Tax benefit on home loan

Q: Hi, i would like to get expert's advice on this, i m buying an apartment in bangalore and taking a home loan with my wife as the first applicant. she is the first applicant because interest rate is lower for a female aplicant. the property will be registered in my wife's name but the EMI's will be comnpletely taken care by me as i m the only salaried person and my wife is a house wife. i want to know that since i m not the first applicnt am i liable for the tax benefits on the home loan?

Nishant Pathak, Gurgaon

10th April 2013

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hey buddy tax benefits are a huge amount and i think you should not jeopardize your tax benefits in the quest to save some money on stamp duty or interest rate.

Manisha Soori, Gurgaon

19th April 2013

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I would like to advice that you should get into a small agreement with your wife that you are the 100% beneficial owner of the property not withstanding the fact thst your wife's name is first in the ownership document

Subhaduti Mahankar, Greater Noida

18th April 2013

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See if your are not owner or the co owner in the property, then it will be problem for any tax benefit rather you will not get also on the loan repayment and interest payments even though you may be a joit borrower and the loan might have been given based on your salary. So in this case although it is fully being paid by you, but you have to make sure that you are the co-owner in the property if you wish to claim tax benefits.

Kanika Kumari, Ghaziabad

18th April 2013

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