Stamp Duty is the tax paid for the legal recognition of property. Home buyers pay stamp duty. Tax benefit can be claimed by only one self occupied property, up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house.
Leasehold property, the ownership holder is local authority or the government. The lease period varies between 30 to 99 years. But, this does not prevent the individual owner from selling provided the lease deed is registered. In case of a freehold property, the owner of the property is the legal owner and can sell/lease/rent the property as per his wish.
Power of Attorney allows a person to authorize another person the right to make decisions regarding the person’s assets, finances and real estate properties. There are two types of power of attorney. First, the ‘General Power of Attorney’ where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc. The second one is the ‘Special Power of Attorney’ where only a specific right is given by the owner to the chosen person.
The registering of documents relating to transfer, sale, lease of an immovable property. Registration is compulsory by law for all properties under Section 17 of Indian Registrations Act, 1908. Once a property is registered lawfully, it means that the person in whose favor the property is registered, is the lawful owner of the premises and is fully responsible for it.
Registration of a property includes stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar’s office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed.
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Investing in property is great investment, generally real estate property never depreciates in value. While Choosing a home it is very important is to consider location and community. It can effect the homes future value greatly.
This is really depending upon your unique taste and lifestyle, but both newer and older homes offer distinct advantages. Older homes can generally cost less than new homes, however, there are many cases where new homes can also cost less then older homes. Most new homes will not have any backyard landscaping and some dont include any front landscaping either. In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TVs, electrical, etc., as well as have more upgrade options. Modern features like extra-large closets and extra-large bathrooms and tubs are also more attainable in ground-up construction. Builders have to follow very strict guidelines in new-homes and additions. Older homes can be better judged for their quality and timeless beauty. New homes that now possess a smooth veneer might reveal the use of substandard building materials or shoddy workmanship over time.
Prequalified means that you are eligible to get a loan for the amount stated to you, assuming that all documents you provided to the bank is accurate and true. This is not as strong as a preapproval. Preapproved, it means that you have undergone the extensive financial background check, which includes looking at your credit history, previous tax returns and verifying your employment – and the lender is willing to give you a loan.
Market value means the price at which you can buy a property in the open market on the specified date of execution.
While buying an under construction home, The allotment letter contains details regarding the agreed price, payment and construction schedule, house plans, delivery date and builder’s liability in case of late completion or problems after possession. The development agreement is inked between the builder and the landowner and contains details regarding the terms and conditions on which the landowner has permitted development of his property.
If you are an NRI, while conducting property buying transactions for, it is advisable to remit funds from your bank in your country of residence to the Indian bank where the NRE account is set up. If you buy the property through the NRE account, then the source of funds is not required to be disclosed usually to any one as this is your inwards remittance. It is also advisable to remit a certain percentage of the property amount in your Indian bank account prior to leaving India, which can be a down payment with the builder or property owner.
If you are an NRI, while conducting property buying transactions for, it is advisable to remit funds from your bank in your country of residence to the Indian bank where the NRE account is set up. If you buy the property through the NRE account, then the source of funds is not required to be disclosed usually to any one as this is your inwards remittance. It is also advisable to remit a certain percentage of the property amount in your Indian bank account prior to leaving India, which can be a down payment with the builder or property owner.