Getting ready to buy your first house can be a challenging task as it needs both time and money. It takes so much effort to search for the best residence that fits the needs of family members. It is one of the most crucial decisions in one’s life as people utilize their money and take loans of large amounts to purchase a property. But one can score a few bonus points and make an offer with a proper plan.
Have you ever thought of adding your spouse to co-buying a residential flat or how to buy a property with multiple owners?
According to experts, adding your spouse as a co-owner has multiple benefits because banks and the government provide various perks for women. It’s a smart strategy because even a small percentage saved in a speculative transaction can add up to a good deal.
The following are advantages of co-buying a Residential Flat:
Reduction in Stamp Duty
As part of social initiatives, several state governments offer stamp duty exemptions to women buyers. Stamp duty is a tax paid to the state government when you purchase a property and have it transferred into your name.
Tax Benefits for Both
You can both reclaim the tax deduction within section 80c from your taxable income by co-buying a house. The deduction amount will depend on how the ownership is split between the two of you.
The Indian government has begun to offer tax redemption on co-owned homes, allowing a home loan borrower to claim a tax deduction for principal repayment under Section 80C of Rs. 1.50 lakh and interest payment under Section 24 of Rs. 2 lakh.
Improves Loan Eligibility
The next advantage of co-buying a Residential Flat is that it increases your loan eligibility.
If you are purchasing a flat with a home loan and your spouse is also employed, you may be able to obtain a larger loan. The net take-home income of an individual determines his or her loan eligibility. Hence, both of your incomes will be considered. As a result, your loan eligibility will be increased, and you will be able to obtain a larger loan as well as a better home.
Reduced Interest Rates
Nowadays, lenders believe that women are more reliable borrowers and encourage them to purchase or invest in real estate.
Almost all home loan providers in the country offer an interest rate reduction on home loans when a female co-owner is added, with the minimum reduction being 0.5 percent. Although the number appears small when your loan amount is large and your repayment period is long, the 0.5 percent reduction saves you a significant amount.
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