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7 Important Points About Joint Property
7 Important Points About Joint Property
7 Important Points About Joint Property
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7 Important Points about Joint Property
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The concept of “Joint Property Purchase” is being popularized by Home
Loan Providers and the Govt. The objective to promote Joint Property
Ownership is different for both Govt and the Home Loan Providers. State Search this website
Govt’s are providing incentives in stamp duty and registration charges to
empower women through Joint Ownership. In many cases, i observed that
Husband is willing to include Wife as a Joint Owner only to save stamp 10,02,421 SUBSCRIBERS…JOIN NOW
joint property duty. Whereas from Home Loan provider perspective, they have selfish
motive to safeguard their business interest which is not wrong also. Home
Loan provider first push for Joint Purchase and sell this concept by highlighting advantages. The
biggest USP is increased Home Loan eligibility & Home Loan tax dedcution. Many a times even a
single buyer is also eligible for required Home Loan but Home Loan Provider never reveal. Buyer
never ask what will be eligibility if there is a single buyer. If buyer insist on single ownership then
Home Loan provider insist on joint home loan which has more negatives then being co-owner &
co-borrower. I discussed the same in my post Beware of Being a Home Loan Co-Applicant. It is
critical from buyers perspective to understand the pros and cons of Joint Property Ownership. In USEFUL INFO
this post, we will discuss 7 Important Points about Joint Property Purchase.
Important Links
Another important point is that to avail income tax deduction all co-owners should be co-
borrowers and vice versa. It is wise to be a co-owner and co-borrower if income tax deduction is
key consideration. If there is single earning member in the family then wise decision is to opt for
single ownership and single Home Loan applicant.
Legal Implications
In case of joint property purchase with blood relative excluding spouse. I suggest you to check the
legal implications. I am not saying that you should not buy with your mother, father, brother or
sister but beware of future legal implications. It is sensitive subject so will just quote example. One
of my client Sanjay bought property in Mumbai in joint ownership with his father. Entire purchase
was funded by him from the money he earned in USA for 8 years. Unfortunately his father died
after 4 months of purchase. Legally his brother and sister staked their claim on his father’s share in
his property. Court ruled in favour of his brother and sister under Hindu succession act. Any joint
purchase with blood relative will have legal implications therefore please consult an expert before
signing below dotted line.
I hope you liked the post and will take care of above mentioned 7 points at the time of joint
property purchase.
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