The residents of the housing society have demanded “immediate arrest” of the promoters and directors of Chintels India Ltd and the government officials who issued occupation certificates (OC) for the apartments. Protestors were supported by residents of adjoining housing societies.
Hundreds of residents of the Gurugram housing society where an apartment block partially collapsed recently held a protest march on Sunday, demanding a CBI inquiry into the incident.
The dining room floor of a sixth-floor apartment came crashing down first, triggering a collapse of roofs and floors directly under it till the first floor. The incident killed two women and one man was injured in the collapse at Chintels Paradiso on February 10, 2022.
The protesters have demanded “immediate arrest” of the promoters and directors of Chintels India Ltd and the government officials who issued occupation certificates (OC) for the apartments. They were supported by residents of adjoining housing societies.
The protest march began from the Chintels Paradiso main gate towards the ATS Chowk and back.
“Two women lost their lives and one person was injured. Two families are ruined and the majority are threatened with losing their homes, but the guilty roam free. Where is justice,” Lalit Kapoor, a resident, asked.
The local police said they are awaiting a structural audit report to ascertain the reasons behind the collapse, and that action will be taken according to law.
Can one claim tax benefits if one plans to construct the house with the intention of selling it later?
If one sells the property within 5 years of possession then any tax deductions already claimed will be reversed. But the tax exemptions remains unchanged on the interest paid.
Can tax deductions on home loans be claimed?
The owner of the property is eligible to claim tax benefits on home loans. In case the spouse is a co-borrower, then he/she can also file for tax deductions. In the case of a loan in joint name, all the parties can claim for tax deduction for their share of the loan they pay.
Can one claim tax benefits if the property purchased is still under construction?
One cannot claim tax deductions for a property under construction, for that the construction has to be completed. Once construction is completed, one can claim an aggregate of interest paid for the period prior to the year of taking possession. It can be claimed in five equal instalments starting from the year in which construction get completed.
Can one claim tax benefits on loans from friends or family?
One can claim for tax deduction under Section 24(b) only for the interest paid and not the loan amount in case of loan taken from family member or a friend. Subsequently, the friend or member of a family who has given the loan will have to provide with a certificate and will be liable to pay tax on the interest earned from the loan.
Can one claim tax benefit on two home loans?
As a rule, the tax benefit can be enjoyed only on the house claimed as self-occupied. In case an individual owns more than one house then only one of them can be claimed as self-occupied property and all the other properties will be considered as a let-out property and will be taxed as per the tax slab applicable. The notional rent on your multiple houses will be added to your total taxable income.
Can spouse claim income tax deduction if one buys a house jointly?
Yes, the spouses can claim separate deductions in their IT returns if both the spouses are employed and have a seperate source of income. Both can claim deduction under Section 80C up to rupees 1.50 lakh from their total taxable income.
If the house is jointly owned, each co-owner can claim deductions up to rupees 2 lakh on account of the interest on borrowed money.
Is the Home Loan principal part of Section 80C?
Yes, home loan principal is part of Section 80C of the Income Tax Act. Under this section, an individual is entitled to tax deductions on the amount paid as repayment of the principal component on the housing loan. An amount up to rupees 1.50 lakh can be claimed as tax deductions under Section 80C. However, the tax benefit on the repayment of the principal amount can be claimed only after the house is constructed. The section does not allow deductions for the repayment of the principal component during the years the house was being constructed.
Are there any other tax deductions one can claim with respect to interest payment on the home loan other than the interest under Section 24(b)?
Interestingly, one can also claim tax deductions in respect of the interest on the housing loan under Section 80EE of the Income Tax Act. Under this section, an individual is entitled to claim tax deductions up to a maximum amount of rupees 1.5 lakh during a financial year.
Can one claim tax benefit on the principal repaid on a housing loan?
Yes, one can avail tax benefits on the principal amount repaid on the home loan from total income under Section 80C.
What is maximum amount one can avail for deduction of interest paid on housing loan?
Under Section 24 of the Income Tax Act, an individual can claim tax deduction of the interest payment on the housing loan up to a maximum amount of rupees 2 lakh.
The elderly population of our country is growing at a rate of 3% annually and would reach to 319 million by the year 2050. Today most of the elderly population want to living independently post-retirement due to the big shift to nuclear family concept as well as dismantling of traditional joint family system.
Although there is no age to invest in a property and at the same time it is also advisable to be aware of the implications as well as the technicalities involved in purchase of property. This holds a special reasoning in case of elderly wanting to purchase a home to live in post-retirement.
Due to a shift in preference where the elderly do not want to be a burden to their children and wish to live independently at their own terms, the real estate sector is engaged in providing the solution by bringing up the residential projects dedicated to elderly living or retirement community living.
In our country, an individual above the age of 60 years, who is either actively working or not, comes under the category of senior citizen. A clear distinction is made in respect of age to consider an individual as senior citizen of the country.
The new residential establishments being constructed has many ‘elderly-friendly’ features and facilities making the lives of senior citizens comfortable and hassle free.
What are the must have features in a senior citizen /retirement community living?
The establishment must have senior-citizen-friendly features namely safe premises, in-house housekeeping services, emergency health care services and medical assistance to name a few.
The design aspect of the building plays a big role in making living easier for the elderly by way of including wide hallways with flat passageways to accommodate wheelchair access, skid-free floors, continuous grab rails etc.
There are amenities and facilities for recreational and group activities, along with concierge services that assist with paperwork, bill payments, hiring on-demand services, lounges, clubhouse, laundry and cafe services.
Price Range
The homes built keeping in mind the elderly occupants are available from Rs 10 -20 lakh in low income range, from Rs 25-50 lakh in middle income range and goes up to Rs 2 crore or more in premium category in metro cities like Pune, Delhi/NCR, Goa, Chennai, Jaipur, Puducherry and Coimbatore.
Important aspects to consider before buying property as a senior citizen
Age of the buyer
As we age it may sometimes get difficult to take care of the basic daily needs, therefore, if you are a senior citizen and you are not in the prime of your health, then you may want to select a retirement home which assures to take care of you 24*7. However, if you are in pink of health and feel that you can independently take care of your basic needs, then you can even consider purchasing a property in a regular housing societies as well. Friendly neighbors and good samaritans generally come forward to lend a helping hand in case of distress and emergencies.
Availability of healthcare & infrastructure
It is highly preferable to look for a property that is in close proximity to medical facilities of the area in case of health emergency. Many elderly-friendly housing societies have ambulance on wait at all times and the property should be connected with roads for better movement.
Peaceful surroundings
The neighbourhood and the surroundings must be such that facilitates peaceful living. The elderly may not appreciate a place constantly bustling with hyper activity or loud get-togethers occurring frequently. If you like to enjoy your peace and quiet then you may want to opt for a home or facility situated on the outskirts of the city. Or the one that offers quiet and peaceful surroundings.
Timely planning
It is not easy for a senior citizen to get a home loan from a lending institution if compared to a young working professional. Nevertheless, with robust financial planning at the right junction in life can help you invest in a home at later stage of life.
Also, if a senior citizen receives a regular pension then in that case banks do offer home loans for maximum repayment duration of 15-20 years or 70-75 years of age, whichever comes first. Many nationalized banks like SBI, PNB, LIC and others offer home loans to senior citizens starting from Rs 5 lakh to Rs 25 lakh a few others can go even higher.
Social phenomenon
Purchasing a home in residential projects specially built for senior citizens or retirement community living is a trend that is catching up fast among the city dwellers. It helps in reducing the impact of loneliness and also provides support for comfortable living in the golden age.
To sum up the above, investing in a property in your elder years is a step in the right direction if planned correctly and with updating oneself with the required information one can arrive at the correct decision since each one has the right to live the life with dignity, peace and happiness.
By the end of 2022 Awfis is planning to open 200 centres Pan India. Currently it has 121 centres with 70,000 seats across 14 cities in the country.
85,000 sq. ft. of space has been leased by Awfis, a flexible workspace provider, at River Side Tower, sector 125, Noida. The centre will have 1500+ seats and is expected to go live by end of March 2022, the company said in a media release.
Currently in Delhi-NCR region Awfis has 11 co-working centres and the company is planning to open 10-15 more centres by the end of 2022.
Amit Ramani, CEO & founder of the company said, “We are delighted to partner with River Side Tower to open this new workspace in Noida. The sharp recovery and the growing demand for flex workspaces from this region inspired us to continue to create grade-A flex workspaces, so as to facilitate businesses of all size in the market. We are confident that this trend will continue to grow and even the most traditional companies will see merit in setting up hub & spoke offices to help people work in close proximity to their homes allowing them to spend lesser time in commuting.”
The company claims to have launched over 50 centres with 30,000 seats and has entered three new markets in the past 15 months.
NRIs can avail Home Loan Advisory Services in the country where they currently reside for the purpose of purchasing property in India.
NRIs can avail of a home loan for purchasing a new home, resale home, constructing their home on a plot owned by them, for purchase of a plot, home improvement and home extension.
All remittances from outside India towards their own contribution or EMI payments need to necessarily happen through their NRE/NRO bank account in India.
NRIs need not be present in India to avail disbursement of their home loan. Their Power of Attorney can manage it for them.
NRI Home Loan Interest Rate* Feb 2022
Banks
Interest Rates
SBI
6.90% – 7.50% p.a.
Bank of Baroda
6.85% – 7.20% p.a.
PNB Housing Finance Limited
7.50% – 9.70% p.a.
Axis Bank
6.90% – 8.55% p.a.
HDFC Ltd.
6.90% – 8.00% p.a.
Canara Bank
6.90% – 8.90% p.a.
Federal Bank
7.90% – 8.05% p.a.
Bank of India Star Pravasi Home Loan
6.90% onwards
Indian Overseas Bank
7.05% – 7.30% p.a.
Indiabulls
8.99% p.a.
Other Fees* and Charges for NRI’s
Processing Fee
Up to 2% of the loan amount
Foreclosure Charges
Up to 4% of the total outstanding
Loan Conversion Fees
As per the bank’s discretion
Cheque Return Charges
Up to Rs.500 per instance
Duplicate Statement Issuance Charges
Up to Rs.250 per instance
Title Documents Photocopy Issuance Charges
Up to Rs.250 per instance
Duplicate NOC Issuance Charges
Up to Rs.500 per instance
Credit Report Issuance Charges
Up to Rs.50 per instance
Conclusion
Before getting involved in the discussion of tax deductions related to NRI home loans it is important to evaluate the need for tax savings for an NRI. They can avail of a home loan and buy a home in India if they have taxable income from India.
In this way, NRIs can build easily avail the home loan and can build their wealth in their homeland through their favorite and ever-attractive investment option of property.
Disclaimer- *Home Loan Interest Rate and Fees& may vary
In the last one decade, the real estate industry in India has evolved greatly. Technology has become a vital part and hi-tech innovations have found their way into the sector. Most of the start-ups are making prominent use of technology and bringing a digital transformation and real estate is seeing its fair share of change. The integration of technology into real estate has brought a new term doing circles in the industry, PropTech and technology support is taking a competitive form here.
Digital platforms to service home buyers, real estate brokers or even potential investors are influencing the property buying and selling business. The new generation of tech-savvy and educated citizens are the ones who keep the online portals to constantly evolve to offer the services which were nonexistent just a few years back and is therefore changing the whole stance of the Indian real estate business.
With the advent of digital medium, searching property online, virtual site visits, lead management, payments in real estate, investment in real estate etc. has become so much easier. There is something in store for everyone be it builder, buyer or channel partners.
1.NoBroker
NoBroker is a disruptive brokerage-free real estate portal that enables rent/buy/sell transactions by eliminating the middleman. The platform helps to address the gap of information that the Indian homebuyer has to face in the real estate market. It connects property seekers with property owners leaving the middleman out. Earlier the agents had a strong hold in this area and every deal used to happen only with the help of the intermediary and it used to cost as much as 1-2 months of rent or 4% of transaction amount as brokerage paid by either or both sides namely buyer and seller.
Property owners can list their properties on the portal by providing necessary information such as address, location, pictures, area, prices, and more. NoBroker platform also provides an option for online rent payments; generating rent receipts, and so on. This mobile app is available on both Android & iOS devices.
2. PeProp.Money
PeProp.Money is a banking integrated digital platform providing business solutions to real estate. This disruptive platform will ease digital payments and financing options – Home Loans and Home Equity. The banking integration will facilitate those seeking home loans or loan against property by identifying the best lending partner, online login of loan application, documentation, sanction and final disbursal at attractive and competitive interest rates.
PeProp.Money is also India’s premier Real Estate Business Networking platform where builder and broker can connect to do business and can benefit from the other’s strength. Even the bankers, investors and fund managers can be benefitted with the networking and banking for generating revenue.
There are plentiful reasons we see this startup making it big in recent times to come:
Business Banking- No limit virtual account with free premium debit card
Digital payment and Financing options- Home Loans and Home Equity
Biggest RERA registered broker network
Free information about thousands of projects from pan-India
CRM for end to end lead management and more.
3.Housing.com
Housing.com is a Mumbai-based real estate search portal that came into business about nine years ago which allows its customers to look for housing based on geography, number of rooms and other filters. It is a map-based verified residential property listings platform showcasing properties such as apartments for sales, rentals, lands PGs, hostels, and so on. This platform connects brokers or owners to property buyers. The company has 6,000 brokers and serves 40 cities in India. The company has mapped approximately 650,000 houses in India.
Housing.com lists properties submitted by users, either brokers or owners on an interactive map. Search results are filtered by available rooms, lifestyle ratings, child friendliness index (CFI) and area-based pricing.
4.Square Yards
Square Yards is India’s leading integrated platform for Real Estate & Home Loans and is one of the fastest growing Proptech platform in UAE, Middle East, Australia and Canada. The portal facilitates the full real-estate journey from search & discovery, transactions, home loans, interiors, rentals, property management and post-sales service. It offers a fully integrated network of 500+ partner real estate developers, 150,000+ Agents and 100+ banks & NBFC to the final buyers.
There will be a dedicated relationship manager to assist throughout the deal. The online platform offers various tools such as property price heat maps, algorithmic recommendation engines, property comparison, and project comparison tools.
Square Yards platform is also building B2B disruptive SaaS platforms for stakeholders such as Developers, Banks and Channel Partners.
5.NestAway
NestAway is a real estate tech start-up and is an online marketplace to book rental properties. The platform manages the owner’s properties and enables users to rent houses. Tenants in these houses can also avail NestAway’s services from time to time for household repairs and maintenance at an additional charge. The users can register and look for desired properties by applying the location filter and booking the desired properties through this platform. Its mobile app is available on both Android and iOS devices.
NestAway is India’s fastest growing “managed home rental” company attempting to provide better rental solutions via design and technology.
6.PropTiger.com
It is an online real estate advisory startup with pan-India presence having headquarters in the National Capital Region of Delhi (NCR). The company focuses on property advisory and loan advisory. PropTiger.com operates by listing residential real estate property, which are classified as new, resale, under construction or upcoming apartments, villas and plots. Properties within an area are compared according to their livability and safety scores and users have the ability to filter out properties based on price variations and readiness.
Since its inception in 2011, PropTiger.com has been slowly changing the way people buy homes in India. PropTiger.com lists real estate properties across India and has 18 offices in 9 different cities.
PropTiger.com allows users to visualize properties in 4D, see and sort properties near them and visualize the future development trajectory of localities. PropTiger.com is the first Indian real estate portal to launch a feature, City Master Plan that helps users to visualize the master plan of cities on the map.
As per a media release, Aparna Constructions and Estates will infuse Rs 2,550 crore in their residential project – Aparna Zenon at Puppalaguda, Telangana.
The proposed residential project will be built on 37 acres of land and will construe of 3,664 apartments spread over 33 floors and 14 blocks. It will be a mix of 1 BHK, 2 BHK and 3 BHK apartments ranging from 1,020 sq. ft. to 2,257 sq. ft. The project is due to be ready by year 2027.
The managing director of the company, SS Reddy said, “In the coming year, with the new launches both in the residential and commercial segments, we are confident we will be able to scale our growth to 30%. We are also looking to strengthen our workforce by hiring 1,500 people across locations.”
The gated community will include a sports complex, a commercial block and a club house facility of 86,423 sq. ft. The project will also have a centralized gas bank that will supply cooking gas to all individual apartments, fit with pre-paid gas meters. Additionally, solar power will also be provided to the common area grid for optimized power consumption.
The government’s revenue of 9,854 crore from property registrations in the past nine months is the highest in the last five years from 2017. April to December 2021 revenue was 43% more than in 2020 (6,881 crore) and 19% more than the pre-Covid year of 2019 (8,267 crore). Registration department sources said the revenue is likely to touch 15,000 crore by end of March, 2022.
December 2021 also saw the highest revenue from land registration in the past four years at 1,405 crore.
Chennai and suburbs are witnessing a spike in new launches. More than 40% of the revenue from property registrations in 2021 was from the Chennai zone comprising the city and neighboring districts.
Knight Frank India said 7,900 housing units were sold between April and December in the Chennai real estate market. In 2021 as a whole, 12,783 housing units were launched.
Flat promoters association (Chennai south) vice-president R S Balaji said supply of housing units at present was more than demand from homebuyers as several projects had been completed after pandemic restrictions were lifted after the second wave. “Currently, customers have multiple choices if they want to buy an apartment in the southern and western suburbs,” he added.
Suresh Krishn, president of CREDAI (Tamil Nadu chapter), said that there would be a ‘short term’ impact on housing sales due to the lockdown restrictions in view of the third wave. The impact will depend on the number of days the restrictions are in place. Demand will revive after the curbs are is eased, he said.
Srinivas Anikipatti, senior director, Tamil Nadu and Kerala, at Knight Frank India, said the number of bookings will be less during the lockdown days when there is no access to registration offices.
Indiabulls Real Estate has approved the plan to raise up to Rs 1,500 crore to augment its long-term resources and to maintain sufficient liquidity to meet funding requirements for business activities, and to support future business growth.
The company will be raising this capital through one or more Qualified Institutions Placement (QIP) and/or any other permissible mode including global depository receipts or American depository receipts, Foreign Currency Convertible Bonds, and/or Foreign Currency Exchangeable Bonds and/or warrants with or without non-convertible debentures with the rights.
The company will seek the requisite approval for the same from its shareholders in due course, the developer said in a regulatory filing.
Everyone has a dream to be in a function while they could proudly name themselves the proprietor of a home. But sometimes, buying a home becomes very problematic because it includes a superb deal of finance. As the charges for houses increases, it has become hard to make certain buyers’ ability to pay the price of the property easily. Applying for a home loan for properties stays the only option then and repaying the same through Equated Monthly Installments (EMI) is a bit challenging.
Following are the 5 tips for managing home loan in an easy and smart way.
Opting for Bank with Lower Rate of Interest
No one would dismiss the option or the idea of selecting a lender or bank with lower interest rates. So, the moment you gain knowledge of a dip in the interest rates on home loans, a switch should immediately be made. Else, check for the bank which offers comparatively lower interest rates on home loans. In this case, the remainder of the home loan can be paid along with the prospect of acquiring a Lower Rate of Interest. Each time a bank is selected paperwork related to loan appraisal and underwriting process is carried out. A golden piece of advice for people seeking home loans is to conduct a quick survey of various banks and financial institutions on a priority basis. This normally is inclined to reduce interest rates during the festival season. It is because during this time period people are also inclined to purchase the property or invest in real estate.
Taking Care of Funds
Having a good knowledge of “Cash Flows” is important which helps in balancing between Cash Inflows and Outflows, i.e., monthly payments and monthly returns, respectively. The return on investments (ROI) must be barely higher, s this will give you a boost and the objective of repaying the home loan would get enhanced. Save yourself a good amount by making smart investment decisions to gain at least 12-15% on the investment. Out of which around 10 to 11% of the income will be used to repay the interest and the differential amount can be used for the pre-payment of the home loan.
Higher Amount of EMI
There are people who get shocked on being advised for choosing the higher slab of EMI’s for home loan. Ever, such a step would enable the borrower to finish off the installments much in advance and thus, to acquire a peace of mind. The buyer, hence, is recommended to make clever and prudent investments in order to improve the equity so that the raised amount for EMI can be afforded.
Partial Pre-Payment
This is an ideal wat to ease the burden of paying the heavy EMI’s on the particular home loan amount borrowed by you. The benefit for this is the banks do not charge any fee or surcharge and the amount for pre-payment can be as low as Rs. 10K. Numerous income types can be used for the same such as – big gains from stocks or shares, gifts from parents or family members, income earned through rents or any other one time sort of earnings. Through this, the burden of paying early instalments can be negated and the flexibility of utilizing earnings from other sources in making pre-payment can be used in a smarter way.
Don’t Think of Skipping EMIs
One of the most precious advise that one must continually be precise and cautious approximately the price and term of EMI’s. At no price your loan should get tagged as Special Mentioned Account (SMA). SMA is a category of loans in the bank when the payments gets delayed and the grace period is of 30 to 90 days. This is why it is suggested to all the clients for opting home loans, once all the previous dues have been paid.
It is important to make sure that unnecessary sorts of tensions don’t clog the minds while seeking financial assistance. Above suggestions & tips are tested and tried to manage home loan. Must follow these rules for safe management of home loan and payments.
