FAQ

You can possess as many properties as you want.

Yes. Generally, the stamp duty on the gift deed ranges from 5% to 12% in all states. Whereas, in states like Haryana, Rajasthan and Delhi, concession of 1 to 2 per cent is given to female transferors.

Generally, loans are disbursed within 2 weeks after the full documentation and submission of required procedures.

You have to submit the following documents:

• You have to submit the following documents:
• Proof of Income:Pay stub, Bank statements (personal & business)
• Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.
• Self Employed Applicants: IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA
• Bank Statement: Past 6 months
• Guarantor Form (Optional)

RERA is the acronym (short-form) for Real Estate(Regulation and Development) Act, 2016. It’s salient features :

• To bring transparency and efficiency in the process of buying and selling of Real-estate.
• To provide legal cover and to protect consumers’ interests / rights in the RE sector
• To ensure that there is a defined process and efficient handling of disputes
• To define and standardize term and measures, so as to bring all concerned parties to the same level of understanding, thereby also lending certain standardization across builders / projects. This will further help consumers to compare diverse projects and developers with ease.
• Defining duties, liabilities and penalties for builders / developers and brokers / intermediaries.
• Setting up timelines for registration processes and dispute resolution.
• RERA mandates all developers / builders to upload all relevant information regarding a project – viz. Details of land titles, approvals, construction progress, names of brokers etc., on their website.

• Build up area:The whole region of the floor - the rug region, dividers, halls, hallways, chamber zones and storm cellar.
• Carpet area:usable area inside the dividers - that is, the territory in which you can really lay a rug.
• Super built up area:: This insinuates the entire area, which incorporates the floor covering territory, halls and passageways, dividers, lifts, staircases storm cellars, and other chamber and utility territories

If the transfer happens inside three years of procurement, the income tax exemption under Section 54F of the Income Tax Act does not hold good.

The maximum amount is 85% of the cost of the property, which includes the cost of land, subject to a maximum amount of INR 1 crore.