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Frequently Asked Questions

What is Carpet Area?

As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

What Documents and formalities are required while buying property?

The documentation required while purchasing a property includes a blue print of the building plan/layout, certificate of commencement, certificate of completion, permission of non-agricultural use of land in case the land is originally an agricultural land. A 7/12 extract in case of land property [specific to states like Maharashtra] and a NOC from the builder are also needed. In case of resale, previous sale deeds are a must. All these documents should be thoroughly verified by a competent advocate.

What should a consumer keep in mind while purchasing a house?

There are many factors to be considered at the time of property purchase like the locality or the area of the home, whether all the basic and civic utilities are available, transport facilities, construction quality, the carpet, built-up and super built-up area of the flat, provisions of basic features like water and power supply, and most importantly, reputation of the developer.

What is Stamp duty?

Stamp duty refers to the tax paid to the government just like sales tax or income tax and should be paid on time and in full. A stamp duty paid document is an important and legal instrument to be taken care of.

How to choose a builder?

A buyer can choose a good developer by getting references from people, finding out how happy they are with their homes, construction quality and builder’s conduct. They can get quotations from shortlisted builders in writing, mentioning all the details of the project like site maintenance, necessary approvals and permissions, required clearance, material supplies, charges, etc. It is very important to check the reputation of the builder.

What is the difference between power of attorney and registry?

Registry is the database which stores all the important documents etc. Whereas, Power of Attorney refers to the right/authorization given by the owner to someone whom he trusts and to whom he assigns the power and rights to deal with the property under inevitable conditions.

Things you should check at the time of signing the agreement?

Before signing the purchase agreement, the buyer should check the details like base price mentioned, additional charges like PLC, club membership, carpet area along with facilities, taxes applicable, payment mode, occupation certificate, building insurance, schedule of possession and penalty clause in case of project delay.

How can a buyer be protected if the project is delayed?

As per a ruling by the National Commission, the buyer is entitled to get a refund of the amount along with the interest and compensation in case of project delay. He can also lodge a customer complaint and take legal help.

Why Real Estate?

Why Real Estate?

  • High Cash Yield
  • Equity Buildup
  • Leverage
  • Hard Asset
  • Tax Advantage

4 Ways to Make Money Investing in Real Estate

4 Ways to Make Money Investing in Real Estate

  • Real Estate Appreciation
  • Cash Flow Income
  • Real Estate Related Income
  • Ancillary Real Estate Investment Income

RealtyForum - Home Loan Services

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What is a Home Loan?

Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.

What is the tenure of a home loan?

Home loans are long term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors.

What is the Eligibility Criteria for a Home Loan?

Anyone — whether self-employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic home loan eligibility criteria and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.

What do banks consider when granting a home loan?

Once repayment capacity determines your eligibility to apply for home loan, lenders consider the following factors:

  • Income level of the applicant
  • Age  of the applicant
  • Qualification (stability and occupation continuity)
  • Resident status (maximum limit for an Indian resident differs from that of a non-resident)
  • Spouse’s income (household income is taken into account when there is a co-applicant)
  • No. of dependants (it is a measure of repayment capacity)
  • Credit history and score (past repayment track record)
  • Status of existing loans

What is floating rate home loan?

If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. Lenders have their own base rate which determines the rate of interest charged on a home loan. The base rates of banks are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.

What is a fixed rate home loan?

Fixed rate home loans are offered at a predetermined interest rate during the loan period and these remain unchanged during the loan period irrespective of market conditions. This can be a huge benefit when market volatility starts affecting interest rates. For instance, if the RBI increases interest rates on loans, then people with fixed rate home loan will not be affected by any increase or decrease in the market interest rates and the EMI amount will remain unchanged. This type of home loan is less popular these days.

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