The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.

1.TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.

2.Stamp duty

3.Service Tax – Applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a `ready to move in’ property is purchased from the seller, service tax is not applicable.

4.Value Added Tax (VAT) – If applicable in the concerned state.

The difference between a leasehold property and a freehold property lies in its ownership . In a leasehold property, the ownership remains with the concerned local authority or the government (as the case may be). The lease period varies typically between 30 to 99 years. But, this does not prevent the individual owner from selling or perform other transactions with the property, provided the lease deed is registered.

In case of a freehold property, the owner of the property is the legal owner and can sell/lease/rent the property as per his/her wish .

Yes, you can execute Special Power Of Attorney to get your property registered by someone else.

1.Original copies of the chain of title agreements and Building Plan approvals

2.Original registration and stamp duty receipts

3.Possession Letter

4.Original share certificate (In case of societies)

5.Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession

6.NOC from the Society or other concerned body confirming no objection to the transfer

1.Projects approvals can be verified from the corporation or the sanctioning authority’s office.

2.Ownership documents can be confirmed from the Sub Registrar’s office where they are registered.

3.Share certificate related to societies can be verified from the concerned Society itself.

Clear and marketable Title, Sale Deed, Encumbrance Certificate, latest tax receipts, Occupancy Certificate, Building Plan Approvals and Possession Certificate.

Sale Deed, No Objection Certificate (NOC) from builder, NOC from banks, Building Plan approvals, Completion Certificate, PAN Card and Photographs.

Yes, lending institutions allow you to prepay your loan. However, these institutions may charge early repayment penalties, which may vary from 2 to 3% of the outstanding principal amount.

It depends from one bank to another. Some banks ask for 1-2 guarantors.

In a majority of the cases, the property to be purchased itself becomes the security and is mortgaged to the lender till the entire loan is repaid. A number of lenders may ask for additional security such as life insurance policies, Fixed Deposit receipts and savings certificates.

Yes, you can sell the property with the consent of the banking institution.

If the buyer wants to take a loan to buy the property, the process is much easier if he approaches the same bank. In these cases, the bank does not need to release the property papers to another bank before getting the payment.

If the buyer wants to make a payment outright, he can make it to the bank directly. The property papers will be released only after the bank has recovered the entire loan amount.

Yes, a single woman can get a loan. Many lending institutions also have special schemes for them, such as a discount of up to 0.25% on the interest rate.

 

Home loans are usually accompanied by the following extra costs:

1.Processing Charge: It is the fee payable to the lender on applying for a loan. It is either a fixed amount not linked to the loan amount or a percentage of the loan amount.

2.Pre-payment Penalty: When a loan is repaid before the scheduled duration, a penalty is charged by some banks, which is known as the pre-payment penalty.

3.Miscellaneous Costs: Some lenders may also ask for documentation or consultation charges.

You have to submit the following documents:

1.Proof of Identity: PAN, Driving license, Voter ID, Aadhar Card

2.Proof of Income:

A.Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.

B.Self Employed Applicants: IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA

3.Bank Statement: Past 6 months

4.Guarantor Form (Optional)

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