Benefits of Spouses Jointly Owning Property
Are you thinking of investing in a dream home? Don’t think twice, tag your spouse along. Whether it is the tax benefits or hassle-free succession of assets, there are several advantages to jointly owning property. Here’s a look.
Larger Home Loan
Two incomes are always better than one and it is the key when you come to real estate. Apart from the reduced financial burden, combining resources can significantly increase the eligible loan amount. The loan repayment becomes a shared burden and it will be considerably lesser than one person shouldering the entire burden.
Concessions
Several banks are offering lower interest rates to women applicants to woo them into investing in property. This works in your favour if you are investing in joint name.
Better Tax Benefits
The Section 80/C and 24 of the Income Tax law exempt both the home loan borrower and the co-borrower up to Rs 1.50 Lakh for the principal amount and up to Rs 2 L under the repayment of interest amount. Additionally, there are tax benefits for first-time homebuyers. You can claim the deductions individually.
Lower Stamp Duty
Joint ownership of property or having female ownership reduces the stamp duty rate by 1% to 2% – depending on the state you are in. This amount is substantial when it comes to the actual figures.
Succession
The succession of property becomes complicated in the Indian context, especially if one of the partners does not get the time to do the necessary paperwork before their demise. However, if the property is jointly owned, the surviving spouse becomes the natural successor. This ensures that there are no legal hassles. It is also easier when it comes to the necessary paperwork if you are thinking of selling the property at a later stage.
At Fortius Infra, we will guide you with the processes if you are interested in investing with us visit https://www.underthesun.co.in/.