Upgrad LLM

interest on housing loan

Manager

Dear Legal advisors,

I'm planning to take a housing loan. Property is in my mothers name and hence I will be the only applicant to the loan. Will I get a tax exemption? I approached SBI who said the property should be in my name if I need to claim tax exemption.

Else my mother must gift deed the property. Please guide me how to go ahead.

 
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practicing advocate

Yes.  It is right.  To claim the exemption property should be in your name.

 
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Manager

thank you Mr. Rajeev.. Quick question,.. On the contrary Citibank also approached me offering a home loan saying even if the property is not in my name, it is fine... I can get tax exemption. My mother will be a co-applicant to the loan.. My mother and I can split the claim on tax exemption. Kindly elighten me what is correct.

 
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