1. What Should My Down Payment Be?
20 -25 % will be the down payment
2. How Does My Credit Score Impact My Home Loan?
Based on CIBIL Score
3.How Long Does the Home-Buying Process Take?
30 – 45 working days
4.Should I talk to a lawyer before I make an offer?
5.Who are the approving authorities related to property acquisition?
The right authority for registration like Gramathana, BBMP, BDA or BIAPPA and other local authorities.
6.How does EMI differ from PEMI?
As mentioned above, the EMI begins only when the loan is fully disbursed. If the loan is partially disbursed, then only interest payments are made on the amount disbursed. These interest payments made before the loan is fully disbursed and before actual EMIs begin, are known as pre-EMI.
7.Are there any income tax benefits from owning a property home?
Yes, there are. The tax code provides various benefits to people who own their homes. They may deduct both property tax payments and mortgage interest and other expenses from their income tax.
8.What is the process of registration of properties?
Registration of a property involves stamping and paying minimum registration charges for a sale deed which acts as a legal proof and kept as a record at sub-registrar’s office.
9.What are the registration and Stamp Duty charges in Bangalore?
The ongoing stamp duty fee in Bangalore is approximately 5.52 per cent and registration charge is 1 per cent of the total value of the property.
10.Major differences between built-up, carpet area and super built-up area?
Built-up area is inclusive of not just the carpet area but also the area being occupied by the walls of your home.Carpet area is defined as the precise area within the walls of your home. If you had to lay out a wall-to-wall carpet in your entire home, the area covered would be the carpet area. Super built-up area takes into account all the area under the common spaces which is the apartment's proportionate share of the lobby, staircase, elevator and the corridor outside the apartment.
11.How maintenance charge is calculated on apartments ,villas & layouts?
Differs from project to project
12.What are Pre EMI benefits?
As you know Pre- EMI are only the interests portion on the distributed loan amount until the full loan is distributed. The EMI Structure starts only after the Pre-EMI phase. On completion of the Project, Pre EMI interest paid can be deducted later in 5 equal installments for next 5 yrs from the end of financial year of possession.
1. Who is a foreign citizen of Indian Origin?
A foreign citizen is deemed to be of Indian Origin if : i) he held an Indian Passport at any time or ii) he or his father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal)
2. To acquire any residential/commercial property in India do a non-resident Indian citizens require permission of The Reserve Bank?
Not necessarily. All Indian citizens are entitled to buy Residential/Commercial type of property in India, irrespective of their residential status.
3. Do foreign citizens of Indian origin require permission of the Reserve Bank to purchase immovable property in India for their residential use?
Yes. However, the RBI has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bonafide residential purpose. They are, therefore, not required to obtain separate permission from the Reserve Bank.
4. How should the purchase of residential immovable property be paid for by foreign citizens of India origin under the general permission?
The purchase consideration should be met either out of inward remittance in foreign exchange through normal banking channels, or out of funds from NRE/FCNR accounts maintained with banks in India.
5. What formalities have to be completed by foreign citizens of Indian origin to purchase residential immovable property in India under the general permission?
They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the documentary evidence for the transaction and bank certificate for the money paid.
6. Can such property be sold without the permission of Reserve Bank?
Yes. Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.
7. Can sale proceeds of such property (if and when sold) be remitted out of India?
For residential properties purchased on or after 26 May 1993, the Reserve Bank considers applications for repatriation of sale proceeds. Approval is usually granted for up to the consideration amount remitted in foreign exchange in acquiring the property for a maximum of two such properties. The balance amount of sale proceeds, if any, or sale proceeds for properties purchased prior to 26 May 1993, will have to be credited to the ordinary non- resident rupee account of the owner of the property.
8. Are any conditions required to be fulfilled if repatriation of sale proceeds is desired?
Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final installment of the consideration amount, whichever is later.
9. What is the procedure for seeking such repatriation?
Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of The Reserve Bank at Mumbai within 90 days of the sale of the property.
10. Can foreign citizens of Indian origin acquire or dispose residential property by way of gift?
The Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin, whether resident in India or not, provided gift tax has been paid.
11. Can immoveable property held in India be transferred by way of gift to in India?
General permission has been granted by Reserve Bank to non-resident persons (foreign citizen) of Indian Origin to transfer, by way of gift, immoveable property held by them in India to relatives and charitable trusts / organizations subject to the condition that the provisions of all other laws, as applicable are complied with.
12. Can foreign citizens of Indian origin acquire commercial properties in India?
Properties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India. A declaration has to be submitted to the Central Office of Reserve Bank in form IPI 7 within a period of 90 days from the date of purchase of the property/final payment of purchase consideration.
13. Can they dispose of such properties?
14. Can sale proceeds of such property be remitted out of India?
Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26 May 1993 can be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, which ever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.
15. Can the properties (residential/commercial) be given on rent if not required for immediate use?
The Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.
16. Can NRI’s obtain loans for acquisition of a house/flat for residential purpose from financial institutions providing housing finance?
The Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC and authorized dealers to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation, subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made within a period not exceeding 15 years, out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts.
17. Can Indian companies grant loans to their NRI staff?
The Reserve Bank permits Indian firms to grant housing loans to their employees deputed abroad and holding Indian passport subject to certain conditions.
18. Can an authorized dealer grant a housing loan to non-residents of Indian nationality where the NRI is the principal borrower with his resident close relative as a co-obligant / guarantor or where the land is owned jointly by such NRI borrower with his resident close relative?
Yes. However in such cases the payment of margin money and repayment of loan installments should be made by the NRI borrower.