Four advantages for married couples on jointly owning a property

By : 360 Realtors

10 March, 2018

Married couples often jointly hold properties. Apart from making an informed decision, it is necessary for property buyers to work out on the best mode to acquire the immovable assets. Right from choosing the best option for tax benefits to selecting the financing option, you need to plan your moves right from the outset. Registering the property jointly is one of the intelligent decisions that the married couples take.

Jointly owning a property comes with certain intangible benefits. It elevates the status of the wife in the society and creates a long-term commitment and better bonding between the married couples. You should also be aware of the financial advantages of jointly acquiring the property.


The loan eligibility determines the budget to purchase a property. This is decided based on the income and it has certain limits. When you go for a joint registration, you can apply for a joint home loan. The debt burden is shared between two people. This helps in obtaining a higher amount of loan, as the creditors consider the incomes of both the people. You can obtain a joint home loan by applying along with your spouse, siblings and parents.

Tax benefits

A joint home loan comes with certain tax benefits for all the co-borrowers. They can claim a tax deduction of INR 1.50 lakhs for the principal amount under Sec 80C and INR 2 lakhs for interest payment under Section 24. When two or more people acquire the home loan, each of them can individually opt for the tax benefits. As a result, the tax deduction will be higher.

Stamp duty

Holding a property jointly allows the homeowners to enjoy certain benefits on stamp duty. It is for this reason that women in certain states are encouraged to hold a property jointly. The stamp duty rates are reduced by 1-2% when they jointly hold the property. For instance, the stamp duty for a woman in Delhi is 4% of the market value, while that for a man is 6%. In Rajasthan, women have to pay 4% of the market value as stamp duty, while a man has to pay 5%.


Joint ownership between the couples also comes beneficial while dealing with succession. In case a property is owned by a single person, the transferring property can be a time-consuming and lengthy process. The procedure to obtain the documents in the name of the successor involves excessive conformation to the rules and regulations. Although people often go for shortcuts and unethical means while transferring the property, however, the process becomes simplified when you go for joint ownership. It can reduce the paperwork and other related hassles to a great extent. It is wise to go for joint ownership, as in these cases, the spouse becomes the successor. This keeps off unwanted problems in the future, after the death of a person.

These four reasons explain why married couples are increasingly going for joint ownership of properties. It provides a number of financial and transfer benefits to the owners.