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Provident Fund is meant to be your retirement fund,hence should not be touched as far as possible. In any case,withdrawals from the EPF account are available only after 5 years. As per the provisions of the EPF act,withdrawals / loans from the EPF account is allowed for acquiring dwelling site or house. The money withdrawn from EPF or recognised provident fund is not taxable if it is done after five years of membership in the fund.

I have purchased a flat on loan and have been paying EMIs regularly. Can I sell the flat while the loan repayment is not over?

P Moorthy,Delhi

Yes,you can,but you will need the lenders consent for that. This consent letter will typically provide the amount,on payment of which the outstanding loan will be fully paid off. This amount includes the pre-payment charge,if any,chargeable by your bank and should list the documents held by them that will be released on payment of the stated amount. The amount mentioned in the certificate is typically calculated as on a future date to enable time for the buyer to arrange the payment.

For last two years I have not submitted my IT returns but by the end of this month I will submit for two years. Will it be possible for me to get a home loan?

S K Singh,Faridabad

Filing of your income tax returns within short span of time is not taken positively by banks in case of non-salaried persons and the bank may be extra cautious in such cases or may decline the proposal.

Can I take a home loan jointly with my brother and get tax exemption for both of us in the ratio of payment made to joint home loan?

Rajaram Patil,Pune

You can apply for a joint loan with your brother and you can get a loan if your combined/own income can ensure eligibility. But not many banks readily give loans to brothers as co-borrowers so your choice might be a slightly limited.In order to be able to claim the tax benefits individually,you and your brother both should be co-owners of the property. Tax deduction benefits will be available separately on interest payable on the loan limited to Rs 1.5 lakh each,if property is self-occupied and to the extent of Rs 1 lakh each for the principal repaid as per the respective shares of the loan. Interest rates for joint loans are the same as for any other home loan.

The expert is CEO,Apnapaisa.com

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