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Frequently asked Questions

Most lenders would consider any property bought during the last 3 -6 months as a regular home loan application. You would be eligible for the same rates and income tax benefits as any other home loan. However, if you delay and the property purchase becomes more than 6 months old it will be treated as Loan against Property. The rates for the same are higher and there would be no tax benefits as well.

Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers.

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.

A list price is how much the seller lists the home for, also referred to as their “asking price.” The sale price is the amount the home actually sells for.

The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name.
The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name.
The basis for the calculation of maintenance charge is dependent on the actual area owned by the individual.

The list of documents required to apply for a housing loan is as follows:
  Completed Home Loan Application Form

  • Passport-size Photographs
  • Proof of Identification like PAN Card
  • Passport
  • Aadhar Card

Proof of Age: (Any one of the below)

  • Aadhar Card
  • Passport
  • Bank Passbook
  • Driving License

Proof of Residence:

  • Bank Passbook
  • Voter’s ID
  • Ration Card
  • Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)

Income Documents:

  • For Salaried Individuals:
  • Form 16
  • Certified letter from Employer
  • Payslip of last 2 months
  • Other investment proofs (like fixed deposits, shares, etc) and his/her passport-size photographs.

Self Employed:

  • Income Tax Returns (ITR) of the last 3 years
  • Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)
  • Business License Details (or any other equivalent document)
  • Registration Certificate of Establishment
  • Proof of Business Address

Property Documents:

  • NOC from Society/Builder
  • A detailed estimate of the cost of construction of the house
  • Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document)
  • Occupancy Certificate (in case of ready-to-move-in properties)
  • Property Tax Receipts, Maintenance Bills and Electricity Bills
  • Payment receipt or bank account statements showing payments made to the Builder or Seller
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