Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Home Laon

CA. Pawan Garg (Servicing Chartered Accountant) (22 Points)

31 July 2007

I need a home loan for extension of house. but home is in name of my mother. Can i get home loan in my name. and whether tax benefit u/s 80C is available on repayment. pls. guide.

Reply
Follow
Share

4 Replies

aca.chand.bagaria (Chartered accountant) (42 Points)
Replied 01 August 2007

IN MY VIEW, to get the home loan you should be owner. Here oyu can make agreement with your mother that you will be the owner for extention part of home and thus pay some premium amount to mother and take the home loan for both Premium you have to pay and Money needed for construction. And thus get deduction on loan payment and principal amount. Further i would say consult with any tax expert

Upgrade to CAclubindia Pro. Subscribe Now!

rajan (chartered accountant) (20 Points)
Replied 01 August 2007

Yes, inspite of the house is in the name of your mother you will get home loan from any of the bank. You will be the co-borrower in this case. But see that bank does not give home loan to person of above 65 years, unless special permission from regional/zonal office is obtained.

Stella (Manager) (33 Points)
Replied 21 August 2007

U can get home loan easily. as the house is in your mother's name thre are very less chances that you can get loan your name. Stella https://www.theloanbazaar.com/personalloans/