Income Tax benefit on home loan
Querist :
Anonymous
(Querist) 01 April 2018
This query is : Resolved
I am planning for purchase of a flat in the name of my wife,who is homemaker. The loan will be in the joint name. Whether I will be eligible for claiming the income tax benefits on interest and principal amount on home loan, as the EMI will get deducted from my account and my wife is not having source of income or taxable income.
R.Ramachandran
(Expert) 01 April 2018
The Home Loan sanctioning Authority/Organization will not agree for Registering the Home in your wife's name, especially when she is not the co-borrower and if she has no income to repay the EMI.
Therefore, first check up with the Loan Sanctioning authority/organization whether they will permit only your wife's name as the purchaser of the property.
Only thereafter your question will arise. First things first.
Guest
(Expert) 01 April 2018
Totally vague query.
First get loan sanctioned and disbursed, then come forward with complete detail to ask your query, if there is any problem. No use of striking in the air. Even you have not mentioned, who will be the main applicant and who the co-applicant, and whether the bank has agreed to give you loan if your wife is the joint borrower.
Querist :
Anonymous
(Querist) 01 April 2018
The loan application has been accepted by the bank and my wife is co-applicant/co-borrower along with me. The property will be registered in her name only. My query is as I will be paying the EMI and only salaried person whether I will be eligible for income tax benefits for home loan.
Querist :
Anonymous
(Querist) 01 April 2018
The loan application has been accepted by the bank and my wife is co-applicant/co-borrower along with me. The property will be registered in her name only. My query is as I will be paying the EMI and only salaried person whether I will be eligible for income tax benefits for home loan.
R.Ramachandran
(Expert) 01 April 2018
Yes you will be entitled to income tax benefits on the home loan. (Better re-check with the bank. The bank should not have any problem in making your wife as a Co-Applicant/borrower. But when it comes to registering the property, the bank would definitely expect both the names to appear as purchasers and not your wife's name alone. Check up with them, don't regret after writing on the Stamp Paper or after getting it registered.) I leave it to you.
Querist :
Anonymous
(Querist) 01 April 2018
Thanks alot for the clarification Ramachandran sir..
Querist :
Anonymous
(Querist) 01 April 2018
Thanks alot for the clarification Ramachandran sir..
