You can get a home loan on just your income for a jointly owned property | real-estate | Hindustan Times
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You can get a home loan on just your income for a jointly owned property

real estate Updated: Feb 17, 2016 16:51 IST
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A home loan can be availed for a jointly owned property based solely on the income of one owner(Imagesbazaar)

If I buy a house jointly with my wife, who is currently not earning any money, will I be able to claim 24B and 80C?

You can get a home loan for a jointly owned property based solely on your income. Since only you will be servicing the loan, you can claim income tax benefits under Section 24 for interest payable and up to Rs.1.5 lakh under Section 80C for repayment of the housing loan.

I have bought house on loan. I am paying stamp duty of Rs 3 lakh on my house registration. Can I get tax benefit of Stamp Duty payment over and above principal repayment of Rs 1 lakh?

Expenses incurred in respect of registration fee and stamp duty for a house are eligible for deduction under section 80C within the overall limit of Rs 1.5 lakh only. You can get tax benefit on the stamp duty together with other deductions like repayment of housing loan, LIC, PF etc. to the maximum of Rs 1.5 lakh each year. The overall amount of deduction cannot exceed Rs. 1.5 lakh.

I have planned to repay my home loan ahead of two years from the scheduled time. What is the procedure for the same? What are the documents that one should collect from the bank apart from the original sale deed that remains with the bank?

The bank will typically provide you the estimated amount, on payment of which the outstanding loan will be fully paid off. This letter will list the documents held by them that will be released on payment of the stated amount. This amount mentioned is typically calculated as on a future date, to enable time for you to arrange the payment.

After the payment of all dues, the bank will return your original documents and issue a loan closure letter indicating that there is no outstanding amount to be paid. Please make sure you get the no dues certificate so as to obviate any issues in the future.

Can a BPO employee get a home loan?

There is no bar on a BPO employee getting a home loan provided there is adequate experience (Most banks require you to have a minimum of two to three years of experience) and proper salary proofs such a Form 16. Of course, like any other customer your credit record should not show any defaults in the past in servicing earlier loans

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