General questions
General questions
This is the net usable area of the apartment that excludes the areas under service, shafts, lifts, balcony or veranda.
Floor Space Index is the ratio of the combined gross floor area of all floors (except areas specifically exempted under regulations) to the total area of the plot. The FSI varies with every location depending on the surrounding and the development rate. A higher FSI will have a higher built-up area.
It is the certificate issued by the local authorities as a green signal to start the construction work.
Occupation Certificate is given to a building after it passes all the standards of becoming a building that is suitable for habitation.
A Sale Deed / Agreement for Sale is an important evidence in sale and transfer of ownership of a property in favour of a buyer from the seller.v
Stamp Duty is a tax levied by the Government against the purchase of a property.
The Real Estate Regulation and Development Act (RERA) 2016 effective from 1st May 2017, is the law created to regulate the real estate sector. It seeks to ensure transparency and accountability in the real estate sector. It sets up clear regulations to protect the home buyers & developers against default and provides for fast track grievance redressal.
As per RERA, each project wherein the intent is to sell the flats / shops / commercial offices needs to mandatorily get registered with the authority.
There are many sites where you can find project information among them are the RERA (Real Estate Regulatory Authority). RERA, being a government entity, is considered the most trustworthy source of information. You can also refer to the developer’s website to get more information about the property you are looking for. Apart from these sources, there are many online realty portals that display information pertaining to different developers and their project. These portals also have comments and ratings section where you can see the reviews of the projects.
If you are planning to apply for a home loan you will need the following documents ready with you for submission.
Proof of Identity (Any one):
Proof of Residence/ Address (Any one):
Property Papers:
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
1. GST as per applicable rates.
2. Stamp duty and registration charges.
3. TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.
Yes you can repay the loan amount ahead of schedule to the lender as per their terms and conditions, and it is necessary to get these terms mentioned in your loan borrowing agreement, as further there will be no confusion regarding the extra charges.
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.
Generally, banking/finance institutions pay around 75 to 85 percent of the cost of the property bought. The remaining 15 to 25 percent of the amount is paid by the borrower direct to the builder / seller, this amount is known as the down payment.
Yes, you can sell the property with the consent of the banking institution. If the buyer is also taking a loan in this case if he / she is borrowing from the same bank then after completing the complete process the bank clears the 1st party balance loan amount and releases the documents of the 1st party and then the balance amount paid to the seller. 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.
As per RERA, the agreement of sale must be registered before the receipt of 10% of the total sale consideration by the builder/developer.
The documentation should include the following:
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