ANSWER:
Following is a list of documents that buyers are advised to review before purchasing a home in a building under construction.
1. Clear Title Certificate provided by Solicitor/Advocate of the Builder (Ensure that ownership of the land lies with the builder or that the builder has entered into a joint-venture agreement with the landowner.)
2. IOD (Intimation of Disapproval) and CC (Commencement Certificate) issued by MCGM
3. Approved Plans issued by MCGM
4. MOEF (Ministry of Environment and Forest) Clearance. (Required for projects over 20,000 square meters of constructed area)
5. Any Other Specific NOC's such as CRZ (Costal Regulation Zone) or ULC (Urban Land Ceiling) that may affect the project.
ANSWER:
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.
ANSWER:
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.
ANSWER:
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
ANSWER:
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 fiances 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. Really disbursed up to a maximum of 85% of the value of the home.
ANSWER:
As per the Bombay Stamp Act, 1958, the purchaser is required to have his agreement for sale stamped by law.
ANSWER:
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.
ANSWER:
Flat 5% and Rs.30,000/- registration fees.
ANSWER:
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.
ANSWER:
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.
ANSWER:
Once adequate stamp duty is paid for 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.
ANSWER:
If less than 1 crore then 3.5% on agreement value and more than 1crore 4.2% on agreement value will be levied!