HT Estates - - HTESTATES - Harsh Roongta

My wife has taken two home loans from a bank. She is now plan­ning to go for another loan. Can she get another loan and if so how much?

– Su­mit Jha There is no limit on the num­ber of loans that an in­di­vid­ual can get from a bank. But her in­come should be suf­fi­cient to ser­vice all the loans put to­gether. Typ­i­cally, the banks will as­sume that around 35%45% of the net monthly in­come is avail­able to re­pay all loans.

So whether your wife can get another loan or not, ev­ery­thing will de­pend on her net monthly in­come and the ex­ist­ing loan obli­ga­tions ev­ery month. In­ci­den­tally, apart from el­i­gi­bil­ity, you should also se­ri­ously con­sider whether it makes sense for you to bor­row monies and in­vest in yet another prop­erty. You can con­sult an in­vest­ment ad­viser. I have booked a prop­erty in Chen­nai. I am plan­ning to pay 20% amount by cash and take a home loan for the re­main­ing 80%. I am 25 years old and am the pri­mary ap­pli­cant. My fa­ther who is 50 years old will be a co-ap­pli­cant and my mother who is 45 years old will be the sec­ond co-ap­pli­cant. Who is el­i­gi­ble to avail tax ben­e­fit, the pri­mary ap­pli­cant or the coap­pli­cant. If both the ap­pli­cants can get a tax ben­e­fit, what is ra­tio? In case I reg­is­ter the prop­erty in my mother’s name, who is el­i­gi­ble for tax ben­e­fits?

– Savitha Iyer You need to be an owner or co-owner to claim tax ben­e­fits on home loan re­pay­ments. So if the prop­erty is reg­is­tered only in the name of your mother, then nei­ther you nor your fa­ther can claim any tax ben­e­fits on the loan. In case all of you are co-own­ers in the prop­erty, then each of you can claim the de­duc­tion based on your share in the home loan.

If the prop­erty is self­oc­cu­pied, then the max­i­mum limit of ₹ 2 lakh will be avail­able to each one of you sep­a­rately for your por­tion of the in­ter­est payable.

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