Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > Difference between Buying a House Before and After Marriage

Loan for Home

Difference between Buying a House Before and After Marriage

Difference between Buying a House Before and After Marriage

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.

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.

Credit Scores

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.

Succession

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.

Down payment

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.

Additional Read:  Best Tips to Plan Your Down Payment for Home Loan

Tax Benefits

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.

Moreover, several lenders offer low home loan interest rates 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.

Additional Read: Everything You Need to Know About Tax Benefit on Home Loans

The Bottom Line

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!

At Tata Capital, you can avail home loan 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.

Want to know more about our housing finance options? Contact us today!

Apply For House Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.