An occupancy certificate (OC) issued by local authorities certifies that a building is fit for occupation and was built in accordance with the approved plan and local laws. What is the importance of an occupancy certificate? An occupancy certification shall be given by a local government agency or planning authority upon the completion of a…
The completion certificate: What are they?
2021-07-28T12:10:00+05:30A completion certificate is a document issued following an inspection of a real estate project that states that it was built in accordance with the approved building plan and meets all of the necessary standards set by the local development authority or municipal corporation. This certificate is essential for both developers and owners of standalone…
The Commencement certificate: what are they?
2021-07-28T11:42:16+05:30A commencement certificate is a document issued by the local municipal authority that allows the developer to start working on the project. The commencement certificate (or CC) is usually issued only after the developer has met all of the legal requirements and obtained all of the necessary approvals for the building’s design. How can a…
Registration of property transactions in India
2021-07-27T11:54:27+05:30When a buyer acquires a property, the legal Registration of property takes place only when the immovable asset is registered under his name in the government’s records. Since the various monetary implications typically affect the buyer, this complex process also requires them to have a clear understanding of the laws that regulate such affairs in…
Rent vs Lease: What Is The Difference?
2021-07-26T12:26:17+05:30Although most renters use the terms rent and lease interchangeably, leasing a property is not the same as renting a home. Depending on how the rent agreement is drafted and registered, there are several legal ways to rent a property. A lease is only one method of renting an apartment. A rent agreement can be…
Fixed or Floating rate home loans: Which is best?
2021-07-22T11:50:12+05:30Fixed or Floating rate: Lending rates in India are currently at a decade low and are expected to remain so for the next one to one and a half years due to slow economic activity caused by the ongoing Covid-19 pandemic. However, since the second half of the fiscal year ended March 2021, there has…
Residential property investment: Things to consider
2021-07-21T12:10:39+05:30Residential property purchase has been a significant milestone in one’s life since time immemorial, whether as an investment or as a dream home. With rising income levels, especially among the urban population, the importance of owning residential real estate in India has grown in recent years. While commercial real estate has become increasingly popular among…
Six financial ratios to consider before buying a property
2021-07-19T13:24:22+05:30Financial ratios: The importance of owning a home has been highlighted by COVID-19. Huge unsold inventory and a loss of confidence brought on by the pandemic have ensured that Indian real estate remains a buyer’s market. The dynamics of buying a house are currently most appealing, with decadal lows in home loan interest rates and…
Tax exemption until September 30 New homebuyers are in luck!
2021-06-29T10:55:59+05:30Income Tax exemption under Section 54 to Section 54GB Due to the difficulties faced by taxpayers as a result of the second wave of the Covid-19 pandemic across the country the Central Government has extended the deadline for claiming a tax deduction on a residential house investment until September 30. The period for investing in…
What Do You Mean By 1BHK, 2BHK, 2.5BHK, 1RK
2021-06-19T12:38:32+05:30Aside from budget and location preferences, a home buyer must also decide on the property configuration – 1BHK, 2BHK, or 3BHK. Before that, one must first understand what a BHK is. What does a BHK stand for? BHK is an abbreviation for bedroom, hall, and kitchen. It is used to indicate the number of rooms…
TDS On Purchase Of Property @ 1% Under Section 194IA
2021-06-18T12:25:12+05:30If the purchase price of immovable property is Rs 50 lakhs or more, the purchaser must deduct tax at the time of payment to the seller. While a buyer must pay several taxes when purchasing a home, the seller must also pay taxes. Aside from capital gains tax, the seller must also pay TDS On…
The Housing Market 2021: 7 Trends Buyers Can Expect
2021-06-14T12:33:03+05:30After the Coronavirus pandemic, a lot has changed in India’s housing market in 2021. After weathering the storm in 2020, the sector appears set for a comeback. We list some of the factors that may influence how the Indian real estate market performs in 2021. Flat growth likely in property prices in big cities Since…
Home Loan EMI How To Pay It Off If You lose Your Job Due To Pandemic?
2021-06-11T11:48:01+05:30Home loan EMI how would a person pay it if they lose their job? well As the second wave of the Coronavirus pandemic takes massive proportions (India is currently reporting around four lakh new infections and more than 3,000 deaths on a daily basis), those who service long-term loans, such as home loans, have additional…
What is an EMI and how is it calculated?
2021-06-11T11:41:17+05:30EMI: Rather than depleting your hard-earned savings, it is better to take out a loan to cover large financial expenses such as a wedding, home renovation, or any emergency expense. Applying for a loan from a bank or lending institution also allows you to repay it over time in regular installments known as equated monthly…
What Is Carpet Area, Built-Up Area And Super Built-Up Area?
2021-06-09T12:23:47+05:30In today’s world, having any doubts about the concept of the carpet area could be extremely detrimental to a home buyer. Despite the numerous nitty-gritty details involved, it all boils down to the space that the buyer will acquire in exchange for money. This is why space calculations are the single most important determinant of…