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  • 4 Advantages Of Joint Property Ownership
    December 30, 2017

    4 Advantages Of Joint Property Ownership

    Joint ownership of a property assures multiple advantages like tax benefits and increased loan eligibility, while also reducing the burden of the intensive capital investment by sharing the financial liability. And according to the law, one can co-own a property with spouse, parents, children or siblings.

    Following are the 4 advantages of jointly owning a property.

    1. Increased loan eligibility

    Jointly applying for a loan listing the co-owners increases the chances of loan eligibility as when banks calculate the net monthly income for granting higher loan amounts, it will be higher compared to the income of an individual. Also, if there are more than one applicant, it favours the chances as bad debts minimise.

    2. Tax benefits

    Joint owners of a property can avail income tax deductions on both the principal and interest amount. Also if all the co-applicants are contributing to the EMIs, all of them are eligible to avail tax benefits. In short, a jointly granted home loan helps co-owners avail multiple tax benefits from a single loan.

    3. Flexibility in repayment

    Joint applicants for a loan ease the repayment process as they allow themselves the flexibility in contributing to the EMIs. The co-owners can devise a strategy on how to proceed with the repayments and to decide each applicant’s contribution towards it.

    4. Ease of property transfer

    For a property bought in joint possession, the ownership can be transferred to the remaining owner without any legal probes in case of sudden demise of one of the co-owners. All that it takes is the fresh registration of the property in the name of new owners.

    Ladder Kerala, one of the trusted builders and developers in kozhikode of luxury flats for sale and apartments in Calicut, offers premium living spaces that caters to an impeccable urban lifestyle in their flagship project Ladder Mankav Greens. Availing home loans at an amazing interest rate of 4.99%, a prospective home buyer can now own this abode of luxury that redefines his desire for a dream home.