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Question on loan

Last updated: March 1 2013
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  • Question on loan

    Me and my husband want to extend the house in which we are living. It is in my FIL`s name. He expired in 1999. My husband has a elder brother and his mother.Here are my doubts with respect to taking loan for extending the house.
    1)Should my husband be the sole owner to get a home loan?
    2)Who should be the primary applicant in this scenario?Salaried Husband or Property owned MIL?
    3)Can we make our non-earning MIL as co-applicant?
    4)His brother doesn't intend to be co-applicant and agrees to give NOC .Does the bank require it?what is NOC?
    5) If my husband become co-applicant ,without being the co-owner, can he avail tax benefits?
  • #2

    #2

    Re : Question on loan

    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.

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