We have gathered a comprehensive set of facts, rules, and requirements from the generally asked questions by our clients in one place to make the process of buying a property easier for our ever-growing customer base, which makes hassle-free investment in our properties.
We do not directly provide a loan service but can assist you with what you are looking for. For that, you can connect with us from the contact section.
Areas like Sama, Alkapuri, Karelibaug, Manjalpur, Akota, Old Padra Road, Vasna-Bhayli, and New VIP Road, according to developers, score highly on liveability because of things like green space, access to healthcare and education, and most significantly, social infrastructure.
The tax paid for the legal acknowledgment of property is known as stamp duty. The purchasers of homes cover it. On the stamp duty and registration fees associated with the purchase of a new property or the building of a home, you are eligible to claim tax benefits up to Rs 1.5 lakh. These advantages, however, are restricted to a single self-occupied property.
There are some considered documents one will need to buy a property in India. However, some of them may vary according to state policy. A general list of documents is as under.
1. Sale Deed
2. General Power of Attorney
3. NOC, No objection certificate
4. Sale Agreement
5. Allotment Letter
6. Possession Letter
7. Khata Certificate
8. Mutation Register Extract
9. Copy of Building Plan
10. Payment Receipts
11. Property Tax Receipts
12. Encumbrance Certificate
13. Completion Certificate
14. Occupancy Certificate
1. Sale Deed
2. General Power of Attorney
3. NOC, No objection certificate
4. Sale Agreement
5. Allotment Letter
6. Possession Letter
7. Khata Certificate
8. Mutation Register Extract
9. Copy of Building Plan
10. Payment Receipts
11. Property Tax Receipts
12. Encumbrance Certificate
13. Completion Certificate
14. Occupancy Certificate
In order to create rules and regulations for the real estate industry, the RERA Act was passed in 2016. The purchase and selling of a home is considerably more clear and simple when the project is registered with RERA, which ensures transparency between the buyer and seller.
When you sell or buy real estate, you must pay stamp duty, an indirect tax. Since stamp duty is a state-imposed tax, each state has a different rate. Anyone who is buying property needs to pay for it.
Yes. You can claim a tax deduction on stamp duty and registration charges paid for the property transfer.
Pre-qualification signifies that the mortgage lender has examined your financial data and is certain you will be approved for a loan. The second stage of the loan procedure is pre-approval, which is a conditional promise to lend you the money for a mortgage.
An NRI, which stands for Non-Resident Indian, is a term used to describe Indian citizens who temporarily reside in a foreign country for various reasons, such as employment, education, business, or personal pursuits.
A Person of Indian Origin (PIO) is a foreign citizen (excluding nationals of Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka, and Nepal) who meets one or more of the following criteria:
- Held an Indian passport.
- Has parents, grandparents, or great-grandparents who were born and permanently resided in India as defined in the Government of India Act, 1935, and in other territories that became part of India thereafter, provided that none of them was ever a citizen of any of the aforementioned countries.
- Is a spouse of a citizen of India.
No, an NRI/PIO cannot buy a property in India combined with a foreign citizen.
Eligibility criteria include:
- Qualifications: Minimum graduation.
- Current job profile and work experience.
- Likelihood of staying overseas throughout the loan’s duration.
- Ability to service the loan with an extension in case the applicant needs to return to India.
In response to persistent demands for “dual citizenship” particularly from the Diaspora in North America and other developed countries and keeping in view the Government’s deep commitment towards fulfilling the aspirations and expectations of Overseas Indians, the Overseas Citizenship of India (OCI) Scheme was introduced by amending the Citizenship Act, 1955 in August 2005.
Buying real estate alone prevents you from paying income tax. However, any income from owning it, including any rent (if it is rented out) or the annual value of the home (if it is not rented out and is not the only residential property owned by that person in India), as well as any short- or long-term capital gains from the sale of the home or a portion of it, is taxable in the owner’s hands.
No, the NRI, PIO, and OCI groups have been given universal permission by the Indian government to purchase real estate there without paying any taxes upfront. However, if they sell this property, taxes must be paid.
If they have rented this property, they must get a PAN and file an income tax return because rental income is taxable in India. The proceeds from the sale of the property will be taxed as capital gains.
If they have rented this property, they must get a PAN and file an income tax return because rental income is taxable in India. The proceeds from the sale of the property will be taxed as capital gains.
India has DTAAs with several nations, which provide advantageous tax treatment for specific heads of income. However, the DTAA in most nations specifies that when immovable property is sold, the capital gains shall be taxed in the nation where the immovable property is located.
To find specific clearance reports, look online. For instance, you must look for a Coastal Regulation Zone (CRZ) clearance if the work is close to a waterfront. There may be heritage reserves for the property if the project is being built over or next to a historic building. The goal is to avoid being forced to own a property that is or might become involved in a dispute. You won’t be able to apply for house loans if your titles are not cleared.
