28 Apr 2023 / Shubhashish Homes

The Advantages of Joint Ownership of House Property: A Shubhashish Homes Perspective

The Advantages of Joint Ownership of House Property: A Shubhashish Homes Perspective

Owning a house is a dream come true for many individuals, but buying a property on one's own can be challenging, especially given the skyrocketing real estate prices. In such a scenario, joint ownership can be a viable solution. Joint ownership refers to buying a property with another person, usually a family member or a friend. Joint ownership has numerous benefits that make it an attractive option for many. In this blog, we will explore the benefits of the same from the perspective of Shubhashish Homes, a leading real estate developer in India.

Lower Financial Burden

One of the biggest benefits of it is that it lowers the financial burden on individuals. Buying a property on one's own can be a daunting task, especially given the high prices of real estate. However, with it, individuals can share the financial burden with another person. This means that the down payment, EMIs, and other expenses related to owning a property can be shared, making it more affordable.

Higher Loan Eligibility

Another advantage of joint ownership is that it increases an individual's loan eligibility. Banks and financial institutions consider the combined income of all the co-owners when deciding on the loan amount. This means that if two individuals buy a property together, they can avail of a higher loan amount than if they were to apply for a loan individually.

Tax Benefits

Joint ownership also offers several tax benefits to co-owners. Both co-owners can claim a tax deduction on the interest paid on the home loan, provided they are both paying for the loan. Additionally, co-owners can also claim tax deductions on the principal amount repaid under Section 80C of the Income Tax Act.


Joint ownership also offers a sense of security when it comes to inheritance. In the event of the demise of one of the co-owners, ownership of the property automatically transfers to the surviving co-owner. This means that the property does not have to go through the lengthy process of probate, and the surviving co-owner can continue to reside on the property without any legal hassles.


Joint ownership offers a great deal of flexibility to individuals. For example, if two friends buy a property together, they can use it as a holiday home, renting it out when not in use. Additionally, if one of the co-owners wants to sell their share of the property, they can do so without affecting the ownership of the property. This means that joint ownership allows for greater flexibility and freedom of choice.

Division of Responsibilities

Joint ownership also means that you can share the responsibilities related to owning a property. For example, the maintenance and repair of the property can be divided between the co-owners, reducing the burden on any one person. Additionally, if one co-owner is unavailable for a certain period, the other co-owner can take care of the property.


In conclusion, joint property ownership offers numerous benefits, making it an attractive option for many individuals. From lower financial burdens to tax benefits, joint ownership offers a sense of security and flexibility to co-owners. Shubhashish Homes understands the importance of owning a house and believes that joint ownership can be a great way for individuals to fulfil their dream of owning a property. With our expert guidance and support, we help our customers make informed decisions and choose the best ownership option that suits their needs.