By looking into location, facilities available in the surroundings, size of the Apartment, Facilities, Specifications and amenities offered, cost comparison and finally the Budget and Funds available.
Title documents of the property and sanctioned plans of the proposed building from the concerned competent authorities. If Master File of the Scheme is approved by leading Housing Finance Institutions, then it is assured that all documents have been screened and titles verified.
Obtain a detailed brochure. Study the same thoroughly. Post all your queries relating to the details of Apartment chosen, the amenities offered, the specifications listed, the cost factor, payment terms and schedule, loan facility, other applicable charges, liability in case of cancellation, documentation procedure and process relating transfer of title. Discuss about the warranties and Guaranties offered.
Once satisfied with the details of the Apartment Chosen, plan your finances. Once sure about your own contribution and Finance eligibility, go ahead to book the Apartment. Give all relevant details relating to person in whose name the property is to be purchased. Ensure to collect the money receipt.
Get in touch with one of the Housing Finance Agency who has approved the Master File of the Builder. Discuss about your loan eligibility and make application for Loan. Collect your Allotment Letter. Enter into Agreement to Sale for the Apartment Chosen. Make payment of your own contribution and the remaining payments will be taken care of by the Financial Institution.
HDFC is the pioneer in Housing Finance. Today all leading Banks are competing to finance Home Loans. However, to make things easy, one may opt for the Banks which have approved the master file of the Builder from whom the Flat is proposed to be purchased.
Stamp Duty (about 5%), Registration Fee (1% or to a maximum of Rs. 30000), Value Added Tax (1%), Service Tax (2.58% payable proportionately with each installment – Not applicable if purchasing a ready possession unit having occupancy certificate), Electrification/Water Connection charges and Meter Deposit, Maintenance Deposit – if any, as made applicable by the Builder, Legal Charges and/or any other charges levied by the Builder and accepted by the client.
This varies from Builder to Builder. But, in general most builders accept allowable changes within the framework of sanction. However, it is better to give such changes prior to commencement of brickwork.
Check your Apartment with the Builder/Builder’s Representative. Ensure to check whether all amenities/specifications have been provided. Look for defects/incomplete work if any. List out the same to the Builder. Get the work done to your satisfaction and give consent for execution of Sale Deed.
Booking Amount : Amount paid for booking of the Apartment
Value Consideration : Cost of the Apartment
Specifications : Relating to the Apartment
Amenities : Common Amenities being offered in the Scheme
Title Verification & Search Report : Prepared by an Advocates which describes the title and history of the property and encumbrances if any on the title
Areas :
Super Builtup Area : The Total Area on which value is charged. This includes the Area of the Apartment with proportionate share of all the common builtup areas in the scheme including the constructed spaces in the common amenities area.
Builtup Area : The Total Area of the Apartment including the wall thickness
Carpet Area : Actual usage area from wall to wall including area of Balconies
Deed of Declaration : A document giving the details of the Entire Scheme, its areas and the By-Laws to be followed by Apartment Owners Association. This is basically the bible of the Scheme. Agreements and Sale Deeds of individual Units cannot be executed without registering this Document which is governed by the Maharashtra Apartment Ownership Act, 1970
FSI : Floor Scale Index, relating to the actual permission of Builtup area available on the Land proposed to be developed
TDR : FSI of any other property allowed by the authorities which can be used in the property being developed
EMI : Equated Monthly Installment – Component of Interest and Principle amount payable every month against the loan availed
Processing Fee : Amount charged by Financial Institutions for processing the Loan
Margin Money : Own Contribution towards cost of the Unit
Power of Attorney : A document given by one person to another to act on his behalf for carrying out acts, deeds and things as mentioned in the said document
NRI's holding Indian passport do not require prior permission of Reserve Bank of India to buy residential or commercial immovable property in India.
The purchase consideration may be paid either by remittance of funds from abroad through normal banking channels or out of NRE / FCNR / NRO account.
NRI's of Indian nationality do not require any permission for acquisition, transfer or disposal by way of gift of immovable property which is not a farmhouse or agricultural land or plantations property. Declaration on form IPI 7 for acquisition of commercial property for carrying on any industrial, commercial or trading activity by their proprietary / partnership firm in India is required to be filed with RBI within 90 days from date of purchase.
By foreign citizens of Indian origin
Under the general permission to NRI's holding foreign passport, the RBI has allowed them to acquire, hold, transfer or dispose off by way of sale or inheritance, immovable properties situated in India.
The general permission has been granted provided :
The property is for the purchaser's bonafide residential use;
The purchase consideration is met either by remittance from funds abroad through normal banking channels or out of NRE / FCNR.
Income accruing by way of rent from the properties purchased or acquired by inheritance will not be allowed to be repatriated abroad even if the purchase consideration was met out of NRE / FCNR account.
It is however, necessary for foreign citizens of Indian origin to declare such property to RBI within a period of 90 days from the date of purchase in the prescribed IPI 7 to the Chief General Manager, Exchange Control Department, Foreign Investment Division, Central Office Department, Foreign Investment Division, Central Office, RBI Bombay.
