Motia Group | Indian Citizens FAQs - Property Purchase, Home Loans

What number of properties would I be able to purchase?

You can possess as many properties as you want.

Do I need to pay stamp duty if the property is transferred or is a gift?

Yes. Generally, the stamp duty on the gift deed ranges from 5% to 12% in all states. Whereas, in states like Haryana, Rajasthan and Delhi, concession of 1 to 2 per cent is given to female transferors.

What is the time required for home loan disbursement?

Generally, loans are disbursed within 2 weeks after the full documentation and submission of required procedures.

What are the documents needed to apply for a home loan?

You have to submit the following documents:

You have to submit the following documents:
Proof of Income:Pay stub, Bank statements (personal & business)
Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.
Self Employed Applicants: IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA
Bank Statement: Past 6 months
Guarantor Form (Optional)

What is RERA?

RERA is the acronym (short-form) for Real Estate(Regulation and Development) Act, 2016. It’s salient features :

To bring transparency and efficiency in the process of buying and selling of Real-estate.
To provide legal cover and to protect consumers’ interests / rights in the RE sector
To ensure that there is a defined process and efficient handling of disputes
To define and standardize term and measures, so as to bring all concerned parties to the same level of understanding, thereby also lending certain standardization across builders / projects. This will further help consumers to compare diverse projects and developers with ease.
Defining duties, liabilities and penalties for builders / developers and brokers / intermediaries.
Setting up timelines for registration processes and dispute resolution.
RERA mandates all developers / builders to upload all relevant information regarding a project – viz. Details of land titles, approvals, construction progress, names of brokers etc., on their website.

What do the terms: Carpet area, Built up area and Super built up area mean?

Build up area:The whole region of the floor – the rug region, dividers, halls, hallways, chamber zones and storm cellar.
Carpet area:usable area inside the dividers – that is, the territory in which you can really lay a rug.
Super built up area:: This insinuates the entire area, which incorporates the floor covering territory, halls and passageways, dividers, lifts, staircases storm cellars, and other chamber and utility territories

Are there any income tax considerations while transferring newly acquired property?