➢ Buying Property
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Which documents must be verified before buying an apartment?
Before purchasing an apartment, the buyer should hire a qualified attorney to conduct a title and document search on the property.
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What is the most essential paperwork to check when buying a property?
While purchasing a property, look at the approved layout plan, approved building plan, ownership documents, carryout search, etc. Contact an advocate for advice before purchase.
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Is it the buyer or the seller who is responsible to pay Stamp Duty?
Unless there is an agreement to the contrary, the buyer is responsible for stamp duty. The liability for stamp duty payment is stated in Section 30 of the Bombay Stamp Act, 1958.
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In whose name are the stamps required to be purchased ?
The stamps are required to be purchased in the name of any one of the executors to the Instrument.
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Who is the proper authority for determining the property's market value?
The Sub-Registrar of the area under whose jurisdiction the property is located is the proper authority to inquire about the property's market value.
➢ Home Loans
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What is the highest limit of a home loan?
Your housing loan will be approved based on your ability to repay the loan and your income. If you wish to enhance the amount of your loan, you can mention your spouse's salary. The maximum loan amount varies by housing financing company and ranges between Rs.10 lakh to Rs.1 crore.
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What are the tax benefits that are available if one avails of a housing loan ?
According to the income tax statute, tax benefits are available on both the principal and interest components of the loan. The maximum amount of interest repayment that can be deducted from your gross total income is now Rs. 75,000 per year. Furthermore, Section 88 provides tax incentives for principal repayments. The principal repayment amount included in this section's total limit of Rs 60,000 is Rs 10,000.
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Which loan, the monthly reducing balance or the annual reducing balance, is less expensive?
The most effective method is to compare the EMIs and terms of the two house loans. The loan with the lowest EMI for the same term is the more cost-effective alternative.
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What is a home loan with a fixed rate?
A fixed rate house loan is one in which the interest rate remains constant throughout the loan term.
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What is a home extension loan and how does it work?
A house extension loan is a loan that assists you in meeting the costs of any home modification, such as extension/expansion or modification. After getting the necessary approvals from the municipal corporation, you can apply for a home extension loan.
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What is a home improvement loan and how does it work?
A home improvement loan is a loan that you can use to accomplish things like structural repairs, waterproofing, or indoor work like tiling and flooring, plumbing, electrical work, painting, and so on.
➢ Tax Related Matters
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Is it necessary to obtain any permission from the Income Tax authorities if I want to purchase any immovable property ?
269UC of the Income Tax Act places restrictions on the transfer of immovable property.
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Whether the benefits attached to a residential property are also available to a commercial property ?
Commercial properties are not eligible for such incentives.
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What is a floating rate of interest?
Under the heading Capital Gains, you must pay tax on profits deriving from the sale of a home property.
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Are incidental expenditures such as brokerage, registration fees, stamp duty, and other fees incurred in the sale of a residential property deductible from the profit derived from the sale?
These expenses are allowable expenses from the full value of consideration of the sale of house property.
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