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Gaurav Mohta | Answer |Ask -Follow

Answered on Oct 31, 2022

Question by SANJAY on Oct 31, 2022Hindi

Money

We have a home loan of Rs 55,00,000 (55 lakh) from SBI. It’s in my and my wife’s name jointly. My Wife is a homemaker.

I want to know whether my mother-in-law can repay our home loan. Can she issue a check to repay our home loan? She is a tax payer. Please let us know.

Ans: In order to pay the EMI for a home loan, the payer needs to be a part of the home loan and property ownership.

So you have two options here: you can either add your mother in law to the home loan as a co-applicant whereby she can pay the EMI and claim tax benefit on the same. Else she can be added as a guarantor to the loan in which case while she can make the EMI payment, she will not be able to claim the tax benefits.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, I have home loan jointly with my wife for the residential flat where we are living now. The flat is in my name bought in 2010. My wife has sold her ancesteral property in Sept '22 and gained Rs. 16 lakhs. Can she use this amount to repay the loan to avoid LTGT. Kindly give your opinion. Thank you

Ans: The exemption of LTCG is not available for repayment of home loan. You can claim the benefit of the home loan deductions available.

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Hello Sir, Me and and my spouse had bought a flat in 2021. We took a housing loan from BOI and we are paying almost 2.5 lakh per annum as a interest on the loan. Both of us are tax payers. My question is, while filing a income tax, can I declare 2L as interest on housing loan and my wife can declare a 50k as interest on housing loan. Or the interest amount should be equally divided among us?

Ans: Deduction for interest on housing loan is allowed based on proportion in which loan is repaid. However, in case of husband and wife, if loan is repaid from joint account and both are contributing money to said account for loan repayment as well as other household expenses, interest can be claimed in different proportion as one can contribute more for housing loan.

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Question by Ajay - May 02, 2024Hindi

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Hi, I liked a home that cost 1.1 crore. I don't have a down payment hence I decide to take this in joint name with my friend, who had 40 lakh rupees. Will bank permit home loan of 70 lakh to me to take this home in joint ownership with friend.

Ans: Taking a joint home loan with your friend can be a viable option to fulfill your dream of owning the desired home. Banks typically consider the combined income and creditworthiness of all co-applicants when approving a joint home loan.

In your case, since your friend has 40 lakh rupees for the down payment, you can apply for a home loan of 70 lakh rupees jointly. However, it's crucial to note that each bank has its own lending criteria and may evaluate the loan application based on factors such as income stability, credit history, and debt-to-income ratio.

Before proceeding, it's advisable to discuss the terms of the joint ownership with your friend and seek legal advice to draft a co-ownership agreement outlining the responsibilities, rights, and obligations of each party to avoid any potential conflicts in the future.

Additionally, consult with multiple banks or financial institutions to compare loan offers and choose the one that best suits your requirements in terms of interest rates, tenure, and repayment options.

By leveraging the combined financial strength of both applicants, you can increase the chances of loan approval and make your dream of homeownership a reality.

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Question by VIVEK - Aug 07, 2024Hindi

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myself joint owner of flat with wife. On my retirement can i repay entire outstanding of her Housing Loan directly from my bank account to LICHFL

Ans: Yes, as a joint owner of the flat, you can repay the entire outstanding housing loan directly from your bank account to LIC Housing Finance Limited (LICHFL), even if the loan is in your wife’s name. Since both of you are joint owners, your contribution towards the loan repayment is entirely permissible.

Points to Consider:
Loan Documentation: Ensure that the loan documents reflect your joint ownership, as this justifies your contribution towards the loan repayment.

Tax Benefits: If you are repaying the loan, you may be eligible for tax benefits under Section 80C and Section 24(b) of the Income Tax Act. However, this depends on whether you are listed as a co-borrower in the loan agreement. If you are not a co-borrower, tax benefits may not be applicable to you.

Loan Account Settlement: After repayment, ensure that you obtain a No Objection Certificate (NOC) from LICHFL, confirming that the loan is fully settled. This is crucial for clearing the mortgage on the property.

Repaying the loan from your account is a good strategy to clear the debt burden, especially as you approach retirement.

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Hi, my son is currently studying B.E CSE 3rd year at a private college in Bangalore. What should he do primarily to land in a good company ? Please help us

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Question by Yashwantha - Nov 14, 2024Hindi

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Sir I got admission in btech biotechnology and in bhms , which has more salary potential and which course should I take

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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