Tax exemption on mortogauge loan.

POSTED BY sateesh89 ON August 28, 2012 12:34 pm COMMENTS (3)

Hi,

I have taken a homeloan from SBI. As my project cost exceeds; i am planning to take mortogauge loan on house site to complete the construction. Will this mortogauge loan will be considered for Tax exemtion??

 

Thanks in Advance

Sateesh

3 replies on this article “Tax exemption on mortogauge loan.”

  1. Dear Sateesh, are you getting the loan under the existing home loan or as a separate loan?

    Thanks

    Ashal

    1. sateesh89 says:

      Hi, It is seperate loan only. But puropose is to complete the house construction only…
      Thanks
      Sateesh

      1. Dear Satheesh, are you taking this Mortgage loan from SBI or from elsewhere? If you can establish that the loan was meant for house construction itself, you can claim the tax benefit. My choice ‘ll be to ask SBI or the bank to issue the mortgage loan under the home loan scheme or to treat this loan as home loan. Although you w’d have to pay a higher interest due to mortgage loan.

        Thanks

        Ashal

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