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FAQ's

Q While buying a under construction property , what papers should I check ?
A. If it is a under construction property please check the following:

Approved plan of the building along with the number of floors.
Ensure that the floor that you are buying is approved.
Check the title of the land ownership.
Check for any restrictions applicable for that area.
Check the existing work done by the same builder.
Check if builder have obtained all NOC's.
NOC from water and electricity authorities also have to be obtained.

Q. When is Stamp-Duty applicable?
A. Stamp duty is applicable is cases where instruments like Agreement to Sell, Conveyance Deed, Exchange of property, Gift Deed, Partition Deed, Power of Attorney, settlement and Deed and Transfer of lease attract Stamp Duty on market value of the property.

Q. What are the other expenses involved while buying a property.
A. Other expenses are generally occurred in terms of registration charges, Light and water connection chages

Q. How do I verify the correct valuation of property I am buying?
A. The Sub-Registrar of the area is the appropriate authority for knowing the market value of the property.

Q. What are the tax benefits that are available if one avails of housing loan?
A. A Tax benefits are available on both the principal and interest components of the loan as per the income tax act. The upper limit of the amount of deduction of interest repayment allowed from your gross total income is now Rs. 75,000 p.a.. Besides, Sec. 88 offers you tax benefits for principal repayments. The principal repayment amount included in the overall limit of Rs 60,000 offered by this section is Rs 10,000.

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