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Most lenders would consider any property bought during the last 3 -6 months as a regular home loan application. You would be eligible for the same rates and income tax benefits as any other home loan. However, if you delay and the property purchase becomes more than 6 months old it will be treated as Loan against Property. The rates for the same are higher and there would be no tax benefits as well.
You get a 20% rebate on repayment of principal during a financial year. Once again, over the years, the principal repayment eligible for rebate has been enhanced from Rs 10,000 to the current limit of Rs 20,000. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount.
India Has DTAA’s With Several Countries Which Give A Favorable Tax Treatment In Respect Of Certain Heads Of Income. However, In Case Of Sale Of Immovable Property, The DTAA With Most Countries Provide That The Capital Gains Will Be Taxed In The Country Where The Immovable Property Is Situated. Hence, The Non-Resident Will Be Subject To Tax In India On The Capital Gains Which Arise On The Sale Of Immovable Property In India. Letting Of Immovable Property In India. Would Be Taxed In India Under Most Tax Treaties In View Of The Fact That The Property Is Situated In India.
It is illegal to put residential properties to commercial use. However service-based industries are allowed to operate from residential areas, on the condition that they will vacate the property if any complaint is received from other residential owners.
The price that a property can command in the open market is known as its market value.
While the government has attempted to keep the rates similar to the existing incidence of central excise duty plus VAT, we could see a marginal increase/decrease in tax rates. However, the availability of credits, surpass the marginal increase in tax rates.
The GST is slated to be applicable on financial services, at the rate of 18 per cent. Hence, home loan processing charges are likely to increase under the GST regime.
Property rents will increase, for developers engaged in the construction of properties on their own account and subsequent renting of the premises, as the GST credit shall not be available in the hands of such developers. Hence, with an increase in tax rates on the input side, property rentals may spike.
No, as the relevant tax would have been incorporated by the developer, at the time of receipt of the payment or issue of the demand letter for payment.
Yes, because GST at the rate of 12 per cent shall be levied on properties that are under construction, where the completion or first occupancy certificate has not been received.
The first course of action should always be to issue a letter in writing to the builder stating your grievance. Ensure that all assurances by the builder of giving you possession on such and such date are given to you in writing on the letterhead and under the seal of the builder. If it appears that the builder will not be giving you possession in an acceptable time period then you may approach CREDIA for mediation.
One should first focus on one's own requirements. If you want to use the property for personal use, then land could offer an advantage of usage flexibility and handsome value appreciation in the long run. However, if you want to resell the property after a short period, then it is more profitable to take a position in flats as its worth keeps increasing owing to its demand. If earning a regular rental income is on your mind, you must invest in a built-up flat. An apartment can be rented out to fetch you some income, whenever you want. If the investor is a senior citizen or someone who cannot devote much time to maintain the property then it is advisable to take the choice of a flat over land.If you need a Fizzy Living, you need to think differently and start your actions soon.
The answer to this question eventually depends on three things: the amount of time you’re willing to give up as part of your investment, your risk tolerance, and your level of expertise in the area. If you want some exposure to real estate, you have two options:
1. First option says that you can buy a piece of real estate. It mainly depends upon how much you have to invest. Best way is to purchase a small residential property (Buy Property) or a multiunit property. Make it move-in ready and find a tenant (Rent Property) for that home.It can also be used as a PG. To save any hidden and extra cost you can manage the property (i.e. collecting rents, dealing with tenants, etc.) by yourself instead of hiring a property manager. Hopefully the amount of money that you will earn from the tenant exceeds the amount that you invested.
2. For casual or passive investor, the above option would be a little tougher choice. For them, I have an alternative. The alternative is to invest in real estate investment REITs or trusts. These are often publicly traded companies that, by definition, pay out 90% of the cash they earn to their investors. So it’s also a better option to invest in real estate in order to earn handsome amount of money.
The above two options are just the most popular options available to the average investor. However there are more options if you have huge amount of money to invest. I hope this answer helps you a bit.
Because they control everything!
The height of your lawn, how many cars in your driveway, what plants are grown out front, if you can have a fence, the color of your siding, how high the fence is, what color of the fence and many more. I can go on and on and on. You have limited control of your own property, and you pay dues…. Yea!! This is the only reason which says that people should never buy a house that is in a neighborhood with a homeowner's association.
CREDAI stands for Confederation of Real Estate Developers' Association of India. CREDAI is an association formed by developers and builders in India for self-regulating the business of real estate development. CREDAI has more than 8500 member developers and builders through 112 member associations with representation in all the major cities and states of the country. CREDAI has its office at #703, Ansal Bhawan, Street 16, Kasturba Gandhi Marg, New Delhi, Delhi 110001.
Generally, the sale agreement between the buyer and the developer, will have a clause for ‘Change in Law’ which also covers changes in the tax rate. Hence, the buyer may not be required to make any change in the agreement. However, as a precaution, the buyer should once again go through the clauses of the agreement.
According to India Ratings and Research Pvt Ltd, “The reduction in GST rates could lead to a monthly saving of Rs 800-1,000 for a home buyer, considering an average ticket size of Rs 25 lakhs, with a 7% reduction in the GST, in case of affordable housing units. The savings could also be in the range of Rs 2,750-3,000, considering an average ticket size of Rs 75 lakhs, with a 7% reduction in the GST for non-affordable units. This is after assuming that developers do not pass on the increase in prices, due to the non-availability of ITC.”
Where the cost of construction is more than 35% of the value of the flat, the prices are likely to go up (for example, in regions like Thane, Dombivali, Kalyan, Mira Road, Pune, etc.) whereas for projects where the cost of construction is less than 35% of the value of flat, the prices are likely to reduce.
The advantage of a difference in prices, in buying an under-construction unit to a ready-to-move-in one, is around 5%. Generally, the price at the time of pre-launch or during the earlier phases of the construction period is lower, as compared to the period nearing completion or for a completed building. Hence, it may be beneficial for the buyer to opt for under-construction property,” suggests Rohit Jain, partner, Economic Laws Practice (ELP).
The buyer may be eligible for GST at 5% on the balance payment, subject to the transition rules to be notified by the government,
for carrying out the proposed amendments to the GST rate.
Experts maintain that the withdrawal of input tax credit, will increase tax liability and impact the profit margins of developers.
In such a situation, they are likely to pass on the liability to buyers, which might lead to upward pressure on prices.
Earlier, the GST was levied at 12% with an input tax credit (ITC), on payments made for under-construction properties or
ready-to-move-in flats, where the completion certificate has not been issued at the time of sale. “Under the new rules, the GST rate
has been slashed to 5% for under-construction homes, without according the benefit of the input tax credit. For affordable housing
units, the existing tax rate has been reduced from 8% to 1%. The new measures will take effect from April 1, 2019 onwards,” explains
Abhinav Joshi, head of research, CBRE India.
Co-operative Housing Societies have a statutory obligation to collect a Sinking Fund. This is done so that in case the building needs to be repaired or reconstructed in the future, the society has sufficient funds to carry out the work. The amount to be contributed is decided by the General Body of the society; it should be at least ¼ percent per annum of the cost of each apartment, excluding the cost of the land. This fund may be used after a resolution is passed at the General Body meeting with the prior permission of the Registering Authority. This could be to carry out reconstruction, repairs, structural additions or alterations to the building as the architect thinks is required and certifies.
A report made by a qualified person setting forth an opinion or estimate of value. The term also refers to the process by which this estimate is obtained.
In conventional mortgages and in the HUD-FHA Direct Endorsement Program, the lender receives a copy of the complete report, showing the basis for the appraiser's estimate.
In VA cases and in HUD applications processed by HUD, the lender receives only a statement of the estimate of value, without any detailed supporting data.
Mostly, the loan programs require a FICO score of 620 or better. Borrowers with higher credit scores are preferred by lenders, often resulting in a lower the down payment requirement and better interest rate. Lower the credit score, more amount of money you need to bring on the table.
A legal document which removes a previous claim on an asset is called a deed of release. Typically, a deed of release is issued once a mortgage or any other type of debt, against the asset has been paid in full. After the deed of release is issued, the owner becomes the clear possessor of the property and any previous claims against the asset are dissolved.
You may approach the consumer courts by filing a consumer complaint. Before you file a consumer complaint you are required to send a notice to the builder informing him of the lapse on the builder's part and of your intention to approach the consumer court.