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Advantages for the Married Couples Owning Property in Joint

By: Merlin Group | May 26, 2018

Modern-day buyer is acting smartly nowadays. They are into making wise decisions about investment in property, intending to make it a fruitful deal. For this, they are following the right tactics to earn satisfaction with the agreement. Buyers are trying their best to save money be it excluding the broker from the agreement or buying a property in joint.

Now, this is something better suited for the married couples, who can own property jointly. Of course, this will bring them, heaps of emotional benefits such as greater bonding and building of trust along with raising women’s status and much more. Apart from these benefits, there are several financial advantages too, which are equally important.

Advantages of owning a property in Joint :

  • Loan extension: Bank sanctions the loans after analyzing at the buyer’s income, and limits the loan amount by his earnings. But, when a married couple applies for the joint loan, the loan amount is extended. It is done on the grounds of the loan amount is being shared by both the buyers, following the income of both as two yearly incomes.
  • Co-ownership is always beneficial: If a single owner owns the property, in case of transfer of the property, a lot of paperwork is involved. In fact, if the sole owner dies, it becomes cumbersome to transfer the rights of the property to its successors. When a married couple owns the joint property, such kind of troubles is avoided to the max. Both husband and wife share ownership of the property, and thus, the process of transferring the property is quite easy.
  • Great tax-saving options are associated: Now, that’s the wonderful advantage of owning a property in joint. As per the Income Tax rules, when the property is taken as joint property, all the co-borrowers can enjoy a tax exemption up to Rs. 1.5 lakh on the principal amount and up to Rs. 2 lakh under the repayment made on the interest amount. Such tax benefits categorised under Section 80C and 24 prove to be the ultimate relief for the taxpayers.


  • Low stamp duty is charged: Another benefit of purchasing the property in the joint is the low percentage of stamp duty paid at the time of property registration. In most states, women buyers are charged with low stamp duty compared to men buyers. It is done to encourage women to buy the property.

From the above advantages, it’s quite clear that buying a property in joint names is quite sensible for married couples.

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