Real Estate FAQ

Home loan eligibility depends upon

  • Stability of income
  • Profession or nature of business
  • Age of the loan seeker
  • Credit score
  • Attributes of the property
  • Your relation with the bank &
  • Company you work in.

Usually, all banks provide home loans up to 60 times of your monthly net income.

Apply for a home loan once you have finalised the property to be purchased or constructed. Make sure you do the research about the type of loan you need and follow the checklist:-

  • How much deposit do you have?
  • What are the processing charges for the loan?
  • What is the interest rate
  • What’s the best type of loan for you

It is possible to sell the property even if there is outstanding home loan amount, provided the process is followed-

  • Obtain an NOC from the bank/loan for foreclosure
  • Pay the foreclosure amount to the bank and obtain documents
  • Hand over the documents to the buyer once the registration is done

The market value of property cab be determined if it was sold in the open market as stated in Section 47A of the Indian Stamp Act, 1899. To determine the market value of a property one may refer to the market value guidelines registers which are published and sold through the offices of the concerned Sub Registrar and District Registrar.

For Resale below documents are required: Agreement To Sell Sale Deed Mother Deed Encumbrance Certificate Latest Tax Paid Receipt Occupancy Certificate (For a constructed property) Building Approval Plan Possession Certificate For Primary Property: Go for a property which is approved by nationalized bank

Owner of the property pays this tax. Person in possession of the property might or might not be the owner of the property. Owner is usually the registered owner of the property. Owner here also includes a deemed owner.’

The final output of a property transaction is a document. The registration of property documents is a crucial facet in property transactions. A property document will be invalid and essentially useless if the document was required to be registered and registration was not done. When a document is registered, a copy of the document is kept with the registration office. Registration serves a very limited but crucial function in property transactions.

Stamp duty is a tax paid on different kinds of transaction. It is commonly paid by affixing stamp paper on the document effecting the transaction. Stamp Duty is paid at the time of registration.

There is no definitive rule that every house should be built on Vastu principle. Vastu enhances the relation of the house with nature. Moreover, people who have followed Vastu have found positive results.

The first course of action should always be to issue a letter in writing to the builder stating your grievance. Ensure that all assurances by the builder of giving you possession on such and such date are given to you in writing on the letterhead and under the seal of the builder. If it appears that the builder will not be giving you possession in an acceptable time period then you may approach CREDIA for mediation.

The Confederation of Real Estate Developers’ Association of India (CREDAI) is an association formed by developers and builders in India for self-regulating the business of real estate development. CREDAI has more than 8500 member developers and builders through 112 member associations with representation in all the major cities and states of the country. CREDAI has its office at #703, Ansal Bhawan, Street 16, Kasturba Gandhi Marg, New Delhi, Delhi 110001.

CREDIA prescribes certain norms and standards to be followed by all its members. As a majority of builders and developers are members of CREDAI, the norms prescribed by CREDAI go a long way in bringing uniformity in the practices and policies adopted by builders and developers throughout India. For example, builders and developers who are members of CREDAI are not allowed to impose exorbitant penalties for late payments made by buyers. CREDAI carries out several other functions such as mediating disputes between end buyers and builders/developers. CREDAI is also responsible for representing its members before government authorities on policy matters affecting the real estate business.

CREDIA regularly mediates disputes between buyers and its member builders and developers. A complaint can be lodged with CREDIA online at their online portal http://www.credai.org/. Since CREDAI has several regional chapters it would be best to file your complaint with the relevant CREDIA chapter. For example, a dispute over real estate being developed in the National Capital Territory should be referred to the CREDAI NCR chapter which can be found online at http://www.credaincr.org/. Filing the complaint online is a simple enough process and replies are prompt.

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