Sharing a home is the most important aspect of married life. However, couples rarely focus on owning property together. Owning property jointly can be beneficial financially as well as help in strengthening the relationship. If you're still unsure about putting two names on the agreement, here are top reasons why you should purchase property jointly:
1. Shared affordability: Soaring property rates make it difficult to invest in property. A collective income certainly helps to get a house more than a dream. A married couple with a two-income household can apply for a joint loan and get a better deal on real estate. Joint loans make finances manageable, debt management easier and owning a home affordable.
2. Benefit on tax: In the case of jointly owned property, both partners can avail home loan tax benefit on the principal as well as interest amount and claim tax deduction. Tax benefit from co-owning property can help you make an addition to your savings.
3. Collective savings: Getting a loan is a complicated process. It requires raising margin money, making a down payment and closing costs. That is why purchasing property as an individual can be a monumental task. Going through the property buying process with a partner inevitably make the process easier. When two people pool their savings and financial capabilities together, getting a loan becomes less challenging.
4. Transfer of ownership: Single ownership complicates succession. It requires tedious documentation. Co-owning property with a partner makes inheritance and transfer of ownership straight-forward. In the event of demise, the home will automatically transfer in the name of the other.
In the end, the biggest indirect benefit for getting that dream home in residential projects in Mumbai with your partner is that it will help strengthen your bond. Going through financial hurdles and solving challenges together exercises the strength of a relationship. It is collective hard work that makes dreams, including purchasing a home, come true.
Are you ready to purchase your dream home with your partner? Hiranandani Communities, with its luxurious townships, is the destination to make your dream come true.