Buying a house is one of the most important decisions of a family and sometimes it involves lifeâ€™s savings. For a decision with this great a magnitude...
Buying a house is one of the most important decisions of a family and sometimes it involves life’s savings. For a decision with this great a magnitude, you must know the in and out of the real estate sector to ensure that the decision turns out to be the best one of your life. Well, you already know the basics of buying a house, which is to check the loan eligibility, doing proper market research, etc. However, the interesting thing to know here is that by adding your spouse as a joint owner of the property, you become entitled to certain property benefits.
Listed below are some of the additional property benefits that you can enjoy by adding your spouse as co-owner when buying a house:
Low Stamp Duty – Not many home buyers are aware of the fact that many state governments give an additional one to two percent rebates to women buying a house. So if you are buying a house of INR One Crore in Uttar Pradesh or Delhi, then the stamp duty for a man is 6 percent i.e. 6 lakhs while for a woman it is just 4 percent. i.e. 4 lakhs. As for a married couple, it is calculated at just 5 percent which is the average of the above two.
Enhanced loan eligibility – It’s just pure and simple maths that gives you enhanced loan eligibility if you add your spouse as a co-owner when buying a house. Like any other home buyer, you and your spouses are different individuals and both of you can apply for loans simultaneously. So, if you have an income of INR 10 lakhs per annum and your spouse also earns the same, then the loan eligibility will be calculated on the total sum of INR 20 lakhs per annum.
Additional Tax Benefits – In order to encourage real estate growth, the government provides tax exemptions on home buying. A home loan borrower is entitled to a tax deduction of INR 1.5 lakhs for principal repayment under section 80C and INR 2 lakhs under Section 24 for interest payment. Both of the partners can claim this benefit separately and this tax exemption just doubles up your savings.
Lower Interest rates – Almost all the home loan providers of our country give a minimum of 0.5 percent relaxation by adding a female partner as the joint owner of the property. Now, the number may seem a little small but it makes a huge difference when your loan amount is on the higher side and your tenure is longer than the average tenure. The 0.5 percent gives a huge relief and the total amount saved can reach six digits.
Ease of Accession - Last but not the least and probably a very important aspect of adding your spouse as the co-owner when buying a property is the easy succession of property by one partner in case of separation or demise. The transfer of property to the rightful heir is a cumbersome process, which is made easy by having your spouse as the joint owner. The cost and the paperwork are reduced by a fair margin and the spouse becomes the rightful owner.
Adding to all this, there is also an emotional feeling of making the decision together and the Right to Equality is well served. Buying a home is a life-changing decision for many families not just in monitory terms but also emotional as well. So, next time when you are deciding to buy a property, make sure that you check all these above-mentioned points and make the most out of it as the rules and regulations are subject to change from time to time.
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