FAQ's

GENERAL

What do the terms: Carpet area, Built up area and Super built up area mean?

NRIs

Who is a non-resident Indian (NRI)?
Who can purchase immovable property in India?
Do foreign citizens of Indian origin require permission of Reserve Bank to purchase immovable property in India for their residential use?
In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission?
What are the formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?
Can such property be sold without the permission of Reserve Bank?
Can sale proceeds of such property if and when sold be remitted out of India?
Are any conditions required to be fulfilled if repatriation of sale proceeds is desired?
Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift?
Can immovable property held in India, be transferred by way of gift to relatives/registered charitable trusts/organizations in India?
Can foreign citizens of Indian origin acquire commercial properties in India?
Can sale proceeds of such property be remitted out of India?
Can the properties (residential/commercial) be given on rent if not required for immediate use?
Can NRIs obtain loans for acquisition of a house/flat for residential purpose from authorized dealers/financial institutions providing housing finance?
Can Indian companies grant loans to their NRI staff?
Can authorized dealer grant loans to NRIs for acquisition of a house/flat for residential purposes?

Home Loan

Who can apply for a Home Loan?
When can a Home Loans be applied for?
How does the lender calculate eligibility?
How do I repay the loan?
What is pre-EMI interest?
Is there a fixed interest rate for the duration of the loan?
What is a fixed rate loan?
What is a floating rate loan?
It is better to opt for a fixed or a floating interest rate?
Is there a difference between monthly rest & annual rest?
What are the other areas of expenditure before I get a Home Loan?
Is a guarantor required?
Can I repay the loan before the set date of repayment?
How do I select my HFC?
Can a loan be switched over if I have obtained it at a high rate of interest, but another HFC is offering a better interest rate?
What is the maximum amount of housing loan available?
What is the amount I can borrow and what are the criteria?
What is the period in which I will have to repay the loan?
How is the interest calculated on my loan?
How do I apply for a loan?
Who can be co-applicants for the housing loan?
What security do I have to provide?
Does the Agreement for Sale have to be registered?
Does the property have to be insured?
How long does it take to get my application processed and my loan sanctioned?
When do I have to make my share of the contribution to the purchase price of the property?
What do I have to do when my housing loan is sanctioned?
In how many installments can the loan be disbursed?
Do I get tax benefits on the loan?
Can I get a loan for extension / upgradation / renovation of my house?
Can I sell the property on which I have taken the loan?
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