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    BUYERS 

    GUIDE

    Happy to keep you informed, so you make the right decisions buying your home.

    Update: As on 1/02/2022

    Stamp Duty 

    At the time of signing the Agreement – 2.9%


    At the time of Direct Sale Deed 

    when the amount is upto 50 lakhs-3%

    when the amount is between 50 lakhs to 75 lakhs – 3.5%

    when the amount is more than 75 lakhs but less than 1 crore – 4%

    when the amount is more than 1 crore – 4.5%


    Note:

    The stamp duty paid at the time of agreement can be adjusted against the stamp duty payable while executing the sale deed.

    Registration charges 

    Registration charges at the time of the Agreement /Direct Sale Deed – 3%

    CAN I GET MY HOUSE FINANCED?

    Yes, Shantilal properties offered for sale have clear titles. All our projects are approved with most leading banks and financial institutions for availing home loans.

    HOW MUCH LOAN CAN I AVAIL?

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

    WHAT IS THE TERM OF THE LOAN BANK OFFERS?

    Banks and financial institutions offer loans for a tenure of 10-25 years.

    WHAT ARE THE DOCUMENTS REQUIRED FOR AVAILING A HOME LOAN?

    Banks and financial institutions offer loans for a tenure of 10-25 years.

    BASIC DOCUMENTS

    • Completed application form
    • Photograph
    • Photo Identity Proof
    • Residence Address Proof
    • Signature Verification Proof
    • Age Proof
    • Fee Cheque

    FOR SALARIED APPLICANTS

    • Last 3 months’ Salary Slip
    • Form 16
    • Repayment Track record of existing loans/Loan closure letter
    • Bank Statement for the last 6 months from Salary Account

    FOR SELF EMPLOYED APPLICANTS

    • A brief introduction of Business/Profession
    • Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
    • Repayment Track record of existing loans/Loan closure letter
    • Board Resolution in case of a company
    • Proof of existence of the company
    • Office Address Proof
    • 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)

    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)

    WHO IS CONSIDERED A PERSON OF INDIAN ORIGIN (PIO) FOR INVESTMENT IN IMMOVABLE PROPERTIES?

    A foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal) is deemed to be of Indian origin if:
    He held an Indian passport at any time,
    He or his father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (Act No. 57 of 1955).

    WHAT IS AN OCB?

    Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin residing outside India and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trusts in which at least 60% of the beneficial interest is irrevocable held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs as long as the ownership/beneficial interest held in them by NRIs continues to be at least 60%.

    WHAT ARE THE VARIOUS FACILITIES AVAILABLE TO NRI/OCBS?

    NRIs/OCBs 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.

    I AM AN NRI, CAN I BUY 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.

    HOW CAN I PAY FOR THE 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.

    CAN NRI GET AN HOME LOAN 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

    CAN I LEASE MY PROPERTY IN INDIA EVEN THOUGH I STAY 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 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

    CAN I SELL MY PROPERTY?

    If an NRI wishes to sell his property and take away the profits, then:

    IF 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 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

    IS THERE A LIMIT TO THE NUMBER OF INVESTMENTS FOR ACQUIRING COMMERCIAL OR RESIDENTIAL PROPERTIES IN INDIA?

    Non Resident Indians are allowed to make real estate investments in India without any cap on the quantity or the number of investments.

    CAN A NON RESIDENT INDIAN GIFT HIS RESIDENTIAL / COMMERCIAL PROPERTY?

    Yes, an NRI / PIO may gift residential / commercial property to a person resident in India or to an NRI or a PIO. However, a foreign national of non-Indian origin gifting to another foreign national needs prior approval of the Reserve Bank of India.

    TAX BENEFITS (INCOME TAX)

    DO I GET A TAX BENEFIT ON MY LOAN?

    Yes

    WHAT IS THE TERM OF THE LOAN BANK OFFERS?

    The repayment of the interest portion of the EMI is allowed as a deduction under section 24 under the head “income from house property” up to Rs. 1,50,000/- for self occupied property and full amount in case of let-out property if the purchase or construction is completed within a period of three years from the end of the year in which the loan is taken.

    DO I GET 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 lakh. 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. However, deduction under Section 80C is not available in respect of payment made towards the cost of any addition, alteration, renovation or repair carried out after the issue of the completion certificate

    INCOME FROM HOUSE 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. 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.

    CAPITAL GAINS

    If a residential property is held by the seller for more than 36 months, it is considered a long-term investment or else short term. Long Term Capital Gain shall be computed by considering Indexed cost of acquisition. NRIs are entitled to claim exemption from capital gains tax if they reinvest in specified assets as per Income Tax Act.

    CERTIFICATE OF DEDUCTION AT LOWER RATE OR 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.

    Our Address

    #301, 3rd floor, Anand Trade Centre, Next to MMC building,
    Vasco-Da-Gama. Goa – 403802