My brother took a home loan from ICICI Bank [Get Quote]. 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?

Got a question for Harsh Roongta? Please write to us!

Note: Questions may be edited for brevity. Due to the tremendous response, all queries will not be answered.

Disclaimer: While efforts have been made to ensure the accuracy of the information provided in the content, rediff.com or the author shall not be held responsible for any loss caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles and information).