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  • HOME LOANS
    To be eligible for a home loan, the applicant must be at least 21 years of age with a regular source of income from employment or self-employment. The loan must terminate before or when the applicant turn 65 years of age. The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits, etc. However, there are ways in which to increase loan eligibility and amount. If a spouse or fiancée is earning, applying together as co-applicants can increase chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners they must necessarily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility. However, the most important factor in sanctioning loans is repayment ability. The total cost includes registration charges, transfer charges and stamp duties.
  • AGREEMENT FOR SALE
    Once you have found the property you want to buy, you must ensure that the vendor cannot sell the property to another purchaser. To cover this potential problem you and the vendor must sign a contract that binds the vendor to sell and you to buy. It also allows time for you to finance the purchase and collect the documents needed for the final deed. Considering the importance of this contract, it is advisable to ask a professional to draft this agreement. His/her professional experience will serve as the best guarantee against any loophole.
  • STAMP DUTY & REGISTRATION
    As per the Bombay Stamp Act, 1958, the purchaser must pay a 5% stamp duty on the purchase of any flat. Without the payment of this stamp duty, your solicitor will not be able to officially register your new house in your name, even when the house is transferred within the family. Stamp Duty for Flats Present rates of stamp duty for residential premises in Raigad / Thane district above Rs. 5,00,000 is Rs.7,650 plus 5% for Raigad district and 6% for Thane district. Stamp Duty for Shops/ Galas/ Office Premises and Garage The rate of stamp duty for shops/galas/office premises and garage even if just used for car parking is 5% in Mumbai/Navi Mumbai. The procedure also includes a registration fee for properties , which is fixed at 1% of the market value but not more than Rs. 30,000. Once again the value is subject to change. The procedure can only be completed under the presence of two eye-witnesses. When a receipt with a distinct serial number is issued, the procedure is complete. Other than stamp duty and registration, in Navi Mumbai there is 1% of Local Body Tax applicable same as registration charge.
  • N.R.I GUIDE
    A Non-Residential Indian is a citizen of India who lives abroad for employment, business or vocation purposes for an uncertain amount of time. NRIs do not require the permission of the Reserve Bank of India in order to purchase immovable property and can obtain loans for the purchase of such property from certain financial institutions. However, the repayment of the loan must be made within 15 years of taking the loan. Furthermore, NRIs must have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more.
  • LEGAL CORNER
    Signing a title report (received from the solicitor of the property) with any fine print and specific government reservations is un-advisable. Accept clearance reports that are lucid and specific. For instance, if you are interested in buying property that has been built over reclaimed land, make sure that building has been given clearance by the government. Precautionary measures will prevent you from getting embroiled in any future disputes. They will also help ensure that your home loans aren't scrutinized. Permissions And Approvals Before a construction can begin, the builder must seek several permissions and approvals from relevant bodies. Without these clearances, the construction may come under litigation. Here is a list of documents and approvals that the builder must possess for all building work to commence in Mumbai / Navi Mumbai: >ULC order (in specific cases) >IOD and CC of the project >MCGM / NMMC approved plans
  • TAX BENEFITS
    When buying a property with loans from specific financial institutions, tax authorities provide certain benefits and exemptions from tax payments. Section 24 of the Income Tax Act states that an investor is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year. If an investor were to take a loan, he/she would receive a deduction of up to 1.5 lakhs on the interest rate paid. The only concern is that the property would have to be bought or constructed within 3 years from the end of the financial year in which the loan was taken and would have to be self-occupied. According to Section 80c of the Income Tax Act: A deduction u/s 80C (2) (xviii) is available on repayment of the principal during a financial year of up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakh, specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is taken from the Gross Total Income.
  • EMI CALCULATOR
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