Planning to purchase a residential house? 🏘️
Follow these tips from my practical experience 👇
And save LAKHS🤯:
Follow these tips from my practical experience 👇
And save LAKHS🤯:
𝟏. 𝐂𝐡𝐞𝐜𝐤 𝐚𝐩𝐩𝐫𝐨𝐯𝐚𝐥 𝐬𝐭𝐚𝐭𝐮𝐬 𝐟𝐫𝐨𝐦 𝐁𝐚𝐧𝐤
Before giving the token amount to the builder, check if your flat / under construction floor is approved by the bank
Get the APN code of Under Construction apartments
Before giving the token amount to the builder, check if your flat / under construction floor is approved by the bank
Get the APN code of Under Construction apartments
𝟐. 𝐃𝐨𝐧'𝐭 𝐟𝐚𝐥𝐥 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐥𝐨𝐰𝐞𝐫 𝐥𝐨𝐚𝐧 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐫𝐚𝐭𝐞 𝐛𝐚𝐢𝐭
Bankers might give you 20 bps lower interest rates
Just to lure you vis-a-vis other banks
BUT charge hidden costs at the time of your registry
Bankers might give you 20 bps lower interest rates
Just to lure you vis-a-vis other banks
BUT charge hidden costs at the time of your registry
You'll be left high and dry and will have to consume that cost
because your registry date is nearing
Have seen some of the top banks doing this which leads to increase in your home loan amount by 4-5%
because your registry date is nearing
Have seen some of the top banks doing this which leads to increase in your home loan amount by 4-5%
Guess what?
Many Bank RMs won't even tell you about such costs until you get the sanction letter
If you don't bow down, they won't sanction your loan
Many Bank RMs won't even tell you about such costs until you get the sanction letter
If you don't bow down, they won't sanction your loan
𝟑. 𝐃𝐨𝐧'𝐭 𝐛𝐮𝐲 𝐦𝐮𝐥𝐭𝐢-𝐲𝐞𝐚𝐫 𝐜𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭 𝐥𝐢𝐟𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐭𝐨 𝐬𝐚𝐯𝐞 𝐭𝐚𝐱𝐞𝐬
Since you can claim upto INR 1.5L u/s 80C for principal payment
there is no need buy insurance policies for 80C break as this might suck liquidity
Since you can claim upto INR 1.5L u/s 80C for principal payment
there is no need buy insurance policies for 80C break as this might suck liquidity
𝟒. 𝐂𝐥𝐚𝐢𝐦 𝐝𝐮𝐚𝐥 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧
Taking home loan in joint name of two individuals can help in claiming the 80C deduction
as well as the INR 2,00,000 (section 24) deduction two times
Taking home loan in joint name of two individuals can help in claiming the 80C deduction
as well as the INR 2,00,000 (section 24) deduction two times
𝟓. 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐡𝐨𝐦𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐧𝐚𝐦𝐞 𝐨𝐟 𝐚 𝐟𝐞𝐦𝐚𝐥𝐞 (𝐢𝐧 𝐜𝐞𝐫𝐭𝐚𝐢𝐧 𝐜𝐚𝐬𝐞𝐬)
This can help you save municipal taxes in certain states like Delhi, Haryana etc.
This can help you save municipal taxes in certain states like Delhi, Haryana etc.
In Delhi and Haryana, you can save up to 2% of the cost in stamp duty / municipal taxes
if the house is purchased in the name of a female
An INR 1 Cr flat will help you save INR 2 Lakhs of registry cost by following this
if the house is purchased in the name of a female
An INR 1 Cr flat will help you save INR 2 Lakhs of registry cost by following this
But don't ignore the inheritance risk and the risk of separating from your wife
Co-owning can also work but then the proportionate increase in cost will have to be born
Co-owning can also work but then the proportionate increase in cost will have to be born
𝟔. 𝐂𝐡𝐞𝐜𝐤 𝐢𝐟 𝐭𝐡𝐞 𝐁𝐮𝐢𝐥𝐝𝐞𝐫𝐬 𝐡𝐚𝐯𝐞 𝐚𝐮𝐭𝐡𝐨𝐫𝐢𝐭𝐲 𝐝𝐮𝐞𝐬 𝐩𝐞𝐧𝐝𝐢𝐧𝐠
Certain states like Uttar Pradesh have leasehold land
The lease rentals are supposed to be paid to the relevant authority, e.g., Noida / Greater Noida Authority
Certain states like Uttar Pradesh have leasehold land
The lease rentals are supposed to be paid to the relevant authority, e.g., Noida / Greater Noida Authority
Many builders (including the big names) in Noida and Greater Noida have not paid humongous dues
still some banks are doing loan on such properties
Such builders do not get Occupancy Certificate (OC)
They allow you to shift in your house without the OC
still some banks are doing loan on such properties
Such builders do not get Occupancy Certificate (OC)
They allow you to shift in your house without the OC
Living without an OC is illegal. Authorities can come after your life
Don't confuse Completion Certificate (CC) with OC
I have seen almost all builders' salesmen and brokers lying on your face about authority dues.
You can check authority dues from the authority's website
Don't confuse Completion Certificate (CC) with OC
I have seen almost all builders' salesmen and brokers lying on your face about authority dues.
You can check authority dues from the authority's website
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@neerajarora91
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@neerajarora91
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