The mission of Sambhav Group is to provide comfortable and affordable homes to all segment of the society. Sambhav group aims to provide an opportunity to everyone to afford a house and turn into their dream home. We firmly believe that our line of industry can flourish majorly through customer satisfaction. Value for money and Customer Satisfaction makes an integrated part of the foundation on which Sambhav Group Stand. Hence, objective is to meet desired expectations of customer by surmounting the obstacles and delivering the best which can be achieved.
Sambhav Group vision is to upgrade the lifestyle of lower budget income by delivering budgeted house which is economical and well planned. 1 RK and 1 BHK are constructed at Navi Mumbai, the planned township of Mumbai, exclusively for lower income group by providing modest rate, assisting in loan facility and managing to adjust with customer requirements. We thrive to bring prosperity and happiness to all our customers by providing fair practices and nurturing people trust and faith.
Mr. Kirti H Shah is the founder of Sambhav Group who entered the sector with real estate consultancy in the year 2007. In the year 2009, Mr. Kirti H Shah started with two projects which led to the establishment of SAMBHAV GROUP. Now, we are known name in Navi Mumbai with maximum projects at Karanjade, Panvel location, catering primarily to lower income group by developing budget homes. Our expertise lies in innovative thinking and delivering high quality work within stipulated time which eventually lead to cost effective construction.
From The Director's Desk
The foundation of Sambhav Group was laid with an objective to provide opportunity to lower income groups to afford home with best amenities possible. Our focus is exclusively on customer satisfaction as we believe it is important for survival in this industry. Sambhav Group is all about making people's dream of having our own house 'Sambhav'.
- Mr. Kirti H. Shah
What is housing loan?
Housing loan is offered to an individual who wish to purchase or construct the house. The property is mortgaged to the lender as a security till the repayment of loan. The Housing Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.
Can I avail loan to purchase my home from Sambhav Group?
Yes. All our projects are approved by many leading banks Axis, LIC, DHFL, SBI, GIC, & IDBI.
What are the types of interest rates on home loan?
There are two types of interest rates – Fixed interest rate & Floating Interest. Fixed rate of interest means that the interest rates remain FIXED for the entire duration the loan. This means that you do not benefit, even if the rates of interest drop in the market. Floating interest rate means that this rate of interest that fluctuates according to the market lending rate.
What is the maximum amount that can be borrowed through loan?
Typically Home Loans are provided for in the range of 75%-85% of the cost of the property, including cost of land. However, the decision are influenced by many factor such as your income eligibility, property value etc. and are at sole discretion of the bank.
What are the eligibility terms of a home loan?
Your eligibility is determined by your repayment capability, taking into account, factors such as:
• Spouse's income.
• No. of dependants.
• Stability and continuity of occupation.
• Savings history.
The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
What are the documents needed to apply for a home loan?
Basically, following documents need to submitted at banks at pre-approval stage are:
• Complete application form with photograph.
• Photo Identity Proof.
• Age proof.
• Residence Address Proof.
• Copy of Bank A/C statements for the last 6 months.
• Signature verification from your banker.
• Processing Fee Cheque.
If you are self-employed, you need:
• Business track record.
• Copy of audited financial statements for the last 2 years.
• Last 3 Years IT Returns along with Computation of Income.
• Photo Identity Proof.
• Age proof.
• Residence Address Proof.
• Office Address Proof.
If you are salaried, you need:
• Salary and TDS certificate.
• Latest 3 months pay slip.
• Letter from employer.
• Bank Statement from the last 6 months from salary account.
Stamp duty is a kind of property tax, required to be paid within the stipulated time and in full amount. A home buyer needs to pay stamp duty on the sale agreement under the Section 3 of The Bombay Stamp Act, 1958.
Stamp duty is payable on market value or agreement value, whichever is higher. Market value of any property is determined by the stamp duty authorities on the basis of the Stamp Duty Ready Reckoner issued by the government on January 1 every year. For residential as well as commercial unit, 5 % stamp duty will be applicable of market value of unit.
Registration Fees is 1 % for the property value upto Rs. 30 lakhs. Above 30 lakhs, the standard charges of Rs. 30,000 has to be paid.
When buying a property with loans from specific financial institutions, tax authorities provide certain benefits and exemptions from tax payments.
Section 24 of the Income Tax Act states that an investor is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year. If an investor were to take a loan, he/she would receive a deduction of up to 1.5 lakhs on the interest rate paid. The only concern is that the property would have to be bought or constructed within 3 years from the end of the financial year in which the loan was taken and would have to be self-occupied.
According to Section 80c of the Income Tax Act: A deduction u/s 80C (2) (xviii) is available on repayment of the principal during a financial year of up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakh, specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is taken from the Gross Total Income.
Who are NRI’s (Non Residential India)?
Non Resident Indian (NRI) is defined as a citizen of India, who stays overseas for employment, business, government service or other specified purposes with intention to return to homeland after an indefinite period. Reserve Bank of India guidelines also allow NRIs to acquire or dispose of properties in India by way of gift from or to a relative who may be an Indian citizen or a Person of Indian Origin (PIO) whether resident in India or not.
Who are considered Person of Indian origin?
Person of Indian Origin (PIO) is a status given to foreign citizens (other than citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) who once held an Indian passport or whose father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 Non-resident foreign citizens of Indian origin (PIOs) are treated at par with NRIs and persons belonging to both categories are eligible to freely purchase immovable residential and commercial property in India.
Can NRI avail Housing Loan?
The Non-Resident Indians (NRIs) are recognized under the Foreign Exchange Regulatory Act, 1973. Every bank and housing finance companies follow the RBI guidelines to define NRI - "An Indian citizen who holds a valid documents like Indian passport and who stays abroad for employment or for carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a NRI." Home loans For NRIs are available for construction of new house / flats, purchase of old house / flat addition / alteration to an existing house and repairs / renovation etc. NRIs can avail of loans by mortgaging an existing residential property. However, for availing home loans, NRIs’ have to fulfill certain conditions according to provisions of the Income Tax Act. They should have stayed in India for a period of 182 days or more within an assessment year or they should have stayed in India for at least a total of one year or more.
Documentation required for NRI availing Housing Loans?
• A copy of your passport and visa.
• Salary certificate in English, specifying name, date of joining, designation and salary details.
• Both domestic (NRE/NRO/FCNR) and international bank statements for the last six months.
• If you are not available in India when the application form is submitted, then a General Power of Attorney duly attested by the Indian consulate in your resident country needs to be submitted. If you will be in India then the Power of Attorney can be locally notarized.
• A copy of your appointment letter and contract.
• If employed in the Middle East, you should submit your labour card/identity card duly translated in English and countersigned by the respective consulate.
• If employed in merchant navy, you should submit a copy of your CDC and contract slip with income details