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Home Loans: Multiple Home loans possible?

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    • CommentAuthorAshwinram
    • CommentTimeDec 13th 2007
     
    • Answers: 1
    • Joined: Dec 13th 2007
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    I have a flat in Chennai for which I am paying home loan. Now I am planning to buy another property in Bangalore. Will I be eligible for a home loan or should I complete the previous loan before I become eligible for a new bank loan from the same bank?
    • CommentAuthorSagar
    • CommentTimeDec 22nd 2007
     
    • Answers: 10
    • Joined: Oct 27th 2007
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    Yes ofcourse you can avail one more loan if you have the capacity. I would suggest apply with a co-applicant to ease the procedure.
    • CommentAuthorskdonweb
    • CommentTimeApr 11th 2008
     
    • Answers: 4
    • Joined: Apr 11th 2008
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    If you are financially capable and your previous track-record is good then you can definitely get another home loan. My friend had taken 2 home loans and is paying both of them.

    However, for the purpose of tax benefits, you will get it only on one property (self-occupied)
    • CommentAuthorLoan Guru
    • CommentTimeApr 22nd 2008
     
    • Answers: 13
    • Joined: Jan 20th 2008
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    You can claim benefits on both the houses. But remember that the deduction of repayment of principle amount u/s 80C (both the houses put together) is limited to 1 lakh only.

    In case of interest, it differs.

    (1) For one house which you select as self occupied, the interest on that home loan will be eligible for deduction up to 1.5 lakhs.

    (2) In case of another house (other than self occupied), which is given on rent, you can claim full interest as deduction without any limit.

    So you can claim 80C, interest up to 1.5 lakhs on self occupied house and full interest as deduction on the another house given on rent. The net rent after deductions (rent less municipal taxes less 30% deduction for repairs less interest paid) if any, will be added to your income and you have to pay tax on it.

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