Brief Overview

Once the consumer makes a choice to procure a home from Aayush Developers, they have two options for making payments towards their home:

Consumer Financed (Self-financed) :
Under this scheme, the customer pays a percentage of the total price of the home initially and then makes progress payments as the building construction progress e.g. a customer puts 20% as down payment when he books the flat and then pays 10% when the first floor is constructed, 10% when the 3rd floor is constructed and so on. The payments made by the customer are linked to the progress of the building and all payments are financed by the customer himself.

Bank Financed (Loan) :
Under this scheme, the customer opts for a home loan at the time of making the booking and the bank makes the payments on behalf of the customer. The payments are linked to the progress of the building just like the previous scheme. The customer repays the bank over a longer period of time e.g. 20 years.

Home Loan

What are the types of housing loans available? :
Various varieties of housing loans are offered by different financial institutions. Prominent among these are:

Home loans :
This is the basic housing loan for the purchase of a new home, which covers the cost of the flat, deposits and charges, stamp duty and registration charges. Home Improvement / Extension Loans This is the basic housing loan for the purchase of a new home, stamp duty and registration charges. Which covers the cost of the flat, deposits and charges, stamp duty and registration charges.

Bridge Loans :
Bridge loans are for people who wish to sell their existing house and purchase another one and need finance for the new house until a buyer is found for the old one.

Balance Transfer :
A balance transfer indicates the paying off of an existing housing loan and availing of a loan with a lower rate of interest.

Refinance Loans :
Refinance loans are taken to pay off the debt incurred from private sources such as relatives and friends, for the purchase of your present house.

Loans to NRI's :
These loans are designed as per the requirements of NRIs who want to buy a house in India.

Who can apply for a housing loan? :
Any Indian citizen, including Non Resident Indians, with a steady source of income can borrow funds for financing the cost of a flat from housing finance companies and banks.

Can a Non Resident Indian avail of housing loans? :
Yes, depending upon the eligibility criteria and policy of the bank.

How much can a person borrow? :
Loans are generally disbursed between 70%-80% of the cost of the flat. The balance money is to be funded by the flat purchaser from his own contribution. The percentage of loan would vary from bank to bank.

How does Aayush Developers assist a flat purchase in procuring Housing Finance? :
All projects at Aayush Developers are preapproved for the grant of home loans by leading housing finance companies and banks. The sales team liaises with the all leading Housing Finance Institutions for project approvals, processing the loan, documentation and disbursement of loans.

What are the documents required at the time of applying for a housing loan? :
The standard list of documents required of all loan applicants is as follows

  • Photographs
  • Proof of age
  • Identity papers
  • Proof of residence
  • For salaried individuals
  • Latest salary slip
  • Last 2 years form 16 or equivalent
  • Bank statements reflecting salary credits for the previous six months
  • For self-employed individuals
  • Certified copies of balance sheet
  • Profit and loss statement
  • Tax challans / tax returns for the previous 3 years
  • For partnership/private limited companies
  • The Articles of Association
  • Partnership deed and details about the firm

For NRIs :

  • Latest salary certificate specifying, name (as it appears in the passport)
  • Date of joining
  • Passport number
  • Perquisites and salary
  • Photocopy of labour card/identity card
  • Photocopy of valid resident visa stamped on the passport

Document Required

What is the extent of application of the Bombay Stamp Act, 1958? :
The Act applies to the whole of the State of Maharashtra.

What is an "instrument" under the Act? :
An "instrument" includes every document by which any right or liability is or purports to be created, transferred, limited, extended, extinguished or recorded, but does not include a Bill of Exchange, cheque, Promissory Note, Bill of Lading, Letter of Credit, Policy of Insurance, Transfer of Share, debenture, proxy and receipt.

What is market value? :
Market value in relation to any property which is the subject matter of an instrument means the price which such property would have fetched if sold in the open market on the date of execution of such instrument or the consideration mentioned in the instrument, whichever is higher. The price which such property would have fetched, if sold in the open market, is determined on the basis of the Ready Reckoner issued each year. Depreciation in stamp duty is available for old buildings and building without lift.

When is stamp duty payable on an instrument in Maharashtra? :
All instruments are liable to be stamped before or at the time of execution of instrument or immediately thereafter on the next working day following the date of execution, when executed in the State of Maharashtra. Any instrument executed outside the state is liable to duty only on receipt of such instrument in the state, provided it relates to a property situated in the state, or a matter or thing to be done in the state. Stamp duty is not levied on a transaction, but on an instrument.

What is the rate at which stamp duty is payable? :
Stamp duty is payable at the rate mentioned in the Bombay Stamp Act, 1958 and as amended from time to time.

Which documents are required to be compulsorily registered? :
Documents listed in Section 17 of the Indian Registration Act, 1908 are to be registered compulsorily. Registration of documents listed in Section 18 of the Indian Registration Act, 1908 is optional. An agreement for leave and licence is required to be compulsorily registered under the Maharashtra Rent Control Act, 1999.

Who is required to pay stamp duty and registration fee on purchase or lease of a flat or office? :
A purchaser (whether on first sale from a developer or on resale of a flat) or a lessee of a flat or office is required to pay stamp duty and registration fee.