Can I take home loan on my husband property?

Yes, if husband and wife are co-owners of the property, they can avail of a joint home loan, and both of them can also claim tax benefits on interest payment and principal paid under Section 24 & Section 80 C of the Income Tax Act.

Does my spouse have to be on the mortgage loan?

Married couples buying a house — or refinancing their current home — do not have to include both spouses on the mortgage. In fact, sometimes having both spouses on a home loan application causes mortgage problems. For example, one spouse’s low credit score could make it harder to qualify or raise your interest rate.

Can you add a family member to your mortgage?

However, once a mortgage loan is completed and funded, you cannot simply add or remove people as borrowers. To add a family member to a mortgage loan as a borrower or co-signer, a refinance loan is needed. Both you and your family member must meet the lender’s approval qualifications.

What happens if my husband dies and I’m not on the mortgage?

If there is no co-owner on your mortgage, the assets in your estate can be used to pay the outstanding amount of your mortgage. If there are not enough assets in your estate to cover the remaining balance, your surviving spouse may take over mortgage payments.

Can a spouse be added to a mortgage?

Yes, having both names on the house’s title won’t affect your mortgage or who is responsible for paying it. Whoever’s name is on the mortgage will be solely responsible for the loan. To learn how to add a spouse’s name to the title after getting your mortgage, continue reading below.

Can I put my daughter’s name on my mortgage?

You will need to contact your lender to apply to have your daughter’s name added to your mortgage. They will be subject to the same standard checks such as income and affordability as a new applicant for a mortgage. Consequently, it isn’t a formality to add them onto your mortgage if they have a poor credit score.

Can I give my house to my son without paying taxes?

A parent can transfer his or her primary residence to a child or children without reassessment. There is no limit on the value of the home that can be transferred. The children can live in the home, use it as a vacation home, or rent it.

Can I use my husband’s pay to apply for a mortgage?

The only possibility for using your husband’s pay without putting him on the loan application and making him equally responsible for the mortgage is by getting a gift. Some lenders and loan programs allow applicants to use gift proceeds donated by a relative, a close friend, an employer or a charitable organization.

Can a husband claim home loan on his tax return?

If the husband is the only person repaying the loan, then he can claim the entire tax benefit for himself (provided he is an owner or co-owner). Both the spouse should enter into a simple agreement where wife should be stating that husband will be repaying the entire loan.

Can I deduct my parents mortgage payment on my taxes?

Also, keep in mind that if paying off the mortgage includes tax deductible interest and your parents pay it directly then unless their name is on the mortgage, they cannot deduct it since they are not legally obligated to pay it and you cannot deduct it because you did not pay it.

Is the mortgage payment a gift from my parents?

Either way it is a gift from your parents, but once the money is given to you, you can do anything you want with it including paying the mortgage, then the mortgage payment would all be in your name.