I live in India. Is it possible to transfer home loan from my father to me?



I am looking for this transfer of home loan in my name to get the tax benefit. Actually I am paying the EMIs but the loan is in his name.
Is it possible to have the loan on my name and property on my father’s name?
Thanks for your reply.
If he transfers the property on my name will the loan also get transfer? Then will i be eligible for tax benefit.

I live in India. Is it possible to transfer home loan from my father to me?
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6 Replies to “I live in India. Is it possible to transfer home loan from my father to me?”



  1. Hi,
    I am afraid, it will be difficult. I think you can do something like this, if you want to get the tax benefit.
    First, transfer the property from your father’s name to your name. This will be considered “sale of property” for your father, and you will be buying it. It will involve expenses for property transfer.
    Second, get a new home loan so that you can “buy” home from your father. You will get tax benefit on this new home loan.
    Third, your father will pre-pay his home loan from the amount you paid him (from the amount you got in the new home loan). He might face pre-payment penalty.

    This is my view. But I would still recommend you to see a tax consultant or an advocate for more accurate advice.


  2. what you want and in how much time??

    We will not sell you anything!!!

    But give you a personal advice.

    bharatbhushannirmal at yahoo dot co dot in.


  3. Though the property may me in the name of your father, if you are paying the Housing Loan. You r eligible for Tax exemption on interest of loan upto 1.5 lakhs.


  4. First you will have to get the property transferred in your name thru a transfer deed. That will require the services of an advocate.
    Then you can transfer the loan in your name.
    Then you can claim IT benefits u/s 80C & 24(b).





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