Implication of borrowing money from blood relation to pay back home loan

I have a home loan of 30 lakh from HDFC. To pay off the loan, I plan to borrow ( @ 8% PA) from my real brother. I plan to pay back to my brother over the next 5 years. I have following queries on this - 

1. What are the necessary documentation that should be done to ensure, no Tax implication on my brother for principal amount I will pay back?
2. Would I be eligible for tax benefits for home loan?

Any other precaution that I should take?

 

Thanks in advance. 

Replies (1)

1.Loan agreement.

2.Yes u will be eligible for tax benefits of home loan u/s 80C and 24(b)

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