CapitaWorld - 5 Advantages of Married Couple Owning a Joint Property

5 Advantages Married Couple Owning a Joint Property

1. Affordability The burden of loan is divided between two people. Moreover, if both husband & wife are earning then they can consider for the higher loan amount. But the couple has to make sure that property is registered in the name of both the party.

2. Tax Benefit In Joint Home Loan cases, the co-borrowers can claim a tax deduction of Rs 1.50 lakhs for principal repayment under Section 80C and Rs 2 lakhs for interest payment under Section 24 of the Income Tax Act.

3. Stamp Duty Rebate Usually, the stamp duty is lower when a female borrower is involved in a property transaction.

4. Succession The succession process of ownership of property of a single owner is tedious and time consuming. Many a times, in case of demise of one of the spouse, the partner has to go through various unwarranted problems. When a property ownership is in the joint name, the survivor automatically becomes the sole owner in case of death of the other partner.

5. Better Relationship When a couple purchases a property, it leads to better bonding between husband and wife. It paves way for long term commitment between the two as it also showcases equality in relationship.

Any questions about HOME LOANS? You can get free consultation at » Email: info@capitaworld.com » Website: www.capitaworld.com » Toll Free Number: 1800 103 7491