If the house is purchased with your own money and if your mother is only a name sake owner (owner on papers only), then you can claim full benefit. If your mother also invested in it, then both of you will get the benefit as per the proportion of ownership. But the tax benefits cannot be claimed on rotation basis. If the interest paid is 3 lakhs, then 1.5 lakhs each, if the interest paid is 5 lakhs then 1.5 lakhs each, if the interest paid is 2 lakhs then 1 lakh each. Like that. I am staying in US, and what happens if I stop paying the home loan in india?
The issue is not with the price falling..I have difficulty in paying..Can I just not give the keys to the bank..I am not absconding..
if you stop paying installments, the bank will take possession of your property even if you don’t give key. they will take police help to take possession. then they will auction your property for a very low price to cover their outstanding balance of your loan. there is a sword with them now called SARFAESI Act. this act gives banks to directly auction your property without undergoing legal process in DRT. don’t take risk. if you don’t have resources it is ok to lose. but if you can pay installments then be honest. it will pay you in the long run. Joint home loan, India. Husband & wife have claimed 100% of principal & interest. Pls Help.?
Trying to include home loan interest.. but where can i include.. row 2a have only positive No.s. i am individual salaried.
If u want to include Int. on HL, then u should use ITR 2 & NOT ITR 1. In row 2 fill it as NIL. Fill the interest details in sch. HP & CYLA and then take it to Part B -TI. The form itself suggests in brackets as to from where a figure is to be taken. Just follow it. Best bank in INDIA for taking Home Loan?
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