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FAQ

Property Query

Is it the right time to invest in property, when the global economy is moving towards recession due to Pandemic ( COVID -19)? Such sort of real estate query has always been a puzzle to all of us.

Right now we are heading towards recession due to enormous disruption caused by COVID 19, but on the brighter side, now so many countries are relocating their manufacturing units from China which can make Delhi NCR an attractive destination for many multi-national companies, which further leads to good demand of property in this region. So If you are looking for a long-term investment, it may give a good return.

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Registration Query

Q.List of documents required for the registration of flat/ plot.

Ans. Following documents are required:

• Sale Deed

• NOC from the builder

• Building Plan Approval

• NOC from the bank

• Completion Certificate

• Copy of PAN Card and Adhar card

• Photographs

Q. What is stamp duty & Who is liable to pay stamp duty?

Ans. Stamp duty is the term used for the tax paid to the government for the legal verification of the property.

Generally, the consumer, i.e., a purchaser of the property, is liable to pay stamp duty unless there is any contract to the contrary. The stamp duty will be paid according to the terms of the agreement, e.g., the stamp can be payable in equal shares.

Home loan Query

Q What are the documents required for a home loan?

Documents required for Salaried Individuals

• Proof of Residence - Any one of Ration Card / Telephone Bill / Electricity Bill / Voters Card.

• Proof of Identity - Any one of Voters Card / Aadhaar Card/ Drivers License / Employers Card.

• Latest Bank Statement / Passbook (where salary/income is credited for the past six months).

• Latest 6 Months Salary Slip with all deductions and last two years Form 16.

• Details of other loans, if taken

Documents required for Self-Employed Individuals

• Certified Financial Statement for the last two years.

• Proof of Residence - Any one of Ration Card / Telephone Bill / Electricity Bill / Voters Card.

• Proof of Identity - Any one of Voters Card / Aadhaar Card/ Drivers License / Employers Card.

• Latest Bank Statement / Passbook

• Details of other loans, if taken

Q. How much down payment required for applying for loans?

Ans. You will have to arrange 15%-25% of the loan amount as a down payment as most of the banks/financial institutions offer a 75%-85% loan on the total property value.

NRI Query

Q. As an NRI and I would like you to suggest to me projects offering 3BHK apartments under construction with a good layout for use as a primary home? We expect to return to India in 2024 in a semi-retired state. We would like to have access to cinemas/dramas and shopping areas in a secure and safe neighborhood.

Ans. If you are investing in a 3BHK apartment, then you can consider sector 150 Noida. The average size of these units varies from 1500 to 2350 sq ft. If you are keen on such a unit, then your budget should be between Rs 1-3 crore. Properties are also available belonging to the secondary market.

Legal Query

Q. What action can I take against a builder who is delaying possession?

Ans. Initially, write a letter to the builder stating your grievance and ensure that all the assurance regarding the delivery of property is given in writing by the builder. If it appears that the builder is not in a position to give possession in the given time, you can register your complaint through RERA and ask for a refund along with compensation.

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FAQs

Q. What is Sale Deed?

Ans. A sale Deed, also known as a conveyance deed, is a document by which the seller transfers his right to the purchaser, who, in turn, acquires absolute ownership of the property. This document is executed after the execution of the sale agreement and after compliance with various terms and conditions detailed in the sale agreement.

Q. Can we prepay the home loan?

Ans. Most banks or financial institutions offer the facility to repay the loan. Although, they may charge a fee of 2%- 3% on the outstanding principal amount.

Q. Is it a good time to invest in the NCR region as so many unsold apartments and other factors leading towards delayed possession?

Ans. Yes, Property rates have touched their bottom, so there is hardly a chance of further decline, it may stay here for some time before it moves upwards. The risk-reward ratio is excellent, so no harm in investing here.

Q. What is meant by Carpet Area, Built-up Area & Super Built-Up Areas?

Ans. The carpet area is the area enclosed within the walls, the actual area to lay the carpet. This area does not include the thickness of the inner walls, the actual used area of an apartment/office unit/showroom, etc. The built-up area is the carpet area plus the width of the outer walls and the balcony. Super Built-Up Area is the built-up area plus a proportionate area of common areas such as lobby, lifts, shaft, stairs, etc. The Plinth area, along with a share of all common areas proportionately divided amongst all unit owners, makes up the Super Built-up area. Sometimes it may also include the common areas such as swimming pool, garden, clubhouse, etc. This term is, therefore, only applicable in the case of multi-dwelling units.

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