1. Can i get my home financed?

Yes. All Ruparel properties offered for sale have clear titles. All Ruparel projects are approved with most leading banks and financial institution for availing home loans.


2. How much loan can i avail?

You can avail a maximum loan of 80% of the Agreement value. However your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.

3. What is the term of the loan that bank offers?

Banks and financial institutions usually offer loans for a term of 10-25 years

4. Documents required for availing home loan?

a.Completed application form
b. Photograph
c. Photo identity proof
d. Residence address proof
e.Signature verification proof
f.Age proof
g. Fee cheque

4.1For Salaried applicants:

a. Last 3 months salary slip
b. Form 16
c .Track record of existing loan / loan closure letter
d .Bank statement of last 6 months

4.2 For self employed applicants:

a. A brief introduction of Business/Profession
b. Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
c. Repayment Track record of existing loans/Loan closure letter
d.Board Resolution in case of a company
e.Proof of existence of the company
f.Office Address Proof
g. Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)

Stamp duty rates have been revised w.e.f April 2012 as under:-

For residential as well as commercial units the stamp duty payable is applicable @ 5% of market value of such unit or consideration paid under the agreement, whichever is higher

The market value of the Unit is determined on the basis of stamp duty ready recknor issued by government every year on January 1st. Further registration fees is payable @ 1% of market value/consideration (whichever is higher) and is capped uptoRs. 30,000/-.

1. Who is an NRI?

An Indian Citizen who holds a valid Indian passport and stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident Indian (NRI). Non-resident foreign citizens of Indian Origin are treated at par with non-resident Indians (NRI).

2. What are the various facilities available to NRI?

NRIs are granted the following facilities:

  • Maintenance of bank accounts in India
  • Investments in securities/shares of, and deposits with, Indian firms/companies
  • Investments in immovable properties in India

3. How can an NRI buy a property in India?

If you are of Indian Origin and hold an Indian Passport, then you are entitled to buy property in India. If you are an overseas passport holder like a US Passport or a British Passport Holder, then you need to have a PIO Card. This can be applied for at the Indian Embassy or Consulate in your country where you are residing or you could enquire with them for further details. It is sufficient if you have your father's or mother's passport or birth certificate or any other proof of their being an Indian Citizen. It is essential to carry that proof with you.

4. How can an NRI pay for a property purchased?

  • There is no restriction or condition on payment while buying property. Normal banking channels are applicable.
  • FCNR. Foreign Currency Non Resident account in India
  • NRE. Non Resident (External) Rupee account in India
  • Remittance from abroad through normal banking channels.
  • NRO. Non Resident (Ordinary) Rupee account in India.
  • Although the payment could be in rupees or any foreign currency, no repatriation benefits are applicable on these investments.

5. How can an NRI get home loan in India?

Yes, as an NRI you can apply for a home loan in India. Getting a home loan is as easy for an NRI as a resident Indian. Some lender may, however, ask for a local power of attorney holder.

6. How can an NRI lease a property in India even though he/she stays abroad?

If the NRI's property is lying unused, he can lease it out and earn the proceedings. RBI approval or permission is not required. There are only two restrictions, (i.e.) the proceeds out of this lease is taxable in India and the proceeds cannot be taken out of India. Also, outright selling of NRI property does not require RBI permission although the profit on sale is liable to capital gains tax.

7. How can an NRI sell his/her property?

If the property was bought in foreign exchange

  • He can take away the proceeds.
  • Sale is restricted to only two properties
  • Sales allowed only after three years.

If the property was bought in Indian Rupees:

  • Money must be kept in India

If property for commercial purposes is bought in foreign exchange:

  • Any or all can be sold
  • Entire proceeds can be transferred

PROPERTY AQCUISITION:

Purchase:

There are no restrictions on the number of residential / commercial properties that can be purchased by an NRI under general permission.

Inheritance:

  • an NRI
  • aforeign national of non-Indian origin can inherit and hold immovable property in India from a person who was resident in India. However, a citizen of specified countries (Pakistan, Bangladesh, Sri Lanka, and Afghanistan) should seek specific approval of Reserve Bank.

A person resident outside India (i.e. NRI or foreign national of non-Indian origin) can inherit immovable property from

  • A person resident in India
  • A person resident outside India

However, the person from whom the property is inherited should have acquired the same in accordance with the foreign exchange regulations applicable at that point of time

Power of Attorney:

The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/or by executing the Power of Attorney in their favour as it is not possible for them to be present for completing the formalities of purchase (negotiating with the builder or Developer, drafting and signing of agreements, taking possession, etc.) These formalities can be completed through some known person who can be given the Power of Attorney for this purpose.

Sale of Property:

An NRI can sell property in India only to:

  • A person resident in India
  • An NRI

the ruparel group
of companies

Tax benefits on the loan?

Yes

Deduction on Interest?

The repayment of the interest portion of the EMI is allowed as a deduction under section 24(b) under the head "income from house property" up to Rs. 2,00,000/- (As per Budget 2014) for self occupied property and full amount in case of let-out property. Also the Interest paid on housing loan during the construction period shall be allowed as deduction at equal instalments of 5 years starting from the financial year in which the construction is completed.

Deduction on principal?

The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1.5 lakh (Revised from Rs 1.0 Lacs as per Budget 2014). You can also claim deduction under Section 80C towards payment made for stamp duty, registration fee and other expenses for the purpose of transferring the property in the name of the assessed. All these deductions however should not exceed the overall limit of Rs. 1 lakh

Income from Home property:

According to the Indian Income Tax Act, if a person (resident or NRI) owns more than one house property, only one of them will be deemed as self-occupied (Only after the construction has been completed). There will be no income tax on a self-occupied property. The other one, whether rented or not, will be deemed to be given on rent and deemed rental income (based on certain valuations prescribed by the income tax rules) will be added to income. Further, TDS will be deducted on actual rental incomes earned by NRI.

Wealth Tax:

Wealth tax is levied on the value of specified assets in excess of the Rs. 30,00,000. Specified assets include house property. However, the Wealth Tax Act provides an exemption in respect of one house property. There is a specific exemption available for returning Indians in respect of investment made in house property out of money brought from outside India or from balances held in NRE accounts as on date of return to India.(Wealth tax proposed to be withdrawn from Budget 2015)

Tax Exemption certificate:

Section 197 of the Income Tax Act, 1961 provides for deduction of tax at lower rates in certain cases. The rate prescribed for TDS from NRI's income is the maximum rate of tax at which relevant Income is taxable in India. However, in majority of the cases of NRI, the actual tax liability is lower than this.

However, the higher deduction of tax so made is generally not claimed as a refund by filing Return of Income. In order to assist such situation, the Income Tax Act has provided procedure under section 197 whereby an NRI can apply to the Assessing officer (in prescribed form) to issue specific certificate authorizing the payer of income (who normally deducts tax at highest prescribed rate) to deduct tax at a lower rate or nil rate. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. The payer shall deduct tax in accordance with the certificate of the Assessing officer

194IA

TDS on purchase of Property is applicable at rate of 1% of the agreement value and to be deposited in the government account with Valid PAN Number.

Service Tax & VAT

Service Tax and Value Added Tax ( VAT) is chargeable to the buyers on purchase of under – Construction property. The effective rates at present are as follows

  • VAT : 1% of the agreement value payable at the time of Registration
  • Service Tax : 3.09% of agreement value payable alongwith the amount as and when paid.
Loan :
ROI (%) :
No Of Years :
 
EMI (PM) :
 

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