Loan against property

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 March 2011 I have property in the name of me and my wife separately.....

value of land in my name : 1041702 Rs
and in my wife's name ; 1414700 Rs.

Please help for this questions:-
-at what amount I can take loan against this property (in separate name) and
-what will be the interest rate charged by bank?
-Is this interest allowable for deduction from my business income?

CA. CS. Paras Shah

CA. CS. Paras Shah (Expert)
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29 November 2011 Yes you can take separate Loans and its Called LAP(Loan Ag. Property). The finance is 60% of property value. and Int Rate from 14-16%. Yes Int Allowable as Deduction.