Following is a list of documents that buyers are advised to review before purchasing a home in a building under construction.
To apply for a home loan you must be 21 years of age. Further, the loan must terminate before you turn 65 years old. You must be employed or self-employed with a regular source of income.
To apply for a loan for office premises you must be 21 years of age. Further, the loan must terminate before you turn 65 years old. You must be self-employed with a regular source of income. The loan can be for the purchase/construction/extension of a non-residential property. A loan for renovation or improvement will be given only at the time of acquisition of property. Professionally qualified and self-employed individuals can apply. A minimum of 3 year's work experience is a must.
Housing Finance Companies examine several factors such as income, age, number of dependents, educational qualifications, assets and liabilities, income stability/continuity of your employment or business, credit history and worthiness etc. before they can assess your repayment capacity. Loans are generally disbursed up to a maximum of 85% of the value of the home
If your spouse is earning, you can add him/her has a co-applicant. The additional income when added will improve your eligibility for a home loan. In fact, if there are any co-owners they must necessarily be co-applicants. Your fiancés income could also be considered to improve your eligibility but proof of marriage will be required before any disbursement is made. Additional security such as bonds, fixed deposits and LIC policies may also help enhance your eligibility.erally disbursed up to a maximum of 85% of the value of the home.
Latest salary certificate / slip in original
Age proof: PAN card, voters ID, passport, license
Xerox of Form no.16 A (TDS Form) from employer. Certificate in original from employer for any other allowances, which are not reflected in salary slip
Updated bank pass book / Xerox of statement of accounts for last 6 months
Xerox of your company's ID or ration card
Passport size photographs of applicant and co-applicant
Processing fees cheque
Any Other documents as may be required by the Bank/Financial Institution
Updated bank passbook or a Xerox of the statement of accounts for the last 6 months
Age proof: PAN card, Voters ID, Passport and License Xerox of ration card
Business profile with details on the nature of business, list of clients, suppliers, staff strength, geographical spread, etc.
Xerox of education qualifications certificate and proof of business existence
Xerox of last 3 years Income Tax returns Last 3 years profit /loss and balance sheet Processing fees cheque.
As per the Bombay Stamp Act, 1958, the purchaser is required to have his agreement for sale stamped by law.
The instruments like Agreement to sell, Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed, Power of Attorney, Settlement and Deed and Transfer of Lease attract Stamp Duty on market value of the property.
he present rate of stamp duty is 5% for all residential premises above Rs. 5,00,000\- is Rs. 7650\- plus 5%. The rate of stamp duty is 5% for shops/offices/galas/garages etc
Stamp duty is paid on Market Value (as per latest Ready Reckoner) or Agreement Value; whichever is higher.
As per Sec. 34 of the Bombay Stamp Act, the stamp papers should be in the name of one of the parties who have signed the documents. If the stamp paper has been purchased in the name of an Advocate, C.A., etc., then such instrument shall be treated as an instrument not duly stamped and shall be inadmissible in evidence.
A stamped document should be executed within six months from the date of stamping.
Yes, if stamp duty is paid on an instrument but the instrument is not signed by any party then an application is to be made to the concerned authorities for refund of stamp duty within six months from the date of stamping. On receipt of such application, the concerned authorities are empowered to refund the value of stamp duty after deducting such amounts as may prescribed.
Once the stamp duty is calculated, the flat purchaser must issue a pay order for the amount in favor of "SUPERINTENDENT OF STAMPS, Mumbai". The pay-order is given for franking of the agreement. Later, the said agreement is duly filled and signed by the respective parties.
The parties can themselves decide who shall pay the stamp duty. If nothing is mentioned in the agreement then as per Section 30 of the Bombay Stamp Act, if the transaction relates to resale of flats, the stamp duty will have to be paid by the purchaser.
The stamp duty paid document has to be registered under the Indian Registration Act with the sub-registrar of Assurances, of the jurisdiction where the property is situated. The basic purpose of registration is to record the ownership.
Once adequate stamp duty is affixed on an instrument and it is dated, signed by the parties and attested (where required) by witnesses, it can be lodged for registration after payment of the registration fee. All parties signing the instrument are required to attend the office of the concerned Sub Registrar of Assurances either in person or through their constituted attorney to admit execution of the instrument. If the signatory to the instrument is different than the person present for registration, the power of attorney in such case will require registration. A copy of the PAN Card is essential for registration. After lodging an instrument it is registered and the seal of the Sub Registrar is affixed on the instrument, thereafter the original instrument is returned back to the parties.
If less than 1cr then 3.5% on agreement value and more than 1cr is 4.2% on agreement value.
Yes, NRI's and PIO's are permitted to purchase or sell immovable property in India with the exception of agricultural land, farm house and plantation property. No special permission requires to be obtained for this purpose from the Reserve Bank of India.
Yes, NRI's and PIO's are permitted to avail of loans to purchase residential/commercial premises in India. These loans are available for construction of new house / flats, purchase of old house / flat addition / alteration to an existing house and repairs / renovation etc. NRIs can avail of loans by mortgaging an existing residential property. However, for availing home loans, NRIs have to fulfill certain conditions according to provisions of the Income Tax Act. They should 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.
The Reserve Bank of India (RBI) permits Indian firms / companies to grant housing loans to their employees deputed abroad and holding Indian passports, subject to certain conditions.
An NRI or PIO loan applicant must be at least 21 years of age and have a minimum monthly income of $2,000/-. Further, the loan seeker must be at least a graduate. In addition banks and financial institutions consider the stability and continuity of your employment or business, number of dependents, assets and liabilities, etc.
The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE / FCNR / NRO accounts maintained with banks in India.
You can only open a joint NRE and FCNR account if the other person is also an NRI. An NRO account can be held with an Indian Resident.
Yes, RBI has granted general permissions for letting out any immovable property in India. The rental income or proceeds of any such income are eligible for repatriation subject to payment of taxes and production of a certificate issued by a chartered accountant with the guidance of an Authorised Dealer, such as, a bank for completion of formalities.