BUYER'S GUIDE

BUYER'S FAQS

Home Loans

  • Can I get my House financed?

    Yes. All Vrundavan properties offered for sale have clear titles. All Vrundavan Alliance properties are approved with most leading banks & financial institution for availing home loans.

  • 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.

  • What is the term of the loan that banks offer?

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

  • What are the documents required for availing a home loan?

    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)

STAMP DUTY & REGISTRATION

Stamp duty rates have been revised with effect from 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 reckon issued by government every year on January 1st.

Further registration fees is payable @ 1% of market value/consideration (whichever is higher) and is capped up to Rs. 30,000/-

TAX BENEFITS

  • Do I get a tax Benefit on the Loan?

    Yes.

  • Do I get deduction on Interest?

    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 Principals?

    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 lac. 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 lac.

    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 for 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.