How owning the property jointly favors a married couple
Owning the property is the dream of many people in today’s time especially for a couple. Had it been some decades ago, owning a property would sound so simple and affordable.
People in those times owned several square feet of land and it doesn’t seem to be a big deal for anyone. However, the time has changed and now owning a property is not that simple due to increased cost, raised tax, and several other barriers.
While making an important decision such as buying the property, you need to be very careful in planning an effective and smart strategy. A well-formulated plan for buying any property requires vast knowledge about the same and you need to keep yourself aware of several schemes and policies, in order to make smart and affordable investments.
A common middle-class man, however, is often not aware of the benefits he can avail. We have listed some of the advantages that you can avail by owning the property jointly with your spouse. This move will not only be a financially sensible decision but you’ll also contribute your share in empowering the women in our patriarchal society. Check out the benefits and expand your knowledge.
Favorableand affordable Home-loans
Buying a house or any property is not an easy step. It involves a lot of planning and calculation of your budget and long-term financial expenses. Most of the people today require taking a homeloan in order to buy a property. If a couple takes a home loan jointly, the debt amount will be divided into two people and you can also apply for a slightly larger sum for a loan as the income of both the partners will be considered. It will turn out to be affordable and financially smart.


Tax deduction benefits
While receiving the tax benefits might sound unfamiliar, there are various policies under which, you can avail a heavy tax exemption on Home loans if you register jointly. The tax benefit on the interest as well as the principal amount is available for home loans. A tax deduction of Rs. 1,50,000 can be availed under the section 8oC on the principal amount. Also, under the section 24, the tax deduction of Rs.2,00,000 can be claimed on the interest if the property is self-occupied.  
To your amazement, if you apply for the home loan jointly with your spouse, both of you can claim for separate tax exemption. This means that you, as a couple, can avail the tax exemption of Rs.3,00,000 under section 80C, if it's not an under-construction house and of Rs. 4,00,000 under section 24.


Stamp Duty
As an initiative towards women empowerment and a step that turns the table by encouraging women to own a property in the society which has remained patriarchically dominating for long, various exemptions on stamp duty rates are offered to women. For an instance, a woman pays a stamp duty of 4%, while a man pays 6%. Similarly in other states like Rajasthan, UP, Haryana, Women gets a stamp duty rate deduction of about 1% to 2%.
Buying a property is a crucial decision that many people take only once in their life. Keeping in mind such things while buying a property can help you in making a financially smart decision. Make sure you avail the utmost benefits out of it. 




RERA Registration no Saransh Realtors 247 of dated 04/09/2017
vide Memo No HRERA - 776/2017/929 dated 04/09/2017

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