Many homeowners do not realize that buying a home in a single name instead of a joint name can have significant consequences.
To be able to draw advantages in buying a property in joint names, it is vital to understand the benefits of joint name properties over those in a single name.
It is common for prospective home buyers to be diligent in their research on the properties they want to purchase, right from the property’s pricing to the formalities and documents necessary to complete the purchase. Nevertheless, many of us are unaware of what benefits joint owners will receive from buying a property jointly.
Claim Your Benefits
If the joint holders of the property suffer a misfortune, the property automatically passes to the other joint holders.
There is currently no law defining who may be added to joint ownership of a property. From close family members such as spouses, children, parents, brothers and sisters or friends, you may have personal information on anyone.
Increase home loan amount!
If you need a larger home loan, joint property ownership might be your most viable option! As banks consider a variety of factors, including the incomes of all applicants, make the co-owner your co-borrower in order to increase your chances of receiving loan approval.
Benefits from income taxes
It plays a crucial role in terms of income tax. Only the property owner can take advantage of such benefits. For instance, if you bought a property in the name of your wife and both of you paid the EMIs, only your wife can claim an income-tax rebate from all the EMIs you paid.
Aside from making an informed decision when buying a residence, it is always crucial to consider all the possible avenues to make the process more profitable. It could be a significant step in the right direction to purchase a property together if that’s what you’re looking for.