January 6, 2013 1:00 pm
Can we take home loan on our name nd register that house on parents name if they are unemployed??
Dear Mocherla Saipradeep,
All owners have to be applicants/ co applicants in the loan application. So if your parents are going to be owners of the property then, they will have to be co applicants, independent of their employment status and you will have to be a co applicant also since you are servicing the loan. Some lenders may also require that you be a co owner of the property – that is specific to a lender. Also, co owners will get tax benefits under the Income Tax Act.
Yes but you cannot get any tax benefit. Only owners or co-owners can get tax benefits
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