general questions

 If you are looking for a new flat, then verify whether the building plan is approved by the Municipal corporation or not. You need to check the commencement certificate, ownership documents, and RERA registration number. In case of a resale flat, check with the share certificate, rent receipts, and maintenance receipts as well. Verification of the occupancy certificate is mandatory.

Registration of the property makes the transaction of immovable property a permanent public record. According to the Transfer of Property Act right, title or interest can be acquired only if the deed is registered.

The buyer is liable to pay stamp duty.

The stamp duty is payable on the agreement value of the property or the market value whichever is higher.

Tax benefits depend on whether it is your first home, second home, or buying for residential or rental purposes. Principal repayment of up to INR 1.5 lakh( in the case of senior citizens it is 2 lakh) can be clubbed under the overall limit for tax saving instruments eligible under Section 80C to claim tax benefit of up to 50,985 per annum with certain terms and conditions.

In a fixed interest rate, the rate of interest is fixed for the entire tenure of the loan. In the case of floating interest rate, the principal amount already paid is reduced from the initial loan amount and one has to pay interest only on the principal amount unpaid at that point in time.


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