Housing loan dilemma

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2012 I am going to take Housing Loan on behalf of my Jijaji as he has not sufficient documents to provide Banks to get loan.

Here my dilemma is that, what documents or legal processes I need to follow so I will be in safe place and my future loans eligibility should remain same.

I do not want to take Housing loan benefits so what documents I need to collect from my Jijaji.

My Jijai is going to pay margin loan money as well as future EMI.

Amol S Joglekar

Amol S Joglekar (Expert)
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03 May 2012 No room for any such BENAMI transaction in income tax. (Abolished long back) So take the loan, flat will be in your name (has to be), take the interest benefit. Hope for the best of your Jija that by the time your turn comes he will be equipped with documents.

Mihir Doshi

Mihir Doshi (Expert)
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03 May 2012 Dear,

You will get loan when the documents are in your name.

So, you will be owner of the house and you can claim the tax benefit as well.

Your Jijagi wont be able to claim any benefits.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 May 2012 Thanks all of you for your valuable advise.

They don't have house so I have to help them to sort out this otherwise they will pay rent amount which is very much equal to the future EMI.

Actually I am not much interested to take tax benefits from this housing loan and I want to keep my loan eligibility intact.

Is there any chance whether we can have some sort of legal document which mention that my Jijai will give me the cash/cheque to pay the EMI and I can show the same when I will go for another loan.

I really appreciate your advise.