Does stamp duty gets reversed?
In case of cancellation of the unit after paying stamp duty and registration fees, buyers can claim a refund of the stamp duty within six months from its payment. The buyer of the property can get a refund of 98% of the stamp duty if an application is made for a refund of the stamp duty. With the refund application, you are required to attach the original agreement, as well as the original cancellation deed, with both the documents being registered. However, you will not get a refund for the registration charges. Stamp duty area wise Stamp Duty: Mumbai Types of Instruments Covered Jurisdiction Article Stamp Duty Rates for a Period of :01.04.2020 to 31.08.2020 01.09.2020 to 31.12.2020 01.01.2021 to 31.03.2021 “Conveyance” or “Agreement to Sell” Mumbai and Mumbai Suburban 25(b) 5% 2% (Stamp Duty Reduction of 3%) 3 (Stamp Duty Reduction of 2%) Registration For properties above Rs 30 lakh – Rs 30,000. For properties below Rs 30 lakh – 1% of the property value.
How much stamp duty is levied ?
Stamp duty rates depend on different criteria across different states. In Mumbai, stamp duty is levied under the Maharashtra Stamp Duty Act. The stamp duty on the property varies within the state if the real estate property falls within the municipal corporation limits, municipal council, and gram panchayat.
What all documents are required for loan disbursement?
A set of following documents have to be provided by the builder to the banker in the presence of the buyer: A registered agreement, index 2, registration slip, demand letter as per CLP, OCR receipts, NOC from builder to buyer, and ROC, if the developer has mortgaged the project to any financial institute
  • Loan agreements
  • Disbursement requests
  • Post-dated cheques
  • Personal guarantor’s document
Loan Agreements: Agreement between the buyer and the bank.
Disbursement Requests: The customer has to personally visit the financial institutions to initiate the first disbursement after getting into a loan agreement.
Post-dated Cheques: Bank requires PDC cheques at the time of disbursement. However, it differs from bank to bank.
Personal Guarantor’s Form: A personal guarantee form for a loan is a document that enables a person, known as a guarantor, to take responsibility for a personal loan if it’s not paid back by a borrower.
What is pre EMI?
Pre-EMI means you have to pay the interest amount only on the disbursed home loan amount. Once you receive the keys of your dream home, you will have to start paying the full EMI amount. In the case of under-construction property, the banks and financial institutions disburse home loans in tranches. However, until the housing loan is fully disbursed, you have to pay simple interest at the rate you have agreed upon with the lender, this is known as the Pre EMI.
What documents are required for a self employed person to apply for home loan?
Applicant’s statement of accounts for the past 6 months. A photocopy of the applicant’s Aadhar Card and PAN Card. A profile of the applicant’s business, mentioning at least the nature of the business, client list, suppliers, employee strength, geographical spread, etc. In the case of a business partnership, a copy of the partnership deed, 3 years P&L a/c, B/S, computation of income certified by a CA, and individual computation of income and tax returns for the last 3 years is required. In the case of a proprietor or professional, 3 years P&L a/c, B/S, computation of income certified by a CA, and an income tax return file statement for 3 years is required. If the company applying for a loan is a Pvt. Ltd., a remuneration certificate, board resolution for fixing remuneration, company’s annual report, and individual IT returns for the last 3 years is required.
What documents will be required by an employed person to apply for home loan?
Latest salary certificate or the original slip. Form no.16 A. Copy of 6 months bank statement of the applicant’s accounts. A photocopy of the applicant’s Aadhar Card and PAN Card. A passport size photograph of the applicant & co-applicant. Repayment track record of existing loans/loan closure letter.
How can I increase my loan eligibility?
There are different ways to increase loan eligibility and amount. If a spouse or fiancé is earning, applying together as co-applicants can increase the chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners they must necessarily be co-applicants.
How much home loan can I avail?
The loan amount depends on several factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits, etc. The most important factor in sanctioning loans is repayment ability.


I have decided to buy a home, how do I go about it?
Buying a home is exciting but needs careful evaluation. Ask yourself: what city/locality am I interested in, who will live in this home, what is my budget, do I need to take a loan, when do I want the home ready, and so on. Your answers will help you narrow down your options.
How do I chose a builder?
Find out as much information about them as you can by looking at their work so far and doing some market research: see online reviews, customer testimonials, and speak to people in the city. Visit one of their existing properties and also any new sites you are interested in, and don’t hesitate to ask questions. It is safe to go with an established developer with a history of commitment to customers and delivering excellent projects.
What checks should be done, before closing in on a property?
Going with an established developer with market credibility is a sure way to ensure transparency. Check if there are any legal disputes around the property or land: you might do this by seeing local news or even engaging an advocate who can guide you. Consider how you want to do up your home and the cost and time to do that.
What documents are needed to submit when applying for a home loan?
Every financial institution has slightly different requirements which they will share upfront with you. These are some commonly requested documents:
  • Proof of Identity, Age, Residence
  • Proof of Income
  • Title of the Property
  • Photographs of yourself and co-owner (if any)
  • Self attested copies of select documents