by financial institutes and banks. Since the loan is taken jointly, the loan eligibility increases and can help in repayment of the loan.
- Tax Benefit:
One of the biggest advantages of owning joint property is the tax benefit. For instance, the co-borrowers can claim a tax deduction of a certain amount for principal repayment under sec 80C. The best way to understand the tax benefit is by seeking advice from bank executives or CA. Once you’re clear about the benefits, you can move ahead for the home loan.
- Lower Stamp Duty Rate:
Many states in India encourage women to either own joint property or individually to get advantage of the lower stamp duty rate. The rate is generally 1-2% less than what the man has to pay for the property. You need to first check with the building regarding this and then move ahead for the co-owning the property.
- Investing in Property of Choice:
In many cases, a single borrower may face certain issues with the property, which can be lessened when opting for joint ownership. When couples are working, it becomes easier to invest in the property that can yield a good ROI in the future.