Looking for your help to avail it benefits on my housing loa

Page no : 2

vishnupriya (CA Final) (1418 Points)
Replied 04 January 2012

@ Neil

First of all read the topic in the link at full:

A co-owner, who is not a co-borrower, is not entitled to tax benefits. Similarly, a co-borrower, who is not a co-owner, cannot claim benefits.

KORGAONKAR ASSOCIATIES (pratice) (118 Points)
Replied 04 January 2012

Sir ca neil ganatra thanks for answer i want recent judjement for above query answer for my sir satisfaction so give me recent judgement or any notification for above query thanks in advances

CA Neil Ganatra (Partner - Gautam Joshi & Co.) (871 Points)
Replied 04 January 2012

I am looking for the judgement on same as me and vishnupriya want to confirm what is correct. so will definitely post here as soon as I get it.

CA MAULIK (C.A) (937 Points)
Replied 04 January 2012

Yes, you can make an application for home loan after paying some initial amount. You can approach any bank for a housing loan provided your income levels justify the loan amount and you enjoy a good credit history

Advantages

Increased Loan Amount

Increase in Income Tax Benefits

Avoid taking a home loan in joint names if:

You can do with the loan amount available as a single applicant

The income tax savings by opting for a joint loan is not significantly higher than a single-name loan
You plan to purchase another house in the future