Why More Couples Are Buying Homes Together in India

Couples have increasingly been approaching homebuying as a joint venture, with many believing it offers not just emotional fulfilment but also a stronger financial foundation. Experts noted that with mutual planning, transparent communication, and professional guidance, this path could lead to both successful property ownership and long-term security.

Laying the Financial Groundwork Together

Industry professionals observed that when partners align their goals and finances, it enhances their buying potential and stability. Joint property purchases, it was said, allow couples to act as a team—building both a home and a more disciplined financial life together.

Why Shared Ownership Makes Sense

Shared homeownership is believed to help couples combine incomes, thereby enabling the purchase of higher-value homes, possibly in better locations. Experts also highlighted how this collaboration allows for improved loan eligibility and long-term returns, while encouraging more participative decision-making and emotional commitment.

Key Benefits Include:

• Tax advantages for both individuals under applicable home loan deductions.

• Easier financial management through division of EMIs, maintenance costs, and other expenses.

• Increased legal clarity and protection in case of unforeseen events.

Steps to Make the Joint Purchase Work

Experts outlined a structured roadmap that couples could follow to ensure a smooth homebuying experience. The focus, they explained, should be on clarity, planning, and mutual respect for financial and emotional responsibilities.

1. Financial Assessment

Couples were advised to thoroughly assess their combined incomes, savings, liabilities, and credit histories before committing. A clear understanding of EMI servicing capacity and down payment availability was considered essential.

2. Aligning Homeownership Goals

It was recommended that partners discuss future aspirations—including career changes, family planning, and mobility needs—so that the chosen property supports their evolving lifestyle. Distance from work and long-term usability were flagged as key decision drivers.

3. Setting a Realistic Budget

In addition to the purchase price, financial experts reminded buyers to budget for hidden expenses such as stamp duty, registration, maintenance, and legal fees. Emergency savings were also deemed necessary to avoid overcommitment.

4. Clarifying Payment Responsibilities

It was suggested that both parties agree in advance on who pays what—be it EMIs, down payments, or household expenses—to minimise future stress. Saving at least 20% of the total cost before finalising the deal was considered prudent.

5. Home Loan Pre-Approval

Getting a home loan pre-approved, according to professionals, can simplify the buying process, improve affordability clarity, and make the buyer’s offer more appealing to sellers. Joint applications were also linked to better loan terms.

6. Research and Site Visits

It was suggested that couples scout areas together, taking into account market trends, builder reputation, connectivity, and legal documentation. Visiting shortlisted properties helped ensure joint satisfaction in decision-making.

7. Hiring Professionals

Advisors urged couples to seek legal and financial consultants to guide them through documentation, tax benefits, and loan formalities. A trusted agent and a property lawyer were seen as important assets in the journey.

8. Property Registration and Legal Finalisation

Registering the home under both names and drafting a co-ownership agreement were encouraged. Experts highlighted that both names should ideally feature on the home loan documents. Considering home insurance and preparing an exit strategy were also deemed wise.

Summary Checklist for Couples

• Align personal and financial goals.

• Define shared life priorities—family, career, retirement.

• Assess total financial health including obligations.

• Draft a realistic, inclusive budget.

• Explore joint home loan options for interest and tax benefits.

• Research neighbourhoods and future growth prospects.

• Engage qualified professionals for legal and financial tasks.

• Keep funds aside for emergencies and contingencies.

Benefits of Joint Ownership

• Improved loan eligibility and income pooling.

• Shared tax deductions and financial accountability.

• Streamlined inheritance and asset protection.

• Potential stamp duty savings in some states.

• Lower interest rates due to joint credit strength.

Disclaimer: This article is for informational purposes only. Readers are advised to consult with legal and financial professionals before making property-related decisions.