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- It has to be a joint loan - your husband (Applicant) and MIL (Co-Applicant). Since your MIL is a co-applicant and the sole owner of the property, I don't think an NOC is required.
To answer your last question, if he is an applicant/co-applicant he can avail tax benefits. Just need to furnish a declaration every year saying the other applicant is not availing any tax benefits for this loan.CommentQuote0Flag