Advantages of joint ownership of apartments

When you are about to buy a luxury flat in Kerala in a place like Trivandrum, it is best to consider joint ownership as an option. Many apartment buyers are often not aware of the advantages of joint ownership of apartments and go about buying a flat in a single name, instead of joint names. It so happens that with couples, even though EMI is serviced by both partners in equal parts, if the registration is with one partner the other partner could not claim the income tax benefits on the home loan.

It is not necessary that only the spouse can be a partner, even close relatives like parents, children, brother or sister, business partner or even friends can be joint owners.  A person, who is added as a joint owner in the agreement, need not contribute towards the purchase of the property. It makes sense to add a close relative even if you are financing the property alone

Check out the advantages of joint ownership of apartments before you decide to buy a luxury flats in Kerala!

Increased loan eligibility

Your loan eligibility gets automatically increased when you co-own the property. Banks consider the net monthly take home salary of the applicant. If both partners jointly apply for the loan as co-owners they are eligible to get a higher loan amount. Moreover, lenders tend to consider favourably if there are more than one applicant as chances of bad debts are minimised.

Income tax benefits

Income tax deduction benefits apply on both - principal and interest amount for joint-owners of the flat. Co-applicants can claim a benefit of minimum Rs 1.5 lakh a year on principal amount and up to Rs 2 lakh on the interest paid as per Section 80C.  If all partners are contributing to the EMIs, co-owners can avail multiple tax benefits.

Payment flexibility

Availing a home loan jointly for the luxury flat eases the repayment process. Co-owners can themselves decide about each applicant’s contribution towards the repayment.

Easy property transfer

By buying flats in Trivandrum in joint possession, in case of sudden demise/accident of one property holder, the property can be transferred to the remaining owner(s) without much legal formalities. All that is required is a fresh registration of the property in the name of the new owners in the presence of a lawyer.

There can be documentation delays in joint ownership as more number of people are there. Hence please ensure that all the documents submitted are authentic. Also, in a joint home loan, joint owners can decide if one or both the owners would repay the loan.

Now that you have gone through the advantages of joint ownership of apartments you can confidently go ahead to buy luxury flats. Check through flats for sale in Trivandrum and book your apartment with luxurykeralaflats.com for a smooth and hassle-free purchase. Get in touch with us to know more.