Buyer's Guide

What is the difference between Built-up Area, Super Built-Up Area, Carpet Area?

Can I get my house financed?

How much loan can I avail?

What is the term of the loan that banks offer?

In how many instalments can the bank disburse the loan to an Individual?

How do banks calculate the EMI amount?

Can I convert my floating rate loan to a fixed rate loan or vice versa?

Can I repay my loan ahead of schedule?

Why is it considered necessary to register a property? What is the purpose of registration?

I have a flat which i want to sell and buy a new flat bigger in area. What are my tax implications with regard to capital gains?

Home Loan

The applicant should be at least 21 years of age to be eligible for a home loan and having a regular source of income from employment or personal business. The loan must terminate before or when the applicant turns 65 years of age. The applicant should also produce at least 6 months of income proof.

Documents Required For Home Loans

Documents required for self-employed persons:

  • Updated pass book or Xerox copy of the applicant’s statement of accounts for the past 6 months
  • A Xerox copy of the applicant’s ration card
  • A profile of the applicant’s business, mentioning at least the nature of the business, client list, suppliers, employee strength, geographical strength etc
  • In the case of a business partnership, a copy of the partnership deed, 3 years Profit & Loss account, B/S, computation of income certified by a CA and an income tax return file statement for 3 years is required
  • If the company applying for a loan is a Pvt. Ltd company, a remuneration certificate, the board resolution for fixing remuneration, the company’s annual report and individual IT returns for the last 3 years is required

Documents required for self-employed persons:

  • Latest salary certificate or the original slip
  • A Xerox copy of Form no. 16A (TDS Form) from the applicant’s Employer
  • The original certificate from the applicant’s employer for any other allowances that are not reflected in the applicant’s salary slip
  • A Xerox copy of the applicant’s updated bank pass book or a statement of the applicant’s accounts for the last 6 months
  • A Xerox copy of the applicant’s voter I.D card or the applicants Company’s I.D or the applicant’s passport/ration card
  • A passport size photograph of the applicant & co-applicant

DOCUMENTS REQUIRED DISBURSEMENT

The loan will be sanctioned after the selection of property and submission of the required legal documents. Some time will be taken to verify documents for the safety of the applicant. The 230 A clearance of the seller and / or 371 clearance from the appropriate income tax Authorities (if applicable) is also needed. Once the above has been submitted and verified, the registration of the conveyance deed and investment of the applicant’s own contribution and the loan amount will be disbursed by the bank. The disbursement will be in favour of the builder.

STAMP DUTY & REGISTRATION

Stamp duty rates have been revised w.e.f. April 2012 as under:- For residential as well as commercial units the stamp duty payable is applicable @ 5% of market value of the unit or consideration paid under the agreement, whichever is higher.

The market value of the Unit is determined on the basis of stamp duty ready reckoner issued by government every year on January 1st. Further registration fees is payable @ 1% of market value/consideration (whichever is higher) and is capped up to Rs. 30,000/


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Atlanic , Office No 1202, Satra Plaza
Plot No 19/20, Sec- 19D,
Palm Beach Road
Vashi, Navi Mumbai.400703

info@atlantic.org.in

9699999559 / 8767260115