Since you are not the owner of the house, you can apply for a loan jointly with the owner, but you will remain as a borrower and not the owner, therefore, you will not be able to claim tax benefits.
It would be suggested to transfer the property in your name if the owner is ready to make such a transfer.
There will be no complications regarding the property, even if it is willed or not. If it is willed, the transfer will be direct, and if it remains unwilled, the transfer will be done as per the hierarchy of the succession.
Read more:
How to declare home loan in income tax?
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I am staying in joint family (parents, spouse and grand parents) in a property owned by grand father who is alive. Property being too old , I am willing to reconstruct the same. But will I get the loan for reconstruction when it is on the name of my grand father and will I get tax benefit ? Or should we transfer the ownership to my name first ? Or in case if it is not transferred now then what will be complication in future while staying in the property which is on the name of grand father.
Dixit P
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2022-07-25T14:30:05+00:00 2022-07-25T14:30:06+00:00Comment
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