Loan Enquiry
Home Loan
All A&O Realty properties have a marketable title and are financed by most of the leading banks and financial institutions in India.
You can be eligible for upto 80% of agreement value. The actual amount disbursed is calculated on your current income and future earnings, age, qualification and number of dependents, assets and liabilities.
You can help enhance eligibility by applying for a combined loan with a family member or spouse, providing additional security like bonds, fixed deposits and LIC policies or having a guarantor.
The list mentioned below is an indicative list of documents you may need to submit with your application. This list differs from lender to lender:
- Income proof
- Identity proof
- Address proof
- Employment details
- Details about the finalised property
- Age proof
- Photographs
- Income tax returns
- Bank statements
- Proof of educational qualifications
In the total cost, Stamp Duty Charges and Registration Fees are included.
Stamp duty & Registration
As per Maharashtra Stamp Act 1958, the purchaser has to pay a stamp duty @ 5% of market value or Agreement Value , whichever is higher. This rate is 6% within the limits of Thane Municipal Corporation.
This market value of the Premises is on the basis of stamp duty ready reckoner issued by the government in the beginning of every year. Furthermore, registration fees is payable @ 1% of market value or Agreement Value (whichever is higher) and is subject to the maximum of Rs. 30,000/-.
Procedure for Stamp Duty
When you decide to enter into an agreement with A&O Realty, the stamp duty amount is calculated as per the agreement value or market value, whichever is higher. Once the stamp duty amount is determined, the flat purchasers need to get the pay-order, for franking of the agreement. Later, the agreement is duly filled in and executed by the respective parties.
Procedure for Registration
The stamp duty paid on the Agreement has to be registered under the Indian Registration Act 1908 with the sub-registrar of Assurances, of the jurisdiction where the property is situated. The basic purpose of registration is to record the entitlement of the premises.
Disclaimer: Nothing contained herein amounts to legal/financial advice. Please contact your professional / legal advisor.
EMI Calculator
Here's a quick way to calculate how much you would be paying in EMIs every month.
Calculate:
Enter only numeric values (no commas), using decimal points
where needed.
Non-numeric values will cause errors.
Loan processing charges extra.
Disclaimer: All calculators, comparators and information made above are based on certain assumptions which may not be applicable in your case. The visitor should consult their personal financial / legal advisor as the case may be before taking any decision. A&O Realty will in no way be liable and responsible for any decisions taken based on this EMI calculators, comparators and information.
Tax Benefits
Buying a home is considered both an investment as well as a good asset. You may get a tax benefit on the principal and interest component of the EMI while the asset appreciates with time.
Under section 80C, you can claim tax deduction up to Rs. 1 lakh for the principal repayment of a home loan. This is along with other investment instruments like life insurance premium, PPF, ELSS, NSC etc. However, you can avail of this benefit only after construction and possession of home.
Regarding the tax benefits on interest component of the home loan, you can claim a tax benefits on interest payment of Rs. 1.5 lakh.
In addition to the above, from April 2013, additional tax benefits on home loan interest by way of deduction of interest upto Rs.1,00,000/- has been granted. In total, this assessment year 2014-15, you can claim a deduction of Rs. 2.5 lakh for interest on your home loan.
You can claim this deduction under the following conditions:
- You take a loan sanctioned by the housing finance company / banks during 1st April 2013 to 31st March 2014.
- This is your first purchase. You should not own any other residential property on that date
- The property value does not exceed Rs. 40 lakhs.
- The loan amount does not exceed Rs. 25 lakh.
Disclaimer: Nothing contained herein amounts to financial/taxation advice. It is recommended that the visitor consults their personal financial/tax advisor before taking any decision based on the above and it is agreed by the visitor that, the visitor shall in no way hold A&O Realty liable and responsible for the same.
NRI/PIO Guide
While the basics - such as income, financial obligations and repayment track record remain the same, there are different rules for Non-Resident Indians (NRI), Persons of Indian Origin (PIO) and foreigners of Non-Indian Origin. A large part depends on the residential status and the kind of property you wish to buy.
However, even if you are an NRI or PIO, you do not require permission from RBI to acquire residential / commercial premises in India (other than agricultural land/farm house/plantation property and others which are specifically prohibited by RBI and other concerned authorities).
Also, NRIs are eligible for loans. However, repayment of loan should be made within a period not exceeding 15 years out of inward remittances or out of funds held in the borrower's NRE/FCNR/NRO accounts.
Disclaimer: Nothing contained herein amounts to financial/taxation advice. It is recommended that the visitor consults their personal financial/tax advisor before taking any decision based on the above and it is agreed by the visitor that, the visitor shall in no way hold A&O Realty liable and responsible for the same.
