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After you've decided on a house, you'll need to carefully mark several important documents. Before purchasing a property, you'll need an approved layout plan, a building plan, ownership paperwork, and proof of payment of all dues such as maintenance fees, electricity bills, water bills, and property taxes.
The following taxes must be paid by the buyer:
TDS - Tax deducted from the amount spent on a property that exceeds Rs 50 lakhs.
Stamp duty - tax paid by homebuyers for the legal identification of their property.
Service Tax - This tax is levied if the property is purchased from the builder who designed and built the project before handing it over to the buyer. The service tax is not applicable in the event of a ready to move in' property.
VAT (Value Added Tax) - If applicable in the state concerned.
The requisite stamping, registration fees, and recording of the property at the sub registrar's office are all part of the registration process. Getting a property registered after purchasing it directly from a developer counts as legal conveyance.
The following seven categories of interest-bearing loans are commonly offered by banks:
Home Purchase Loan: This type of loan is commonly used to purchase a new or used home from the previous owner.
Home Improvement Loan: A loan that can be used to repair and renovate your home.
Home Construction Loan: This loan, which is not widely available, is used to build a home on land that you have previously purchased.
Home Extension Loan: A loan that can be used to expand or extend an existing home.
Land Purchase Loan: A loan that can be used to buy a piece of property for either residential or investment purposes.
Home Conversion Loans: These loans are available to customers who have a home loan and desire to buy and move into a new home. It's possible to move it from your present loan to your new home.
NRI Home Loans: Designed specifically for NRIs who are developing or purchasing a home in India.
Yes, a loan can be obtained by a single lady. Many lending institutions have specific programmes for them, such as interest rate discounts of up to 0.25 percent.
Banking financial firms typically pay 75 percent to 85 percent of the cost of the property they purchase. The remaining 20% of the total is paid in advance, which is referred to as the down payment.
Home insurance is a form of policy that protects private residences from unpredictably damaging events such as natural or man-made disasters, burglary, and theft.
Property value is calculated by multiplying the property's built-up area by the cost of construction per square foot. This is the most common strategy used by most banks.