Buyers Guide

1. Undertaking from the buyer in the given format
2. Aadhar card and PAN card
3. Any other documents as required by the Bank/Financial Institution

1. Income Proof for eligibility of loan
2. Identity Proof
3. Address Proof
4. A Bank statement of the Last 6 months
5. Any other documents as required by the Bank/Financial Institution

Yes, you may apply for the PMAY subsidy if you are single, however, there are different criteria. Unmarried men can make use of the PMAY subsidy if their mother is the co-applicant. In case, there is no surviving adult woman in the family, they may still apply. Unmarried women are also eligible to apply if they are an independent earning member of the family.

In order to get PMAY subsidy you must successfully qualify for a home loan.

The entire subsidy will be given upfront to the housing finance company/Bank by the Government Agency. Thereafter the Bank/HFC will credit the same in borrower’s account. This will result in a reduction in the housing loan amount and consequently, the EMI will also reduce.

If the roof of your village house is not made of concrete, it is not considered a ‘pucca’ house, thereby qualifying you for the housing subsidy.

STEP 1: First you book a flat and apply for a housing loan
STEP 2: Bank sanctions your loan
STEP 3: Registration of the agreement
STEP 4: Your housing finance company/bank submits the claim of the subsidy to National Housing Bank/HUDCO
STEP 5: National Housing Bank transfers the amount to your bank
STEP 6: Bank deposits the subsidy to your loan account
STEP 7: Loan reduces to the extent of the subsidy received and the reduced EMI is set

The bank should receive the subsidy in a minimum of 3 months post the application.

Yes, both widows and divorcees can apply.

There is no age limit, as long as you are eligible for a Home Loan.

If you do not qualify for PMAY, you may still qualify for a housing loan. We have partnerships with housing finance companies who have created flexible loan products so that no prospect is ever refused a loan.

1. A brief introduction of Business/Profession
2. Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
3. Repayment Track record of existing loans/Loan closure letter
4. Board Resolution in case of a company
5. Proof of the existence of the company
6. Office Address Proof
7. Income Tax Return/Computation of Total Income/Auditors Report/Balance Sheet/Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)

1. Undertaking from the buyer in the given format
2. Aadhar card and PAN card
3. Any other documents as required by the Bank/Financial Institution

1. Completed Application Form
2. Photograph
3. Photo Identity Proof
4. Residence Address Proof
5. Signature Verification Proof
6. Age Proof
7. Fee Cheque

Banks and financial institutions usually offer loans for a term of 10 – 25 years.

You can avail a maximum loan of 80% of the Agreement value. However, your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.

Yes. Choice Goodwill offered for sale have clear titles. Choice Goodwill is approved by most leading banks and financial institution for availing home loans.

The procedure involved is three-fold:

1. Firstly, the payment of adequate stamp duty on the Agreement to Sale
2. Secondly, Execution of the Agreement to Sale by the Developer/Promoter and the Purchaser
3. Thirdly, Registration of Agreement to Sale.

1. RERA REGISTRATION CERTIFICATE
2. Ownership documents of landowner including title certificate.
3. Development Agreement, if the developer is not the owner and has acquired the development rights.
4. Intimation of Disapproval (IOD) and the building plan’s approved by competent authority.
5. Commencement Certificate.
6. Other permissions issued by the competent authority depending on the nature of plot/type of development.
7. If the construction is completed then Occupancy Certificate or Building Completion Certificate.
8. Draft of Agreement to Sale and brochure for specifications, layout and amenities in the flat/complex/layout.

A deduction u/s 80C (2) (xviii) is available on repayment of principal during a financial year up to Rs. 1,50,000/-, this aforesaid limit is within the overall limit of Rs 1.5 lakh specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is from Gross Total Income.

Section 24

This section deals with deduction available on Interest paid on capital borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of property. That means you are allowed to deduct an amount equivalent to the total interest payable on the housing loan from your taxable income within the same financial year.
This is now a substantial amount.
It started off with the Income Tax Department offering Rs 15,000 as the maximum amount eligible for deduction in the case of self-occupied property. This later got doubled to Rs 30,000. It did not stop there. After getting enhanced to Rs 75,000, it was then taken to a limit of Rs 1 lakh. Presently, the limit stands elevated to Rs 2 lakh.
So, should you borrow money to purchase or construct, repair, renew or reconstruct property on or after April 1, 1999, you get a deduction of up to Rs 2 lakh on interest paid? The criteria being: the property has to be acquired or constructed within 3 years from the end of financial year in which the capital was borrowed and be self – occupied. When put in figures, this is quite an amount:

1. Assume taxable income of Rs 12 lakh, placing the assessee in the highest tax bracket.
2. Assume interest payment during the first financial year is Rs 2.5 lakh
3. Taxable income stands reduced to Rs 10 lakh (Rs 12
4. lakh – Rs 2 lakh being the maximum limit)
5. Total tax amounts to Rs 64,375 (tax of Rs 62,500 + Education Cess Rs 1250 + SHEC Rs. 625)
6. Tax saved is Rs 61,800 (tax @ 30% on Rs 2 lakh plus 2% EC + 1% SHEC as purchaser is in the highest tax bracket)

The Developer shall execute an Agreement for Sale as per the provisions of The Maharashtra Ownership Flats (Regulation of the Promotion, Construction, Sale, Management and Transfer) Act, 1963 (“the MOFA”).

Every bank issues an income tax certificate that serves as requisite proof to let you avail of tax benefits that accrue on repayment of a home loan. This will typically contain the total amount of interest and capital repaid during the Year. This is mandatory to claim the tax benefit in respect of self-occupied property. You will have to file this with your tax returns and submit this to your employer or chartered accountant to calculate your tax liability.

A deduction u/s 80C (2) (xviii) is available on repayment of principal during a financial year up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakh specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is from Gross Total Income.

This section deals with deduction available on Interest paid on capital borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of property. That means you are allowed to deduct an amount equivalent to the total interest payable on the housing loan from your taxable income within the same financial year.
This is now a substantial amount. It started off with the Income Tax Department offering Rs 15,000 as the maximum amount eligible for deduction in the case of self-occupied property. This later got doubled to Rs 30,000. It did not stop there. After getting enhanced to Rs 75,000, it was then taken to a limit of Rs 1 lakh. Presently, the limit stands elevated to Rs 1.5 lakh.

So, should you borrow money to purchase or construct, repair, renew or reconstruct property on or after April 1, 1999, you get a deduction of up to Rs 1.5 lakh on interest paid? The criteria being: the property has to be acquired or constructed within 3 years from the end of financial year in which the capital was borrowed and be self – occupied. When put in figures, this is quite an amount:

1. Assume taxable income of Rs 4 lakh, placing the assessee in the highest tax bracket.
2. Assume interest payment during the first financial year is Rs 1.60 lakh
3. Taxable income stands reduced to Rs 2.5 lakh (Rs 4 lakh – Rs 1.5 lakh being the maximum limit)
4. Total tax amounts to Rs 24,720 (tax of Rs 24,000 + Education Cess Rs 480+ SHEC Rs. 240)
5. Tax saved is Rs 46,350 (tax @30% on Rs 1.5 lakh plus 2% EC+ 1% SHEC as purchaser is in the highest tax bracket)