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?
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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