HOME LOAN

Can I get my house financed?

Yes. All projects by the Baba Group hold clear titles and are approved by all leading banks and financial institutions.

How much loan can I avail?

You can avail a maximum loan of 80% of the Agreement value. However your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.

What is the term of the loan that banks Offer?

Banks and financial institutions usually offer loans for a term of 10-25 years.

STAMP DUTY & REGISTRATION

Stamp duty rates have been revised i.e. April 2012 as under:-
For residential as well as commercial units the stamp duty payable is applicable @ 6% of market value of such 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 recknor 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/-, vat 1%; service tax : 3.09%

NRI GUIDE

Q.1. Who can purchase immovable property in India?

Ans. Under the general permission available, the following categories can purchase immovable property in India:
i) Non-Resident Indian (NRI)
ii) Person of Indian Origin (PIO)
The general permission, however, covers only purchase of residential and commercial property and is not available for purchase of agricultural land/ plantation property/ farm house in India.

Q.2. Can a NRI/PIO acquire immovable property in India by way of gift? Can a foreign national acquire immovable property in India by way of gift?

Ans. (a) Yes, NRIs and PIOs can freely acquire immovable property by way of gift either from
i) a person resident in India; or
ii) an NRI; or
iii) a PIO.
However, the property can only be commercial or residential in nature. Agricultural land / plantation property / farm house in India cannot be acquired by way of gift.
(b) A foreign national of non-Indian origin resident outside India cannot acquire any immovable property in India by way of gift.

Q.3. How can an NRI / PIO make payment for purchase of residential/ commercial property in India?

Ans. Payment can be made by NRI/ PIO out of:
(a) funds remitted to India through normal banking channels or
(b) funds held in NRE / FCNR (B) / NRO account maintained in India
No payment can be made either by traveller's cheque or by foreign currency notes or by other mode except those specifically mentioned above.