There are many benefits
of Joint registration of a property, but many are not aware of these benefits.
One can own a property with his spouse, parents, children or siblings. Joint ownership of the property is a smart
decision. Here is a list of the most important
benefits of the joint ownership of a property.
• Loan Eligibility
As home loans available
at low-interest rates helps to reduce the financial risk much, most of the home
buyers plan to finance the colossal payment through home loans. As financial
institutions consider the financial status of the co-borrowers as a home loan
eligibility determining factor, by jointly applying for a home loan you have
better chances of home loan get approved.
• Tax benefits
A jointly granted home
loan helps the co-owners to avail income tax benefits on both the principal and
interest amount.
• Succession
The succession of a
jointly owned property is an easy process. In the case of the demise of one of
co-owner, the property ownership can be transferred to the other owner without
any legal formality. But in the case of single ownership property, the property
transfer is time-consuming.
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