Reasons to Jointly Own A Property
When I say ‘it is a wise decision to register a particular property jointly’ with a spouse most of us hear
• Trust between spouses
• Long term commitment
• Elevating spouse in the community
But how many of you are aware of its financial benefits. In addition to the rule of ‘two heads are better than one’ and making an informed decision. The other advantages include:
• Joint Loan: Higher chance of loan eligibility and tenure in the case of a joint registration.
• Tax Benefits: A joint home loan is eligible to a tax deduction of One and a half Lakh reduction. The interest payable is based on the proportional basis.
• Paper Work: In certain states there is stamp duty reduction for a woman and also certain legalities are waved off for the women community. A joint association allows these advantages as well.
• Inheritance: The successor to a property may always rise disputes. In the case of a joint association this issue will never rise up.
So the next time you see a house for sale sign, remember it is advisable to jointly own a home.