I am buying a flat from a builder under CLP. I am planning to take a home loan from my father and pay back Pricipal & Interest at a mutually agreeable tenure. My questions are: 1) What will be the income tax implications on my father for the tenure of the loan 2) What is the minimum documentation required for me to avail Tax benefit U/s 24?
I am buying a flat from a builder under CLP. I am planning to take a home loan from my father and pay back Pricipal & Interest at a mutually agreeable tenure. My questions are: 1) What will be the income tax implications on my father for the tenure of the loan 2) What is the minimum documentation required for me to avail Tax benefit U/s 24?
Our Housing Society going for a redevlopment.We currentl have a 1 bedroom Flat. As a part of aggreement the builder is offering 2 Bedroom Flat at no extra charge. I will be going for an additional 3 Bedroom apartment wherein i have to pay an additonal amount for the extra room (approx 17 Lakh). My Father (age 70- Self employed) is the owner of the house. I am not a co-ownwer (Salaried). My question is 1. will my loan be sanctioned in this condition? 2. Can i be a co-applicant and apply for a loan? 3. As i am a co-applicant and not a co-owner will i be able to avail tax benefit? Kindly advice what should be the procedure to avail a loan?
Processing Fee is charged for Processing of the Loan, here in this case ICICI Bank operates thru its DSA's, and these Guys employed thru these DSA's hardly know anything about the procedure and hence the Customer suffers. Standard Chartered Bank takes Fees which is not Refundable, they do refund if there is any Legal Problem with the Property, otherwise no. In case of HDFC, they refund the Processing Fees if there is any Legal problem with the property, or else they charge .25% of the loan, if the Loan is sanctioned and the Party doesn't accept.
