Can Home Improvement Loan be used to buy Car

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  1. keshav74

    keshav74 New Member

    sir,
    If i take home improvement / renovation loan to buy a new car, it attracts any Income tax...?
    Can we use this type of loan to buy new car, is it legal..?
    what are the tax implication for Home renovation / improvement loan...? whether it is as same as home loan or any differences..?

    thanking you, expecting the reply sooner to keshav74@gmail.com
     
  2. rudrabose

    rudrabose Active Member

    As far as I know, when you apply for a Home Loan improvement Loan, the Bank Officials come to your place to check how much loan would be required to renovate the place.

    On completion of renovation - they again visit the house to see if the renovation has actually been done and ask for bills of the same.

    So, I dont think it is possible for you to take a Home Improvement Loan and then purchase Car from that money.
     
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