Difference Between Buying a House Before and After Marriage

 Marriage is the most significant milestone in life, as soon as you tie the knot; the next big commitment that usually follows is to buy a house. But now things are changed and countless millennials are choosing to purchase their dream home before walking down the aisle.

So did you make any plan or not before getting married? If not, then read further, to find out how your marital status may sway the purchase of your new abode.

Credit Scores

After marriage, it became necessary for both partners to maintain a good credit history to buy a home and secure the loan together. However, if one of the spouses has a poor credit score, it may affect negatively your ability to obtain the loan. But nowadays things have been changed and everyone is doing their best to income a handsome salary, so if you both are earning a good amount then you can purchase a property together without any hassle.

Down Payment 

A married couple can combine their income to pay a higher down payment amount on the house purchase. By paying a higher down payment in advance, you can reduce the home loan amount required for the purchase, so the resulting monthly EMI will also naturally decrease. This is a fantastic way to unite your savings to buy a dream home mutually.

Tax Benefits 

The significant difference in buying a house after marriage is that you can avail of a higher tax concession on joint loans. Another add-on is under Section 80C, both the spouses can avail of a tax benefit of Rs. 1.5 lakhs on the principal amount which means you are eligible for higher tax benefits as a couple compared to a single borrower.

 Moreover, many lenders offer home loan interest rates for women applicants, hence, being married and having your wife as a primary applicant can help you get some concession on the loan interest rate.

The Bottom Line 

Ultimately, buying a house before marriage or after it depends on the individual or the couple. If you got a clear vision of what you want to see in your dream home and what it would be like then march forward with Godrej Green Woods.

Godrej Green Woods Ashok Vihar a new residential project based on a forest theme by the legacy builder Godrej Properties located in Ashok Vihar Delhi. Presenting modern lifestyle in its 2, 3 and 4 BHK apartments and a soothing environment plus your own forest which is developed in large acres and more than 1000 trees are planted to create robust ambiance.

Visit more:- http://www.ashokvihardelhi.in/blog/what-are-the-amenities-in-godrej-green-woods/