Can I repay home loan using my father’s money?

POSTED BY ronak shah ON February 17, 2014 12:44 pm COMMENTS (5)

Can I repay home loan using my father’s money?

Is there any penalty charges as my loan is in fixed interest rate tenure?

5 replies on this article “Can I repay home loan using my father’s money?”

  1. ashalanshu says:

    Dear Ronak, for detail answer, please mail to my personal mail id as this ‘ll require some personal data sharing from you to me, which you may not found suitable in this open to all forum.

    Thanks

    Ashal

  2. vijay says:

    All that the bank will care about is for you to show them the source of funds. Guess it’s part of their book keeping protocol.

    1. ronak shah says:

      Thanks for your kind reply.

  3. ashalanshu says:

    Dear Ronak, please ask your father to give the amount as loan as like you are transferring your loan from high interest bank to low interest bank. Now repay in full and start paying interest to your father. You ‘ll still get interest benefit on income tax. Penalty has been waived by RBI in full no matter your loan is floating or fixed.

    Thanks

    Ashal

    1. ronak shah says:

      Thanks for your kind reply but I have one more doubt.

      What is the procedure for taking loan from father and how to apply for income tax rebate and what documents required to show interest and principle component to IT department.

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