Free hold property means the property which is free from all encumbrances and the owner of the property is entilted to deal with the same wiithout any restrictions. There are not limitations, permissions required from any authority to deal with / develop the propety. The ownership is full and unconditional with no tenancy / leasehold / easementay rights on any part of the property.

Gift of an immovable propety is transfer of ownership of flat without consideration. The gift deed is required to be executed and registered with the Sub Registrar of Assurances after paying the stamp duty as per the applicable Stamp Act.

The seller should disclose all material facts in respect of the property including any defects in title / lacunas in respect of the property to the buyers. Tahe seller should construct the building and all amenities as per the approved plans and sanctions provided by the respective authorities and hand over the possession after obtaining occupation certificate within time as mentioned in the agreement for sale and disclosed on RERA website. The seller should also form Cooperative society/ condominium/ association of residents / private limited company of the residents. The seller shaller execute and register converyance / Deed of Declaration in respect of the property concerned and complete its responsibilities of handing over title to the property in the name of the society/ condominium.

The buyer should pay the consideration as agreed in respect of the flat and regisgter the agreement after payment of requsite stamp duty – registration charges. After becoming the owner of the flat, the buyer shall also beocme member of the society/ condominium formed by the developer and pay requisite charges for becoming shareholder of the society. The buyer shall pay requisite maintenance charges for the flat as decided by the managing committee of society/ condominium.

Before you purchase a flat, you have to look at the approved layout and building plan, title search conducted by a competent advocate, ownership documents, Environmental clearance, Intimation of Disapproval, Commencement certificate etc. You may contact an advocate before purchasing a property to get detail advice.may contact an advocate before purchasing a property to get detail advice.

Property card is the reveue record issued by city survey officer of respective zones which gives details of ownership of plot/ flats owned by persons which are registered with the office of Sub Registrar of Assurnaces.

Any transfer of immovable property is valid under law only if the same is registered with the office of Sub Registrar of Assurances after paying adequate stamp duty and registration charges. The title in the immovable property is passed on to the purchaser only after registration of the same. In case of a document in respect of immovable property is executed but not registered, there is no validity for such trnasfer and the ownership of the property remains with the seller only. On registration of the document, the entry of such transaction is reflected in the revenue records and anyone can find out that if the property is priviously encumbured. Any document which compulsorily required to be registered and is not registered; the same is not admissible in evidence.

Yes. Though Power Of Attorney subject to eligibility of POA holder and POA content. For all practical purposes, you can give a specific power of attorney to someone, so that in your absence, things like registration, possession, execution of an agreement for sale, agreement of leave and license etc. can be taken care. You can give a very specific POA to someone e.g. only for buying, or leasing, etc. you could fine tune the rights you would like to give out and clear that up.

Carpet area: An area of an apartment which doesn’t include the area of the walls.

Built up area: This includes the area of the wall also.

Super Built up area: This includes the built-up area along with common spaces such as lobby, lifts, stairs etc. This term is applicable to multi-dwelling units.

Lease is the right given by the owner to the lessee to hold and occupy the property for a particular period or in perpetuity for consideration of lease rent. Limited title in the property is passed on to the lessee with a right to sub lease the property. License, on the other hand is just a permission to enter and occupy the premises for limited period and for specific purpose which is given only to the licensee. License does not give any rights in the propety to the licensee. The lease beyond a period of 1 year is compulsorily registrable.

Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value whichever is higher.

The Sub-Registrar of the area in whose jurisdiction the property is located is the appropriate authority for knowing the market value of the property.

The liability of paying Stamp Duty is that of the buyer unless there is an agreement to the contrary. Section 30, of the GOVT Stamp Act, 1958 states, the liability for payment of Stamp Duty. The stamps are required to be purchased in the name of any one of the executors to the instrument.

The instruments like Agreement to sell, Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed, and Power of Attorney, Settlement, and Deed and Transfer of Lease attract Stamp Duty on market value of the property.

Yes, as per the provisions of GOVT Stamp Act, Stamp Duty will have to be paid on a deed of Family Settlement.

When one person possessing stamp or stamps which have been spoiled or rendered unfit or useless for the parties intended or the person does not require immediate use of the said stamps then such person should deliver the above-said stamps to the Collector. The person has to make an application under Sec. 52 of the state GOVT Stamp Act and the person should also submit the affidavit mentioning the reasons for which the stamps had been purchased and the reasons why the refund application is being made. If the applicant can convince the Collector then a refund of the stamps could be obtained only if: The application is made within six months from the date of the purchase of stamps. The stamps should have been purchased by such person with a bonafide intention. None of the parties should have signed the paper on which the stamps have been fixed. On receipt of such application, the Collector is empowered to refund to the said person, the value of the said stamp after deducting the said amount as prescribed by the competent authorities. .

Resident of INDIA

Copy of PAN Card – Self Attested

Residence proof (Driver’s License/Ration Card/Passport/Voters Id/AADHAAR) – Self Attested

Passport-size photographs (Per Applicant)

Cheque Book.

Partnership Firm

A Copy of PAN Card of the Partnership Firm – attested by the Partners

A Copy of Partnership Deed Authority letter from the other Partners of the Partnership Firm to authorize the Partner who will be signing on the firm’s behalf

Passport-size photographs (for Partner authorized to sign on behalf of the Firm) & Cheque Book

Private LImited Company/ Firm

A Copy of PAN Card of the Company (Attested)

Articles of Association & Memorandum of Agreement duly signed by the Company Authorities

Board Resolution authorising the signatory of the Application Form to buy property on behalf of the Company

Passport-size photographs (for Signatory authorized to buy property on behalf of the Company) & Cheque Book

₹I / Foreign National of India /PIO

A Copy of Individual’s passport/Copy of Person of Indian Origin (PIO) card

2 Passport-size photographs (Per Applicant)

All cheque payments should be received from the ₹E/₹O/FC₹ account of the customer only, or via foreign remittance. Payment from third party accounts will not be acceptable

We all need a little help to realize our dreams, and taking a loan out can seem like a daunting task and Generally, following conditions must be fulfilled:.

Minimum age of applicant: 21 years

Salaried or self-employed with regular income

You can apply for the Home Loan even before you have selected your property or before the start of construction. You will get in -principle approval for the loan amount which will help you decide your budget and plan the purchase of house/flat.

There are two stages in the housing loan process:

Sanction of the loan

Disbursement of the loan as per the progress of construction of the property.

Who can be co-application of the Housing loan

All co-owners need to be co-applicants

All co-applicants need not be co-owners.

Yes.Housing loans can be given to an individual provided he has the capacity to repay. The loans can be for same property (repairs/extension etc) or for different properties.

You can repay the loan over a maximum period of 20 years for both Floating Rate Loans and Fixed Rate Loans. The term will not ordinarily extend beyond your age of retirement (if you are employed) or on reaching 65 years of age whichever is earlier. If the applicant’s age is about the retirement age then he may be required to take a suitable (generally single premium) Life Insurance Policy to cover the risk upto the repayment period of loan. The Bank will help you to determine the repayment period to suit your convenience and financial ability.

Floating or Fixed-rate housing loan

Floating Rate – A loan where the interest rate is not fixed is referred to either as a floating interest rate loan, variable interest rate loan or adjustable rate loan, It is linked to a specific index or margin eg. Above/below Medium Term Prime Lending rate (MTPLR)

You will be eligible to claim both the interest and principal components of your repayment during the year..

Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 150,000 or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house)

Principal can be claimed up to the maximum of Rs. 100,000 under Section 80C. This is subject to the maximum level of Rs 100,000 across all 80C investments.

You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same.

Vastu tips for buying new flat suggest that the shape of the plot of the house should be square or rectangular. It should also be facing squarely in the four cardinal directions. As per the rules of Vastu, the ideal ratio between the length and the breadth of the building should be 1:1 or 1:1.5 or a maximum of 1:2.

What are the rules for Vastu house?

Gateway (entrance) of the House

Main door should be stronger and bigger than other doors in the house; it should preferably be made of teak wood.

What are major Vastu defects / benefits ?

Here are the main vastu shastra tips for health:

Appropriate colours, including that of the flooring.

Plants in your space can promote good health..

Direction of toilet basins.

Lighting a candle or lamp in the north-east direction is good for health.

Store food in the south-west direction in the kitchen.

What are the Vastu tips for entering a new house?

As per Vastu tips for new home, the house's main entrance is not only the entry point of the family but also for energy and vibes. The main entry point of your house should face the north, east, or northeast direction. It must be built so that you face the north, east, or northeast direction when you step out.