Q:
The reason I ask is that there are certain societies in Pune which do not allow bachelors to stay as tenants citing security concerns. I remember having read sometime back that by law (High court ruling), Housing societies cannot implement such things.
Latest Answer: Hi,
The other reasons for refusal include keeping pets, such as dogs and cats, for fear that they will dirty the society or harm the children, people from the different culture region. "Besides, people with certain meal preferences are known to have been denied tenancy.
Q:
Hi, what all documents need s to be verified and checked before finalising a home loan?
Latest Answer: Hi, Before finalising on your home loan, pl check on processing fees, documentation charges and legal / technical costs.
Q:
Hi, will there be a difference in Interest rates if i am option for Pre- EMI ??
Latest Answer: What are the tax rebates on home loans that can be availed?
Q:
I would like to know regarding Taxes while buying house
Q:
Which banks provide Loan for B Khata property?
Latest Answer: Hi All, I heard that BBMP is not accepting betterment charges any more. Any idea if it is true?
Q:
Hi I'm planning to buy a DC converted plot. Want to know if the nationalized banks are providing loans for DC converted properties?
Latest Answer: Thanks you Finance Buddha and Quazi for your valuable comments
Q:
What is the concept of Parallel financing? I'm planning to buy an apartment and I only have 2 lakh Rs to make the down payment. My salary is around 14 lakh per annum. So my friend has told me that I can also take Loan to do my down payment. Is it possible?
Latest Answer: You are not entirely right, Yes can take PL in order to meet the shortage on Down Payment. Plus some time their is different scheme going where, bank allowed you to make 10% as DP. But remaining 10% you have to deliver before you took over the property.
Q:
We are in gated community Apartment. Here Paying guest and Hostels are running by agent who is agreemtent with Owner. But not any agreement with who are staying in the house. Can we take any legal action
Latest Answer: For this legal action can be initiated by the Association if it is mentioned in the Bye-Laws of the Association or in the Sale Deed of the Apartment by the Builder that the Apartment is purely meant for Residential purpose and not for Commercial purpose. Otherwise they have to consult will an Advocate.
Q:
What are the hidden charges I should take care of before taking home loan from a bank?
Latest Answer: Before taking the home loan following are the hidden charges which should be taken care of
Conversion fee is the paid when you switch your loan from one type to another. This is the amt you need to pay for decreasing interest rate throughout the loan tenure. For example, if a home loan was taken by you at 13 percent which is 10 percent base rate with an additional 3 percent mark up, but overtime your bank is offering loans at just 10.35 percent and you still pay 13 percent, you can reduce your rate of interest by decreasing the 3 percent mark up to 0.35 percent. But the banks will charge for this conversion and that is called conversion charges.
The late payment fee is paid when the EMI payment is delayed. The borrower is supposed to pay a Late Payment fee of Rs. 500 or 2 percent additional interest per month as penalty.
If you fail to make payment of EMI for a month or so, the bank has to undergo few technical procedure to recoup the cost by charging add recovery charge.
Q:
Can two unrelated people take individual housing loans to jointly buy the same property?
Latest Answer: A joint home loan is a loan which is availed with a co-applicant to be eligible for higher loan amount and share the financial burden equally. Meaning of Co-applicant is that the loan is taken jointly in the name of two people with one being a primary applicant and other being a secondary applicant.
Q:
Hi all, I m planning to buy an apartment worth Rs 1.2 cr. I'm planning to take home loan for Rs 70 lakh. I'm sure that in coming years I will have enough liquidity to Prepay my home loan. My questions are:
What are the consequences of prepaying the home loan? Are thr any hidden charges for prepaying the home loan? Also is it better to prepay to keep the amount in a fixed deposit?
Latest Answer: hi,
Home loan prepayments(full or part) at all banks and HFCs are made free, only when the type of interest is floating. for more information pls call naveen @ 98863 17624
Q:
I feel confused about the distinction between Co-op Hsg Society & formation of an Association for FLAT owners in Goa. Do Karnataka laws apply in Goa? Do the Byelaws 2009 cover Goa and for forming an Association?
Latest Answer: The Bye-Laws can be framed by the Association itself and it will become applicable if it is signed by all the members of the Association and Registered with the Registrar of Socities. And nobody can challenge the Bye-laws there after.
You can check this link for further information: http://www.mca.gov.in/Ministry/actsbills/pdf/Societies_Registration_Act_1860.pdf
Q:
DEAR SIR
query reg service TAX FOR RWA
I am the treasurer of the ADENA OWNERS ASSOCIATION.
WE ARE COLLECTING MONTHLY Maintenance .Charges from Resident Members everymonth to defray the expenses incurred to SECURITY,EB CHARGES,SUMP /WATER CHARGES/COMMON AREA SERVICES etc.
we have entered in to CONTRACT WITH AKSHAYA HOMES&PAYING MONTHLY LUMPSUM CHARGES.
AS PER SERVICE TAX NOTIFICATION RWA HAS TO PAY SERVICE TAX IF IT EXCEEDS Rs 5000 pm.
as we have entered in to A CONTRACT FOR lumpsum with the AKSHAYA,PLEASE ADVICE WHO IS RESPONSIBLE /LIABLE FOR SERVICE TAX.
YOUR OPINION IS VERYMUCH APPRECIATED.
Latest Answer: If Akshaya Homes is given a contract then they will charge the Service Tax on the Association. If the Association is collecting more than Rs.5000/- per month from the Owners toward maintenance then the Association must collect Service Tax from the owners and must pay to the govt.
Q:
I am currently residing in 84 flat apartment in Bangalore. Some of the members in our association would like to efficiently segregate the daily waste and sell some of the non-biodegradable items like plastics, bottle and polythene covers etc. to old paper mart.
However, we are not sure if the money gained by selling the old items are taxable, any proof for source of this income needs to be filled during the yearly finance audit.
Please advice, how to manage the funds that are generated through waste management. Do we need a separate apartment bank account specifically for this purpose.
Latest Answer: The Waste comes under Scrap Sales and the Association has to register with Commercial Tax Dept and they have to collect VAT @ 5% on the value of Scrap Sold to any body. And they have to remit the Tax collected to the Commercial Tax Dept monthly and they have to file returns.
This has to be accounted as Income from Scrap and is liable to Income Tax.
There is no need for having a separate bank account for this. Also please check with with your Auditor for better clarification.
Q:
I have some land close to Nandi Hills in a gated community. Bought it at approx 800 Rs sqft. What are the rate likes now?...
Latest Answer: One of my friend told me that Nandi Hills is a good choice for investment purpose. Will Nandi Hills be a good option?
Q:
What documents need to be checked prior to deciding on a flat in a joint development project in Blore through a reputed developer?
Latest Answer: If the property has been developed jointly by the owner and a builder, scrutinize the joint development agreement, which mentions the terms of development of the property. Also to know further kindly refer the link:
Documents to be verified before booking a property
Q:
What will the coming parliamentary elections do the real estate scene in Bangalore?
Latest Answer: Bad News!!! RBI is going to increased the key policy rates which will definitely going to hit the residential segment. The increase in repo rates is not just disappointing but this will also hammer the buyer's sentiments.
Q:
Can you please tell me how the depreciation rate for an apartment is calculated?
Latest Answer: Reduction in the value of a building ( the construction part only) over a passage of time is property depreciation. Depreciation rates are prescribed in the Income Tax Act to calculate depreciation deductible from the Total Income. Depreciation under Income Tax can be claimed only by assesses who has Income From Business/Profession. The rate of property depreciation rages in between 5 - 10 % per year for a residential building. http://taxindia.pz10.com/2013/08/depreciation-rates-under-income-tax-act.html
This property depreciation has nothings to do with the selling price of the property. In the last few decades the property prices over the globe have only increased irrespective of the age of the property. Property prices are majorly govern by the "Demand and supply gap"
Q:
Apartment can only be owned for 99 years not more than that ?
Latest Answer: Buying a property is buying the nature of the rights and authorities over a property which makes it freehold or leasehold. Looking to your query we understand that you are talking about a Leasehold property. To know further kindly refer to this article:
FAQs about converting leasehold property to freehold property
Q:
For buying NRI property is TAN essential to deposit the TDS?
Latest Answer: Hi everybody,
How to Deduct TDS on NRI Under Section 195?
Q:
We have a cessed property in charni road, it is a 3 storey apartment with 89.47 sq.mts of space we want to sell it, but before that we want some information so we may get the correct price of the property my doubts are: 1.Does FSI benefits owner of the apartment in any way? 2.If it does, what benefits does the owner enjoy from FSI in the outright of the property? please help us with these details we will be waiting for the reply Thank you
Latest Answer: Hi Ravi,
We are staying in a B.I.T chawl building which is a BMC property. This has been now taken over by a private builder & we have also given him consent. We are still in occupation of the rooms. Will we also benefit from the 35% fungible FSI? If yes then is there a MHADA circular which we can refer to as proof? My email id is s_suhail20@yahoo.co.in it will be very helpful if you can send me an email.
Q:
I am a US citizen of Indian origin living in USA. I have two adult children. My husband who is no more had constructed a house in 1983 and had not left a WILL. But I do have a legal heir certificate and also got mutation of this property done when I visited India last year. Now we want to sell this property as it is, so can this be achieved in a time frame of six months. Also do we have to have an Aadhar card for all of us?
Latest Answer: A PIO (Person of Indian origin) can inherit immovable property from a person resident in India or a person acquired such property as per Foreign Exchange law in force or can receive property as gift from a person resident in India or a NRI or a PIO. A PIO can transfer any immovable property in India (other than agricultural land / farm house / plantation property) by way of sale to a person resident in India. For more information you can also refer to http://www.rbi.org.in/scripts/FAQView.aspx?Id=33
Q:
My son bought a site measuring 1720 sq.ft from one person who sold his land measuring 5800 sq ft to 4 different persons. my son is one of them. He has a valid sale deed. when he approached the concerned help centre to pay the tax, the person in charge refused to accept the tax saying various reasons. Finally he said he said he will issue a receipt in the old owner and not in my son’s name. Please advise me the correct rule in this regard.
Latest Answer: Please check whether katha is transferred in your son's name.Tax can be paid in the name of the Kathedar only.
If the katha is not transferred in to your son's name take steps for the katha transfer
Q:
I wish to know if the landlord's PAN details are required for the tenant to claim HRA ? is this a valid claim in mumbai/bangalore?
Latest Answer: Actually PAN Card use as ID proof and may be he want to check your financial status by your pan card detail and give you house on rent so if you have correction on your apn card then make it fast by-
http://knowyourpan.net/how-to-change-name-in-pan-card/
Q:
Hi, I shall like to understand and get a guidance on the BWSSB processing and charges. Can you please confirm what is the govt rate / sq ft for the same and who all should be applying for this.
Latest Answer: Hello.
What are the BWSSB charges for Apartments in Bangalore.?
Q:
I want to know if a NRI invest in plot after two years he gives it for construction to builder. This will take minimum five years. In this case how much amount he can repatriate ? How much tax he has to pay ? Please advice.
Latest Answer: Trouver-Inde 360 is an ecosystem service available to our clients to help them seamlessly settle down in India right from buying a home to looking for a right job to identifying the best school for their children to all other auxiliary needs.
For more details visit www.trouverinde.com/nri/
Q:
Hi, I am looking to buy an individual house in Beeramguda, near BHEL, Hyderabad. My budget is around 45 to 50Lacs. Is this a good place for investment? Or should i go for a flat in Miyapur instead of house in Beeramguda? Also do you have any information about the pollution in Beeramguda? Thanks for the help
Latest Answer: Hi,If You Are Intrested To Buy The Flat Or Plots In Miyapur, Or Duplex Villas In Ameenpur In Your Budjet I Have The Suitable Properties For More Deatails Reach Me @ Lakshminarayana 9000025885.
Q:
Hi, I own a flat in Pune and I have rented it to a family. Now I am being charged 20% more for maintenance charges. Is is legal to charge more maintenance if the flat is given on rent? It is a 2 year old construction and the society is not formed yet.
Q:
I am currently living in Australia, I surrendered my Indian Passport in Nov 2010 and obtained Australian Citizenship, Currently i am holding OCI(Oversease Citizenship Of India) Card. Can i still buy residential property in India. What if i sell property after few years.
Q:
I’m planning to by an under-construction property in Pune. Previous owner had paid VAT on the flat, do I need to pay VAT again on same property?
Latest Answer: Hi,
I registered my flat in Pune in 2010.The contract or agreement price was once around 30lakh.Complete construct up area is around 950 sq feet. I admire to understand how so much VAT should I need to pay as per the Govt rule.
Q:
Hi All, Recently I saw the property @ hosakere halli, Banashanakari 3rd stage. With the name Srinivas Nagar and developed by Bhagini Developers. They are telling its BBMP A khatha ,with betterment tax paid. Land still roads under construction.I have some Questons as below.
1. Builder is telling its BBMP A khata : He shown xerox copy of betterment charge paid, How verify its genuineness?
2. Builder says the he Khata for whole land, not for individual plot: is it safe to go for it?
3. If i apply for bank loan, for this property: is bank legal panel will verify this properly?I am in confusion, wheather should i go or not??
This Property is Adjacent to NICE road, Is there any clearance or NOC needed from concerned authority.Please reply to me…
Latest Answer: Hello, You can apply for loan for this project the respective bank will fetch all the information about the property and let you know if you can take loan for this bank for not. You can also take advice from your legal expert in this situation.
Q:
Hi, I have a 2bhk in Provident Welworth City, which I want to sell, but I have been informed that I cannot get any khata because the Karnataka government has stopped issuing khata, and therefore I cannot sell my property. I need your guidance on this matter. An early reply will be highly appreciated.
Latest Answer: I spoke to developer and as they suggested we can get loans
Q:
The Department of Stamps & Registration, Government of Karnataka has recently, released the draft revision of market value in properties in Bangalore, Urban & Bangalore, Rural Districts. The draft includes rates for Car parking and lifts in Apartments, according to which there will be registration charges for car parking. The Hon'ble Supreme Court of India, had in an Judgement pronounced on 31st August, 2010 [NAHALCHAND LALOOCHAND PVT. LTD. Vs PANCHALI CO-OPERATIVE HOUSING SOCIETY LTD.], had held that car parking areas cannot be sold by builders because they are covered under the definition of common areas. Also, the Karnataka Apartment Owners Act,1972, clearly forbids the sale of common areas and facilities, which includes parking areas, Elevators, gardens etc., So, if the department allows sale and registration of car parking and lifts, does it amount to contempt of court and violate he provisions of the Karnataka Apartment Owners Act, 1972 ????
Latest Answer: Section 3 of “Karnataka Ownership Act, 1972 (Act No.17 of 1973) deals with the definitions. Sub section (f) of the said section defines and contains the list of “Common areas and facilities”. Again Clause (3) of sub- section (f) of Section 3 of the said Act includes – The basements, Cellars, Yards, Gardens, Parking areas and Storage facilities as “Common areas and facilities”. According to this definition car parking is included in the common area and builder/ developer should not charge separately for car parking.
However the aforesaid sub-section (f) while defining “Common areas and facilities” states that “Unless otherwise provided in the declaration or lawful amendments thereto”.
Builders / Developers take advantage of this stipulation and while entering into the sale agreement and drafting of the final sale deed make the purchaser agree to pay separately for the car parking and they escape the implication of the judgment referred to in the question.
We are the legal advisors on real estate for Commonfloor.com and will be happy to provide you with the answer below. If you still have any questions/clarifications then kindly email us or call us and we will respond to you. It will be a paid service though.
Q:
Lifts acts all over and housing coop society acts do not mention what should President of such paratment society do if ground floor members refuse to pay emergency fund needed to repair LIFT for the seven floor building.general maintt fund is not enough and huge corpus of the Society got losts in a sinking of a coop bank here in baroda.So when LIFT was repaired we all contributed but all ground floor members even now refuse to contribute to this emergency contigency fund beyond all minm general maintt fund of Rs 300 only per unit per month.What can I do as President to force convince these ground floor members who say We do not Use the lift at all..We ask them all members of a coop housing society regd have equal responsibility for all such events please guide me what laws i can qoute to them .Indian lift acts and ccop soc acts do not mention anything at all about Common responsibility for all basic repairs and lift fundings.
Latest Answer: So that his maintenance Charges will increase as the principal amount is deducted.quote exactly
