1. How to Choose a flat?
When choosing the location of your flat, you must consider these questions: Is there a “daily market” from which you can buy fruits and vegetables near-by? Is there a doctor’s clinic or hospital nearby? If you and your family relies on public transport, is there a bus stop, railway station etc. close-by? If you have small children, is there a playground, park, garden etc. close-by? What about post offices, banks etc.? Does the area have proper drainage, sewage and water supply? Is there a regular system for garbage disposal in your area? What about schools, collages, offices? How far are they from the location? What will the daily transport cost be? What is the pollution and noise situation in the area? How is the neighborhood? Is it a safe place to raise children?
A. Suits your life style.
What is the age of the people who will be living in the flat? If they are old, choose a flat on the ground floor . Does the lift service have a generator backup? If you choose a flat on the first or ground floor, you must consider the possibility of floods affecting the area! How are the flats in the society arranged? Is there privacy or can everyone see into your house? How are the windows of the flat arranged? Does enough sunlight come into the house? What are the amenities the society is providing? Ideally, there should be at least one common toilet so that the visitors do not have to enter your bedroom to use your bathroom.
B. Check up on the quality of construction in a particular project. Let the following points guide you:
You need to check up on the reputation of the “promoter”, “contractor” and “architect” of the construction. One of the most important criteria is the cement being used in the construction.
2. When can I apply for a Home Loan?
You can apply for Home Loan at anytime. You may apply for it after you have decided to acquire/construct a property, and even in case, the property has not been selected or the construction has not commenced, you can still apply. What’s more, you can also avail for Home Loan facility if you want to renovate or expand your home.
How is my Home Loan eligibility determined?
Your Home Loan eligibility is determined by your repayment capacity, taking into consideration, factors such as: Your:
• Income proof
• Spouse’s income
• No. of dependants
• Stability and continuity of occupation
• Savings history.
The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
What are the fees and charges payable and when are they payable?
Banks charge fees at the time of application (processing fee) and at the time of loan sanction (administrative fees). The processing fee is either a fixed amount not linked to the loan or it may be a percentage of the loan amount. The loan amount received by you can be less than the processing fee. And as for the administrative fee, 1% of the loan amount sanctioned will have to be paid. Both the processing fees and administration fees are payable upfront.
Do I get a tax benefit on Home Loan?
Yes, you are eligible for tax benefits on the principal and interest components of the loan under the Income Tax Act, 1961. However as the benefits could vary each year, do check out the current benefits available.
3. Does the agreement for sale have to be registered?
What are the documents required at the time of application? 5 More about Society transfers Q.1. For sale of shares and flat in a Co-operative Housing Society, is it necessary to enter into any written Agreement by and between a member and the intending Purchaser. Q.2) Is it possible to enter into oral Agreement for Sale without executing an Agreement for Sale and paying stamp duty thereon? Q.3) Is it necessary to Register Agreement for Sale between a member of the Co-op. Housing Society and the Intending Purchaser ?.