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Sambhav Group

WELCOME TO SAMBHAV GROUP

The mission of Sambhav Group is to provide comfortable and affordable homes to all segments of the society. Sambhav group aims to provide an opportunity for everyone to afford a house and turn into their dream home. We as a Real Estate Developer firmly believe that our line of the industry can flourish majorly through customer satisfaction. Value for money and Customer Satisfaction makes an integrated part of the foundation on which Sambhav Group Stands. To help you have your own home, we provide the best homes taking into consideration your budget. Hence, the objective is to meet the desired expectations of the customer by surmounting the obstacles and delivering the best which can be achieved.

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Projects

Dare to dream of a modern home

Sambhav Group takes extreme pride on being one of the most trusted builders in Navi Mumbai. We believe in nurturing people dreams of having our own home and give them an opportunity to turn their dream into reality within their budget.

Home Loan

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:
• Income.
• Qualifications.
• Age.
• Spouse's income.
• No. of dependants.
• Stability and continuity of occupation.
• Assets/Liabilities.
• 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.

Pradhan Mantri Awas Yojana
• Pradhan Mantri Awas Yojana (PMAY) is an initiative by Government of India in which affordable housing will be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022. It has two components:
• Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor.
his scheme is converged with other schemes to ensure houses have a toilet, Saubhagya Yojana electricity connection, Ujjwala Yojana LPG gas connection, access to drinking water and Jan Dhan banking facilities, etc. Total 88 lakhs houses are approved against total demand of 1.12Cr as of 29 Aug 2019.

Stamp duty & Registration

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, 6 % stamp duty will be applicable of market value of unit w e f 07.09.2017.

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.

NRI

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

Cidco Home

The City and Industrial Development Corporation (CIDCO) of Maharashtra is an Indian city planning agency controlled by the Government Of Maharashtra. The body had undertaken the project of Navi Mumbai, Maharashtra’s first smart city and since then has stayed true to its mission developing the city. Equipped with smart roads, transport, security, tech-driven, citizen-friendly administration CIDCO has completely changed Navi Mumbai making it Maharashtra’s first smart city. It has also started the Navi Mumbai International Airport project and has set its deadline on 2021. It will be the second International Airport for the Mumbai Metropolitan Region, functioning alongside Chhatrapati Shivaji Maharaj International Airport (CSIA) as India's first urban multi-airport system.

The Airport is set to be operational from 2023. CIDCO having made Navi Mumbai, Maharashtra’s first smart city has developed well-developed locations throughout the city to visit. You can take advantage of the scenic Palm Beach relaxing your mind which is a 6 lane road connecting Belapur and Vashi covering 10 km distance. The city is home to one of the biggest stadiums, DY Patil in the country which has held many football and cricket matches. Central Park is the perfect option to relax from the daily chores and attain peace of mind. This is another testament to the smart city Navi Mumbai. Unlike its neighbor Mumbai it is less crowded and with less pollution make it a good city to be part of.