I wish to buy an apartment in Bangalore and register it in my name alone as the only owner. Reason being, I don’t want to trouble my wife making her run with all the paper formalities along with me; as we have two little kids at home. But, she wish to be the co-borrower to avail tax benefits. Can a co-borrower who is not a co-owner of the apartment/property avail tax benefits? I won’t be availing any tax benefits as I’m an NRI. Also, I have made plans to finish/pay-off the loan back to the bank at the earliest.
I believe SBI has this option wherein a person can be kept as the only owner (with no co-owners) and his spouse can be made a co-borrower/co-applicant in the bank loan application.
Please advise me if this case can be worked out. Awaiting your sincere reply.
Can a co-borrower who is not a co-owner of the apartment/property avail tax benefits? – No. To claim tax benefits a co-borrower has to be the co-owner of the property.
Yes, banks would not hesitate to add a spouse as co-borrower even if she/he is not a co-owner of the property.
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