Things to Know

Home Loan

A housing loan is offered to an individual who wishes to buy a home in Mumbai or construct a house. The property is mortgaged to the lender as a security till the repayment of a 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 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.

Yes. All our projects are approved by many leading banks Axis, LIC, DHFL, SBI, GIC, & IDBI.

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 of the loan. This means that you do not benefit, even if the rates of interest drop in the market.

A floating interest rate means that this rate of interest that fluctuates according to the market lending rate.

Typically Home Loans are provided for in the range of 75%-85% of the cost of the property, including the cost of land. However, the decision is influenced by many factors such as your income eligibility, property value, etc., and is at the sole discretion of the bank.

Your eligibility is determined by your repayment capability, taking into account, factors such as:

  • Income
  • Qualifications
  • Age
  • Spouse’s income
  • No. of dependents
  • 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.

Basically, the following documents need to submit at banks at the 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 payslip
  • Letter from employer
  • Bank Statement from the last 6 months from the salary account

Pradhan Mantri Awas Yojana

  • Pradhan Mantri Awas Yojana (PMAY) is an initiative by the 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 Awas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor.

This 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 the total demand of 1.12Cr as of 29 Aug 2019.

Stamp Duty and Registartion

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 Section 3 of The Bombay Stamp Act, 1958.

Stamp duty is payable on market value or agreement value, whichever is higher. The 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 units, 6 % stamp duty will be applicable of the market value of unit w e f 07.09.2017.

Registration Fees are 1 % for the property value up to Rs. 30 lakhs. Above 30 lakhs, the standard charges of Rs. 30,000 has to be paid.

When buying a property in Navi Mumbai or anywhere 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 (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 the intention to return to their homeland after an indefinite period. Reserve Bank of India guidelines also allows 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.

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.

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 document 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 an NRI.” Home loans For NRIs are available for construction of new houses/flats, purchase of old houses / flat addition/alteration to existing houses and repairs/renovation, etc. NRIs can avail of loans by mortgaging an existing residential property. However, for availing of 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.
  • 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 the merchant navy, you should submit a copy of your CDC and contract slip with income details

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