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.