Loan

Querist : Anonymous (Querist) 25 January 2012 This query is : Resolved
My Question is, can a working lady borrow money from her husband for
buying a home without interest or at 0.5% or less? Is any limit of
time for repayment? please tell what formalities are required to take
loan from husband.

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ajay sethi (Expert) 25 January 2012
yes she can borrow money from her husband at interest free rates or at low rates .

no time limit for repayment . tell husband to waive it off . no formailites

Devajyoti Barman (Expert) 25 January 2012
There is no time limit on borrowing loan by one individual from another.

The law does not discriminate between spouses as in India both husband and wife are different persons for legal perspective.

Raj Kumar Makkad (Expert) 26 January 2012
You have not told for which purpose you want to show such loan. If you post the purpose then the relevant formalities can also be suggested.

Vineet (Expert) 27 January 2012
The lady can take even interest free loan from husband to purchase property. The only problem is if such property is given on rent, the house property income shall be clubbed with husband's income.

prabhakar singh (Expert) 28 January 2012
Even in spouse cases it is always desirable that loan should be passed on some token interest,say,saving bank rate.secondly the transaction,if in case then it should not exceed more than 20k for one entry on a day otherwise it should be by bank transaction by cheque or transfer.

soumitra basu (Expert) 28 January 2012
The loan should be in cheque if it is more than 20000. It is advisable that if the property is not lent out, then it is better to gift the amount from the husband to the wife.

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