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— Ashok Kumar,Ghaziabad

For claiming deductions in respect of principal portion of EMI,the loan should have been taken from certain specified entities such as banks,housing finance company etc. Since you are planning to take the loan from your father you will not get any income tax deduction in respect of any capital repayment of housing loan. As regards payment of interest there is no such restriction and you will be able to claim the deduction of interest payable up to Rs 1.5 lakh. You will need a certificate from your father stating the amount of interest paid for each year. The

interest that you pay your father is his income and he will have to include that in his returns.

I had taken a home loan from a private sector bank but could not pay the EMI regularly due to some financial problem. However,I have settled the amount later but the bank is not returning the original documents I had submitted. What should I do?

— Sahil Khanna,Noida

It seems you have foreclosed your loan. You can write to the bank stating the cheque number and attaching a copy of your bank statement together with a proof given by the bank acknowledging that this payment is in full and final settlement of the money due under the home loan.. Further,request the bank to return the original documents related to the property and issue a no-objection certificate. If the problem does not get resolved then file an official complaint with the nodal officer of the bank If you still do not get a satisfactory response within 4 weeks,you can file your complain with the banking ombudsman on the

RBI website.

I am planning to buy a flat in Mumbai. This is my last month in the current organisation and I have got a job abroad. Thus if I buy a flat before joining a new company,will I get home loan?

— Soman Nair,Mumbai

It is advisable to disclose the fact to any potential lender. Based on your current income as well as the appointment letter and approved travel documents (such as work visa) you should be able to get a home loan right away. However most banks fund home loan for NRIs working in specific countries and countries which have foreign

exchange restrictions,may not be

eligible for such home loans. Also,if you are self-employed or a businessman,you would need to deduct tax at source on such payments.

— The expert is CEO,Apnapaisa.com

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