FAQ's

Apply for a home loan once you have finalised the property to be purchased or constructed. Make sure you do the research about the type of loan you need and follow the checklist:-

• How much deposit do you have?
• What are the processing charges for the loan?
• What is the interest rate
• What's the best type of loan for you

It is possible to sell the property even if there is outstanding home loan amount, provided the process is followed-

• Obtain an NOC from the bank/loan for foreclosure
• Pay the foreclosure amount to the bank and obtain documents
• Hand over the documents to the buyer once the registration is done

When a person dies without leaving a will, the rules of succession (or inheritance) have to be followed to distribute the deceased person's property among his legal heirs. The rules of succession determine who the heirs of a deceased and what their share would be in the inheritance. Note: The term 'property' refers to immovable property, unless stated otherwise.

Property of all forms can be inherited by your legal heirs. This would include not only your self acquired property but also your share in the ancestral property of your family.

A lease deed is a contract wherein the lessee (tenant) agrees to pay the lessor (landlord) periodic rent for the use of a property.

The person landlord is called the lessor, the tenant the lessee, the premium is a one time amount that is sometimes paid for the lease and the rent is the periodic payments made under the lease.

These laws set a maximum rental rate and outline the specific circumstances in which a tenant can be evicted, such as subletting without permission, failure of payment or poor maintenance of the accommodation. Landlords must abide by these strict laws when they rent accommodation with a 12 month lease. Most landlords avoid rental control laws by either drafting 11 month leases or encouraging informal or verbal rental agreements. For a tenant with a 12 month lease, a rent rate at or below market value is guaranteed. But it may be difficult to break the terms of the lease should the tenant have to leave early. An 11 month lease gives both landlord and tenant more flexibility. The landlord can set the rent and terms according to the current market, and the tenant is less bound by the lease.

The stamp duty has to be paid on the market value of the property.

The market value of property cab be determined if it was sold in the open market as stated in Section 47A of the Indian Stamp Act, 1899. To determine the market value of a property one may refer to the market value guidelines registers which are published and sold through the offices of the concerned Sub Registrar and District Registrar.

Owner of the property pays this tax. Person in possession of the property might or might not be the owner of the property. Owner is usually the registered owner of the property. Owner here also includes a ‘deemed owner.'

The term property for the purpose of Income Tax Act, 1961 is limited to any building including land forming an integral part of that building, i.e. necessary for the use of the building and not used for any other purpose which may generate taxable income, for example a paid parking lot would not be considered part of a building and would be treated as a separate property. Tax on rental income from a vacant plot is charged under the head income of other sources. Income from property used for business and profession will be taxed under the head income from profits and gains from business or profession.

The purpose of registration of a document is to give ‘notice to the world' of a certain property document having been executed. Record keeping is another important function of registration offices and these records are permanent for all practical purposes. The courts of law rely heavily on such records for deciding property disputes.

If you are purchasing a property then having the title document registered will not be sufficient. The registration office is not responsible for verifying the title, ownership or possession of a property. It is the purchaser's responsibility to ensure that the property document has been drafted appropriately and the seller's ownership of the property has been verified. This can be done with the help of an advocate who specialises in such matters by engaging one to draft and/or vet your property documents and further to conduct title searches.

Property documents of all types such as conveyance deeds, sale deeds, partition deeds, settlement deeds, gift deed, mortgages require stamp duty to be paid. The rates of stamp duty differ from one state to another and the calculation and payment of Stamp Duty is a crucial aspect of executing a property document.

In a transaction for the sale of property, the cost of acquiring the required stamp duty to be affixed on the sale deed should be borne by the purchaser. However, the parties may agree to share the stamp duty by providing it in the property document. For partition deeds, all the parties in proportion to their share are liable to pay stamp duty. For affidavits and power of attorneys, the person executing the document should pay the stamp duty.

Vastu is defined as the science of architecture. It aims to integrate architecture of the house with nature. It describes principles of –

• Measurements
• Design
• Space arrangement
• Layout
• Ground preparation and
• Spatial geometry.

A will is usually a written document which declares the manner in which a person would want his property distributed after his death.

Making a will is important for multiple reasons. Not only does a will help you distribute your property according to your wishes, it also ensures that the interests of the people you care about is taken care of after your death. It helps avoid family disputes and protracted litigation.

Every person of sound mind who has reached the age of 18 years may make a will.

There is no fixed format to make a will. It is sufficient if the document contains the manner in which you would want your property to be divided after your death. A will needs to be in writing, signed by the person making it and attested by at least two witnesses.