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Spouse as co-owner of your home

A Comparative Analysis on Including Spouse as the Co-owner of your Home

Buying a new home is an important milestone that most married couples dream to accomplish together. At the same time, purchasing a home entails taking a number of crucial decisions, some of which can be a wee bit tricky such as the inclusion of the name of your spouse as a co-owner of the new home. A number of factors have to be taken into account before making the final decision over this matter. 

Including the name of a family member as a co-owner changes the dynamics of your property investment substantially. If it’s your spouse you wish to nominate as a co-owner of your new house, you can avail of a host of advantages associated with it. However, practically thinking, you also exercise certain cautions when it comes to co-owning the new property.

With co-ownership of a new house with your spouse, you can look forward to numerous financial sops such as:

  • Reduced Stamp Duty and Registration Fees:
Reduced Registration Fees

Paying stamp duty and registration fees on the purchase of new home levies a considerable amount of expenses on an individual. Stamp duty charges for a male buyer can be anywhere between 4% to even 8% in different parts of the country. However, having a woman’s name as the first owner grants a married couple major opportunities to save a considerable amount of money. The stamp duty for a co-owned property is slashed considerably; for instance, stamp duty charges for a male buyer in New Delhi is 6%, while for property bought jointly, it is 5%. The female buyer should be the prime applicant for a couple to avail of this offer. The registration fee for a co-owned property is thus reduced with a woman as the first co-owner.

  • Tax Benefits:
Property Tax Benefits

Co-owning a purchased property also yields better tax benefits to a married couple. The interest to be paid in case of home loan taken for the property is lesser for co-borrowers. 

  • Better Loan Eligibility
Better Loan Eligibility

Purchase of property on loan by a married couple as co-owners grants them better loan eligibility. It adds to the savings that a couple can make, which a male buyer cannot do if he goes solo.

Suggested Read: How to Choose the Best Tenure for your Home Loan

  • Easier Processing and Documentation of Co-Owned Property:
Easier Documentation of Co-owned property

Purchasing a property with a co-owner is actually a lot simpler in several ways. The processing is done easily and more quickly, and the tedious task of paperwork is also reduced for a married couple. 

  • Emotional Factors:
Emotional Factors

Buying a home together involves a lot of love, sharing, and realization of dreams. A couple is bound to be drawn even closer and nurture the course of life in an even happier space with an important step like co-owning a house. 

Other Property Co-ownership Facets to be Considered Additionally

Co-owning a marital residence is undoubtedly a beautiful feeling in a marriage. A whole lot of things, including the financial part, are simplified and become easy when a couple is together through thick and thin. However, it’s important to be practical and recognize the possibility of certain situations that make it necessary for you to think and act very cautiously if you co-own your new home with your better half. 

Also Read: Stamp Duty Reduction in Pune gives a boost to Real Estate Investments


The most decisive aspect of co-owning a new home is that neither will have sole authority over the property. Things appear even more complex if the responsibility of financing the new house rests on one of the partners primarily, if not entirely. 

Further, fluctuations in property prices and changes in policies from the authorities are also to be considered. In case a dispute arises between the couple co-owning a property, settling it can become challenging. Some buyers are therefore of the opinion that going alone is a better option even though it costs more and demands more formalities. 

It is therefore important to take stock of the situation and factors that play a role in purchasing a house jointly. If you have an understanding life partner, there’s nothing like co-owning a new home, which is a symbol of true love and togetherness you share.

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