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.
Your email address will not be published. Required fields are marked *
Subscribe to FREE Video Course + FREE Ebook + Future Email Updates
This site uses Akismet to reduce spam. Learn how your comment data is processed.
Join 1,60,000 email subscribers
FREE Video Lessons directly in your email daily
144 page PDF ebook with best articles from Jagoinvestor
Get future articles directly on your mailbox + updates
6 PART VIDEO COURSE
You are subscribed for FREE Course now, Check your Email
New here? Create an account