FAQ

FAQ of Property

There are a number of investment options in real estate today – such as, investment in commercial real estate, investment in residential property and investment in plots are a few prevalent examples of the various options available today.
Investor Homez is one of Delhi NCR’s leading real estate services company having most experienced professional team in any segment. We have a team of more than 100 highly experienced professionals who are always ready to help the customers make an informed decision and grow their investment portfolio. We are currently associate with more than 100 developers and have sold over 5,000 properties. In addition to the basic property related services offered by most of all, we provide home loan and resale services also to the clients. We have a strong customer support team that provides end to end solution to the clients. We provide hassle free assistance right from Allotment Letter to Possession Letter making the entire process easy and smooth for the homebuyers.
Home loans are available from all the nationalized as well as private banks in India. These days NBFC are also extending home loans to the flat buyers.
Normally loans are not possible for any under construction building but if the building is 80% complete, some banks offer commercial loan.
The percentage of loan depends on property as well as the financial health of any individual.
Yes banks can pre-approve a home loan based on the average balance kept by the individual.
Yes. Co-ownership, or joint ownership, simply put, is when two or more persons hold title to the same property.
A co-applicant is one who applies along with the borrower for a loan. A borrower has the compulsion now to have a co-applicant to a loan along with himself. It is important to note that co-applicant cannot be a minor. Most banks permit a few specified relations who can be co-applicants - brothers, parent and son (Blood Relation) and husband and wife.
Locality - proximity to workplace, health care, educational institutions and recreational zones. Greenery & pollution levels. Super built up area, built up area & carpet area of the flat Charges - Price, registration charges, stamp duty, maintenance charges etc. Appreciation of the property. Developer's track record. Water & Power Supply. Parking Space & Other Utilities.
Title Deed/ Check for evidence of right to ownership. Encumbrance Certificate. Approval on the building plan and construction.
Completion Certificate, NOC from banks (No Objection Certificate), Sale Deed, Building Plans Approvals, NOC from the developer, PAN Card and Photographs.
Built up area plus other common amenities areas such as corridors, lift, club, stairs, lobby, and stairs is known as Super Built Up Area. The thickness of outer walls, balcony in addition to the carpet area is known as Built up Area. The actual area to lay the carpet, actual used area of a unit or the area enclosed within the walls is known as carpet area. The said area excludes the thickness of the inner walls.
Floor Space Index (FSI) is the ratio between the total built-up area and plot area available. It is also known as Floor Area Ratio (FAR). Permission obtained to build extra floor space by paying some premium is known as Premium FSI.
The state government imposes tax on the agreed value or the market value, whichever is higher is called stamp duty. The buyer is required to pay the tax amount and the tax amount differs from state to state. The sale deed is considered void, if the buyer doesn’t pay the stamp duty.
Sale Deed, Occupancy Certificate, Encumbrance Certificate, Clear and Marketable Title, Latest Tax Receipts, Possession Certificate and Building Plan Approvals.
You can verify the projects approval from the sanctioning authority's office or the corporation. You can verify the share certificate related to socities from the concerned society. You can verify the ownership documents from the concerned sub registrar’s office.
Maintenance charges are based on the area of the property. These charges are levied by societies on its members and could be paid either semi annually, quarterly or monthly.
If the apartment is mortgaged with a bank, the owner is required to obtain a document from the concerned bank stating that it will hand over the flat documents to the buyer once the loan is paid fully. The moment you transfer the said amount to the seller's account, the bank will release the flat documents with no-dues certificate. Money can also be paid in cash or through home loan.

FAQ of Home Loan

While banks try to keep paperwork and formalities to a minimum, some documents are required for securing a home loan. Banks will require documents that provide proof of your identity, address, income and so on. Once you submit your documents, getting a Bank loan is a quick and easy process.
After the docs are verified, the sanction letter is prepared based on which the allotment gets confirm. Post this based on the payment plan the bank disburse the amount. It can be Construction Linked Plan (CLP), Down Payment (DP), FLEXI and Special Payment Plan (SPP).
As far as repayment of the home loans is concerned, it is generally repaid by equated monthly installments, using few initial cheques and then with the help of ECS (Electronic Clearing System) or direct debit. Just to make an important point clear, in case you are opting to deduct your monthly installment amount from your salaried account, then you need a letter from your employer approving of this arrangement and directly remitting the amount to the bank on a monthly basis. Now most of the bank offer prepayment facility in which you can pay maximum up to 25% of your total loan amount in a particular financial year also notice that there is no prepayment charges imposed on that.
As a basic criterion for accepting home loans, banks advance 80%-85% of the property value in the form of a home loan, depending on the individual’s borrowing eligibility. As in the case of any other secured loan, in exchange for the amount advanced in the form of home loan, banks demand a security from the borrower in the form of mortgage of the house. The property is always mortgage with the bank and also most of the loan buyers buy an insurance cover till the amount of loan so that in case of any eventuality the loan amount can be paid through the insurance company.
You can for apply for home loan at anytime. You may apply for it after you have decided to acquire/construct a property, and even in case, the property has not been selected or the construction has not commenced, you can still apply. What's more, you can also avail for Home Loan facility if you want to renovate or expand your home.
Your home loan eligibility is determined by your repayment capacity, taking into consideration, factors such as: Your: Income, Qualifications, Age, Spouse's income, Family members earning, No. of dependants, Stability and continuity of occupation, Assets/Liabilities, Savings history The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
It takes around two weeks for processing of one's application if all the necessary documents are in order and takes another week for the bank to inspect the property papers and make the disbursement.

FAQ of Loan against Property

When the funds are raised by the individual by pledging his existing property to the bank, the process is called LAP. The property remains mortgaged with the bank till the time the entire loan is paid back by the borrower.
You can avail a loan against your property to fulfill your financial requirements such as business expansion, your child’s higher education, marriage of your child, any unforeseen medical emergency or even for holidaying abroad
You can get a loan against property up to 70% of the property value depending on the Bank / NBFCs policy and the property type and valuation
Yes, you can apply jointly with a co-applicant. The co-applicant must be from your immediate family (viz. Spouse, Father, Mother or Brother). By applying jointly, you can increase the loan amount required
The property is pledged by the bank. The property should have a clear title, it should be marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation on the property. In case your property qualifies the mentioned criteria, the following documents are required to create a mortgage: Title deeds of the property, Other property related documents, if any
Yes, You can choose to repay the loan even before loan tenure is expired but for this you will be charged with a foreclosure fee depending on the Bank / NBFCs policy
Not necessary it is up to the individual to get it insured or else normally as a practice to ensure the home loan amount the bank gets the life insurance done of that individual up to the amount of loan sum.
The disbursement of loan depends on your profile and documentation. It generally takes between 7 to 10 days for the loan to be disbursed once all the documents are submitted.
Yes, it is possible. There are various schemes available from different Banks / NBFCs for the same
The repayment of loan is done through EMI (Equated Monthly Installments). It can be paid through Post Dated Cheques (PDCs) or Electronic Clearance System (ECS) from any account approved by Reserve Bank of India.