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Frequently Asked Questions
Registration of a property includes necessary stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar’s office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed. Nowadays, property registration process is computerized in most states.
The housing loan needs to be paid upfront for the entire tenure of the loan by way of direct remittances from abroad through normal banking channels or from other financial accounts(like NRO, NRE, NRNR and FCNR) as may be permitted by RBI. These accounts varies as per the guidelines of RBI.
Many potential homebuyers face the challenge of not having ample funds to buy a property of their choice. While a majority are dependent on loans, it is not necessary that a homebuyer would be sanctioned a loan amount of their choice. Hence, homebuyers are suggested to get a pre-approved home loan. However, at times, pre-approved and pre-qualified, are two such terms that are confusing for many.
As per Section 80C of the Income Tax Act, you are allowed separate deductions on principal and interest amount of home loan amount, along with other entities like ULIP, PF, PPF, ELSS and NSC’s. In case of principal, you can claim deduction up to Rs 1.5 lakhs while in case of interest, it is Rs 2 lakhs. The amount of stamp duty and registration is also eligible for tax deduction.
TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land. Stamp duty Service Tax – Applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a `ready to move in’ property is purchased from the seller, service tax is not applicable. Value Added Tax (VAT) – If applicable in the concerned state.
