I am planning to purchase a flat from my real brother who is pio. no bank is ready to finance citing rbi guideline wherein family transaction is not allowed. pl advise.
Can i take from a family member. Article is very good. 1. Can i take a home loan from a spouse. 2. What type of Documents we have to prepare at the time of taking a home loan from a family member i.e, do we have to do paper work with stamp duty documents.
I am a serving Defence Officer. My father, who is retired, owns a house in Bangalore. The house is a duplex apartment made by Bangalore Development Authority and there was a little vacant land adjacent to the house.
I borrowed 5 lacs as home loan in 2004 to buy this adjacent land and extend the existing house onto it (this land was also bought in my father's name). The EMIs commenced from Feb 2005 after completion of the construction. The construction was not done by a construction firm but by a local Contractor. However the loan is taken in my name with my father being a co-applicant.
Am I eligible for Income Tax relief? If not, what should I do to avail the same?
Can a person take loan for two houses in different cities and working in a third city claim deduction under section 24 of the IT Act for both the housing loans and also benefit under section 10 for rent paid in the place of occupation.
I am planning to take home loan. I have paid the stamp duty having my and my grandma's name. Havent yet done the registration and agreement. The bank does not agree to give loan alongwith my grandma. Is it possible that I fill up the registration and agreement with only my name irrespective of what I had filled in stamp duty.
In the article on Home Loan, it is mentioned for section 24:
"This is only applicable if you are using the property bought for self-occupation."
What does this exactly means? I took a loan in April 2005 for a flat under construction and paying the EMIs. Under what circumstances can I claim the tax rebate. DO I need to get possession in the current financial year?
Regarding your statement that if a home loan is taken from an individual and not from a recognised institution, the interest is eligible for deduction u/s 24 and principal amount is not eligible for deduction u/s 80C, I would opine that its actually other way round.
