Advantages of Married Couple Owning a Joint Property

Advantages of Married Couple Owning a Joint Property

Property buyers these days in India first work out on the best means available for acquiring the immovable assets along with making a well- versed decision. Keeping in mind the most feasible financing options for benefit against taxes or to avoid the brokerage, directly meeting up with the sellers, people now a days are making an even smarter move by registering the property jointly with their spouses.

There are subtle benefits of getting the property registered jointly with your spouse such as elevation of the wife’s status in patriarchal society, impressive bonding, and long term commitments among the spouses. However, only a few are familiar with the financial benefits.


While purchasing a property, the budget is decided according to the loan eligibility which further depends upon the income of the buyer. The provision for joint registration here comes to your benefit since you can apply for joint home loan too whose eligibility is increased since two incomes will be considered and the debt burden is shared between two people. Not only the spouse, the joint home loan can also be opted with your parent or siblings

incentives in stamp duty

In order to encourage women to purchase property individually or jointly, government has introduced lower stamp duty for women. Like in Delhi, stamp duty payable by women is 4% as compared to 6% for men. Similarly in Rajasthan, it is 4% but men have to pay 5% the market value.

Claiming Tax Benefits on a Joint Home Loan

Under Section 80C, all the co-borrowers in a joint home loan can claim a tax reduction of 1.50 lacs for principal repayment. Besides, under Section 24, tax reduction up to 2 lacs could also be claimed for interest payment.

As a family you can claim a larger tax benefit for the interest paid on home loan when your property is jointly owned and your interest outgo is more than Rs 2lakhs per annum.

For more information- call an expert


November 9, 2017 / by / in