An acquaintance of mine recently wanted to buy a property. Out of curiosity, I asked in whose name you have thought of taking this property. On this, he said what is there to think about it? I will take the property in my own name, right? Then I told them that any person should do any kind of investment with a joint name. There are many benefits to this. When I comfortably told him about these benefits, he not only thanked me but also agreed to buy the property in joint name. In such a situation, I thought that our readers should also definitely know about these benefits.

Which people can you make joint owners?
While buying a property, there is no law regarding who you can make a joint owner and who you cannot. You can make a close relative, business partner or even a close friend a joint owner. While purchasing a property, it is not necessary that the joint holder also contribute some money. Even if you are paying the entire amount alone, it is beneficial to include your wife or children as joint owners in the property agreement paper. Whereas, if you are not married then you can make your parents or brother a joint owner. Any number of people can make you a joint owner when you buy a property.

Know the benefits of buying property in joint names
1. While taking home loan:
While giving home loan, banks insist on making all the joint owners joint creditors. If you apply for the loan by making your close relatives like your spouse, parents or children as co-borrowers, then you can get a higher loan amount. Most of the banks do not give much importance to the application for making anyone other than these close relatives a co-borrower. Not only this, if you make a friend, partner, or even brother or sister a joint owner, your home loan application may also get rejected.

2. There is no problem in transferring property from one name to another.
Nowadays most people buy flats in housing societies. In such a situation, it is better to buy property with joint names. This is because, God forbid, if something happens to any of the joint holders, the society usually transfers the property in the name of the joint holder. For this, he generally does not ask for NOC from probate or other legal heirs. Although there is a provision to submit nomination papers in the society, it is more difficult to get the flat transferred to a nominee as compared to a joint owner.

3. Income tax and other benefits
Buying property in joint names also helps you in better tax planning. You can avail of tax exemption on home loan principal amounts under Section 80C or Section 24b on housing loans. The owner or joint owner gets the benefit of both these tax exemptions. You will not get the benefit of these tax exemptions related to home loans in such cases if the loan is in your name but the house is not in your name.

4. You can also get relief in stamp duty
In some cases, if the registry is in the name of a woman, then less stamp duty has to be paid. Similarly, if a woman is the first applicant for a home loan, some banks give some relaxation in the interest rate.

From all these aspects it has become almost clear that buying a house in joint names is a beneficial deal in many ways. This not only helps in transferring the property from one name to another but also gives the benefit of tax exemption.
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