Frequently Asked Questions
- Copy of PAN CARD (self-attested, all applicants)
Copy of ID Proof (self-attested, all applicants)
- Application form signed by all applicants
- Copy of Residence Proof (self-attested)
- Passport size photograph (all applicants)
Set priorities before searching for a home. Before buying a home, make sure of what you are getting into so that you can be financially ready. Instead of opting for 100% financing, put some money for a down payment as this lowers the risk and lets you start with some equity. Reserve cash for potential home improvements.
Under the existing tax regime i.e. section 24 allows exemptions for interest on borrowed capital. The deductions can be up to Rs 2 lakhs on home loan interest if the buyer resides on the property. Under section 24 B, you can claim the deduction of home loan interest on the rental income if the house is for rent.
When it comes to financing your first real estate, there are various options available. One is acquiring a loan from big banking institutions or a loan from a hard money lender. However, private money lenders are less strict regarding loan requirements thus charging higher interest rates. Another viable option for investors is wholesaling, which doesn’t require a down payment or any of the investor’s capital.
Registration is mandatory under the Registration Act, 1908, the Transfer of Property Act, 1882, and the Real Estate Act, 2016 for the sale of immovable property. Agreement for Sale becomes a permanent public record and the person becomes the legal owner of that immovable property.
Customers are requested to consult his/her chartered accountant regarding capital gains. According to the budget 2019, Capital Gains are exempted if a person purchases a new flat within 2 years of the date of sale of the previous flat and the entire amount is invested on the new flat.
All states have different real estate laws. In some states hiring a lawyer is mandatory during preparing property-related documents including the closing of the real estate deal.
Check legal title papers. Ensure the approval of the property by the major banks. Before purchasing the property check the sanctioned plan and encumbrance certificate. Make sure all the documents regarding property tax are in order. Whether the property has registered society or not.