In light of the observations of the Delhi High Court on unauthorized construction, Banks/FIs before extending credit facilities shall follow the RBI guidelines stated below. . Key steps include: Essential DocumentationSome of the crucial documents involved in a property transaction include: Need for Legal AssistanceGiven the complexity and risks associated with real estate transactions, legal…
There are 18 types of charges you may have to pay on home loans. Do keep in mind all of these charges may not apply to every borrower; so before applying for a home loan know what are the fees you may have to pay on home loans. Also, these charges will vary across lenders…
Introduction to TDSTDS stands for Tax Deducted at Source. It is a mechanism introduced to collect tax at the very origin of income. Under this system, a person (referred to as the deductor) responsible for making specified payments to another person (the deductee) is required to deduct tax at the source and deposit the same…
(The following article examines the documents required to the bank in respect of borrower’s profile and property to be purchased. It also provides the requirement of the bank with the list of Property related documents for building /Construction of the individual house on an open plot or purchase of flat/constructed property and common requirement for sanction…
RERA stands acronym for Real Estate Regulatory Authority came into existence as per the Real Estate (Regulation and Development) Act 2016. Every state and Union Territory must have its own regulator under RERA in tandem with the Centre’s regulations. According to the Ministry of Housing and Urban Affairs, 34 States/UTs have notified rules under RERA…
RBI has provided instructions for the reset of the floating interest rate on equated monthly installments (EMI) vide circular bearing reference number DOR.MCS.REC.32/01.01.003/2023-24 dated August 18, 2023. According to these guidelines, Regulated Entities (REs) are permitted to offer various types of loans with either fixed or variable interest rates. However, when granting Equated Monthly Installment…
RBI on April 3, 2023, issued a Master circular, consolidating the instructions/guidelines issued to banks on the housing finance issued up to March 31, 2023. According to the above instruction, individuals are eligible for housing finance for the construction of building/ready-built houses for the following purposes. In light of the observations of the Delhi High…
Fixed interest rate means interest rates remain the same throughout the life of a loan, while floating interest rates change based on market conditions. A fixed rate loan is a loan where the interest rate on the loan doesn’t fluctuate during the entire term of loan or part of the total term of loan. This…
“No Cheer This Quarter: DA Rate Slashed for Bank Employees”,DA reduced to 1.23% Labour Bureau announces CPI (IW) index numbers for January, February and March 2025 are 143.20, 142.80 and 143 respectively. Average index numbers for the above quarter is =143. Therefore DA payable to Officers, of banks for the quarter is 19.97 % (the…
“No Cheer This Quarter: DA Rate Slashed for Bank Employees”,DA reduced to 1.23% Labour Bureau announces CPI (IW) index numbers for January, February and March 2025 are 143.20, 142.80 and 143 respectively. Average index numbers for the above quarter is =143. Therefore DA payable to Officers, of banks for the quarter is 19.97 % (the…