Does Marriage Bring Profit in Owning a Property Jointly?

The present generation buyers are moving as far as possible in making the most of their transaction of lifetime assets, that is property. Avoiding brokerage, selecting financing options that assure tax benefits are the smart moves being taken by the buyers in India. In that context, another clever decision would be to opt for joint property registration with the spouse.

Most of you are only aware of the emotional benefits regarding  joint property registration such as increased trust and bonding between partners, the elevation of the wife’s status in the Indian patriarchal society. But did you know the least that jointly owning a property with your wife can yield you financial benefits, as well?

Easy Availability of Home Loan

The eligibility of getting your home loan approved is fixed by a minimum specific income limit of the applicant. If you get the property registered with your spouse, you will be able to apply for a joint home loan that will reduce your single debt burden by dividing the amount between the two of you. Given the double income of both you and your wife, now you can even extend your loan amount, which wouldn’t be possible if you had applied for it singly. This means that now you can afford a better property choice that you might have rejected earlier considering a low budget loan. Benefits on Tax As explained by the realty expert, co-borrowers don’t lose any money but only benefit from a joint home loan in terms of taxation since a deduction for the principal payment can be claimed by them to the limit of 1.5 lakh rupees. Section 80C of the Income Tax Act permits makes such a provision while the deduction limit stretches to 2 lakh rupees under Section 24 of the Act. Tax concessions can be availed by both the partners of the joint ownership on a proportionate basis pertaining to the annual payment of the interest and the principal amount.

Reduced Stamp Duty Charges

Certain states charge relatively lesser Stamp Duty by 1 to 2 per cent rates than usual from women owning property jointly or individually. Thus, jointly owning the property with your wife will lessen the burden of the money that would have to be paid as the Stamp Duty charge.

Hassle-Free Property Succession

Real life incidents are proof of how time-consuming the property transfer procedure can be after the demise of its owner. The spouse is the legal successor and if he or she is included in the property owner then the trouble caused excessive rules and regulations involved in the paperwork can be skipped easily.

Whether you have a flat for sale in Kolkata or in search of one to purchase, visit We offer diverse property options and the shortlist the ones that most appropriately fit your preferences. We assist you with the smooth execution of legal formalities and other paperwork concerning the sale and purchase of a property. Arrangement of personal site visit is a part of our services, which also include fetching you compatible buyers for gaining your expected returns on selling the property.

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