Two years back we have took the housing the loan. Since the property is on my dad name, loan was granted to my father name and I was the guarantor. My dad’s annual income not comes under taxable. Being a guarantor I’m not able the avail the tax benefits. So now I decided to convert the loan account into joint account. Before approaching the bank I just wanted clarify the below things.
- 1) Is that possible to convert the loan into joint account? (which is 2 years old)
- 2) If suppose it’s possible, still the property would be on my dad name and only the loan is joint. So in that case am I eligible to avail the tax benefits
- 3) Loan conversion is like they will close the existing loan and would create the fresh loan with current interest rate including processing fee. So is that smart to convert the loan?
- 4) I might go for another housing loan in next 2 years (Not sure). So this existing joint loan would have any impact on that? (Assume my income satisfies the repayment)
Thanks in advance.