You can mortgage to only one lender

Updated: Jan 27 2008, 05:19am hrs
I am going to buy a flat with my father as a co-applicant. He has already paid Rs 6 lakh towards the flat to the builder. I am yet to take a loan from a bank for the remainder of the amount. The flat is under construction and possession will be given in May 2010. Also, I have paid Rs 1 lakh back to my father out of the 6 lakh he paid towards the house.

I have following questions regarding tax rebate

* Can I claim the interest that i paid back to my father for tax rebate for this financial year

* If I take a loan from a bank, will it be considered PEMI till 2010 And what tax benefits will I get on PEMI

You cannot claim the interest that you have paid your father for tax rebate. You can only avail of the tax rebate based on certificates issued by the bank, detailing the interest portion of the repayment. The same is also claimable for an under construction property, which is the case here.

Can I get a home loan for property located in an unauthorised area

Banks have guidelines about areas where they can lend for property purchase. If a bank has a restriction on the area as it may be out of city limits, I would suggest you approach a local bank of that suburban area, within whos approved limits the property falls.

I have taken a home loan and the property will be fully ready by February this year. The loan is for 10 more years. Can I take loan against this property

You can only mortgage the property to one lender. And this is usually against a single loan. You currently have a home loan running on the property. You cannot take another loan using the same property as collateral. You could opt for a top-up on the existing home loan if it has completed more than 9 months and you meet the eligibility criteria of the bank.

I am running a home loan. But I want to change my EMI date from the third of a month to the 10th because my salary is credited on eighth of every month. Do banks have this option of changing the EMI dates

Some banks do offer you an option to decide the date of presentation of the EMI cheques / clearance of the ECS, but this is not a norm in the market as many banks have fixed cheque / ECS presentation systems which are not flexible enough to handle personalised requests like this.

Send your queries to priya.kanungo@expressindia.com