Hi Sir,
My father owns a land in his name. We have applied home loan with my father as the borrower. My younger brother and myself as co-borrowers and my mother as guarantor. This is because my father has retired from service so my brother and myself have been included as the co-borrowers. And the EMI for the loan will be debited from my salary account.
Now, I need to know whether the interest certificate issued by the bank will be provided in the all of our names or only in the name of my father since the land is being owned in his name.
I am asking this in order to obtain the tax rebate on the home loan interest.
Regards,
2 Answers
Hi,
As the land is solely owned by your father, you (co-borrowers but not co-owners) can not claim tax rebate on on loan.
Kindly read :
https://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
https://www.relakhs.com/real-estate-property-transfer-deed-types/
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Hi Sreekanth,
We have almost completed the construction and the EMI payouts will be commencing from next month. The land documents are in possession of the bank. Please advise how can my brother and myself be included as co-owners in order to claim the tax rebate.
Regards