By Chaitali Dutta
I’ve to pay EMI on house mortgage for an additional eight years. As I’m retiring this 12 months, can I switch the mortgage to my son in order that he will pay the EMI?
— Naveen Jha
Transfer of loans is just not potential if the asset stays in your identify. There are two choices you might discover: you switch the asset to your son and he avails a mortgage in his identify, this may successfully switch the legal responsibility as effectively, to your son. The second possibility is that there’s a mutual understanding inside the household and your son transfers the EMI to your account on a month-to-month foundation in order that your mortgage can proceed.
Can my father switch a house mortgage to me and from one financial institution to a different and take a top-up mortgage on the identical property? Can I declare the top-up quantity for tax exemptions?
— Ravali Yarlagadda
Your father might switch the house mortgage to a different financial institution and whereas doing the identical, apply for a top-up mortgage with the brand new financial institution. The top-up is sanctioned if sure parameters are met. Now, to your first query. It is just not potential to switch a mortgage with out transferring the possession of the asset. Option one is on your father to switch the property by a present deed to you after which you’ll concurrently apply for a house mortgage in your identify. Option two is to maintain the property and mortgage in your father’s identify and switch the funds month-to-month to his account for ease of his money move. In this case you will be unable to say any tax advantages underneath Sections 80C or 24B.
Can I get a house mortgage to construct a ground on a plot owned by my single sister? She needs to reward me the roof rights.
— Anirudha Deshmukh
The first step could be to test the permitted ground area index (FSI) in your space. Next, get the structural stability certificates from a structural engineer/ architect. The building of the primary ground will add weight to the bottom ground construction. The constructing plan and format approvals out of your native authorities are a vital step. The financial institution would require possession of the property earlier than sanctioning a mortgage. A partition deed could be made to divide the property between the siblings. Based in your half possession, it’s possible you’ll avail a house mortgage.
The author is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to [email protected].
Source: www.financialexpress.com”