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FAQ's |
Question 1 - What is an EMI?
Answer
1 - EMI or Equated Monthly Installment refers to the fixed sum
of money that you will be paying to the HFC every month. It
comprises both interest and Principal repayment. The size of the EMI
depends on various factors, like
- What is a stamp duty
- What would be the quantum of the loan
- What interest rates are applicable and
- What would be the loan term.
Question 2 - Which
documents need verification before purchasing a flat?
Answer 2 - Before you purchase a flat, a title and document search
conducted by a competent professional advocate is an absolute must
Question 3 - What is the difference between 'build up
area', 'super build up area' and 'carpet area?
Answer 3 - Carpet Area : This is the actual usable floor area, which
does not include the area covered by the walls.
Built Up Area : This includes the carpet area plus area covered by the walls.
Super Built Up area : This includes the build up area as
well as the area covered under common spaces such as the lobby,
lift, staircase etc.This term is therefore only applicable in the
case of multi-dwelling units.
Question 4 - What is
Stamp-Duty? Why should stamp duty be paid?
Answer 4 - It
is a tax, similar to sales tax, income tax etc. collected by the
government, which must be paid in full and on time. A delay attracts
penalty. If there is a delay it attracts penalty.
Stamp Duty paid
instrument / document considered a proper and legal instrument /
document and as such gets evidentiary value and is admitted as
evidence in courts. The instruments / documents not properly stamped
are not admitted as evidence by the court.
Question 5
- In Whose name the stamp paper should be purchased?
Answer 5 - From 01-05-1994 stamp papers are to be purchased in the name
of one of the parties to the instrument/document.
Question
6 - Is stamp-duty payable on transfer of a flat from husband to
wife or children and vice-versa?
Answer 6 - Stamp-duty
will be same as applicable to conveyance. However in case of Gift
Deed, Stamp-duty amount is arrived as per article 25 relating to
conveyance or 2 percent of the market value whichever is lower is
applicable.
Question 7 - what is
registration?
Answer 7 - - Registration is a legal
requirement wherein document, required under the law to be
registered, undergoes certain procedures by the sub registrar of
assurance of respective district. After completion of these
procedures, the document is regarded as being registered.
.
Question 8 - How much is the Registration
Fee?
Answer 8 - Registration Fees, are levied @ 1 percent
of the market value of the property of Rs 20000, whichever is
less.
Question 9 - What is the effect of
non-registration?
Answer 9 - As per the Registration Act,
1908, various documents relating to transfer of movable and
immovable properties are required to be registered. If a particular
document is required to be registered under the act and is not
registered then that document becomes inadmissible in the court of
law. In other words it loses its legal validity in the eyes of
law.
Question 10 - How does One determine the market
rental value of a particular property?
Answer 10 - The
market rental value of a property can be found out by approaching
the brokers, registration authority etc, as there is no prescribed
manner for the same.
Question 11 - How many months of
deposit rent can the landlord ask for?
Answer 11 - The
landlord can ask for a three-months deposit rent.
Question
12 - Is a leave and License agreement with a Bank, PSU,
Corporation company exempted from registration?
Answer 12
- Section 3 of the Maharashtra Rent Control Act exempts certain
categories of candidates. According to that section, any property
let or sublet to a bank or any public sector undertaking or a
limited company having paid up share capital of one crore and more
is outside the purview of the Maharashtra Rent Control
etc.
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