Get answers to your queries

To help you on your journey, we answer some of the most common questions asked by first home buyers. There are normally many questions that home buyers will have throughout the process.  Even an experienced home buyer can forget exactly how the process works and what the proper steps are to ensure the process is relatively smooth. When buying a home, one of the most important things to understand is that "no question is a dumb question."  If you're unsure of something when buying a home, ask! There are many questions that home buyers seem to ask quite often.  Here are the top frequently asked questions from home buyers.

 

Faqs

Home Loans Faqs
General purpose Faqs
Apartments Faqs
NRI Faqs
  •  
    What is a Home Loan?

    Home loan is offers to the customers who wish to purchase the property. The property is mortgaged to the lender as a security till the repayment of the loan. The bank will hold the title to the property till the loan has been paid back with the interest due for it.

  •  
    What are the eligibility conditions for applying home loan?

    Mostly it is your repayment capacity which is depending upon other factors such as your age, your monthly income and expenditure, your credit history, value of the property etc.

  •  
    What is maximum amount that can be barrowed?

    The amount that can be financed typically depends on the status of the barrower, type of home loan (renovation, property purchase, property extension) and banks. It is generally offered up to 80-85% of cost of the property

  •  
    What are the types of home loans?

    1.Home Extension loan is for consumers planning to add extra space to their house such as a new room or a new wing.

    2.Land Purchase Loan is provided to consumers buying land as an investment, maybe to build a house later.

    3.Balance transfer loan is basically a home loan to pay off an existing home loan as this enables you to avail a loan with a lower interest rate.

  •  
    Is security required for home loans?

    Mostly the property to be purchased itself is the security and some institutions may ask additional securities like life insurance policies, FD receipts and etc.

  •  
    How much time required for home disbursement?

    The loan will be sanctioned within 3-15 days after completion of documental issues and all relevant procedures including proof of 15% of the cost has been paid to the seller of the property.

  •  
    What are the types of interest rates for home loan?

    The interest rates for home loans can be fixed or floating, or partly fixed or partly floating according to needs of the barrower.

  •  
    What is fixed rate of interest?

    Which means the rate of interest will be unchanged for the entire duration of loan. This means you do not benefit, even if rate of interest drop in the market.

  •  
    What is floating rate of interest?

    A floating interest rate fluctuates with the market or along with the index. Floating rate of interest is usually offers for home loans. the prime lending rate or the base rate is used as a basis for calculating the floating rate and the interest rate charged is the prime interest rate/base rate plus a certain spread (as charged by the reputed banks).

  •  
    What are the tax benefits of taking home loan?

    Under the Indian Income Tax Act of 1961. Customers are eligible for certain tax benefits on principal and interest components of loan. Under the section 24(1), Interest repayment of Rs.1, 50,000/- per annum qualifies for tax saving. And under section 80(c) on repayment of principal amount to the extent of Rs.1, 00,000/- is also available.

  •  
    What are the documents essential for applying a home loan?

    According to our Indian reputed banks the following documents are required for applying home loans:

    1. Completed loan application form.
    2. 3 passport size photographs.
    3. Proof of identity (PAN Card/ Voter id/ Passport/Driving License).
    4. Property papers.
    5. Property tax receipts.
    6. Registration papers.
    7. Proof of business address for non-salaried individuals.
    8. Statement of bank account/ Bank pass book.
    9. Signature identification from present bankers.
    10. Income statement( such as salary slip).

  •  
    What are the other costs will I incur while applying a home loan?

    For a home loan the basic registration charges, transfer charges and stamp duty costs are added to the cost of home. Some other charges also included

    1. Processing charge/booking fee.
    2. Prepayment penalty.
    3. Miscellaneous costs

  •  
    What is typical repayment duration?

    The repayment tenure takes into consideration the repayment ability of the barrower is based on their income and existing EMI's. The typical duration for which a home loan can be taken is anywhere between 5-30 years.

  •  
    What is tenure of home loan?

    Tenure of home loan is the period from the date of disbursement of loan to the date of the last EMI payment or the date of closure of loan.

  •  
    What is an EMI?

    EMI (Equated monthly Installments) is the sum of money that you will pay monthly as a barrower to loaner in order to clear the outstanding loan. It consists of portion of interest as well as principal.

  •  
    What is Pre-EMI interest?

    Where you have availed only a part of the loan, you would be required to pay only the interest on the amount disbursed till the full loan is availed. This interest is called pre-EMI interest (PEMI) and is payable monthly till the final disbursement is made, after which the EMIs would commence.

  •  
    How do I repay my home loan?

    For your convenience, respective bank will offers various modes for repayment of the loan. You may issue standing instructions to your banker to pay the installments through ECS (Electronic Clearing System), for direct deduction of monthly installments or issue post-dated cheques from your salary account.

  •  
    I am looking for certain property in particular location how can I get the details of those properties?

    First search the property in our database of available projects list and enquiry or signup with us and save the properties that you want into your favorites. We will contact you and will send email notifications to your inbox about the details of the property previously you have saved.

  •  
    Why should I register with PropLadder?

    By registering with us we can provide exclusive benefits to you based on the properties of our builders. We will send e-mail notifications on prelaunch benefits and upcoming projects.

  •  
    How to register on PropLadder?

    You can register on PropLadder through simple registration process. Click on Register Now on home page and fill a simple form. You can choose your profile type and registered members on propladder.com can avail free member benefits like list property and post your requirements

  •  
    I didn't find any property with my requirements what should I do?

    In our portal there is an option of "post your requirements". Just click on that and enter the details of project that you want then we will send emails of projects list which will matches your requirements. If you want to post your requirements click here.

  •  
    How do I get more details about selected property?

    Our executives are ready to give explanations on the property which you are selected. Please contact us on provided service number or mail.

  •  
    Will you provide site visit before buying the property?

    Yes, of course we will definitely offer site visit before buying and that will schedule according to your convenience. And no need to pay money for the site visit it's a free of cost.

  •  
    How will I get the details of property builder?

    Once you have decided on property to choose then we will approach you and share the contact details of the property builder.

  •  
    What are the essential documents needed to check before buying any property?

    During property purchase, it's necessary to look at the agreed layout plan, sanctioned building plan, possession documents, carryout search, etc. It is also advisable to contact an advocate before you proceed to purchase a property to get a reliable solution.

  •  
    Do I need to pay anything for you?

    No, we won't charge anything from you in this reference. Customer satisfaction is our main consequence.

  •  
    What is a sale deed?

    A sale deed is a most valuable legal document in purchase or sale of a property. It is also referred to as "Conveyance Deed", is the main document in a transaction of sale and purchase of property. A sale deed acts as the main legal document that evidences the sale and transfer of ownership of property in favor of the buyer from the seller.

  •  
    What are maintenance charges?

    In real estate, the residents or owners of the property in a specific area are charged for maintenance and operations of the commonly-owned property areas. This charge is called maintenance charge.

  •  
    What are holding charges?

    Carpet Area: - It is the area enclosed within the walls of the house, office, retail space etc. It is the usable area available to the occupant and includes staircase/s within the unit.

    Built-up Area (BUA):- It includes carpet area plus thickness of walls, area of balconies, terraces or lawns etc.

    Super Built up Area:-It is the built up area plus proportionate area of common areas such as the lobby, lifts shaft, stairs, etc.

  •  
    What is builder floor apartment?

    A builder floor apartment is a residential unit in a low-rise independent building that has a few other flats. The number of floors is generally two to four. Such a floor can be developed by the builder on its own or in collaboration with the land owner. It is a section of a villa.

  •  
    What is Multi-Storey Apartment?

    A Multi-Storey Apartment is a flat unit in a multistoried building in a group housing complex, which is either developed by a private builder or the city development authority. Multi-storey apartments offer better security and more common facilities, as compared to builder floor apartments.

  •  
    What is ready to move in property?

    The property that is already built up is known as ready to move in property. And thus have no reason being sulky about not having the requirements needed by you. These properties are quit costlier.

  •  
    What are Pre-Launch properties?

    A pre-launch is a situation where a developer appraises an inner circle of investors of the availability of properties in a project that has not been officially put on the market yet. The buyer who shows interest for pre-launch projects are usually optimistic investors and end users can wait for couple of years before getting possession of their properties.

  •  
    What are Soft-Launch properties?

    A soft launch is the release of property to a limited audience. Soft-launching is the method of gathering data on products usage and acceptance in the market place, before making it generally available as grand opening.

  •  
    What are Standalone Apartments??

    Standalone building is constructed by reputed developer and providing with good amenities will offer you exclusivity, status and certain affluence value. The maintenance may be higher because of high-end amenities, superior upkeep and this high cost shared between few apartment owners. The other advantage of standalone buildings are that there are few members managing and decision making is fast and easy.

  •  
    What is Gated-Community Apartment?

    A Gated Community is a residential housing property, with a controlled and protected environment. It is built and developed to resemble a small township or neighborhood, and is becoming an extremely popular option. Gated community experience also pledges to keep your home environment calm, peaceful and safe. Unlike compressed housing complexes, you are guaranteed more private and exclusive access to facilities such as a swimming pool, gymnasium, club house, game court and much more.

  •  
    What is a building completion certificate?

    A completion certification is an important and mandatory legal document attesting to the fact that a new building has been constructed and completed according to all the safety norms and regulations of the Buildings Act.

  •  
    What is an Occupancy certificate?

    A certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.

  •  
    How do I choose the right property?

    The golden rule is that to you need to achieve the right balance among affordability, availability and suitability.

  •  
    What is the list of documents that I should verify before booking a property?

    Check the following documents and clearance certificates to avoid getting into any legal tangle in future.

    1. Land Record:Title deed is the most important document as it gives details about ownership, rights, obligations and mortgages on the property.
    2. Construction Clearance: This also means that the builder would have obtained the required licenses, sanctions and permissions for the map that are required before you can even start excavating.
    3. Approved Planning: Make sure that the floor where you have booked your flat has been approved in the building plan.
    4. Land use Certificates: check the certificate to ensure that the property you plan to purchase is in the residential zone.
    5. Master plan of the Area: Often builders claim future infrastructural development of the area such as upcoming metro or highway near the project. Look at the area's master planning to verify.
    6. No Objection Certificates(NOC): The builder also have to give the copy of urban land ceiling NOC, environment clearance NOC, as well as NOC from electricity, water and lift authority.

  •  
    Can I place an apartment on hold before I book it?

    We operate a first-come, first-served policy, however sometimes we are able to place an apartment on hold for a short-time. Please contact our property advisors who will happy to help you.

  •  
    What happens if there is an emergency?

    The apartments have an "on-call service" .operating out of office hours that is for emergency.

  •  
    How do I know the properties are genuine?

    All the properties listed on the site are authentic. We have a system of verifying details before listed in the site. Perhaps we show only verified properties in our website.

  •  
    Who is the appropriate authority for knowing the market value of the property?

    The Sub-Registrar of the area, in whose jurisdiction the property is located, is the appropriate authority for knowing the market value of the property.

  •  
    Who is an NRI?

    Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicate an indefinite period of stay abroad.

  •  
    Can NRI's invest in India?

    Yes, NRI's can make investments in India in consonance with Indian law, RBI rules and regulations as well as regulation set of fourth by Foreign Investment Promotion Board(FIPB).

  •  
    Can NRI's obtain loans for buying house or flats for residential purpose from financial institutions?

    Reserve bank has granted general permission to certain financial institutions deals in housing finance to grant housing loans to non-resident Indians for acquisition of house/flats for self-occupation subject to certain conditions.

  •  
    Is there any limit on number of properties purchased by NRI?

    There are no limits on number of residential properties that may be bought by an NRI.

  •  
    What are the formalities required to be completed by foreign citizen of Indian origin for purchasing residential immovable property in India under the general permission?

    They are required to file a declaration in form IPI 7 with central office of reserve bank at Mumbai with in a period of 90 days from date of purchase of property or financial payment of purchase consideration along with a certified copy of the document evidencing the transactions and bank certificate regarding consideration paid.

  •  
    How much loan can one get?

    You can get a loan of up to 80% of total consideration value or eligible income drawn, whichever is lower.

  •  
    Are any documents required to be filed with the Reserve Bank after the purchase?

    No. An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents/reports with the Reserve Bank.

  •  
    . What should be the mode of payment for purchase of residential/commercial property in India by an NRI?

    Under the general permissions available, an NRI/PIO may purchase residential/commercial property in India out of funds remitted to India through normal banking channels or through funds held in his NRE/FCNR (B)/NRO account. No consideration will be paid outside of India.

  •  
    What are the documents required for obtaining NRI Home Loans?

    Apart from the documents mentioned under the home loan section for Indian citizens, NRIs are required to submit a few additional documents as well. These include:

    A copy of the passport.
    A copy of the works contract or the labor card.
    The power of attorney (POA). (POA is required because the borrower is not based in India.

  •  
    What is the repayment period for the home loan for NRIs?

    Home loan offered to NRI's do not exceed 5 years in major cases. However, some financial institutions offer loans for a term of 7 years as well. The repayment for the loan is done through monthly installments (EMI), which usually begin after the entire loan is disbursed.

  •  
    Can an NRI buy property in India jointly with other Indian citizens/PIO?

    Yes

  •  
    Can an NRI buy property in India jointly with other Indian citizens/PIO?

    Yes

  •  
    Can an NRI buy property in India jointly with other Indian citizens/PIO?

    Yes

Get In Touch With Us

Keep in touch with us to know the requirements of your imagine property and get your dream home easy way. Be in contact with our property advisors or experts to know the latest developments in our services, market trends, and exclusive deals. And you can also receive instant mails and newsletters for the upcoming projects.

I want to subscribe newsletter to get latest properties updates

Top