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My brother took a home loan from ICICI Bank. Due to some unavoidable circumstances, he is unable to pay the installments.
Can I pay the Equated Monthly Installment?
If yes, will I get any benefits or will the tax benefits still go to him?
- Sanjay Purohit
Of course, you can pay the EMIs on your brother's loan.
However, only owners/ co-owners are eligible for deduction on account of loan repayment. If you are a co-owner, you will get the tax benefits. If you are not, you will not get the tax benefit.
It would be a better idea for you to lend the money to your brother. He can then pay the EMIs and claim the tax benefits too. He can always repay you later, if you so desire.
To see the other queries answered by our home loan expert, read Why a home loan makes sense and Should you go in for a Home Saver loan?
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