Smart Real Estate Investment Tips For Married Couples
Buying a house is one of the significant milestones for any married couple. Two individuals club their resources and invest in a property for a secured future. Residential projects like Manbhum Around the Grove is successfully serving the increasing demand for quality homes for couples which makes this property in Hyderabad one of the most sought-after real estate destinations in India.
Buying property after the marriage has an emotional touch because two individuals club their resources and invest in a property to build a secured future. That’s why residential projects like Manbhum Around the Grove, with its quality apartments, are one of the most sought-after realty destinations in the country. That being said, here are a few smart tips you should consider when you invest in real estate properties after marriage:
1. Apply for joint home loans
Buying any property requires a sizable amount of capital, which can be fulfilled through home loans. However, often the failure to meet the minimum income criteria can be a roadblock. In such situations, a joint home loan can be a prudent option.
A joint home loan application enhances your eligibility and offers tax benefits as well. In case both of you are working, there’s the ease of repayment as well.
2. Avail tax benefits
Buying a house as a married couple increases tax benefits. Under section 24 of Income Tax, you can get a tax deduction up to Rs. 2 lakh on home loan interest. Therefore, in case of a joint home loan, the total deduction claimed on interest payment can be up to Rs. 4 lakh.
Additionally, tax benefits can be claimed on principal repayment up to Rs. 1.5 lakh under section 80C of the Income Tax Act. Thus, buying your first property after marriage can bring you more than expected monetary benefits.
3. Choose the location carefully
Buying a home after marriage is a major financial goal, buying a home needs a substantial amount of capital. In most cases, a home loan is a prudent solution. Hence, it is essential to choose a location with utmost care. Choose a location that suits your lifestyle and has a robust social infrastructure. From an investment point of view, choose a place which holds the potential to appreciate in value in the long run. Real estate investment post marriage requires patience and access to a large number of funds.
Being a long-term commitment, it’s essential to make every move with utmost caution. Also, investment should be made in a manner so that you can achieve your long-term goals. Home Loans from Bajaj Finserv Homes & Loans can give you the required funds to avail the loan at a competitive interest rate for investment in real estate post marriage. Along with funds, you also get in-person assistance for site-visits and documentation.