Loan against property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 March 2011
I have property in the name of me and my wife separately.....
value of land in my name : 1041702 Rs
and in my wife's name ; 1414700 Rs.
Please help for this questions:-
-at what amount I can take loan against this property (in separate name) and
-what will be the interest rate charged by bank?
-Is this interest allowable for deduction from my business income?
value of land in my name : 1041702 Rs
and in my wife's name ; 1414700 Rs.
Please help for this questions:-
-at what amount I can take loan against this property (in separate name) and
-what will be the interest rate charged by bank?
-Is this interest allowable for deduction from my business income?
CA. CS. Paras Shah
(Expert)
29 November 2011
Yes you can take separate Loans and its Called LAP(Loan Ag. Property). The finance is 60% of property value. and Int Rate from 14-16%. Yes Int Allowable as Deduction.
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