The marriage is an institution where two people agree to stand by each other during good and the bad times in life. In fact, the married people have better savings and investment options. And what’s better than buying a home for these accomplishing these two purposes.
Yes, jointly owning property has multiple benefits which a couple can avail irrespective of the fact that one person is working and other is a dependent. So, take a look at the advantages of jointly owning property which you can avail as a married couple.
- Easy Affordability –
Every couple know their budget and ability to repay the loan. Therefore, the decision of owning property jointly can make homeloan repayment easier as the debt amount gets distributed among the couple. This makes home buying affordable and one can think about owning a property which is slightly more than their budget.
- Tax Saving –
According to the Income Tax rules, both the homeloan borrower and the co-borrower can enjoy tax exemption upto rupees 1.50 lakhs for principal amount and upto 2 lakh rupees under the repayment of interest amount. Both these tax benefits are offered under Section 80 C and 24 of the Income Tax law respectively.
- Lower Stamp Duty Charge –
Today, various State Governments are focusing on women empowerment and thus offer lower stamp duty charges. For example, in Delhi a female property buyer has to pay Stamp duty of 4 percent and the man is charged with 6 percent stamp duty for the same. So, you can pay less as the stamp duty charge by owning property jointly as a married couple.
- Easy Transfer of Property Title –
The biggest advantage of owning property jointly is that the sudden death of any partner will not create a problem for the other one. The procedure for transferring property title from one person’s name to another in case of a single owner is time consuming where the property title is easily transferrable as the spouse is a predefined nominee in most of the cases. Therefore, the procedure for the same becomes easy in case of sudden death legally wedded partner.
These are the four advantages that married couple can enjoy after owning a property jointly.