Buying house with sibling and tax rebate sharing

POSTED BY JayaprakashReddy ON December 23, 2010 11:39 am ONE COMMENT

Can we buy a house with our sibling (brother or sister) as a co-owner? If we can buy, then can we get home loan for the same and share the home loan principle and interest for the income tax exemption?

If yes, please let me know how this can be shared, how should we submit our proofs to income tax department? Can we get the certificates from the bank/institution from which we will be taking loan?

One reply on this article “Buying house with sibling and tax rebate sharing”

  1. jitendra solanki says:
    December 24, 2010 at 2:33 pm

    Jayaprakash,

    Yes you can take a housing loan with your siblings as Co-owner of property and Co-Borrower of loan.The loan amount interest and principle paid will be available for tax exemption in ratio of your loan amount.

    But Housing Finance Companies are very stringent in giving loans to siblings and if they do, then they have very stringent norms..You need to check with different institutions for the eligiblity.

    Reply

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