4 Benefits of Couples Jointly Owning Property
03 Aug 2016
When you and your partner own a home together, it reflects your unfailing bond, long-term commitment and trust. Moreover, you also enjoy several financial advantages which are mentioned below:-
1. Immediate Succession
When you own a property individually, succession after your demise becomes complicated. It will call for excessive conformation to regulations and rules. However, when you and your partner jointly own the property, the surviving spouse automatically becomes the successor. This saves legal hassles, time and effort.
2. Higher Home Loan
Combined incomes are always better when it comes to applying for home loans. By reducing your financial burden, you make way for a higher loan amount. Consequently, you need not compromise on paying a little extra for the home you love.
3. Tax benefits
When you own a home, you are entitled to tax benefits. You can avail tax deduction of up to Rs.1.5 lakhs on principal repayment under Section 80C and Rs.2 lakhs on interest payment under Section 24. There are also additional tax benefits for first-time home buyers.
So when you own a property together, these benefits increase two-fold when applying for a home loan. You can both claim the deductions individually.
4. Stamp Duty
Some states in India give additional stamp duty benefits on properties that are registered on the name of a woman. So you can avail tax benefit of 1%-2% by owning a property together.
Hence, it’s always advantageous to jointly own a property!