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Prepayment of home loan from own brothers fund

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(Querist)
20 February 2016 I want to prepay my home loan from the funds of my own brother .
Amount is apprx. 13 lacs and my home loan is about 5 years old.
Pl. suggest.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 February 2016 Yes you can prepay no tax problem. Take the amount through cheque and pay interst through cheque to your brother which can be claimed for tax purpose.
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Adarsh Saraf

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Adarsh Saraf (Querist)
20 February 2016 Thanks for the prompt reply. Further query is that can i take this loan without interest and if no then any rules for rate of interest decision?
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Amol S Joglekar

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Amol S Joglekar (Expert)
20 February 2016 You my take this as loan from your brother.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 February 2016 You can take the loan without interest.
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Amol S Joglekar

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Amol S Joglekar (Expert)
23 February 2016 You are most welcome.
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