This post provides you the key legal checklist for buying and selling a house property; method of title deed verification, database available with CERSAI and RERA, EMI calculation, associated costs of home loans, teaser rates, risks involved in transferring of loan to other banks, rules regarding funds transfer abroad after disposal of properties in India;…
A 2-in-1 account refers to a financial product that integrates a Demat (Dematerialized) account with a trading account, thereby streamlining the process of buying and selling securities. This consolidated arrangement allows investors to deposit funds, manage securities, and execute trades through a single platform, enhancing convenience and operational efficiency. In banking terminology, the term “2-in-1…
Updated as per RBI master circular dated April 2, 2024 As per RBI guidelines, the following entities/offices are not eligible for bank finance. Other important home-related articles: IMPORTANT PRE-SANCTION HOME-LOAN REGULATIONS LAY DOWN BY RBI HOME LOAN INTEREST: FLOATING OR FIXED RATES WHICH IS BETTER FOR YOU? HOW DOES A BANK DECIDE YOUR HOME LOAN…
Updated as per RBI master circular dated April 2, 2024 According to the RBI master circular, the Central Bank has been observing that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, such as upfront disbursal of sanctioned individual housing loans to the builders without linking the disbursals to various stages…
A home loan interest rate reset clause allows the lender to review the interest rate after a certain period, as per the occurrence of a scheduled reset date of the loan. A reset rate is the new interest rate that a borrower must pay effective from the scheduled reset date. The lender will provide details…
The word ‘Margin’ has multiple meanings. In trading percentage of profit is known as margin. The amount we have deposited with the equity brokers is also called margin. When you approach a bank or NBFC for loans like home loans, education loans, personal loans, etc., they do not finance 100% of the value of the…
You might have identified a property for purchase that suits your requirements. In my previous article ‘How to examine title deeds of house property?‘ among other things, I suggested that buyers consider important aspects before entering into the sale agreement with the vendor for the purchase of a flat/house. In this post, we will discuss…
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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…
