What is the difference between built up – area, super built up area and carpetarea?
Built Up Area – Includes Walls and Pillars
Super Built Up Area – Includes Common areas
Carpet Area – Usable Area
What is the difference between leasehold property and freehold property?
Freehold means owning both the property and the land indefinitely, while leasehold means
owning the property for a fixed period with the land owned by someone else. Leasehold
properties tend to involve ongoing fees and conditions set by the freeholder
How does GST Impact real estate transaction?
GST is applicable on under- construction properties but not on ready to move in properties.
What is the importance of registering a property in India?
Registration provides legal ownership and protects against fraudulent claims.
What are the current rates for the different property taxes that need to be paid?
TDS– 1% on immovable properties (except agricultural land) exceeding Rs 50 lakhs.
Stamp Duty – Depending upon state and municipal laws
What is the difference between fixed rate and floating rate of interest in loan ?
In fixed interest rate, the interest remains constant throughout the loan period irrespective of
the changes in market conditions while in the floating interest rate, the interest can decrease or
increase depending on market fluctuations
What are the documents needed to apply for a home loan?You have to submit the following documents:
Proof of Identity: PAN, Driving license, Voter ID, Aadhar Card
Proof of Income:
- Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.
- Self Employed Applicants: IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA
Bank Statement: Past 6 months
Guarantor Form (Optional)
What is Pre-EMI?
Under the Pre-EMI option, the borrower is required to pay only the interest on the loan amount
that will be disbursed as per the progress on construction of the project. The actual EMI
payment starts after the possession of the house.
What is an EMI?
EMI or Equated Monthly Installment is a fixed amount paid by you to the bank on a
specific date every month. The EMIs are fixed when you borrow money from the bank
as a loan. EMI’s are used to pay both interest and principal amount of a loan in a way
that over a specific number of years, the loan amount is repaid to the bank with
interest.