BUYER GUIDE

EMI CALCULATION

LOAN FAQ

Answer

You must be working is software, Hardware and information technology area Must work in Government office Or else you must in private Ltd co. where PF & Salary slip facilities are there The business people can apply for loan with the last 3 years IT papers

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Your minimum amount of salary must be Rs.8500/- and above it.

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Photo
Payslip with Attest By Employee for 3 months
Employer Letter
Form-16 / Appointment Letter
BankStatement for last 6 months

A Cheque Leaf for Proceesing Fee
Resume (Previous Employment details)
Identity Proof
Age Proof
Address Proof

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Photo
Employment Contract / Appointment Letter
Overseas Bank statement for 6 Months
NRE / NRO Bank Statement for 6 Months Resume
Visa Stamped on Passport

Latest Credit Burezu report
Continuous Discharge Certificate (CDC) for Applicants employed in the Merchant navy Power Of Attorney
A Cheque Leaf for Processing Fees

Answer

If the loan is for 15 years. The EMI will be Rs.999/- of your amount of Rs.1,00,000/-. (Approximately).

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Rate of interest will be 8.75% for the loan amount.

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Yes, the interest amount will be reduced. According you pay the loan amount.

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Yes, it can be done but the person must be working one.

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Yes, this process can be done by the details about you through e-mail and get papers signed thoroughly carries.

PAYMENT TERMS

Land + Construction

Only 2% of the total amount is enough for Advance booking.

Another 15% at the time of Agreement.

33% at the time of Registration & Construction.

20% after the completion of Basement Level.

15% after the completion of roof slab.

10% after the completion of plastering.

The remaining 5% at the time of Handover.

Construction

Only 2% of the total amount is enough for Advance booking.

Another 13% at the time of Agreement.

30% after the completion of Basement Level.

20% after the completion of Lintel Level.

15% after the completion of roof slab.

17% after the completion of plastering.

The remaining 3% at the time of Handover.

Non Resident Indian (NRI)

Answer

An Indian Citizen who 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. (Persons posted in U.N. organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs) for the purpose of certain facilities.

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For the purposes of availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India. A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian origin, if, he at any time, held an Indian passport, or he or either of his parents or any of his grand parents was citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955)

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For the purposes of availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India. A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian origin, if, he at any time, held an Indian passport, or he or either of his parents or any of his grand parents was citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955) Note : A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a person of Indian origin is also treated as a person of Indian origin for the above purposes provided the bank accounts are opened or investments in shares/securities in India are made by such persons only jointly with their NRI spouses. For investments 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, or he or his father or paternal grand-father was a citizen of India by virtue of the (Constitution of India or the Citizenship Act, 1955 (57 of 1955).

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Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain permission of Reserve Bank.

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They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration alongwith a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid..

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Yes. Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.

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Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.

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An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan.

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Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property.

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Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not, subject to compliance with applicable tax laws.

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Yes. General permission has been granted by Reserve Bank to non-resident persons (foreign citizens) of Indian origin to transfer by way of gift immovable property held by them in India to relatives and charitable trusts/organisations subject to the condition that the provisions of any other law, including Foreign Contribution (Regulation) Act, 1976, as applicable, are duly complied with.

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Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later. Applications for the purpose are required to be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.

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Yes. Reserve Bank has granted general permission for letting out any immovable property in India. The rental income or proceeds of any investment of such income are eligible for repatriation.

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Reserve Bank has granted general permission to certain financial institutions providing housing finance e.g. HDFC, LIC Housing Finance Ltd., etc., and authorised dealers to grant housing loans to non-resident Indian nationals for acquisition of a house/flat for self-occupation subject to certain conditions. The purpose of the loan, margin money and the quantum of loan will be at par with those applicable to housing loans to residents. Repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the investors' NRE/FCNR/NRO accounts.

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Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions.

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Reserve Bank permits Indian firms/companies to grant housing loans to their employees deputed abroad and holding Indian passports subject to certain conditions.

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Yes. However, in such cases the payment of margin money and repayment of the loan instalments should be made by the NRI borrower. Note : For remittance generally one has to approach 'authorised dealer' e.g. a bank permitted to deal in foreign exchange.

TAX BENEFIT

The income tax authorities look upon with favour at those servicing a housing loan from specified financial institutions. It is up to you to be wise enough to take advantage of the home loan facilities provided by them.

When put in figures, this is quite an amount:

Assume taxable income of Rs 4 lakh, placing the assessee in the highest tax bracket. Assume interest payment during the first financial year is Rs 1.60 lakh. Taxable income stands reduced to Rs 2.5 lakh (Rs 4 lakh - Rs 1.5 lakh being the maximum limit). Total tax amounts to Rs 49,980 (tax of Rs 49,000 + surcharge of Rs 980). Tax saved is Rs 45,900 (tax @30% on Rs 1.5 lakh plus 2% surcharge as the investor is in the highest tax bracket)That brings us to Section 88 of the Income Tax Act.