1. What sort of charges or taxes are mandatory to pay at time of purchasing property?
While buying a property a buyer needs to pay the registration cost, service tax, value added tax, stamp duty on registration along with the price of the property.
2. What documents and formalities are required while buying property?
The documents required while purchasing a property is the blue print of the building, certificate of commencement, certificate of completion, permission of non-agricultural use of land in case the land is on agricultural land. In case of reselling the property, the previous sale deeds are surely required. All these documents are verified by an advocate.
3. What things you need to be aware of while signing the agreement?
You need to check the base price mentioned, additional charges like PLC, club membership, building insurance, taxes applied, payment mode, occupation certificate, schedule of possession and the penalty clause in case the project gets delayed. These things you need to check while signing the agreement.
4. What should a consumer keep in mind while purchasing a house?
The first thing you check while purchasing the house is the location of the area for all the basic and civic utilities are availability, construction quality, transport facility, the carpet, built-up and super built-up area of the flat, provisions of basic feature like water and power supply.
5. What is stamp duty?
Stamp duty is the tax paid to the government like sales tax or income tax. This tax should be paid on time and the document is an important and legal instrument to be taken care of.
6. How can a buyer be protected if the project is delayed?
The buyer is entitled for the refund amount along with interest and compensation in case of project delay. He can also complaint legally for help.
7. What is the difference between power of attorney and registry?
Registry is the database which stores all the important documents etc. Whereas, Power of Attorney refers to the right given by the owner to someone to whom he assigns the power and rights to deal with the property under inevitable conditions.
FAQs Regarding Home Loans
8. How many types of home loans are available?
There are different types of home loans available depending upon the purpose for which the home loan is being taken. They are mentioned below:
9. What are the factors you should keep in mind before getting a home loan?
The buyer should keep in mind his financial credibility, eligibility, and affordability. He should also compare the interest rates offered based on the type of loan, and also be aware of things like refinancing option, flexible payments option, foreclosure charges if any and part payment facility.
10. What are the other costs that usually accompany a home loan?
The extra costs that usually accompany a home loan are Processing Charges, Pre-Payment Charges and Miscellaneous Costs like some sort of documentation or consultation charges.
FAQs regarding NRIs
11. While buying property in India what should NRIs keep in mind?
NRI need to be aware of the market trends of property rates, they should check all the documents related to property, check all the documents of the property, check the layout plan and building bye-laws in that area find out violations if any and also confirm whether all the taxes and charges have been paid or not.
12. What are the guidelines for loans by RBI to NRIs/PIOs?
RBI guidelines for loans to NRI is that the loan for the amount should not exceed 85% of the value of the property. Their contribution in the loan amount as well as repayment of the loan is to be done via foreign remittances through normal banking channels.
13. What is the difference between sanctioning authority and monitoring authority of India?
The difference is only that Municipal authority in some state is the ultimate monitoring authority while for the states and rural areas, the town and country the planning corporation is the monitoring authority.
Realty Xperts Group is a property consultancy who has recently firmed its office in Kanpur.