Property Buying is a huge step for families. Not just financially, but emotionally as well. With the rapidly changing structures of Indian families buying houses has also changed. No longer is it a male dominated area where the man takes all the decisions. In fact, it has now reached a stage where people are buying Property which is jointly owned by the husband and wife. There are several benefits of jointly owning property. Propbuying has laid down some points to consider jointly owning houses with your spouse or other family members.

Benefits of jointly owning property:

• Tax benefits: Jointly owning property is beneficial from a taxation point of view. It is beneficial to all co-borrowers who can claim a tax deduction of Rs 1.50 lakhs for principal repayment under Sec 80C and Rs 2 lakhs for interest payment under Sec 24. In the case where two people own the property and take a joint home loan, both of them can enjoy tax benefits under the income tax act. This is in respect of the principal and interest paid during the year on a proportionate basis. There will be a lot of saving accrued if both members choose to take up the property and a joint home loan.

• Stamp Duty: Some states are promoting women owning property by making it cheaper for the woman to buy a home. Stamp duty which accounts for a significant portion on the home cost is reduced in some states for women as opposed to the men. For e.g. in Rajasthan a woman only has to be 4% stamp duty while the man has to pay 5%. In the Indian capital, the women only pay a stamp duty of 4% as compared to the 6% that men have to pay on the same amount. A difference of 1-2% may not seem as much, but when you take into account the cost of the houses, 1-2% can make a significant saving of lakhs of rupees.

• Affordability: The house you can afford sometime comes down to how much of loan you can get from the bank. Your loan eligibility will depend on the income. In case of a join registration for the house, the couple can also apply for a joint bank loan. A joint bank loan puts the bank on a safer footing in terms of defaulting as well as improves the loan amount that the couple can become eligible for due to the higher amount of the two incomes.

• Property Transfer: In case on sole property ownership, there are a lot of legal hurdles that need to cross to ensure that the succession is made (in case the current owner is deceased). The person who is looking to file as the owner of the property has to jump through a lot of legal hoops to ensure they get the ownership. This can be easily taken care of by joint property ownership.

Why to choose Propbuying?

Propbuying is one of the most trusty online real estate portals. Propbuying is run by a team of extremely professional and well informed individuals. If you have any property related queries feel free to get in touch with one of Propbuyings’ experts who can help you with all your property related queries. When you buy a house from Propbuying you will be assured to receive the latest information, news and updates about the real estate industry in Pune.