1. What is sale agreement?
Sale agreement is entered between Land owner and Customer who has planned to purchase the property. In sale agreement Un divided share will be mutually sold to the customer by the land lord.
2. What is construction agreement?
Based on the sale agreement between Landlord or Builder, the builder and customer agrees to Build the Flat on the UDS conveyed to the customer.
3. Does the property have to be insured?
Yes, you will have to ensure that your property is duly and properly insured for fire and other appropriate hazards during the pendency of the loan. In case of the customer don’t want the insurance, the same can be informed to bankers..
4. What are the document will be registered at Register office?
Sale deed – This is the official document which describes the UDS sale. This is the main document you must keep it for reference.
Construction agreement – This is also registered as part of the Government orders from Sep 2013.
Permission to Mortgage – This is registered for the loan availed by the customer from the Loan..
5. How much do I need to pay for the Sale deed registration?
Normally sale deed calculated based on the UDS x Government guideline value, of the total 7% of the stamp paper’s and 1 % government fees applicable.
Also Other charges such as Advocate fees, stamp commission and others..
6. How much do I need to pay for the Construction registration?
2% of fees applicable from the Construction amount value, in this 1% as Fees and 1% as Stamp, also others charges applicable such as Advocate fees, stamp commission and others..
7. What does encumbrance refer to?
Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.
8. What is an under construction property?
An under construction property refers to a home which is in the process of being constructed and where possession would be handed over to the buyer at a subsequent date.
9. How soon after the foreclosure will I get back my original property documents?
Once your loan account is closed, you may collect your property documents after 16 days from your bankers
