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Advantages of buying a property in Joint Names

Advantages of buying a property in Joint Names

Houses and Villas in Palakkad
If you are looking for buying or renting a villa or a house in Palakkad, then you can contact OMG Properties for this. They provide the latest technology houses and villas are environment-friendly and with the latest amenities. This organization has over fifteen years of experience in building houses. Other than apartments in Palakkad, they provide villas in Angamaly and Ottapalam. If you go to their official website, you can check the pictures of the apartments for sale. The houses are built in a calm and peaceful area so that the denizens of the houses are not bothered much about pollution. Therefore, you can have a look at the villas available from OMG properties and call them at 9072 345 309 to book one or get a correspondent from their company for further reference.
If you have made up your mind regarding buying a property, either villa or a 2 or 3 BHK flat, then you may think of buying the property jointly under the name of you and your wife or husband. You can also think of buying the property jointly with your parents. There are certain advantages associated with buying a property jointly. Let us go through some of those advantages.

Advantages of buying a property in Joint Names
Tax benefits-Under section 80-C there is a provision of rebate on the tax up to 1.5 lakhs if you or your husband is the primary income member and the house is bought jointly with the names of the respective other spouses. You can claim a tax rebate of up to 1.5 lakhs for principal repayment. If you intend to do the registration of the house immediately, then you can also apply for a rebate in the registration fee. The amount that you will get a rebate up to depend on the value of your property. Therefore, this is a huge benefit for those who have only one income member in the family and is looking for a new house.
Succession of the property-If the property is jointly under the name of both the spouses then the legal ownership of the house doesn’t create a problem in case of death of one of the family members, whose name was on the house deed. The house automatically comes into the legal possession of the other spouse. The legal hassles are much less in case of jointly held properties. The only thing is that the house deed should have the names of the owners of the house clearly mentioned as joint owners. If that is there, then in case of the sudden demise of one of the joint house owners, the ownership will be transferred to the other joint owner(s).

 Applying for loans-This is a very lengthy process and starts much before you get the physical possession of your house. If there is a single member in the family that has an income, this process is surely tiring and strenuous as the responsibility of repayment of the loans lies on either the husband or the wife of the family. However, if both the family members are working and they apply for joint ownership of the house, then the process of the loan repayment becomes much easier. Normally after you apply for a home loan, the banks take time to scrutinize your papers and see the credibility and durability of your job position. This may take quite a while. Now, if both the husband and wife jointly apply for a home loan, for a house they are going to share the ownership, the checking of the documents become faster. The banks can associate higher credit score to your application. The chances of getting your entire home loan sanctioned are much more if you and your husband or your wife jointly apply for the loan. Now once you get the loan sanctioned, you will have to worry about the repayment of the loan. With the ownership and loan application being shared, repayment of the loan also gets shared and becomes much faster. One of my friends has recently bought a house with joint ownership. In their case, both the husband and wife are working. Therefore, within two years of their obtaining the home loan, they have repaid almost 50% of the loan.
Therefore, from the above arguments it can be clearly said that joint ownership of a house is far more advantageous than single ownership.

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