My wife has a home loan to service but she does not have a job as of now. I want to take over payment of the loan. What would be the implications of paying such a loan legally. Would the ownership of the flat be affected? Can we own the flat jointly?
— Sameer Mahindroo Yes, you can informally pay the home loan EMIs on your wife’s behalf, but you will not be eligible for any tax benefits as you are not a co-owner to the said property. You can also get your name added with the bank’s consent, but this will have stamp duty charges implications. I have taken a home loan for ₹ 19 lakh. My present EMI is ₹ 20,000 per month, which mainly comprises interest. The present market value of my flat is ₹ 50 lakh. I want to pursue a 11-month management programme in Mumbai. During this period I will be out of a job. Is it The lender will not agree to suspend payment of EMI of the home loan even if the borrower quits the job. It is in your interest to make arrangements to avoid becoming a defaulter. Defaulting loan repayment will jeopardise your ability to get a loan or a credit card in the future apart from the risk of losing your home.
One possible way out is to seek a top-up loan from your lender (if eligible) before you quit your job (otherwise you will not get it) and use the top-up loan to pay the 11