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POSTED BY ON July 23, 2014 6:56 pm ONE COMMENT
Hi,
My wife and i have a home on our name (both name) and loan also on both name. Now, we are in process of finalising second home. As next step, I need to finalize things like Home Loan. I have to decide whether I should get second home registered on both names again or with one. Few questions that I have:
1. If home is registered on one name, will bank give loan on both names and considering salaried of both me and my wife?
2. If home is registered on one name, can both of us avail home loan interest benefit (tax benefits) if home loan is on both name?
3. How important is wealth tax criteio? What I have read is that if home is rented out then it is not applicable?
4. Any other factor that I should keep in mind while deciding?
Your answers will be helpful. Thanks.
Prankur
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Dear Prankur,
1. Yes, the bank may accept your wife as the co-applicant even if she is not the co-owner of the property
2. In this case, the co-applicant can claim benefit under Income Tax only if they are the co-owner of the property
3.Yes, if you have rented out the house property, then it is not included in the computation of wealth tax
Regards,
Credexpert