- Ownership documents of land owner including title certificate.
- Development Agreement, if the developer is not the owner and has acquired the development rights.
- Commencement Certificate.
- NA Order
- If the construction is completed then Occupancy Certificate or Building Completion Certificate.
- Draft of Agreement for Sale.
The Developer shall execute an Agreement for Sale as per the provisions of The Maharashtra Ownership Flats (Regulation of the Promotion, Construction, Sale, Management and Transfer) Act, 1963 (“the MOFA”).
You must be at least 21 years of age for the loan to be sanctioned. The loan must terminate before or when you turn 65 years of age. You must be self-employed with a regular source of income. Professionally qualified and self-employed individuals can apply. A minimum of 3 year’s work experience is a must.
A number of factors such as your income, age, number of dependants, qualifications, assets and liabilities, income stability/ continuity of your employment / business etc. are taken into account when assessing your repayment capacity.
However, there are ways by which you can enhance your eligibility: If your spouse is earning, add him/her as a co-applicant. The additional income shall be included to enhance your loan amount. Incidentally, if there are any co-owners they must necessarily be co-applicants. Did you know that your fiancée’s income could also be considered for sanctioning the loan on your combined income? The disbursement of the loan, however, is done only after you submit proof of your marriage. Providing additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility. While there is no need for a guarantor, having one might enhance your credibility with us. If so, our loan officer would provide you with the necessary details. However, the final amount to be sanctioned will depend on your repayment capacity. In the total cost, registration charges, transfer charges and stamp duty costs are included.
Documents required for applying for a home loan (for self-employed professionals and businessmen)
- General Documents
- Updated bank passbook or a Xerox of the statement of accounts for the last 6 months.
- Age proof: PAN card, Voters ID, Passport and License Xerox of ration card Business profile with details on the nature of business, list of clients, suppliers, staff strength, geographical spread, etc.
- Xerox of education qualifications certificate and proof of business existence.
- Xerox of last 3 years Income Tax returns Last 3 years profit /loss and balance sheet Processing fees cheque.
- Documents required for applying for a home loan (for employed professionals).
- Latest salary certificate / slip in original.
- Age proof: PAN card, voters ID, passport, license.
- Xerox of Form no.16 A (TDS Form) from employer. Certificate in original from employer for any other allowances, which are not reflected in salary slip.
- Updated bank pass book / Xerox of statement of accounts for last 6 months.
- Xerox of your company’s ID or ration card.
- Passport size photographs of applicant and co-applicant.
- Processing fees cheque.
- You may be asked to submit further legal documents if required by the bank or its approved lawyers.Retain photocopies of all the documents being submitted by you.
Your loan will be disbursed after you identify and select the property that you are purchasing and submit the requisite legal documents. Each and every single document asked for will be verified and checked for your safety. This may take some time but we want to ensure a clear title by completing all the legal and technical verifications so that you have full rights to your home. The 230 A Clearance of the seller and / or 37I clearance from the appropriate income tax authorities (if applicable) is also needed. On satisfactory completion of the above, registration of the conveyance deed and investment of your own contribution, the loan amount (as warranted by the stage of construction) will be disbursed by Bank. The disbursement will be in favour of the builder/seller.
- Loan Agreements.
- Disbursement Requests.
- Post-dated cheques.
- Personal guarantors documents, as the case may be.
EMI refers to equated monthly installment. It is a fixed amount which you pay every month towards your loan. It comprises of both, principal repayment and interest payment.
EMI payments start from the month following the month in which the full disbursement has been made.
The EMI should be paid every month through post-dated cheques (PDCs) or direct deductions from your salary. If you are opting for PDCs, you will have to provide 36 upfront. These PDCs are to be dated for the 1st of every month. However, most financial institutions do have flexible rules for dating of the cheques, keeping in mind the delay in processing of salaries. For definitive details, check the rules and regulations of the financial institution you are associating with.
In the case of part disbursement of the loan, monthly interest is payable only on the disbursed amount. This interest is called pre-EMI interest (PEMI) and is payable monthly till the final disbursement is made, after which the EMIs would commence.
The first PEMI is payable by cheque by the end of the month in which the disbursement is made. Each subsequent PEMI is payable at the end of every month till the commencement of EMI.
An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.
Sale Deed also known as conveyance deed, is a document by which the seller transfers his right to the purchaser, who, in turn, acquires an absolute ownership of the property. This document is executed subsequent to the execution of the sale agreement and after compliance of various terms and conditions detailed in the sale agreement.
The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property
Stamp Duty is a tax, similar to sales tax and income tax collected by the government, and must be paid in full and on time. A stamp duty paid instrument/document is considered a proper and legal instrument/document. The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary. Section 30, of Bombay Stamp Act, 1958 states the liability for payment of stamp duty.
Market value of the property as ascertained by the stamp duty authorities on the basis of a ”Ready Reckoner” which gives the per sq. mtr. value of each village, zone and sub-zone . The ready reckoner is published on 1st April of every year. The Stamp Duty is payable on the agreement value of the property or the market value which ever is higher Usually different rates for stamp duty are applicable for residential and non-residential property.
The registration fee in case of sale of immovable property is 1% of the market value or Rs 30,000, whichever is lower.
All transactions are governed by the provisions of the Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963. Neither the promoter nor the purchaser can contract out of the said Act.
A ready reckoner is published on the 1st day of April from 2016.
It is advisable to go personally but in case it is not possible, a power of attorney can be issued to some other person. This Power of Attorney should mention all the relevant clauses and preferably be registered before the Sub Registrar.
Every document which is required to be registered under the Registration Act, should be presented at the office of the Sub Registrar of Assurances for the registration. A document is registered with a sub-registrar appointed by the State Government, under the Indian Registration Act, 1908.
In case you wish to ascertain the correct stamp duty payable on an instrument, an application can be made for to the Collector of Stamps.
The transfer of a flat is concluded when you have an sale deed/ agreement for sale coupled with actual possession. Generally, in all cases the entire amount is paid simultaneously with the handing over of physical possession and signing of the transfer documents.
The stamps are required to be purchased in the name of any one of the executors to the Instrument.
Yes, the same is required to be registered in the office of the Sub Registrar in the city you are staying in.
Yes, the Power of Attorney Draft can be signed and attested by the Indian Consulate/ Indian Embassy/or local notary. Once the Power of Attorney is received in India, the same has to be submitted to the Collector of Stamps for adjudication. After the same is adjudicated the POA holder can submit the same at the time of registration of the document.
While the possession cannot be handed over until completion of the formalities, temporary arrangement could be made to have the apartment kept open for a few hours for the purposes of performing the pooja.
The Maintenance amounts are due from the date the apartment is ready for possession
Legally, the actual area owned by the individual is the basis for calculation of maintenance charge.