{"id":19878,"date":"2023-08-28T17:26:51","date_gmt":"2023-08-28T17:26:51","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=15254"},"modified":"2024-11-28T14:38:57","modified_gmt":"2024-11-28T09:08:57","slug":"difference-between-buying-a-house-before-and-after-marriage","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/difference-between-buying-a-house-before-and-after-marriage\/","title":{"rendered":"Difference between Buying a House Before and After Marriage"},"content":{"rendered":"\n

Marriage is one of the most significant milestones in life, and as soon as you tie the knot, the next big commitment that usually follows is buying a house. But nowadays, countless millennials are choosing to purchase their dream home before walking down the aisle.<\/p>\n\n\n\n

So, should you buy a house before getting marriedor not? Read further to learn how your marital status can affect the purchase of your new abode.<\/p>\n\n\n\n

Credit Scores<\/strong><\/h2>\n\n\n\n

Buying a house after marriage means both you and your partner will require a good credit history to secure a loan together. In case you both have a credit score of 700 or above, it will be easier to get a loan and buy your desired house together. However, if one of the spouses has a poor credit score, it may negatively affect your ability to obtain the loan. In such a case, the partner with a good credit score should apply for the loan independently.<\/p>\n\n\n\n

Succession<\/strong><\/h2>\n\n\n\n

Whether you are married or not, the legal ownership of the house determines how the property will be transferred in the event of death. If jointly owned by a married couple, ownership of the property will be passed on to the surviving spouse. However, in the case of sole ownership, the property is divided\/transferred based on the deceased’s will or India’s succession laws for spousal properties.<\/p>\n\n\n\n

Down payment<\/strong><\/h2>\n\n\n\n

If you are married, you and your spouse can combine your income to pay a higher down payment amount on the house purchase. By paying a higher down payment upfront, you can lower the home loan amount you require for purchase, so the resulting monthly EMIs will also come down naturally. This is a convenient way to use your combined savings to buy a property together.<\/p>\n\n\n\n

Additional Read: <\/strong> Best Tips to Plan Your Down Payment for Home Loan<\/a><\/p>\n\n\n\n

Tax Benefits<\/strong><\/h2>\n\n\n\n

A significant difference in buying a house after getting married is that you can avail of a higher tax concession on a joint loan. Under Section 80C, both the spouses can avail of a tax benefit of Rs. 1.5 lakhs on the principal amount. This means that you are eligible for a higher tax benefit as a couple compared to being a single borrower.<\/p>\n\n\n\n

Moreover, several lenders offer low home loan interest rates<\/a> for women applicants. Therefore, being married and having your wife as a primary applicant can help you get some concession on the loan interest rate.<\/p>\n\n\n\n

Additional Read:<\/strong>\u00a0Everything You Need to Know About Tax Benefit on Home Loans<\/a><\/p>\n\n\n\n

The Bottom Line<\/h3>\n\n\n\n

Ultimately, buying a house before marriage or after depends on the individual or the couple. If you have a clear vision of what you want your dream abode to be like and are ready to take the next step, turn to Tata Capital!<\/p>\n\n\n\n

At Tata Capital, you can avail home loan<\/a> at attractive interest rates. Visit our website here to go through our home finance offerings. You can also get a precise estimate of your monthly instalments using our home loan EMI calculator online. <\/p>\n\n\n\n

Want to know more about our housing finance options? Contact us today!<\/p>\n\n\n\n

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Apply For House Loan<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

Marriage is one of the most significant milestones in life, and as soon as you tie the knot. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":20082,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-19878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"\nBuying a House Before Marriage Vs After Marriage - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Check out the difference between Buying a House Before Marriage vs After Marriage. Learn tips for homebuying with a partner or significant other. 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