If you are not on Sarestates Reality then you are bound to miss infinite business opportunities and advantages associated with registration. A simple registration process that allows you to list properties for FREE saving huge money that is spent on other real-estate platforms.There is No limit to the number of properties that can be listed for Broker/ Builder.
The documentation required while purchasing a property includes a blue print of the building plan/layout, certificate of commencement, certificate of completion, permission of non-agricultural use of land in case the land is originally an agricultural land. A 7/12 extract in case of land property [specific to states like Maharashtra] and a NOC from the builder are also needed. In case of resale, previous sale deeds are a must. All these documents should be thoroughly verified by a competent advocate.
Our services are available across 5 cities in India namely Mumbai,Bangalore,Kolkata,Lucknow,Hyderabad.
Market value means the price at which you can buy a home/property in the open market on the specified date of execution.
There are many factors to be considered at the time of property purchase like the locality or the area of the home, whether all the basic and civic utilities are available, transport facilities, construction quality, the carpet, built-up and super built-up area of the flat, provisions of basic features like water and power supply, and most importantly, reputation of the developer
Carpet Area is the area of the flat which does not include the area of the walls.It is the actual usable area of the apartment.It also includes staircase only if it is inside the apartment, but balcony, lift, lobby, etc. will not include in carpet area.
Built up Area includes the area of the walls. This includes balconies, terraces (with or without roof), mezzanine floors and other detachable habitable areas such as servant room, etc.
Super Built up Area is generally applicable in multi storied units and includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc.
Stamp duty refers to the tax paid to the government just like sales tax or income tax and should be paid on time and in full. A stamp duty paid document is an important and legal instrument to be taken care of.
Banks, Credit Card Companies, Auto Dealers, Retail Stores And Other Lenders Decide if you get your Loan. Most businesses that issue credit Or loans use credit scores to quickly summarize a consumer's credit history, saving the need to manually review an applicant's credit report and providing a better, faster decision. Although many additional factors Are used in determining whether or not you receive the credit you applied for such as an applicant's income versus the size of the loan:a Credit Score is A leading indicator of one's basic creditworthiness. Credit Reporting agencies do not make lending decisions.
Both principal and interest of home loans have tax benefits as specified under section 80C of the Income Tax Act 1965: Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium etc up to a maximum of Rs 1, 00,000/- will be eligible for deduction from gross income. Interest paid up to a maximum of Rs 1, 50,000/- will be eligible for deduction from gross income on loan after completion of construction and will be deductible from income from property.
The ’Agreement to Sell’ in a property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc.
Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.
Apart from the documents mentioned under the home loan section for Indian citizens, NRIs are required to submit a few additional documents as well. These include:
- A copy of the passport
- A copy of the works contract or the labor card
- The power of attorney (POA). (POA is required because the borrower is not based in India)
To purchase a house which is either ready to move in, under construction or bought from another owner, an NRI is eligible to apply for home loans. Additionally, NRIs can apply for home loans -
- For construction of a property on a plot of land by self
- A copy of the passportTo purchase a plot allotted by a society/development authority
- For the purpose of renovation or improvement of an existing property in India
The eligibility is calculated in the same way as it is done for resident Indians with special emphasis on:
- Qualifications - Graduate (minimum)
- Current job profile and work experience
- Chances of continuing abroad for the loan tenure
- Chances of servicing the loan with an extended tenure in case the applicant needs to return to India
Home loan offered to NRIs do not exceed 5 years in major cases. However, some financial institutions offer loans for a term of 7 years as well. The repayment for the loan is done through monthly installments (EMI), which usually begin after the entire loan is disbursed. Cases which involve part disbursement, you need to pay simple interest at the interest rate applicable on the amount disbursed.