Home Loan by the Director
This query is : Resolved
CA Suresh Choudhary
(Querist)
03 February 2010
Can a Pvt Ltd Company become a co-applicant in the Housing Loan of the Director of that Company?
If yes what is the Maximum amount to be mentioned in the resolution passed by BOD in the board meeting? ( I mean is there any restriction related to paid up capital). In otherwords, if paid up capital of the pvt co is 4.5 crores then can resolution can be passed for 6 Crores of Loan.
Reply its urgent.
If yes what is the Maximum amount to be mentioned in the resolution passed by BOD in the board meeting? ( I mean is there any restriction related to paid up capital). In otherwords, if paid up capital of the pvt co is 4.5 crores then can resolution can be passed for 6 Crores of Loan.
Reply its urgent.
CA Shishir
(Expert)
03 February 2010
As far as my knowledge goes, Housing Loans will be provided to Individuals / HUF only. For other persons, you can get CC / OD / Term Loan / Working Capital Loan etc.
If the director wants, he can avail advance from the company (subject to the provision of 2(22)(e) - deemed dividend)
If the director wants, he can avail advance from the company (subject to the provision of 2(22)(e) - deemed dividend)
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