MMC Benefits Handbook
Home Purchase Loan
Home Loan Interest Not Deductible
The interest portion of repayments on a home loan from the Plan is not tax deductible, since loans from the Plan are not mortgage loans. In fact, you may not have a deduction available for interest payments on other types of Plan loans. (You may want to consult with a tax professional.)
Proof of Home Purchase
A home purchase loan will not be approved unless you submit documentation in accordance with the Home Loan Instructions. Such documentation will be reviewed for approval by the Plan Administrator's designee. To request a home loan, go to Colleague Connect ( Select Pay & Benefits, and click My Pay & Benefits, select Transamerica under Savings & Financial Planning or call HR Services at +1 866 374 2662.