Ans. The Reserve Bank has granted some general permission to certain financial institutions providing housing finance, subject to certain conditions. Criteria regarding the purpose of the loan, margin money and the quantum of loan will be at par with those applicable to resident Indians. Repayment of the loan should be made out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.
Ans. Copy of the passport and a copy of the works contract etc. and of course NRIs have to follow certain eligibility criteria in order to get Home Loans in India.
Another vital document required while processing on NRI home loan is the power of attorney (POA). The POA would need a local representative in lieu of the NRI to deal with.
The documents needed for obtaining NRI home loans are Bank specific. General list of documents are as entioned below:
- Passport and Visa
- A copy of the appointment letter and contract from the company employing the applicant.
- The labour card/identity card (translated in English and countersigned by the consulate) if the person is employed in the Middle East, Salary Certificate (in English) specifying name, date of joining, designation and salary details.
- Bank Statements for the last six months.
List of classified documents for Salaried and Self-Employed NRI Applicants. Banks may have specific requirements apart from the below listed documents :
|Salaried NRI Applicants||Self-Employed NRI Applicants|
|Copy of valid passport showing VISA stamps.||Passport copy with valid visa stamp|
|Copy of valid visa/work permit/equivalent documents supporting the NRI status of the proposed account holder.||Brief profile of the applicant and business/Trade license or equivalent document.|
|Overseas Bank A/c for the last 3 months showing salary credits.||6 months overseas bank account statement and NRE/NRO account.|
|Latest contract copy evidencing Salary/Salary Certificate/Wage Slips||Computation of income, P&L account and Bank Sheet for last 3 years certified by the C.A./C.P.A. or any other relevant authority.|
Ans. The approved method of sending remittances into India is through normal banking channels.
Ans. Yes, if you are not available to sign the documents then you can appoint/authorize someone on your behalf through GPA (General Power of Attorney).
Ans. To book a flat/apartment online or in case if the customer is residing out of India they just need to download the booking form from our website, fill the details as discussed duly signed by all the applicants then send a scanned copy to us through email along with the 10% booking amount (you can pay online from NRE account). You can pay online through RTGS/ NEFT and need to submit required documents (KYC) (self-attested).
Ans. You need to submit following documents at the time of booking:
- Booking / Application form (duly signed by all applicants)
- Copy of PAN CARD (self-attested, all applicants)
- Copy of ID Proof (self-attested, all applicants)
- Copy of Residence Proof (self-attested, all applicants)
- Passport size Photograph (all applicants)
Ans. Yes, the drawing and plans of the Project are available at Panchsheel Group’s corporate office at: H-169, Sector 63, Noida 201301, UP.
Ans. Customer has to pay minimum 10% of unit cost excluding IFMS to book an apartment/property.
Ans. Customer has the obligation to inform the Company by Registered A/D letter about subsequent change(s) in the address/Email/Contact No. along with self-attested residence proof for the same.
Ans. Whenever, customer makes the payment they will get receipt on transfer of money to company’s account.
Ans. Though it is not obligatory, the demand will be raised as per the payment plan opted by customer and will be sent at Registered Communication Address through post and as well as by e-mail. However, it will obligatory on the part of the Allottee to make payments on or before the due dates so as to avoid interest charges on delayed payments.
Ans. Customers can make payment through Cheque/demand draft /RTGS/NEFT as per their convenience. All payments should be payable at New Delhi/Noida. (Pls. mention your ref. property details, name & Phone no. on the reverse of Cheque/ Demand Draft).
Ans. Customer contribution at the time of disbursement depends upon the amount sanctioned by the bank and demand raised by the builder.
Ans. Yes, a Non Resident Indian can avail loan facility from any financial institution.
Ans. Documents required for taking home loan:
- 2 years ITR
- 6-months’ Salary Slip
- 6-months Bank statement
- Residence Proof/ ID proof / PAN Card
- 2 Photographs
- Higher Education Proof
- Any other document, if required by the financial institution.
Ans. Anyone who is salaried / professional / self employed can avail loan from bank depending upon the profile of the individual / type of business / residential location / ITR.
Ans. Customer can avail home Loan facility from project specific bankers as mentioned on our website.
Ans. Timely payment is essence of the Allotment /contract. However you may avail loan from any bank keeping in mind that in any case, on time payment as per the schedule should be the responsibility of the customer.
Ans. The buyer needs to pay the following taxes on Apartment/property:
As per newly inserted Section 194IA of Income Tax Act w.e.f. 01st June 2013,
Every buyer of Immovable Property, where Sales Consideration is equal to or more than Rs.50,00,000/- (Rs. Fifty Lakhs) shall be liable to deduct TDS @ 1% of amount payable/paid to Seller of Immovable Property on or after 01st June 2013.Â The same shall be deposited as per manner given below.
Note:- Sales Consideration means Total Cost of Flat but excluding IFMS and Service Tax amount.
Steps for Deduction & Payment of TDS:-
- Deduct TDS @ 1% on Sales Consideration (i.e. Demand Amount excluding IFMS & Service Tax).
- Pay TDS to any Authorized Bank within 7 days from the end of the month in which TDS deducted with challan-cum-statement Form No.-26QB.
- Furnish the Certificate of deduction of Tax in Form No.16B to the seller within Fifteen days from the due date for payment of TDS.
- Swachh Bharat Cess @ 0.5% on value of all taxable services and effective rate of Service Tax 14.5% (Notification No.21&22/2015 dated 6/11/2015).
- Service Tax applicable :
Basic Rate & Parking 3.625% (for Residential Property having Sale Consideration
Less than Rs.1.00 crore or carpet area less than 2000sq.ft.)
Basic Rate & Parking 4.35% (for all Commercial Property & Residential Property)
Having sale consideration equal to or more than Rs.1.00 crore or carpet area
Equal to or more than 2000 sq.ft.
For all other services 14.5%
Ans. In case the original Allotment letter is misplaced or lost then customer has to give following documents for issue of duplicate allotment:-
- Application/request for loss of allotment
- F.I.R. (First Information Report) for loss of original allotment.
- Affidavit for loss of allotment (should be on Rs.10/- stamp paper) duly notarized.
- Indemnity bond. (should be on Rs.50/- stamp paper) duly notarized.
ADDITION/DELETION OF CO-APPLICANT
Ans. In case existing applicants want to add or delete the name of the co-applicants following documents are required:
- Request from existing applicants for addition/deletion of co-applicant.
- Affidavit required for such addition/ deletion of co-applicant and it should be signed by existing applicants.
- In case of addition of name KYC documents required for new applicant along with signing of new application form.
- Kindly check Administrative charges.
- Signature Verification from bank is required in the case of addition/deletion of co-applicant.
Note: If the home loan is availed by the customer on the property then customer has to give written consent from the bank for such change in records. And applicable charges will be levied.
Ans. In case the original receipts are misplaced or lost then customer has to give following documents for issue of duplicate receipt:-
- Application/request for loss of receipt on Rs.10/- Stamp Paper, duly notarized.
Ans. In case of non-clearance of Payment Instrument Rs.500/- will be applicable, per bounce/per cheque.
Ans. Customers have to clear their dues as soon as they receive the letter for offer of possession to start the process of finishing on first come first serve basis.
Ans. After clearing all dues fit-out will be done on first come first serve basis. It may take around 45-60 days minimum from the date of payment.
Ans. The fit out period is to facilitate you to communicate the exact date by which you or any of your duly appointed attorneys will take physical possession of the unit after complying with necessary formalities. Please note that the fit out period of one quarter (Three months) will commence from the date of offer of possession to maintain the freshness & cleanliness of the flat. After payment Company will do the installation of sanitary ware, kitchen sink, flooring, hardware accessories, final touch of paint etc. in order to handover the apartment as per the satisfaction of our valued customers. Fit out will be done on first come first serve basis.
Ans. Customer needs to sign following documents before possession:-
- Handing over / taking over
- Parking allotment letter
- Maintenance Agreement
- Power Back up Agreement & Electricity Agreement
- Inspection Check List of apartment.
Ans. Registry/ Stamp duty charges are calculated on the value as per the applicable circle rate or the allotment rate whichever is higher of the area.
Note: Circle rate may vary from area to area.
Ans. As soon as we get the demand draft in favor of treasury we will send the required information of all the applicants to our lawyer along with the draft for procurement. Further, after receiving stamp papers we will organize the registration of documents/sub lease deed for the apartment. Generally it takes 7 to 10 working days to procure the stamp papers.
Ans. After clearing all the dues to the company pertaining to the flat, customers need to obtain NOC from accounts department and are required to complete all documents related formalities including signing of inspection check list and will pay the Stamp duty charges. After receiving the stamp papers, within 15 working days registration of documents / sub lease deed may be done.
Ans. Customer needs to carry following documents at the time of registration of documents / sub-lease deed:-
Procurement of Stamp papers in the name of customer.
- Two Passport size Photos of all applicants
- Copy of Pan Card of all applicants
- ID Proof of all applicants
- Residence Proof of all applicants
- Two Witnesses from customer side (doc. Req. for witness- Two Photo/Pan Card/ID & Address Proof).
Ans. You can appoint someone on your behalf through GPA (General Power of Attorney)/SPA (Special Power of Attorney).
Ans. Interest Free Maintenance Security- it’s a onetime security charge which means that if any resident will not pay maintenance or any other charges then dues shall be deducted from this IFMS. Balance of IFMS shall be handed over to the R.W.A. of the society at the time of handing over.