Facts Buying Property with Spouse
Own A Property With Spouse
When his bank told Madhu Kumar, 33, he could increase his loan eligibility by making his home-maker wife Samanthaa co-applicant in his loan plea, the mechanical engineer readily agreed. What could be the harm anyway, he thought. While he was thinking of ways to quickly finance his property purchase, Madhu did not have much time to think about what could be the other benefits or drawbacks of such a move.
First and foremost, one does not become a co-owner of the property by becoming a co-borrower in the home loan application. However, wives do not have to worry about that as far as ownership is concerned. Under the provisions of the Marriage Laws (Amendment) Bill, 2010, a wife by default becomes a co-owner of a property purchased by her husband after marriage.