Skyrocketing property prices have already eliminated affordable as an adjective to describe flats in the city. The ever rising inflation and burgeoning rates of EMIs have burdened the common man further. In such a scenario, it is difficult, if not impossible, for an individual to buy a flat on his own. As result, people are buying property jointly, either with their spouse or parents, and ensuring it does not burn large holes in their pockets.
Mahendra Sandhanshiv who recently bought a 2BHK house for Rs48 lakh in Kharghar along with his wife says it is a torture to even try to buy a flat by oneself. “The bank refused to lend me the amount I wanted citing eligibility criteria. I was forced to attach my wife’s salary slip to be eligible for the loan,” said Sandhanshiv, an employee at a private firm in Navi Mumbai. “It shows that a single man or woman cannot afford a roof over their heads by themselves.”
Sandhanshiv said couples are invariably walking a tightrope after buying the house. “A majority of my salary goes in EMIs while my wife’s earnings are used on household essentials. But we are happy with our decision as it has strengthened our emotional bond. It gives us satisfaction that we are co-owners of the house,” he said.
Managing director and vice-chairperson of property consultancy Knight Frank, India, Pranab Dutta attributes the trend to the changing attitudes among people.“Earlier, people preferred to buy a house after retirement. Now, people in their 20s and early 30s are buying property. The cost of flats has gone up so much that it is impossible to buy a house by oneself,” he said.
Dutta explained that with more women opting to work, they are able to share the financial burden with their husbands.
“It also provides emotional stability to them. Both earning members - husband/wife and father/son/daughter pool their financial resources to buy their dream home,” Dutta said.
Thane resident Kailash Patil said he bought his first property in 2004 out of affection, but the second out of compulsion. “Then, it was within my reach to buy a flat. Not anymore - the rates have gone up by almost three to four times. So, I had to name my wife as the joint nominee and take additional loan,” he said.
Bank officers said they don’t receive single nominee applications for housing loans of late. “Majority of applicants come with dual nominees to raise the loan amount. The number of people buying houses jointly has increased,” a bank officer said.
Maharashtra Chamber of Housing Industry president Paras Gundecha said buying a house is a big decision and couples visit the site together before striking a deal. A husband cannot buy a flat on his own anymore, he said. “It is a good change. It will strengthen people’s marriages. They won’t split due to flimsy reasons as both will have financial interest in the co-owned house,” he said.
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