Do You Have Your Wife On Board On Your House-Purchase Plan?
You are already aware that if you make your wife a co-applicant in the application form, your eligibility will increase even if she is only a homemaker. In case she is earning, she can support you with the EMI (equated monthly installment) payments — or you could choose to make the payment while she bears the monthly expenses. Additionally, both of you would be able to claim tax deductions on the loan repayment. You, we are certain, are also aware that you would be paying much less as stamp duty in case you decide to register the property in the name of your wife. Across Indian states, women pay lower stamp duty for property registrations. Basically, there are so many other ways in which your better half could help you while the two of you look for a property.
Before it all starts
Being married is a big responsibility but this also means more support. You would not have to entirely depend on your own saving to make the down-payment for the house; your wife would be there to share the burden. Apart from your own parents, you have an extended family — your in-laws — that would be there to support you in every possible way. In fact, you could ask these extended family members for a loan to increase the amount of the down-payment. Most certainly, you will not be paying an interest on the same and will be able to quickly repay the amount (in case you do pay an interest, you will be able to claim tax deductions). Keep in mind at all times that you will have to pay double the money you take from a financial institution as a loan. At a later stage, you could use your combined savings, yours and your wife's, to pre-pay the outstanding loan. When compared to someone who has to shoulder all this responsibility alone, you will be able to pay off the loan much faster, in a much easier and smoother manner.
You grow with her
Right after you introduce yourself and tell the broker you want to initiate a house purchase, the first question you would encounter would be about your marital status. Unfair as it may be towards those who are single, this broker would take you more seriously in case you are married and have children. This has much to do with the widely-held belief in our society that married people are more responsible. As a single buyer, you can always sense the overt uneasiness people feel while taking you seriously as far as home purchases go. And, wait, we are not speaking of social beliefs alone. We can bet you have often wondered why banks insist on making your spouse a co-applicant in your home-loan application. It is not always the case that you need to have her on board to raise your loan eligibility; your own should be is sufficient enough to get you the amount you are looking for. Banks, too, seem to believe in the logic as the society does. Their investment would be much safer if there is another person to pay off the loan in case the principal borrower fails to do so. You should have no doubts about the ways in which your better half have the capability of supporting you.
She knows better
Earlier, we did focus only on the financial benefits of having your wife on board on your house-purchase plans. Now, we must see why you must keep her close at all times while the details are being worked out. As the man of the house, you may know better about the advantages a particular locality offers, as the woman of the house, she would know if the house is built in a way that suits your requirements. The parks and greenery nearby might have impressed you but she would be in a better position to tell whether the property has proper ventilation. The manned entrances and security cameras must have assured you of the safety and security of the building, but her womanly instincts would also help you decide how safe the neighbourhood actually is. We suggest you go by her instincts on that. She obviously knows better.