General
 

The overall valuation process calculates the MV (market value) of the assets. Some major factors are taken into consideration before Market Value (MV) is calculated, like quality of construction, local infrastructure, types of property, maintainenace along with demand and supply operating in market.
 

When a particular property is given to an individual known as Lessee for a given period of time by the owner of the assets known as Lessor, that property given by him is termed as Leasehold property.

A fixed amount is paid by the Lessor as annual lease or lease premium, and the land ownership still remains with the Lessor. Prior permission is required for transfer of property.
 

Freehold property is referred as when the right of ownership for a property is given to an individual for price. Freehold property can be registered and transferred easily and no premium charges are to be paid like as in leasehold property.
 

There are various advantages. A freehold property has more market value and can be sold, mortgaged or kept as a security. You can become an owner of a particular property if you get it converted which is not possible in leasehold property.
 

An agreement of sale along with possession of the property is a considered as sale. And the entire price money is paid at the time of actual transferring of possession.
 

Make sure you approach the right authority for registration like Gramathana, BBMP, BDA or BIAPPA and other local authorities.

Home Loans and Income Tax Benefits
 

Equated Monthly Installment refers to the monthly payment you make on your home loan. Though it is an unequal combination of interest payment and principal repayment, the total monthly amount is calculated in such a way that it remains constant all through the repayment tenure. EMI begins when the loan is fully disbursed. That means, once your home loan company makes the entire loan payment, you begin repayment.
 

As mentioned above, the EMI begins only when the loan is fully disbursed. If the loan is partially disbursed, then only interest payments are made on the amount disbursed. These interest payments made before the loan is fully disbursed and before actual EMIs begin, are known as pre-EMI.
 

As you know Pre- EMI are only the interests portion on the distributed loan amount until the full loan is distributed. The EMI Structure starts only after the Pre-EMI phase. On completion of the Project, Pre EMI interest paid can be deducted later in 5 equal installments for next 5 yrs from the end of financial year of possession.
 

In case you want to take loan from your friends , parents or any other person , you can still claim the interest on the loan under Sec 24 , which is up to 1.5 lacs per year. However you cannot claim the principal amount under sec 80C, which is applicable only for loans taken from Bank or financial institution.
 

If you take a loan for extension or renovation of your existing house, in that case you can not claim the principal part under sec 80C, but you will be able to claim interest amount under sec 24, but the limit in this case is only up to Rs 30,000 for self-occupied properties. However for houses which are let-out (rented or second home which is not occupied), there is not limit for tax deduction.
 

Yes, there are. The tax code provides various benefits to people who own their homes. They may deduct both property tax payments and mortgage interest and other expenses from their income tax.
 

Income is computed after some deductions from the net value of the let out property. Computation of net value of let out property: The gross annual value of let out properties will always be greater of the following three amounts:

Out of the gross annual value, municipal taxes paid during the year have to be deducted to come at the net annual value.

Registration Of Property, Khatha and Property Tax
 

It is a document received after mutual consent of both the buyers and sellers which states final sale price and other purchase terms as under:-

 

Registration of a property involves stamping and paying minimum registration charges for a sale deed which acts as a legal proof and kept as a record at sub-registrar’s office.
 

Documents pertaining to immovable property shall be registered in the Sub-Registrar office in whose jurisdiction the property is situated

           Or

If you have any problem with the Sub-Registrar's office please approach the District Registrar of your district.

In Bangalore Urban district still if you have problem in registration you can visit the Office of the Inspector General of Registration where your registration work pertaining to Bangalore Urban district will be attended.
 

The ongoing stamp duty fee in Bangalore is approximately 5.52 per cent and registration charge is 1 per cent of the total value of the property.
 

There are two kinds of Power of Attorney.

1. General Power of Attorney (GPA)
2. Special Power of Attorney (SPA)

a) General Power of Attorney is executed by a person in favour of another to act on behalf of him generally. It may include management of property, Court matter/litigations, sale of mortgage of property or any other act.
b) Special Power of Attorney is executed to do a particular act. Power of Attorney holder is answerable to the principal and liable to give accounts to him .
 

Encumbrance Certificate is a record showing registered transactions pertaining to a property. If mortgage, sale or any other deeds in respect of a property are registered, encumbrance certificate is issued Form No.15.
 

If no deeds of transactions are registered in respect of a property nil encumbrance certificate is issued in Form No.16. If Certificate is issued in this form, it means that there are no registered transactions / liabilities on the property for a given period of time unregistered transactions are not included in this certificate.
 

The Khatha services involved mainly three steps

Property taxes are calculated by taking determined value of the home and multiplying it with the tax rates that is set by local government authority and then applied relief are deducted from your exact bill.
 

Yes, the facility for online property tax payment is being provided, the e-payment facilitates payment of direct taxes by taxpayers. To make use of this service the taxpayer is required to have net banking account with any of the authorized banks.

Residential
 

The area of a building, excepting walls of the area is known carpet area whereas the area of the walls including balcony and carpet area is known built-up area. The built up area coupled with lobby, lifts, swimming pool and garden is known as super built-up area.  

The actual area owned by individuals is taken as a base for calculating maintenance charges. 

Co-operative housing societies have a statutory obligation to collect sinking funds. 

A lease agreement can be created in two ways

 

NRI’s
 

No. NRI's do not require any permission other than acquiring agricultural property or a farm house in India
 

No. NRI's do not require any permission other than transferring of agricultural property or farm house to another NRI or citizen of India.
 

No, because Reserve Bank has already granted permission to Indian origin foreign citizens to purchase immovable property other than agricultural land or farm house in India. .
 

The buying factors is either remitted inward in foreign exchange by making use of normal banking or out of funds from any non-resident accounts from any bank of India.

 

Yes, Reserve Bank has already given the general permission for selling of such properties.
 

Authorized dealers can allow settlement up to USD 1 million for any reason. The limit of USD 1 million per year includes sale proceeds of immovable properties obtained by the NRI/PIO's while they were resident in India and remained for a time period 10 years or above. In case the property is sold after being held for less than 10 years, settlement can be possible if the sale proceeds hold for the balance period in NRO account or in any other eligible accounts.
 

Yes, Reserve Bank has given permission to foreign citizens of India to obtain or disposing of other than agricultural land by way of gift to any India citizen, PIO or NRI.
 

Yes, Reserve bank has allowed them and the income earned from rentals is qualified for repatriation.

Contact Details
 

Answer - It is already mentioned in website. 
 

Phone: 080 4920 2323; 080 2572 7770
Mobile: +91 99000 56552
Website: www.laasyaprojects.com
E mail: info@ laasyaprojects.com