Advantages of Joint Property for Married Couples

Pavithra S
Pavithra S / 2 yrs ago /
  16

Property buyers, today, are working out the best possible methods to reduce costs in the real estate investment. May it be some tax benefits, avoiding brokerage, or any other financial options that lessen the cost of the property, the buyers are trying to make the most of it. Owning property jointly is one such advantage in property buying wherein the married couples gain the most of tax and other financial benefits. Due to this, more and more married couples are opting for this smart way of joint property ownership.

By owning property jointly, the buyers are provided with several intangible benefits like elevating the status of women in the society, long-term commitment, mutual trust, and better bonding. Over and above these, the buyers can avail other financial advantages like loan options, tax benefit for co-borrowers, and stamp duty benefits for women.

Scroll down to know more about the benefits of buying a property jointly.

Reducing the cost burden

With the rise in property prices these days, the viability of property buying is determined through home loans.  While the budget to invest in property depends on the home loan eligibility that has a specific limit based on the income, joint registration of the property is the best idea to reduce the debt burden of a person. Married couples can share the debt and get a higher loan amount as two incomes are considered for the home loan. A person can apply for the joint home loan accompanying his spouse, parents or siblings.

Many reputed banks such as HDFC, SBI, ICICI, etc. also offer special discounts to women on the home loan interest rates. The rates vary from bank to bank and increases to nearly 1%.

Tax benefits

Under Section 80 C, a tax deduction of about Rs.1.5 lakhs for the repayment of principal amount and Rs.2 lakhs under Section 24 for interest payment is applicable if you take a joint home loan. If in case join loan is applied by two or more people, each person individually is beneficial with regards to principal and interest amount paid during a year as per the Income Tax Act on a proportionate basis.

Each joint owner of the property can also claim deductions on the stamp duty and registration charges they have already paid for. However, the total deduction is limited to Rs.150000. The deduction of Rs.2 lakh of housing loan interest shouldn’t also exceed the interest.

Stamp duty benefits

Having a joint ownership or women ownership of property, the buyers can avail the benefits in stamp duty charges of about 1% & 2%. In the motive of empowering women, the government of India has initiated this measure of stamp duty reduction. Stamp duty relaxations are available for women buyers in states like Haryana, Punjab, Delhi, U.P, Rajasthan, Jharkhand, etc. Below are the stamp duty charges applicable to women in different states.

 

Succession of joint-property

The transfer of property is lengthy and time-consuming in the case of single ownership when he/she dies. However, for joint-property, it’s not so as the property is owned jointly and one of the owners can have a smooth transition as he/she is still alive. A joint-property is also beneficial since your spouse is only the successor of your property. This will avoid any unwarranted issues in the future in case of a person’s demise.

Therefore, if you are a married couple and are looking to avail the benefits of property investment, joint-ownership is the best option. Owning property jointly is not only beneficial in tax and other aspects, but it will also avoid having any problems in the future with respect to property transition.

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One has many benefits when a property is taken on on a joint name or under woman name. Benefits in tax, stamp duty, one can share the cost of mortgage and both partner feel confident that they are owner of an asset instead of only one feeling this