Prepayment of housing loan before retirement, Can I or son get Income tax benefits?

POSTED BY plattyf ON February 2, 2014 5:22 pm ONE COMMENT

I am due to retire in a month and have outstanding loan of more than 6 lakhs.  Since the current interest rate is too high,  I am planning to prepay it.  Can i avail income tax benefit on this?  Alternatively, Can I ask my son to repay it in one lump sum.  he is not co-owner.  will he get tax benefits.  Please suggest good solutions.  Thanks in advance.

One reply on this article “Prepayment of housing loan before retirement, Can I or son get Income tax benefits?”

  1. ashalanshu says:

    Dear Platty, as your son is not co-owner, he can not claim any tax benefit on home loan. If you prepay, your loan liability ‘ll become zero that’s your only benefit.

    Thanks

    Ashal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today