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. You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house. However, these benefits are available for only one self-occupied property
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.
Usually, if a real estate agent is asked to help you with the value of a piece of property, he would be able to do so based on information through recent purchases & sales of any similar property in that area. E.g. Let us believe that you need to use a piece of property as a security against a loan, then during such instances, the bank’s loan approval process would be faster and smoother if an official evaluator certifies the property.
Nowadays, several banks insist on valuation certificates before issuing loans using properties as security. The value thus certified may also have chances of getting a higher amount of loan sanctioned. Besides, this official valuation will be a useful negotiating tool when selling the property. Such certifications are advantageous in situations where the correct value of the property has a legal bearing—such as a will statement, insurance papers, business balance sheets etc.
Depending upon the type of case it is, a rent agreement can be taken care of in two ways:
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