What are the documents required to obtain a housing loan?

In the case of a salaried person, documents required are as follows:

Form 16 – 1 year Last 3 months’ bank statement Appointment letter Last 3 months’ salary slip Photo ID Age proof Signature and residence proof

In the case of self-employed person, documents required are as follows:

IT returns for the last 2 years Last 6 months’ bank statement Profit/ Loss Account attested by CA Photo ID/ Age Proof Signature and residence proof 4 passport-size photographs

In the case of Non-resident Indians, documents required are as follows: The above mentioned documents required for salaried/ self-employed individuals and one guarantor in India.

How are carpet, built-up and chargeable areas defined?

PBAP (Promoters and Builders’ Association of Poona) have laid down the guidelines that are to be followed by all its members, bringing about uniformity to the areas available for sale. The guidelines are as follows:

Residential: Sales area will be carpet area + 25%, inversely, carpet area will be 80% of sales area. Commercial: Sales area will be carpet area + 33.1/3%. Inversely, carpet area will be 75% of sales area. Lofts are measured 50%. Mezzanines (sanctioned as such) are 100%. Eye-level terraces are charged@50% for area up to 500 sq. ft. and @33.1/3% for more than 500 sq. ft. Carpet area is measured internally wall-to-wall without considering plaster thickness and column offset.

Who is liable to pay the Stamp Duty, the buyer or the seller?

The liability of paying the Stamp Duty is that of the buyer unless there is an agreement to the contrary. Section 30, of the Bombay Stamp Act, 1958 states the liability for payment of stamp duty.

In whose name are the stamps required to be purchased?

The stamps are required to be purchased in the name of any one of the executors to the Instrument.

What is meant by the market value of the property and is stamp duty payable on the market value of the property or on consideration as stated in the agreement?

Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The stamp duty is payable on the agreement value of the property or the market value, whichever is higher.

Which are the instruments that attract the payment of stamp duty?

The instruments like Agreement to Sell, Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed, Power of Attorney, Settlement and Deed and Transfer of lease attract stamp duty on market value of the property.

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.