BUYERS GUIDE – Dodke Landmarks

“Be the change

that you wish to

see in the world.”

Mahatma Gandhi

“Be the change

that you wish to

see in the world.”

Mahatma Gandhi

BUYER’S GUIDE

Interested in buying a residence in one of our projects but not sure how to go about it? Let us help you. Our people have compiled a list of queries we usually receive to make your search easier. From knowing the documents required for your loan application to Stamp duty queries and how to calculate your generic EMI, we have outlined them for you below. For any other queries or information, feel free to connect with us here.

LOAN ENQUIRY

Can I get my House financed?

Yes. All Our properties are approved with most leading banks and financial institution for availing home loans.

How Much Loan Can I Avail?

You can avail a maximum loan of 80% of the Agreement value. However your loan amount may differ as per your income eligibility as appraised by the bank. All loans are at the sole discretion of the bank.

What is the term of the loan that banks offer?
Banks and financial institutions usually offer loans for a term of 10-25 years.

DOCUMENTS REQUIRED FOR AVAILING HOME LOANS ?

Basic Documents

Completed application form
Photograph
Photo Identity Proof
Residence Address Proof
Signature Verification Proof
Age Proof
Fee Cheque

For Salaried Applicants

Last 3 months’ Salary Slip
Form 16
Repayment Track record of existing loans/Loan closure letter
Bank Statement for the last 6 months from Salary Account

For Self Employed Applicants

A brief introduction of Business/Profession
Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
Repayment Track record of existing loans/Loan closure letter
Board Resolution in case of a company
Proof of existence of the company
Office Address Proof
Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)

Do I get a tax Benefit on the Loan?

Yes.

Do I get deduction on Interest?

The repayment of the interest portion of the EMI is allowed as a deduction under section 24 under the head “income from house property” up to Rs. 1,50,000/- for self occupied property and full amount in case of let-out property if the purchase or construction is completed within a period of three years from the end of the year in which the loan is taken.

Do I get deduction on Principals?

The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1 lakh. You can also claim deduction under Section 80C towards payment made for stamp duty, registration fee and other expenses for the purpose of transferring the property in the name of the assessed. All these deductions however should not exceed the overall limit of Rs. 1 lakh.

However, deduction under Section 80C is not available in respect of payment made towards the cost of any addition, alteration, renovation or repair carried out after the issue of the completion certificate.

Income from House Property

According to the Indian Income Tax Act, if a person (resident or NRI) owns more than one house property, only one of them will be deemed as self-occupied. There will be no income tax on a self-occupied property. The other one, whether rented or not, will be deemed to be given on rent and deemed rental income (based on certain valuations prescribed by the income tax rules) will be added to income. Further, TDS will be deducted on actual rental incomes earned by NRI.

Wealth Tax

Wealth tax is levied on the value of specified assets in excess of the Rs. 30,00,000. Specified assets include house property. However, the Wealth Tax Act provides an exemption in respect of one house property. There is a specific exemption available for returning Indians in respect of investment made in house property out of money brought from outside India or from balances held in NRE accounts as on date of return to India.

Certificate for deduction at lower rate or tax exemption certificate

Section 197 of the Income Tax Act, 1961 provides for deduction of tax at lower rates in certain cases. The rate prescribed for TDS from NRI’s income is the maximum rate of tax at which relevant Income is taxable in India. However, in majority of the cases of NRI, the actual tax liability is lower than this.

However, the higher deduction of tax so made is generally not claimed as a refund by filing Return of Income. In order to assist such situation, the Income Tax Act has provided procedure under section 197 whereby an NRI can apply to the Assessing officer (in prescribed form) to issue specific certificate authorizing the payer of income (who normally deducts tax at highest prescribed rate) to deduct tax at a lower rate or nil rate. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. The payer shall deduct tax in accordance with the certificate of the Assessing officer.

INCOME TAX BENEFITS

Basic Documents

Completed application form
Photograph
Photo Identity Proof
Residence Address Proof
Signature Verification Proof
Age Proof
Fee Cheque

For Salaried Applicants

Last 3 months’ Salary Slip
Form 16
Repayment Track record of existing loans/Loan closure letter
Bank Statement for the last 6 months from Salary Account

For Self Employed Applicants

A brief introduction of Business/Profession
Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
Repayment Track record of existing loans/Loan closure letter
Board Resolution in case of a company
Proof of existence of the company
Office Address Proof
Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)

LOAN ENQUIRY

Can I get my House financed?

Yes. All Our properties are approved with most leading banks and financial institution for availing home loans.

How Much Loan Can I Avail?

What is the term of the loan that banks offer?
Banks and financial institutions usually offer loans for a term of 10-25 years.

DOCUMENTS REQUIRED FOR AVAILING HOME LOANS ?

Basic Documents

Completed application form
Photograph
Photo Identity Proof
Residence Address Proof
Signature Verification Proof
Age Proof
Fee Cheque

For Salaried Applicants

Last 3 months’ Salary Slip
Form 16
Repayment Track record of existing loans/Loan closure letter
Bank Statement for the last 6 months from Salary Account

For Self Employed Applicants

A brief introduction of Business/Profession
Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
Repayment Track record of existing loans/Loan closure letter
Board Resolution in case of a company
Proof of existence of the company
Office Address Proof
Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)

Do I get a tax Benefit on the Loan?

Yes.

Do I get deduction on Interest?

The repayment of the interest portion of the EMI is allowed as a deduction under section 24 under the head “income from house property” up to Rs. 1,50,000/- for self occupied property and full amount in case of let-out property if the purchase or construction is completed within a period of three years from the end of the year in which the loan is taken.

Do I get deduction on Principals?

The repayment of principal amount of the loan can be claimed as a deduction under section 80C up to a maximum amount of Rs. 1 lakh. You can also claim deduction under Section 80C towards payment made for stamp duty, registration fee and other expenses for the purpose of transferring the property in the name of the assessed. All these deductions however should not exceed the overall limit of Rs. 1 lakh.

However, deduction under Section 80C is not available in respect of payment made towards the cost of any addition, alteration, renovation or repair carried out after the issue of the completion certificate.

Income from House Property

According to the Indian Income Tax Act, if a person (resident or NRI) owns more than one house property, only one of them will be deemed as self-occupied. There will be no income tax on a self-occupied property. The other one, whether rented or not, will be deemed to be given on rent and deemed rental income (based on certain valuations prescribed by the income tax rules) will be added to income. Further, TDS will be deducted on actual rental incomes earned by NRI.

Wealth Tax

Wealth tax is levied on the value of specified assets in excess of the Rs. 30,00,000. Specified assets include house property. However, the Wealth Tax Act provides an exemption in respect of one house property. There is a specific exemption available for returning Indians in respect of investment made in house property out of money brought from outside India or from balances held in NRE accounts as on date of return to India.

Certificate for deduction at lower rate or tax exemption certificate

Section 197 of the Income Tax Act, 1961 provides for deduction of tax at lower rates in certain cases. The rate prescribed for TDS from NRI’s income is the maximum rate of tax at which relevant Income is taxable in India. However, in majority of the cases of NRI, the actual tax liability is lower than this.

However, the higher deduction of tax so made is generally not claimed as a refund by filing Return of Income. In order to assist such situation, the Income Tax Act has provided procedure under section 197 whereby an NRI can apply to the Assessing officer (in prescribed form) to issue specific certificate authorizing the payer of income (who normally deducts tax at highest prescribed rate) to deduct tax at a lower rate or nil rate. The NRI should estimate his income, tax liability and likely TDS and then apply for partial or complete Tax Exemption Certificate. The payer shall deduct tax in accordance with the certificate of the Assessing officer.

INCOME TAX BENEFITS

Basic Documents

Completed application form
Photograph
Photo Identity Proof
Residence Address Proof
Signature Verification Proof
Age Proof
Fee Cheque

For Salaried Applicants

Last 3 months’ Salary Slip
Form 16
Repayment Track record of existing loans/Loan closure letter
Bank Statement for the last 6 months from Salary Account

For Self Employed Applicants

A brief introduction of Business/Profession
Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the main partners/directors
Repayment Track record of existing loans/Loan closure letter
Board Resolution in case of a company
Proof of existence of the company
Office Address Proof
Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)