'You can take any number of home loans'

I have taken a home loan; I would like to transfer the house in my wife’s name. Can she apply for a loan with me, being a co-applicant, and get an extra amount?
Yes, you can transfer the house in your wife’s name, but this will have stamp-duty and registration charges implications.
Your wife can apply for a fresh loan with you as a co-applicant. You can get a home loan on the basis of joint income of both of you and your repayment histories.

Please bear in mind that foreclosing the loan will attract a prepayment penalty and taking a new loan will attract processing fees. The bank may consider an additional loan amount if your joint income and the property values justify the additional loan. It is normal for the additional loan amount to have higher interest rates.

I have availed tax benefit on home loan. The home loan has been fully repaid. The house is in my name. Do I get tax benefit, if I take a second home loan for a second house?
Yes, you can get tax benefit on home loan taken to acquire your second property. There are no restrictions on the number of houses in respect of which you can take a loan for availing the tax benefits. You can avail a deduction of the principal amount of loan under Section 80C up to a maximum limit of Rs1 lakh, together with items eligible for deduction under the provision.

You will also get deduction under Section 24 for the interest on loan to the extent of Rs1.5 lakh if the second property is self-occupied, and without any monetary limit in case the second property is let out.

Please note that owning two properties has several other income-tax and wealth tax implication.

Can I get a home loan of Rs15 lakh having net salary of Rs27,250 per month, but without PF deduction?
If you have Form 16, that can be the proof of salary income and should be sufficient for establishing your regular source of income.

If the salary has been directly credited into a bank account regularly, then even if you do not have Form 16 or have not filed income-tax returns, the proof of salary statement for last three year can be sufficient. It will be difficult to get the loan if the salary is being paid in cash and you have no such proof.

Of course the amount of loan will depend on the annual income. If you are less than 40 years of age you should be eligible around 4-4.5 times of your gross annual income as loan provided you have no other loan.

The writer is CEO, Apna Paisa, a price & features comparison engine for loans, insurance and investments. He can be reached at hrdna@apnapaisa.com