Co-owning a property with the spouse, sibling or a family member is considered one of the best ways to share the burden of the purchase decision as it offers benefits ranging from increased loan eligibility to tax benefits.
Below listed are some other advantages of joint property ownership.
•Increased home loan eligibility – Co-owners can jointly apply for the loan if a higher amount is needed as banks will consider two person’s salary as the monthly income.
•Income tax benefits – Co-owners can claim on income tax deduction on both the principal and interest amounts.
•Flexible payment – The owners can decide on how to proceed with the EMIs are they can share between them the contribution towards the payment.
•Hassle-free property transfer – In case of an unexpected instance of death of an owner, the property can be transferred to the remaining owner without any complicated legal procedure.
Below listed are some other advantages of joint property ownership.
•Increased home loan eligibility – Co-owners can jointly apply for the loan if a higher amount is needed as banks will consider two person’s salary as the monthly income.
•Income tax benefits – Co-owners can claim on income tax deduction on both the principal and interest amounts.
•Flexible payment – The owners can decide on how to proceed with the EMIs are they can share between them the contribution towards the payment.
•Hassle-free property transfer – In case of an unexpected instance of death of an owner, the property can be transferred to the remaining owner without any complicated legal procedure.
For more details please visit : www.heatherhomes.in
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