If I want to take a loan of Rs 15 lakh for construction of my house, should I be the only owner or is it okay, if the house is in the name of 4 people, one of them being me?

Ans: Your father can be at any order in the property holding (first, second, anything…). His contribution in percentage terms will be counted as his share of the property.

Let us say, out of the Rs 71 Lakhs of the sale price, the Long Term Capital Gains is Rs 33.5 Lakhs and that is the one which is invested as his contribution in the new property that you are buying. So he saves complete tax on LTCG, and his share in the property becomes 10% as 33.5L is 10% of 3.35 Crores.

Ans: I feel both answers are not pertaining to income tax act. You can check with Bank

Ans: It sounds like you're facing a significant decision regarding your financial future, especially with your family's dependence on you. Have you considered the broader implications of taking on additional debt? As a Certified Financial Planner, my concern is not just about the numbers but also about ensuring your overall well-being.

Taking a home loan of 12 lakhs over four years might seem like a solution, but it's crucial to weigh the pros and cons. Consider the impact on your monthly cash flow, especially with your salary and travel expenses. Reflect on your long-term goals and whether this loan aligns with them.

Additionally, the dynamics surrounding your property add another layer of complexity. Have you discussed the situation thoroughly with your family, considering both your father's and uncle's perspectives?

Ultimately, the decision rests on finding a balance between your financial obligations, your family's needs, and your own aspirations. Let's explore all angles together to ensure you make the choice that best serves your future.

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.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: The first owner of the property is responsible for fulfilling statutory obligations pertaining to the property purchase.(TDS, GST, Stamp duty)