CHEQUE BOOK

HT Estates - - HTESTATES - Harsh Roongta

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

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