My father has built a house a few years back without taking any loan… We are left with number of high interest personal loans. I initially planned to take a loan against our house…
But later realized that I cant take a loan against the house(In my mother’s name). My mother has no income for any loan. I have good monthly income but no property in my name.. Just considering the option of applying for a home loan to buy the house and to use the money which my mother will get to pay off all high interest loans … CAN this be done???
WILL I be eligible for tax deductions on such a home loan?? Please throw some light on this issue before I approach any bank…