Frequently Asked Questions

For General

1WHAT IS MEANT BY CARPET AREA AS DEFINED UNDER RERA?
"Carpet area" refers to the total functional floor area of a flat, which includes the interior partition walls of the apartment but excludes the external walls, areas below services shafts, exclusive balconies or verandas, and exclusive open terrace areas.
2WHAT ARE THE DOCUMENTS YOU NEED TO CHECK BEFORE BUYING?
• Check for proper conveyance of Title in favor of the builder.
• Check the license/development, right/approvals of the builder.
• Check for clarity and marketable title of the project.
• Ensure execution of proper Allotment Letter/Sale Agreements on your payments.
• Ensure whether reputed financial companies approve the project. This will help you in getting financial loans.
• Check the tentative layout/building plan and verify the plinth area of the apartment. It is advisable to check the carpet area of the apartment and find out if the difference between plinth area and carpet area is reasonable.
• Ask for Occupation/Completion Certificate.
• Ensure that the Conveyance Deed is registered after the entire payment has been made.
• For buying a property you need to check the Deed of Conveyance, Mutation Certificate (for complete property), Land Registration Status, Sanction Plan, Search Report and Payment Schedule (for under construction). It is a must that you go through all the documents related to the origin of the property, chain of Title, Occupancy Certificate, sanctions from various authorities dealing with building plans, fire safety and Completion Certificate.
• For re-sale property, check demand notice related to renovation, tax dues and latest receipts of payments made towards various out-goings such as water, electricity and ground rent.
3WHAT IS THE PROCEDURE FOR EXECUTION OF THE AGREEMENT FOR SALE?
The procedure involved is three-fold:
• Firstly, the payment of adequate stamp duty on the Agreement for Sale
• Secondly, Execution of the Agreement for Sale by the Developer/Promoter and the Purchaser and;
• Thirdly, Registration of Agreement for Sale.
4WHAT IS STAMP DUTY AND WHO IS LIABLE TO PAY THE STAMP DUTY, THE PURCHASER OR THE DEVELOPER?
Stamp Duty is supposed to be paid every time there is a transfer of ownership. It is calculated on the total value of your property. The amount to be paid varies from city to city. It is to be paid by the purchaser/buyer.
5WHAT ARE THE AGE LIMITS FOR BUYING A HOUSE AND TAKING A LOAN FOR THE SAME ?
You must be at least 21 years old for the loan to be sanctioned. The loan must terminate before or when you turn 65 years of age. You must be employed or self-employed with a regular source of income. The loan can be for the purchase/construction/extension of a residential and non residential property A loan for renovation or improvement will be given only at the time of acquisition of the property. Professionally qualified and self-employed individuals can apply. A minimum of 3 years work experience is a must.
6WHAT ARE DOCUMENTS NEEDED FOR SANCTIONING A HOME LOAN ?
• Updated bank passbook or a photocopy of the statement of accounts for the last 6 months.
• Age proof: PAN card, Voters ID, Passport and License, photocopy of ration card, Business profile with details on the nature of business, list of clients, suppliers, staff strength, geographical spread, etc.
• Photocopy of educational qualification certificate and proof of business existence.
• Photocopy of last 3 years Income Tax returns, Last 3 years profit /loss and balance sheet Processing fee cheque.
• Documents required for applying for a home loan (for employed professionals).
1. Latest salary certificate/slip in original.
2. Age proof: PAN card, voters ID, passport, license.
3. Photocopy of Form no.16 A (TDS Form) from employer. Original certificate from employer for any other allowances, which are not reflected in the salary slip.
4. Updated bank pass book, photocopy of statement of accounts for last 6 months.
5. Photocopy of your company’s ID or ration card.
6. Passport size photographs of applicant and co-applicant. 7. Processing fee cheque.
8. You may be asked to submit further legal documents if required by the bank or its approved lawyers. Retain photocopies of all the documents being submitted by you.

For Home Loans

1WHEN WILL THE LOAN BE DISBURSED?
Your loan will be disbursed on:
1. Your identification and selection of the property
2. Submission of the legal documents
3. Legal and technical clearance of the property
4. Investment of your contribution towards the property
2WHEN CAN I APPLY FOR A LOAN?
You can apply for a home loan even before selecting a property. The loan amount would be sanctioned or approved, based on your repayment capability.
3WHAT ARE THE VARIOUS TYPES OF LOANS AVAILABLE?
1. Home Loans
2. Land Loans
3. Home Equity Loans
4. Office Premises Loans (All of these are available on an adjustable rate or a fixed rate)

For NRI Only

1ARE THERE ANY FORMALITIES REQUIRED TO BE COMPLETED BY FOREIGN CITIZENS OF INDIAN ORIGIN FOR PURCHASING RESIDENTIAL IMMOVABLE PROPERTY IN INDIA UNDER THE GENERAL PERMISSION?
Applications for repatriation of sale proceeds are considered, provided the sale takes place after three years from the date of final purchase deed or from the date of payment of the final instalment of consideration amount, whichever is later. They are required to fill a declaration form of IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.
2CAN SALE PROCEEDS OF SUCH PROPERTY WHEN SOLD BE REMITTED OUT OF INDIA?
With respect to residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property. The balance amount of sale proceeds, if any or sale proceeds with respect to properties purchased prior to 26th May 1993, will have to be credited to the ordinary non-resident rupee account of the property owner.
3CAN SUCH PROPERTY BE SOLD WITHOUT THE PERMISSION OF RESERVE BANK?
Reserve Bank has granted general permission for the sale of such property. However, when the property is purchased by a foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
4CAN AN NRI BUY PROPERTY IN INDIA?
Yes, a non-resident of Indian origin can buy and sell residential as well as commercial property in India.
5IS THERE ANY RESTRICTION ON THE NUMBER OF PROPERTIES NRIS CAN BUY IN INDIA?
The number of residential or commercial properties an NRI can own in India is unrestricted. However, the legislation prohibits NRIs from owning any type of farmhouse, plantation property, or agricultural land in India.
6CAN NRIS AVAIL OF LOANS FOR BUYING PROPERTY FROM FINANCIAL HOUSES IN INDIA?
Like any other resident Indian, non-resident Indians (NRIs) with Indian passports are also qualified to apply for NRI loans in rupees up to one crore when purchasing real estate. However, there are a few minor variations in how EMIs are paid back. Remittances must be made on a monthly basis in rupees from an NRO, NRE, or FCNR account. The funds transferred to these accounts must also go through authorized financial channels.
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