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:
    February 3, 2014 at 10:36 am

    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

    Reply

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