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.