Two people tie the knot when they agree to share good and bad times together throughout the life. In fact, marriage is beautiful beginning to new life as you become responsible and dutiful towards another person. As a result, the couples fulfill their common dreams of owning a property. But, some people complete the home buying process by entitling the property deed in the name of one legally wedded partner where as some couples opt for owning property jointly.
So, if you are also thinking about buying property then, remember that a couple can avail more benefits by owning property jointly. Here are the advantages of co-borrowing a property by the married couples.
- Makes Home Buying Affordable – Patel (30) and his wife (27) were done with living in a rented apartment and decided to buy a home one fine day. The couple visited various properties and then finally got one in their budget. The couple decided to buy property jointly and applied for homeloan which got sanctioned in the minimum possible time. Now, the couple enjoys a tension-free life in their own home and also saves better than earlier as the homeloan they bought is a debt shared by them equally. This means that home buying become affordable with jointly owning property.
- Tax Saving – A married couple can enjoy tax benefit upto rupees 1.50 lakh INRs and rupees 2 Lakhs INR for Principal amount and interest amount of homeloan under Section 80C and 24 of the Income Tax law respectively in case of buying property jointly.
- Lower Stamp Duty Charge – In order to make women feel empowered many State Governments offer lower Stamp Duty charges for woman home buyers in comparison to that of the man property buyers. For example, in Rajasthan, women is eligible to pay 4 percent stamp duty charge which less than one percent for men as they have to pay 5 percent stamp duty charges.
- Easy Transfer of Property Title – The jointly owned property by a married couple need not include the procedure for transferring property title in case of the sudden death of one spouse. This is so because the property is entitled to the couple jointly at the time of buying.
These are benefits that married couple enjoys after owning a property jointly.