In general, there are two
major types of property ownership and they are single ownership and joint
ownership. In the case of single or sole ownership, only one individual has the
full ownership on the property whereas, in the case of joint ownership, two or
more people share the ownership. Single ownership is the most common one.
Merits
If you are eligible to
get approved a home loan and you are financially stable to pay back the lone by
your own then single ownership is the right choice. Otherwise, you need to wait
patiently till your co-owner meets his financial liability in sharing the
payments. If your co-borrower possess a low CIBIL score then it affects your
home loan eligibility in the case of joint ownership. In case you need to sell
the property in future, if it is fully owned by you need not take the other’s
approval to do so.
Demerits
In single ownership, you
can’t share the financial burden with one another. If you have a low CIBIL score and not
financially that much stable, by applying for a joint home loan with one who is
having much more financial stability, you are improving your home loan
eligibility. A rebate on stamp duty is applicable in the case of joint property
ownership.
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