Benefits of adding your spouse as a co-owner when buying a home

1. Benefits of adding your spouse as a co-owner when buying a home Buying a home is one amongst the foremost vital decisions for a family and any homebuyer, particularly in India, wherever an emotional worth is attached. When selecting to co-own a house along with your spouse, it provides you with a lot of advantages within the financial facet similarly. Adding your partner as the co-owner provides your partner with a feeling of ownership, and offers both of you a chance to receive extra advantages for the same. Reduction in stamp duty In India, many to property ownership once listing person exclusively owns next registration value as against one owned by a lady. Thus adding a spouse as a co-owner helps you save on registration fees charges. states provide female-friendly your spouse as a property, policies, particularly when it comes the primary owner. there are high possibilities Whereas, once a it attracting the of Tax Benefits for Both The Indian Government has started providing tax redemption on co-owned homes, enabling a home loan borrower to assert a tax deduction for principal repayment under Sec 80C of Rs.1.50 lakh and interest payment of Rs. 2 lakh under Sec 24. This policy is applicable once the property that the loan has taken over one owner. Related Read -Benefits of adding your spouse as a co-owner when buying a home Ease of Transfer of Ownership When it's a co-owned property, the succession of the property becomes untroubled. If it isn’t co-owned and there is a sudden demise of the owner of the property, transferring the ownership to their spouse or their legal heir could be a complicated method. It will need a great deal of paperwork and a substantial amount of cash. However, you'll be able to avoid all of this hassle, if the spouses share the possession of the property because the living one directly has the complete ownership on the property.

2. Related Read - 11 mistakes first-time homebuyers should avoid The Feeling of Equality One of the best advantages of adding your partner as the co-owner of the property is providing them with the sensation of equality. These are the emotional values that may never be unnoticed, and it will give them the feeling of possession of the property. Moreover, such ventures of jointly co-owning a property sweeten your relationship together with your spouse. These are a number of the advantages of co-owning a property together with your partner. It’s a fruitful and ethical decision to form that ensures your family live with happily ever after! To read more articles on real estate inbound marketing visit Kohinoor blog: https://blog.kohinoorpune.com/ ADDRESS Kohinoor Development Corporation A-102, ICC Trade Tower, S.B Road, Pune 411016 sales@kohinoorpune.com 020 6764 1839