Buying a flat in Noida in joint names has many advantages. Most of the home buyers do not have a clear idea of the advantages of joint ownership. The points below will help us understand the clear difference but first of all, let us check the eligibility of joint property owners! Buy residential and commercial Apartments in Godrej Woods Noida , Apartments in Godrej Suites and luxury Apartments in Godrej Nurture with lots of modern amenities.
The Eligibility of a Joint Owner:- No particular rule governs the eligibility of a joint owner. If you are a bachelor, you can choose your parents or friends as joint owners. Whereas if you are married, you can choose your spouse.
The joint owner does not necessarily have to share the financial responsibility of the purchase. One can buy flats in Noida by paying the entire amount single-handedly in spite of the fact that the ownership stays in the joint names.
Benefits in Home Loan:- Home loan lenders prefer the applicants with joint owners who apply as co-borrowers. Here, only the close relatives are preferred in place of friends or cousins as joint members. Most of the lenders do not entertain the applications where the co-borrowers are not closely related (like parents, siblings or the spouse).
Smooth Succession of Property:- Given the changing social pattern, the number of nuclear families is rising. Compared to individual homes, people are preferring to buy apartments in the housing societies. This trend is putting more emphasise on the significance of joint holding. If in case anything happens to one holder, the ownership of the apartment will be transferred in the name of the other one. Otherwise, there would have the requirement of a no-objection certificate or a probate from other legal heirs. Then only one would be able to delegate the rights of ownership to the close relative.
The exception to this situation is when the owner has a will that specifically mentions the name of the real estate property owner after his/her demise.
Affordability:- Before purchasing a property, people calculate the amount of home loan. It actually determines the budget of the residential property. The home loan eligibility is fixed upon the income scale. Gaur City Noida Extension Township, The joint owners can opt for the combined home loan. This not only divides the burden of loan payment but also raises the eligibility to apply for the home loan because here, the 2 incomes will be held as one.
Income Tax Benefits:- In India, one can claim income tax benefits on the repayment of principal home loan amount under 80C. Under section 24b , one can claim the IT benefits on the interest amount. The eligibility of the applicant is that he or she should be either the owner or the joint-owner of the residential property. Eventually, even when you are paying the home loan, if you are not the joint holder of the property, you will not be eligible to claim the IT benefit.
There are many advantages of buying a real estate property in Noida. One can enhance the extent of benefit by opting for the joint ownership of a property. So, make the most of this and opt for a joint ownership.
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