Home loan
Arjun Arjun
(Querist) 07 July 2013
This query is : Resolved
Sir
The house is not owned by me.It is owned by mother.
We have taken housing loan for the addition of the above house.
Can the branch manager refuse to give home loan certificate for income tax exemption u/s 80(c) and 24,on account of that the house is not owned by me.
Please reply.
Regards,
Anoopkumar
Advocate M.Bhadra
(Expert) 07 July 2013
obviously in favour of owner/borrower,but you may be a guarantor,
Resident Indians are eligible for certain tax benefits on both principal and interest components of a loan under the Income Tax Act, 1961. Under the current laws, the borrower entitled to an income tax rebate for interest repayment up to Rs. 1,50,000 /- per annum. Moreover, the borrower can get added tax benefits under Section 80 C on repayment of principal amount up to Rs. 1,00,000 /- per annum.
Rajendra K Goyal
(Expert) 07 July 2013
The Bank will issue certificate in favor of the borrower / owner of the house not in your favor. If you are co-borrower, the Bank will mention the name of both in the certificate.
