Jul 3, 2025
The process of probate can seem
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The process of probate can seem
The process of probate can seem
Learn how to file ITR for joint property ownership and claim deductions effectively. Understand tax implications, available deductions, and
Filing ITR for Joint Property Ownership: Deductions You Shouldn't Miss
If you own a house with a spouse or relative, understanding how to file ITR for joint property ownership is essential. Learn how ownership ratio, loan repayment, and Section 24(b) deductions impact your return. Click to explore a complete guide on ITR filing for joint property owners, and ensure you don’t miss out on deductions you deserve.
The process of probate can seem
The process of probate can seem
In October, the English Court of Appeal handed down its judgment in the case of Martin vs Kogan, and in so doing provided a helpful clarification on…
An insight into one of the key cases in copyright. Martin v Kogan sets out some key pointers in establishing joint authoriship of copyright, allowing proper protection for all parties in collaborative works.
Undoubtedly a useful reference for future cases, Martin v Koogan sets out an 11-point code on how to recognise joint ownership.
29 January 2020
Joint ownership of flat: Pros and cons
Buying a flat calls for a capital intensive investment. More and more people are considering joint ownership for buying apartments in Guruvayur instead of going for sole ownership of flats attracted by the various benefits it offers. Nevertheless, it’s always important for buyers to weigh up their options.
Who can be co-owners?
Your spouse, parents, children, and siblings can jointly own apartments in Guruvayur from Vishraam Builders, premier builders in Thrissur. Check out our list of pros and cons of joint ownership to see if this is the right scheme for you!
Pros
Increased loan eligibility
When you co-own a property your loan eligibility is increased. For any home loan applicant, banks consider the net monthly take home salary. Buyers can jointly apply for the loan as co-owners for a higher loan amount. Apart from that, if there are more than one applicants, lenders tend to consider favourably as chances of bad debts are minimized. Income tax benefits
Joint-owners of the flat can easily claim income tax deduction benefits on both - principal and interest amount. Co-applicants can avail 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. Co-owners can avail multiple tax benefits if all them are contributing to the EMIs. Payment flexibility
Availing a home loan jointly for the apartment in Guruvayur eases the repayment process. Co-owners can themselves decide about each applicant’s contribution towards the repayment. Hassle-free property transfer
By buying a property in joint possession, in case of sudden demise/accident of one property holder, as per norms, 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 solicitor.
Cons
Documentation delays
In joint ownership as more number of people are there, banks usually take a longer time to complete the loan documentation process. It usually depends on the number of applicants and the process is repeated twice or thrice. Hence, ensure that all the documents submitted are authentic. Impact on credit history
In a joint home loan, joint owners can decide if one or both the owners would repay the loan, In case of any default payment, credit history of all the applicants will be tainted. On the whole, advantages of jointly owning a property outnumber its disadvantages. Therefore, you can certainly consider sharing the property title. However, be cautious of the pros and cons of joint ownership for a smooth and hassle-free purchase. To know more details on buying apartments in Guruvayur from the prominent builders in Thrissur, Vishraam Builders, get in touch with us.