March 22, 2013 2:31 pm
I want to renovate the house which is in my mothers name. She is a widow and getting state pension of about Rs. 7000. The renovation budget is arount 11 lacs. Can i get the loan as co applicant.My salary is Rs.50000.
Dear Vijay, the loan can be taken by your mother keeping you as co-applicant but for your information, as you are not the owner of the house in question, no tax benefit ‘ll be there on this renovation loan for you.
Dear Mr. Ghadge,
Yes, you can be a co-applicant and since you need a loan of Rs. 11 lacs and your mother’s income is only Rs. 7,000 per month, applying as a co-applicant would be a good option.
Opt for an interest rate that would not affect your servicing capacity thereby resulting in defaults.
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