Moneycontrol

Chat Transcript

  • Mani Rangarajan

    11 Oct - 03:00hrs

    Should you buy your dream home now?

    Mani Rangarajan CBO - Platform BU, Housing.com

  • Posted By: guest:

    right now is it better to buy home in Mumbai with 1.5 cr loan and total in around 1.95 cr? I feel better to have some amount in mutual funds and stocks, still we can for bank FD?? I just want to compare like with this amount of loan should we go for buy a home?? if yes then why??

    Posted By: Mani Rangarajan

    : The corpus you have mentioned is a competitive one and you will get several options in it. The amount of loan to take will also depend on how much loan you are eligible for, and the property you choose. The amount of loan isn`t an issue if you have the salary/income to repay it.

    Posted By: guest:

    Do I need to pay stamp duty if the property is transferred or is a gift?

    Posted By: Mani Rangarajan

    : Yes, you need to. As per the Transfer of Property Act, the transfer of a house property under a gift, has to be effected by a registered instrument/document, signed by or on behalf of the person gifting the property and should also be attested by at least two witnesses.

    Posted By: guest:

    Can I authorize someone else to register my property by granting him Power of Attorney?

    Posted By: Mani Rangarajan

    : Yes you can. You can also give the person a more broadbased legal authority, or limited authority, over certain aspects of property transactions only. POA is most effective if the person granting POA is not available in the country, has health issues, etc.

    Posted By: guest:

    How can I convert a leasehold property to freehold?

    Posted By: Mani Rangarajan

    : This would depend on the area you reside in. You will also have to check on the conversion rates, which will depend on the size of the plot and the location.

    Posted By: guest:

    What is the difference between long-term Capital Gains and short-term Capital Gains?

    Posted By: Mani Rangarajan

    : Any immovable asset which is held for three years or less, is treated as a short-term capital asset and any immovable property held for more than three years, is treated as long-term capital asset. Any profit/gains made on such a short term immovable asset is included in your regular income and taxed at the slab rate applicable to you. For a long term capital asset, the profit on such sale is taxed at 20%, plus cess and surcharge. You can invest in another residential house or in capital gains bonds of Rural Electrification Corporation or National Highways Authority of India, in order to save on long-term capital gains taxes.

    Posted By: guest:

    Can I repay the loan ahead of schedule?

    Posted By: Mani Rangarajan

    : Most banks allow that option, after a specified period of time. Prepayment terms differ from bank to bank. So, it`s best to check with your bank about their prepayment terms, and whether they have any prepayment penalties, and if yes, how much.

    Posted By: guest:

    What documents are required to get a resale property registered ?

    Posted By: Mani Rangarajan

    : These would depend, at least partly on whether you are buying from a CHS, or a flat which was originally allotted by a development authority. However, in all cases, the chain of conveyance sale deeds or agreements with past owners is very important; and NOC from the society or transfer permission from the respective authority.

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