aking a home loan with your spouse? Or any other family member, for that matter?
Here are the 10 most frequently asked questions regarding this issue.
1. Must the co-owners be co-applicants?
Yes. All home loan companies insist that all co-owners be co-applicants.
But the reverse is not necessarily true. All co-applicants need not necessarily be co-owners.
2. If the apartment is in my wife’s name, can I take the loan?
You and your wife will have to be co-applicants for the loan.
If you are neither the owner nor the co-owner of the apartment, you will not be eligible for any tax benefits on the loan repayments.
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3. If my wife and I have bought a home, can we register it on any one individual’s name or must it be registered on both our names?
If the flat is jointly owned, it is better that it be registered jointly.
4. My spouse and I own a house with ownership being 50:50. But I am repaying the entire loan. Can I claim the entire tax benefit?
You will get the tax benefit in the proportion to your share in the loan. Here is an example:
Cost of the apartment: Rs 500
How it is paid for: 50% of your own contribution and 50% by a loan