Answer :Carpet area: All the area in an apartment of building excluding the area occupied by walls.
Built up Area: Carpet area along with area occupied by walls is Built up Area.
Super Built up Area: Built up area along with common spaces like the lobby, lifts, stairs, etc., is Super Built up Area. This concept is applicable only to multi-dwelling housing complexes.
Answer :The stamps will have to be bought in the name of one of the executors to the Instrument.
Q : What is market value of a property. Is Stamp Duty payable on the market value or the agreement of the property?
Answer :The price at which a property is put for sale in the open market is the market value. The Stamp Duty is payable on either the agreement value or the market value of the property, which ever happens to be higher.
Answer :Stamp Duty would be payable on market value of the property in case of Instruments like Sale Agreement, Conveyance Deed, Property Exchange, Gift Deed, Partition Deed, Power of Attorney, Settlement Deed and Lease Transfer.
Answer :The best authority to learn about the market value of a property is the Sub-Registrar of the area in whose jurisdiction the property is located.
Answer :While purchasing a property, a buyer should have the title document searched by an advocate.
Answer :Before purchasing a property, a buyer should check: Approved layout plan Approved building plan Ownership documents, etc. An advocate could give you proper advise in the above matters.
Answer :Buying a property on POA basis is not legal.
Answer :A property that is owned by sole legal owner(s), whose ownership over the property is total, unconditional and unencumbered. sdiction the property is located.
Q : Various documents and permissions that one should check before purchasing a flat in a building that is still under construction to ascertain genuineness of a builder ?
Answer :The following are the set of documents which prove the genuineness of a builder:
- Approved plan of the building along with the number of floors.
- Ensure that the floor, on which a buyer wishes purchase a flat, is approved.
- Check, with advocates assistance, the title deed to the land and agreement document allowing the builder to construct on the land.
- Check the applicable building bylaws of the area and if the builder has not violated setbacks, height, etc.
- Check specifications given in the agreement to sell of the sale brochure. Is he providing the same actually on the ground or not?
- Check the reputation of the builder.
- Ensure whether urban land ceiling NOC (if applicable) has been obtained or not.
- NOC from water and electricity authorities also have to be obtained.
- NOC from lift authorities.
Answer :A Landlord can collect advance only for a maximum period of three months.
Answer :Housing loans depend upon the borrower's income and repayment capacity. Spouse's income could also be included, if the loan amount is to be increased. Loan amounts vary with different finance companies. The range is between Rs.10 lakh and Rs.1 crore.
Answer :Both principal and interest components of the loan have tax benefits according to the income tax act.
- The maximum allowed limit of the amount that can be deducted as interest repayment from a borrower's gross total income is, at present, Rs. 75,000 per year.
- Besides, Sec. 88 offers tax benefits on repayment of the principal.
Answer :Reducing balance is a method by which the principal amount that has already been paid, is reduced from the outstanding loan amount.
Every time a borrower makes a payment, he/ she pays interest only on that part of the original principal sum that is yet to be repaid. ional and unencumbered. sdiction the property is located.
Answer :A comparison of the EMIs and the tenures of the two types of home loans will reveal the one that is cheaper and better. The loan that carries lower EMI for the same tenure is cheaper.
Answer :A home loan that charges constant interest rate throughout the loan tenure.
Answer :The borrower's payable interest rate varies along with the fluctuations in the bank rate.
The floating interest rates offered are slightly lower when compared to the fixed interest rates.