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Aishwarya Raj Singh

Aishwarya Raj Singh
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Checklist of Documents Required for Home Loan By Banks And NBFCs

By
Aishwarya Raj Singh
-

Checklist of Documents Required for Home Loan By Banks And NBFCs

It is usually advised to create a checklist for all of the required documents for a home loan as with the aid of using the banks and NBFCs (Non-Banking Finance Companies).With the current tasks with the aid of using diverse banks in decreasing the Home loan rates, owning a home loan no more a dream for many of us. But the procedure for the application of a loan is still the same and so are the documents required for it.

Checklist of Documents required for Home Loan

Address Proof: The documents like Registered Rent Agreement, Passport, and Electricity Bill up to 3 months old and License forms the address proof of an applicant.

Identity Proof: Documents like Driving License, PAN, Voter ID and Passport serves as the identity proof of the applicant.

Financial Documents: 2-year Form 16, 3-month salary slip and 6 months bank statement are some of the financial documents of the applicant required for the process of loan application.

Employment Appointment Letter: In case the applicant is employed in his/her current employment for less than 1 year, Employment Appointment letter is also required.

Following documents for home loan are required along with the loan application form:

  1. Photo Identity Proof: Passport/ Driving License/ Voter ID/ PAN
  2. Residence Address Proof: License/ Registered Rent Agreement/ Utility Bill
  3. Residence Ownership Proof: Sale deed or rental agreement
  4. Income Proof: salary slip, bank statement and Form 16
  5. Job Continuity Proof: Appointment letter at employment and validation letter from HR
  6. Bank Statement: Past 6 months’ document
  7. Property Documents: Sale deed, Katha, transfer of ownership
  8. Advance Processing Cheque: A cancelled cheque for validation of bank account
  9. Investment Proof: LIC, mutual funds, property document and soon
  10. ITR (Income Tax Return):
  • For Salaried Individuals, Form 16, 3-month salary slip and bank statement of the applicant are required.
  • For Self Employed Professionals (SEP), IT returns for last 2 years along with computation of past 2-year income tax to be certified by a Chartered Accountant.
  • For Self Employed Non-professionals (SENP), the same IT return is required for duration of 3 years.
  1. Passport Size Photographs of the Applicant.

For Senior Citizens

In addition to the above mentioned documents, the documents for home loan for senior citizens require following as well.

  1. PAN Card or Passport: As an age proof for Senior Citizens.
  2. Income Proof: Pension Returns or Bank statements.

Mortgage loan is a type of loan where borrower is required to mortgage one or more of his/her assets to obtain a specified amount of loan. Now the question arises, when an asset is attached against the loan, then why income proof is required to attach to obtain such kind of loans? As the guidelines of the mortgage loan states that in case of default in the repayment by the borrower, the asset attached to it can be put on sale to release the money. But, sometimes complicated assets like land is difficult to sell off, thus lenders inquire for the borrower’s income proof to be sure of EMIs. Another is the devaluation of land as an asset lead to putting lender at risk.

About Patta-Meaning and How to obtain?

A legal document issued by the government as an evidence of possession of a chunk of land is referred to as Patta. Issued in the name of the owner, it is meant only for the properties which are in constant use i.e. an unproductive land cannot procure Patta from the government. In case of multiple-possession of land with department of property, Patta is issued to all the landowners however in absence of department, no Patta is issued. Patta is most effectively issued when a building or residence is constructed upon a land.

Patta works like a Will Draft which automatically transfers the property to the next family member in absence of ‘Will’. Being a legal document, it is of immense importance for all kinds of property dealings under the law. It is issued by the Tehsildar or administrative authority of the district. An application is required to be submitted along with the necessary documents and details of the owner. After considerable verification and inspection of the land as well as the owner, Patta shall be issued. Patta is not required to get renewed periodically, it gets renewed only at the time of name transfer of the property.

Once all the required documents are submitted, the Bank verifies their authenticity and further processes the loan.

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5% land to Jagananna scheme setback for the growth of real estate sector

By
Aishwarya Raj Singh
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On Wednesday the real estate sector expressed serious concern over the recent order of the State Government making it mandatory to hand over 5% of layout area to the respective district collector and if the developer felt that was not possible then he should hand over 5% land within 3-km range from the proposed venture for Jagananna housing scheme.

5% land to Jagananna scheme setback for the growth of real estate sector

According to the developers the sector is facing a severe crisis on account of Covid pandemic for the past two years and this order would lead to further setback to real estate business. The Confederation of Real Estate Developers’ Association of India (Credai) Vijayawada branch president K Rajendra said that the new rule will have its impact on new ventures. He said 5% land reservation for economically weaker sections has been in existence for the past several years. The developers used to sell the land to weaker sections.

Now the government is asking the developers to hand over the land to the government. He said in earlier rule there was exemption for allotment of land within 5-km distance, but now the government made it compulsory within 3 km.

He said usually the plotting area in the State in the past was 35,000 acres per annum.

It came down to 20,000 acres at present and those who paid advances are not coming forward to buy plots. He said over 8,000 two-bedroom apartments are left unsold with present confusion of capital shifting.

He said the construction sector is also facing a severe crisis with increasing cost of raw materials, including iron which is being sold at 72,000 per tons and with the increasing cement and sand prices. He said that the State Government should come to the rescue of the real estate sector in the State.

Tata to invest ₹150 crore in ultra-luxe Hailey Road project in Delhi

By
Aishwarya Raj Singh
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Tata Realty and Infrastructure Ltd. plans to invest around Rs 150 crore to develop ultra-luxury residential spaces near Hailey Road in Delhi. The firm has sought requisite approvals from the New Delhi Municipal Corporation (NDMC) to begin the construction.

Tata to invest ₹150 crore in ultra-luxe Hailey Road project in Delhi

“We are hoping to get the approvals by next year. As soon as we get the approvals, we will start the project,” Tarun Mehrotra, business head, north & east India, Tata Realty and Infrastructure Ltd, told in an interview.

According to the report, the Hailey Road project will comprise around forty two 7-star ultra-luxury apartments spread over 1,00,000 sq. ft. Each apartment will have an average size of 2,000 sq. ft.

Tata is mulling to bring onboard an internationally renowned designer or architect to design the project.

“It will be a super luxury project, and possibly a branded residence,” Mehrotra said, adding that the project may go up to 6 floors or even higher if permitted.

NDMC, the Heritage Committee and the Delhi Urban Art Commission are among the organisations involved in approving the Hailey Road project, as per the report.

Mehrotra said that Tata would launch the project in 2022-2023 “if everything goes smoothly”.

As per the report, the company has purchased a bungalow on the same plot in 2012 for Rs 218 crore. It had demolished the structure and now expects to launch the project at the same site in FY22-23.

Tata Realty And Infrastructure Limited is a 100% subsidiary of Tata Sons, and serves as a real estate and infrastructure development arm of the group.

 

7.7 million sq. ft. of real estate projects will be launched by DLF in second half of FY22

By
Aishwarya Raj Singh
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DLF Ltd. Is planning to launch 7.7 million sq. ft. of real estate projects in the second half of 2021-22 with projects that includes value homes, premium housing and commercial properties, said a senior executive in an analyst call.

7.7 million sq. ft. of real estate projects will be launched by DLF in second half of FY22

The company is also expected to announce the launch of the first phase of Midtown West, a premium residential complex on Shivaji Marg in central Delhi’s Moti Nagar, which it will develop in a joint venture with Singapore sovereign fund GIC. The project, with a revenue potential of Rs 12,000-15,000 crore, will have 3-4 BHK apartments.

This will be the first residential project of the joint venture, which already operates over 32 million sq. ft. of office space.

Aakash Ohri, senior executive director of DLF Home Developers, said in a Q2 analyst call that the company will launch inventory worth Rs 800 crore of independent floors in Gurgaon. He said this will be followed by a similar format in Panchkula, which will be worth close to Rs 400 crore, and plotted development on Old Mahabalipuram Road in Chennai worth Rs 600 crore.

Ohri said, “In addition, the company is also in the final stages of approvals for the central Delhi project. We are very well prepared and hoping to get a good response.”

DLF reported a net profit of Rs 378.12 crore for the quarter ended September, up 66% from Rs 227.75 crore a year earlier, buoyed by improved demand for residential real estate.

Its new sales bookings stood at Rs 1,512 crore, 77% higher than the year-ago period when its performance was impacted by the pandemic-induced lockdown.

The company’s super luxury ‘The Camellias’ project is also seeing an increase in sales.

Ohri said, “There has been a process to Camellias sale, we have continued to present to the people who can buy Camellias not only to this part of the world but to every nook and corner. If you see the performance of Camellias in the last 18 months, there has been a steady growth.”

DLF has given guidance of launch of close to 6.4 million sq. ft. of residential projects in 2022-23, of which 2 million sq. ft. will be dedicated for value homes.

“The residential business continues to tread on its growth trajectory with healthy traction and strong demand momentum across segments and geographies. Demand for our new products of independent floors across Gurugram market continues to witness healthy absorption. The monetization of our completed inventory across markets continues to gain traction,” the company has said.

DLF has also been raising prices across segments with an increase in demand.

“We are encouraged with these improving demand trends in the residential market and expect these trends to remain for the long run. Given this positive outlook, supported by improved fundamental drivers, we continue with our endeavor of bringing new offerings across segments and geographies. With increasing volumes and well calibrated price hikes, we expect further margin expansion for our projects,” the company said.

According To TNRERA, If Undivided Share Remains Same, Land Owner Can’t Object To More Construction

By
Aishwarya Raj Singh
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The Tamil Nadu Real Estate Regulator Authority (TNRERA) said that authorising the builder to develop the property at their ‘own discretion’ will give absolute rights for the former over the property and cannot be challenged, if more units are added in the future.

If Undivided Share Remains Same, Land Owner Can't Object To More Construction

Once an absolute power to develop a property is given to a builder, no objection to additional constructions could be raised by the landowner, if the promoter does not step beyond his undivided share of land, TNRERA has ruled.

The case relates to a complaint by a landlord, who entered into a joint venture agreement with a developer in 2018 to deliver apartments in 18 months. While the agreement was for construction of six flats, the complainant alleged that it was being advertised for eight units. Also, pointing out that hand over of flats was delayed due to a case in court, she wanted the TNRERA to direct the developer not to proceed with any construction due to changes in the structure of the building.

In response, developer Naviya Builders of Pallikaranai said construction was stalled due to lockdown, but work has now resumed and the construction is nearing completion. Noting that only six flats have been constructed, it said two more apartments will be added only after obtaining approval from the appropriate authorities. Moreover, the promoter underscored that he was obligated to seek approval from the land owner on the number of apartments constructed/ proposed to be constructed in the project, as the undivided share and built-up area promised to land owner will not be violated.

In its ruling, TNRERA said the complainant had authorised the promoter to manage and develop the property as per the power of attorney’s own discretion. An undivided share of 1,640sqft too had been given by the land owner to the promoter. The promoter, therefore, is entitled to utilise the undivided share and construct flats as per the permissible FSI. It, however, said the land-owner was at liberty to approach the adjudicating officer of the TNRERA to seek compensation and interest for delay in.

40 Acres Of Land Acquired By Welspun One Logistics Parks To Set Up Warehouse In Bengaluru

By
Aishwarya Raj Singh
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On Tuesday, Welspun One Logistics Parks (WOLP) announced that the acquisition of 40 acres of land near Bengaluru to set up around 1-million sq ft of a large-scale warehousing facility at an investment of Rs 300 crore to service Bengaluru Metropolitan Region (BMR).

40 Acres Of Land Acquired By Welspun One Logistics Parks To Set Up Warehouse In Bengaluru

As part of the memorandum of understanding (MoU) this is the first of six projects that Welspun One recently has signed with the Tamil Nadu government’s nodal agency to set up warehousing facilities across the region, WOLP said.

The projects, to be executed under the MoU, are likely to bring direct investments of approximately Rs 2,500 crore to the state, Welspun One said in a release.

Welspun Group-backed WOLP is an integrated fund, development and asset management platform, designed to deliver large format and institutional Grade-A logistics parks across the country.

WOLP said that Bengaluru has historically been a warehousing supply starved market with a limited institutional developer presence in the Grade A space. However, demand has witnessed a significant uptick on the back of the post-COVID e-commerce boom.

As per research estimates by various International Property Consultants (IPCs), demand for warehousing and industrial space in Bengaluru is expected to be around 15-20 million square feet over the next three years.

This acquisition comes at an opportune time giving WOLP an early mover advantage while helping the firm capitalise on the shifting customer preference towards Grade-A warehouses, it said.

The land for the project has been acquired on the Malur-Hosur Road to set up a large-scale warehousing facility, which will service the Bengaluru Metropolitan region’s industrial and warehousing demand for space, the release said.

B K Goenka, Chairman, Welspun Group on the strategic expansion said that it has a development potential of around 1-million square feet of space with a total project cost of Rs 300 crore, it stated. South India has always been an important market for us, and this is a crucial first step towards building a presence in the region by developing logistics infrastructure.

South India has always been an important market for us, and this is a crucial first step towards building a presence in the region by developing logistics infrastructure, said B K Goenka, Chairman, Welspun Group on the strategic expansion.

WOLP has made significant progress in supporting the county’s warehousing network in a short period –from our flagship Park in Bhiwandi (Maharashtra) to the more recent acquisitions in Farukhnagar, Haryana and Lucknow (Uttar Pradesh), he said.

Goenka added, our current acquisition will deepen our Fund Portfolio as well as strengthen our vision of being a pan-India warehousing player.

NCLT Allows Withdrawal Of Insolvency Proceedings Against MGF Developments

By
Aishwarya Raj Singh
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The National Company Law Tribunal (NCLT) has allowed the withdrawal of insolvency proceedings against MGF Developments, following a settlement agreed between the company and homebuyers.

NCLT Allows Withdrawal Of Insolvency Proceedings Against MGF Developments

Piyush Singh of PSP Legal who argued the matter on behalf of the homebuyers said, “The matter was settled on December 6. The builder has paid the entire IBMS amount with interest.”

The National Company Law Tribunal (NCLT) had ordered on November 30, 2021 that insolvency proceedings against MGF Developments be initiated and appointed Gaurav Katiyar as an interim resolution professional after suspending the board of the real estate company.

A two-member Delhi-based bench of NCLT had allowed a plea filed by the residents association of The Vilas Condominium, a project in Gurgaon for breach of clauses of the agreement between them terming it as default.

The application under Section 7 of the IBC Code, 2016 was filed by The Vilas Condominium Association consisting of homebuyers having 327 units who had alleged that the amount of Interest-Bearing Maintenance Security (IBMS) collected from them has not been refunded to them.

They had also alleged that the common area maintenance and common area electricity charges, which MGF Developments was supposed to pay for the period from the date of accrual of maintenance charges till the date of allotment to a home buyer, had not been paid to them.

The association had alleged that an amount of Rs 11.48 crore along with interest amounting to Rs 10.34 crore are due towards IBMS charges. The builder has also allegedly failed to pay common area electricity charges to the tune of Rs 1.82 crore.

Noida Homebuyers Alert! Stamp Duty In Noida To Be Calculated As Per Carpet Area

By
Aishwarya Raj Singh
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Homebuyers in Noida will have to pay less for the registry of flat as the Noida authority has mandated the registry to be done as per carpet area and not by super area.

Noida Homebuyers Alert! Stamp Duty In Noida To Be Calculated As Per Carpet Area

In this regard the authority has issued an order and informed the UP Real Estate Regulatory Authority (UPRERA) and revenue department asking them to calculate the stamp duty on the bases of carpet area.

Super area of a flat is usually 20-25% more than the carpet area as it include area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area.

Amit Modi, Director, ABA Corp., President (elect), CREDAI Western UP said, “After the introduction of RERA guidelines most of the developers have already switched to these norms and have updated their prices. As a group we had already implemented this in accordance to RERA guidelines and will be happy to continue the same.”

As per the RERA guideline, promoter of the real estate project should disclose the number, type and the carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas apartment with the apartment.

Yash Miglani, MD, Migsun Group said, “This is yet another step by the authority to streamline the sector. We do not see any impact on the price of the units, as developers will increase the cost to accommodate the expenses incurred on common areas, but the price paid by buyers will remain the same.”

In April, the Haryana Real Estate Regulatory Authority, Gurugram had directed the developers to sell flat only on the basis carpet area.

Haryana RERA has said in the order, “No conveyance deed of a real estate unit shall be registered except on the basis of carpet area. In cases where the real estate unit was allotted to the allottees prior to the Real Estate (Regulation and Development) Act, 2016 coming into force, the promoter shall at the time of registration of the conveyance make disclosure of all the components constituting the super area, however the conveyance deed shall be registered only on carpet area basis.”

Developers said that per sq. ft. cost might increase, but the overall price of the units will remain the same.

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Goldman Sachs Plans To Invest $2-3 Billion In Indian Real Estate To Make A Come Back

By
Aishwarya Raj Singh
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Goldman Sachs is looking to come back to India’s property market amid a revival in residential real estate after going slow on this sector in the past decade following the global financial crisis. Goldman has about $2.5 billion of real estate investment in China. Goldman Sachs did not offer any comments for this story.

Goldman Sachs Plans To Invest $2-3 Billion In Indian Real Estate To Make A Come Back

The move is part of the global investment bank’s plan to put in $30 billion in alternative investments in Asia over the next five years, they said.

According to a recent Bloomberg report, New York-based Goldman Sachs is looking to expand its presence in India, China and South Korea as part of its alternative investment plans for Asia.

Peers KKR and Blackstone have stepped up investments in Indian real estate. KKR has built a sizable loan book in real estate, while Blackstone and its partners have become the largest owner of commercial property in India.

“They (Goldman) have been doing mostly credit deals in real estate in the last two or three years. Now, they want to do both equity and debt with a focus on high-yield products,” one person said.

In 2019, Goldman bought a Rs 2,000 crore loan of the Lodha Group from Piramal Capital and Housing Finance.

Goldman is in talks with two developers in Bengaluru for platform deals and a similar one with a Mumbai developer for commercial and residential property, sources said, adding that the investment bank has hired Mukesh Tiwari from UK-based PE fund Actis to head its Indian real estate investments.

Data Centres

Though GS is looking to buy real estate loan books, not many books are available for sale, the sources said. The US investment bank is also considering investing in data centres in the country.

“They are pioneers in setting up data centres in Australia and they plan to do it with a strategic player in India,” a person said.

Goldman invested in Mumbai-based student housing operator Good Host Spaces, in which Warburg Pincus picked up a 24.48 percent stake early this year. In 2015, Goldman invested Rs 978 crore in Piramal Realty, the real estate company of the Ajay Piramal Group. It put in Rs 441 crore in SAMHI Hotels in 2016.

Another US investor, Apollo Global Management, has also become active in Indian real estate in the past couple of years, according to the people cited earlier. Apollo lent $500 million to Piramal Capital & Housing Finance last year and also invested Rs 300 crore in a premium real estate project of a Mumbai developer.

According to Vishal Srivastava, president-corporate finance, at Anarock Capital, many global funds are coming back because there are many opportunities on the distressed credit side in India’s real estate.

“The opportunity size is only increasing with time, given the fact that domestic NBFCs and funds still do not have sufficient liquidity to deploy,” Srivastava said.

India’s Biggest Maruti Dealer Sells Jubilee Hills Property for Rs 37 Crores In Hyderabad

By
Aishwarya Raj Singh
-

Vallurupalli Varun Dev, who owns Varun Motors which is claimed to be India’s biggest Maruti car dealer, has sold a property in Hyderabad’s posh Jubilee Hills for Rs 37 crore to the promoter of real-estate firm Vasavi Group, documents accessed by Zapkey.com show.

India’s Biggest Maruti Dealer Sells Jubilee Hills Property for Rs 37 Crores In Hyderabad

Vasavi chairman and managing director Yerram Vijay Kumar bought the property that is spread across 1368 sq. yards, documents seen by Zapkey.com which aggregates publicly available property registration data show. The sale deed was registered on October 22, 2021.

A local broker said, “During the pandemic, there has been an increase in demand for properties in the area as more people, especially the who’s who are preferring to shift to low-density developments rather than scout for luxury flats in densely populated multi-storey buildings.”

On October 1, 2021, Dev bought a bungalow in the tony neighbourhood known for its green spaces, tree-lined streets and famous residents for Rs 33 crore. According to documents, the property is spread across 1,200 sq. yards and has a built-up area of 1,780 sq. ft.

Another Jubilee Hills property recently changed hands. On November 15, 2021, a house on an 841 sq. yard plot was sold to CHIREC international school owner Ratna Reddy for Rs 26 crore.

In the last five years, Jubilee Hills recorded 120 sales above Rs 10 crore, as per Zapkey.com.

In 2020, there were 17 sale transactions above Rs 10 crore in the locality. Buyers included celebrities from Tollywood, as the local film industry is known, politicians and industrialists.

Plot sizes in Jubilee Hills are generally upwards of 1,000 sq. yards and command anything between Rs 1.5 lakh to Rs 2 lakh per sq. yard if not more, brokers active in the area said.

Prices in the area have conventionally been high as the city’s elite reside there and transactions happen through word of mouth.

Property prices have risen by 2 to 6 percent in markets such as Hyderabad and Bengaluru with more tech companies and startups setting up offices in these cities and renewing their leases, prompting higher demand for housing.

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