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Before purchasing any property, it is crucial that the government approves the property regarding its construction. Seeking exact clearance and detailed reports pertaining to conditions from the government is essential while undergoing any transaction with the property’s solicitor. These precautions ensure the prevention of conflicts regarding real estate transactions.
Specific paperwork before beginning any real estate activities is imperative for the developer. For this, all the necessary permit approvals need to be taken beforehand and on priority. Below are some of the paperwork and clearances a builder needs for starting with any construction project.
Stamp duty is payable under Section 3 of The Bombay Stamp Act, 1958.
Stamp duty is payable on market value or agreement value, whichever is higher.
The stamp duty authorities determine the market value of any property on the basis of the Stamp Duty Ready Reckoner issued by the government on January 1 every year.
A stamp duty paid document is an evidence recognized by the court of law. The documents that are insufficiently stamped are not admitted as evidence by the court.
The prerequisite to claim a loan is that the applicant must be 21 years of age and must have a regular source income or must be self-employed. It needs to be made sure that the applicant has at least 6 months of income proof, and the loan must terminate before or when the applicant turns 65 years of age.
Updated passbook or photocopy of the applicant's statement of accounts for the past 6 months.
A photocopy of the applicants' ration card.
A profile of the applicants’ business mentioning at least the nature of the business, client list, suppliers, employee strength, geographical spread, etc.
In the case of a business partnership, a copy of the partnership deed, 3 years P & L a/c, B/S, computation of income certified by a CA and individual computation of income and tax returns for the last 3 years is required.
In the case of a proprietor or professional, 3 years P & L a/c, B/S, computation of income certified by a CA and an income tax return file statement for 3 years is required.
If the company applying for a loan is a Pvt. Ltd., a remuneration certificate, the board resolution for fixing remuneration, the company’s annual report and individual IT returns for the last 3 years is required.
Latest salary certificate or the original slip.
A photocopy of Form no.16 A (TDS Form) from the applicants' Employer.
The original certificate from the applicants' employer for any other allowances that are not reflected in the applicants' salary slip.
A photocopy of the applicant's updated bank passbook or a statement of the applicant's accounts for the last 6 months.
A photocopy of the applicant’s voter I.D. card or the applicant's Company’s I.D. or the applicant’s passport/ ration card.
A passport-size photograph of the applicant & co-applicant.
Loan Agreements
Disbursement Requests
Post-Dated Cheques
Personal Guarantor’s Document
Legal document submission is an integral part of the loan sanctioning process. Post submission, the documents go under the verification process for the applicant’s safety. The 230 A Clearance of the seller and/or 37I clearance from the appropriate income tax authorities (if applicable) is also needed. After the submission and verification of all of the above, the disbursement of the registration of the conveyance deed and investment of the applicant’s contribution and the loan amount happens in the favor of the builder.
Tax authorities provide certain benefits and exemptions from tax payments when purchasing a home with loans from specific financial institutions.
According to Section 24 of the Income Tax Act, an investor may deduct an amount equal to the total interest payable on the housing loan from his or her taxable income within the same fiscal year. If an investor takes out a loan, he or she will be able to deduct up to 1.5 lakhs in interest payments.
According to Section 80c of the Income Tax Act: A deduction u/s 80C (2) (xviii) is available on repayment of the principal during a financial year of up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakh, specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is taken from the Gross Total Income.