Buying a flat in Under Construction Project can be linked to the Indian psychology of buying a "NEW". Under Construction Project is a high risk investment as the legal status is yet to be established. It also co-relate to the fact why prices are low during the pre-launch offer. At this stage, nothing is in place. In fact, in many cases builders sold the flats even before he signed the joint development agreement with land owners. I highlighted pros and cons of Resale Flat and Under Construction Project in my post on Resale Flat of Under Construction Flat, Which is better?. It is imperative to ... Read More
7 Risks Associated with Subvention Scheme
Last week, 3 Big Hoardings caught my attention "NO EMI For 24 Months", "Book Your Dream Home at Just 8% Interest Rate" and "Book Now Pay Later". It seems to be some divine intervention which is helping / supporting me to fulfill my dream of owning a flat. "HOLD ON" signals my mind to my heart. Remember the Golden Rule of Finance "There are No Free Lunches in this World". This divine intervention is named as "Subvention Scheme". Word Subvention is derived from Latin word "Subventus". It means Monetary Help or Support. Subvention Schemes were banned by RBI on 3rd September, 2013. These schemes ... Read More
TDS Filing – 7 Common Mistakes
TDS Filing in India is considered to be very tedious task. Trust me it is not. With the introduction of section 194IA w.e.f 1st June, 2013, now it is mandatory to deduct and deposit TDS for any property transaction over Rs 50 lakh. I shared the process of TDS filing in my post How to deduct TDS on Property Sale u/s 194IA. It is also mandatory to deduct TDS u/s 195, in case of NRI Seller. You may check my post, How to deduct TDS on NRI u/s 195? for more details. With reference to my these posts on TDS filing, i receive lot of queries on error / mistake in TDS filing. Main reason is people are ... Read More
Rent Agreement – 11 Must Have Clauses
Rent Agreement is also known as Rental Agreement or Leave and Licence Agreement. Due to high property prices & floating population there is always a huge demand for property on rent. In my previous post on Real Estate, i highlighted 10 Benefits of Staying on Rent. To enjoy these benefits, you have to take a house on rent :). Rent Agreement is signed between Owner and the Tenant. Rent Agreement can signed on a regular stamp paper of Rs 100 / Rs 200. In some places like Mumbai, most of the Rent Agreements are registered in sub-registrar office. Cost of registration is equally borne by the ... Read More
10 Benefits of Staying on Rent
10 Benefits of Staying on Rent, an offbeat post for website on Home Loan and Real Estate. Today morning i decided to write something different. I always try to share neutral perspective i.e. both sides of story for the benefit of readers. You might have come across many people who prefer staying on rent because of unaffordable & increasing property rates. I highlighted this in my post, Endless Wait for Property Prices to Fall. In Indian society, staying on rent is a social stigma. It is linked to financial instability. On internet, you will find lot of financial data whether you should ... Read More
10 Reasons for Defective Property Title
Defective Property Title is a nightmare for any buyer. It is true when a buyer come to know about Defective Property Title after paying substantial amount to seller or deal is over. From my experience, i can conclude that each case is different and there can be infinite reasons for Defective Property Title. I always suggest my clients to hire a local property lawyer who can check the title of the property and issue Title Search Report (TSR). Under construction property is riskier compared to resale property. Reason being, Lawyer and Home Loan provider check for Defective Property Title as on ... Read More
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