Real estate has been one of the most lucrative investments lately, with more people showing interest in buying or selling properties. However, one could easily be cheated if they aren’t careful while investing in real estate. Besides, it is important to ensure that you get good profits out of a deal. Experts say that it is always easier to do the transactions when the property is bought jointly in the name of husband and wife. Here are some of the advantages of registering the property like this.
Loan benefits
Banks approve an application for loan after inspecting the rate of income of the applicants. Couples can apply for joint loans if the property has been registered jointly in their names. In such cases the banks consider the joint income of both the husband and wife. So, they could easily avail a loan of higher amount.
Tax benefits
If the loan is availed jointly by husband and wife, equivalent tax deductions too could be enjoyed. The couple can individually apply for up to Rs 1.5 lakh as deduction in principal repayment and up to Rs 2 lakh in interests. You could include details of the registration charges and stamp duty to avail tax deduction in principal repayment.
Special benefits for women
States like Delhi, Uttar Pradesh, Punjab, Haryana and Rajasthan offer special discounts in stamp duty for women. It also includes states that allow up to 2% discount in stamp duty for women. Besides this, banks like SBI, HDFC and ICICI offer special discounts and deductions in the interest rates for women.
Easy transfer of property
Transferring the property of a deceased person to his/her kins is time consuming. Confirmations that are required from various departments and other legal issues causes delay in the transfer of property. However, if the property is jointly registered then transfer or transactions could be easily done without any legal trouble.
