You will not get a personal bank loan if you are 19

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I am a salaried individual with an annual income of around Rs 7 lakh. I wish to build a home on our ancestral property that is jointly held by my father, uncle and aunt. Can I take a housing loan for the construction of a house on this land?

A salaried individual can take a home loan for constructing a house on ancestral land. The only element that is required by banks is that the owners of the land need to be co-borrowers of the loan as the bank would hold both the land as well as the house as mortgage for the loan.

I am a salaried person, and unmarried. My mother is 58 and a pensioner. She owns a plot of land. We took a home loan with myself as an applicant and my mother as a co-applicant. Can I claim any tax exemption?

Yes, you can claim tax exemption as long as the EMIs are being paid by you. The rebates associated with a home loan are tax savings and are on the interest paid as well as on the principal repaid. The deduction of interest payable on the loan taken to buy the house is up to a maximum of Rs 1.5 lakh a under Section 24(b) and the principal portion of the loan repaid to a bank will be eligible for deduction under Section 80C (along with other contributions and investments) up to a maximum limit of Rs 1 lakh.

I am a salaried person. We have a bungalow owned by my parents. I want a home loan for a proposed extension. Which is the best alternative?

The best alternative would be to take a home extension loan jointly with your parents as the collateral is in their name and the regular income in yours. You will be able to claim the tax rebates associated with home loans.

I am 19 and in credit a card debt of Rs1 lakh. At present, I am working with an MNC and drawing Rs 15,000 a month in salary. Can I get a personal loan of low interest which will help ease the debt?

I am not sure how many banks will offer you a personal loan as you are below their eligibility criteria on age.

What are the documents required for a personal Loan?