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Help Desk

EMI CALCULATOR

How much will I pay each month on my home loan?

What is the EMI for my home loan? This question bothers every home loan borrower. Gone are the days when one had to contact every bank to get an idea of EMI for a given loan amount. This Home loan EMI calculator from Rupeetimes does all the hard work for you in just few clicks.

Calculate the EMI's for your home loan now!

Your Monthly EMI is 0000

Note: The result from this calculator should be used as an indication only and is neither a quote noe a pre-qualification for a loan.

STAMP DUTY CALCULATOR

Stamp out uncertainty about stamp duty

You might be surprised just how much stamp duty can add to your costs – it can be a substantial amount, especially if you haven't budged for it. You don't want any nasty surprises, so to prepare yourself, use this online calculator to find out how much stamp duty will cost you for the state or territory you live in.

Calculate the Stamp Duty for Rajasthan now!

Value of Property
Stamp Duty on property is 00000

Note: The result from this calculator should be used as an indication only and is neither a quote noe a pre-qualification for a loan.

FREQUENTLY ASKED QUESTIONS

  • Are any conditions required to be fulfilled if repatriation of sale proceeds is desired?

    Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later.

  • Can sale proceeds of such property if and when sold be remitted out of India?

    In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.

  • Can such property be sold without the permission of Reserve Bank?

    Reserve Bank has granted general permission for sale of such property. However, where the property is purchased by another foreign citizen of Indian origin, funds towards the purchase consideration should either be remitted to India or paid out of balances in NRE/FCNR accounts.

  • Are there any formalities required to be completed by foreign citizens of Indian origin for purchasing residential immovable property in India under the general permission?

    They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration alongwith a certified copy of the document evidencing the transaction and bank certificate regarding the consideration paid.

  • In what manner the purchase consideration for the residential immovable property should be paid by foreign citizens of Indian origin under the general permission?

    The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with banks in India.

REAL ESTATE GUIDE

India is a country named as country of villages. But rapidly developing towns and urban areas. In metros developing buildings called skyscrapers with latest architecture, the small towns spreading with new buildings around the existing towns. Beautiful roads and flyovers are additional attractions. Surveys are describing that India got highest rate of change of urban people in developing countries. By 2050 about 85 crores people will live in Cities. The population will be equal to Germany, Brazil, Russia, Japan and USA.

The real estate growth in India is divided into 3 Categories.
1. Residential
2. Commercial
3. Retail

Presently the real estate business is very attractive in Mumbai, Delhi, Bangalore and Hyderabad Cities. By 2030 more than 60% of people (most of the people India) will be living in cities. So we may just imagine the necessity and demand for real estate and construction business in India.

Here are few tips while purchasing new house or building.
Approvals from different departments (Whether the builder received approvals from various departments)

1. Approvals from municipality/ municipal corporation
2. Approval from Airport authorities
3. Approval Electricity Boards
4. Approval from Area development authorities
5. Approval from pollution control boards
6. Approvals from Forest & Agriculture

Research on Location
1. Check water and electricity connections
2. Check whether any industrial pollution issues
3. Check for approach roads
4. Check for drainage, sewerage and garbage arrangements
5. Check for public transport facilities, hospitals, educational institutions, shopping facilities etc.,

Check Ownership and related things
1. Previous Ownership/Title documents for last 13 years
2. Previous encumbrance documents for last 13 years
3. Tax paid receipts

Other Tips
1. Have a clear idea
2. Don’t love different kinds of buildings but understand exactly your requirements
3. Research from good agent
4. Enquire with more than 3 agents

Definition and Meaning: Area of land below the ground and space in the air and any constructions on it. Real estate means buying or selling of plots and flats. Real estate business consists buyer, seller, brokers, sellers, agents etc., ( Here parties like buyers, sellers, agents may be individuals, firms, companies).

Basics of Real Estate : Let us learn some real estate basics like property types, agents, title, brokers, trends etc.

Rights and possession : Real estate ownership may be in many ways. Sometimes we may find some body will have rights to use it without having ownerships. In this cases real estate people must thoroughly understand and advise their buyers and sellers the facts of the property.

Lease Purchase (Rent buy) : The land lord (owner) and tenant (occupant) enter into agreement saying that the tenant will purchase the property (home) which he/she occupied for rent. The terms and conditions of the agreement may change with or without changing the original agreement. The sales transaction may takes place at agreed price which parties agreed at the time of original agreement or may takes place at appraised value. That means property may negotiable or not at the time of sales transaction taken place. In this transaction normally the seller/land lord asks for non refundable amount at the time of agreement. Lease purchase is good for both buyer and seller.

Commercial Property : A property is intended to use for profit business. For instance Restaurants, Servive stations, shops, shopping malls, offices etc., We can’t say this property as residential or Industrial property. These properties may be purchase for outright or given for lease through brokers.

Residential Property : Townships, apartments, individual houses, condominiums / Co-ops are known as residential property.

Vacant Land : A part/bit or land is without structure, development, building on its surface is known as Vacant land. In other words a land or property not currently being used (A raw land).

Buyer : In real estate terminology buyer means a person who is paying money to seller of the property which is selling.

Seller : A person who got title and sold real property and receives money.

Broker/Agent : In real business Broker or agent both are mediators in sale / purchase transactions. The brings both seller and buyer together and involves close the transaction. Though the both words looks very similar if you look into deep you will find significant difference between broker and agent and their activities.
a. Meaning : An agent works for broker. Broker is the owner/boss of the real estate company. The broker works under guidance of agent. Very rarely the broker involves directly in the real transactions.
b. Misunderstanding : Many of us thinks that broker is better that agent. Usually a broker is real estate company owner or manager does have less knowledge on transactions. So some times he may not be a better agent. But agent got better understanding on transactions.
c. Duties: A real estate agent works on behalf of broker. The broker gets done transactions through agent.
d. Requirements : An agent must have knowledge of business management. The brokers must acquire knowledge of real estate ethics and law.
e. An agent receive money from broker. The Broker receives money from parties involved in the transactions.

Deeds in the Real Business : Though there are many deeds available in real business to explain the title. The following four deeds are popular.
a. Bargain and sole deed : With this document the buyer may not get protection from encumbrances but the deed is useful for other important purposes
b. General Warranty deed : This is the very important deed which protects buyer. Many rights, covenants and warranties explained by the seller to buyer.
c. Special Warranty deed : This deed doesn’t provide security to buyer but in this deed the seller grants few warranties.
d. Quitclaim deed : This is the deed provides least warranties among above all deeds.The purpose and usage is very limited.

From the above you can understand there is lot of scope for real estate because of fast growth. It would be better time to own real property. Slowly the demand and prices will go high and high above. We believe that the above points may help real property buyers. The above tips are only suggestions. Above all we advise buyers to use their wisdom and take decisions based on place, time, seller and locality.

FINANCIAL GUIDE

If you are planning to buy home, you need to know about home loans processes, troubleshooting and how to choose the right home loan for house that falls within your budget. There are various types of home loans offered by different financial institutions. You need to figure out which type of home loan is beneficial for you.

Types of Home Loans Available:
Home Equity Loans
Home Extension Loans
Home Improvement Loans
Home Purchase Loans
Land Purchase Loans
Mortgage Loans

Many banks and financial companies offer home loans. But before choosing any home loan option, consider few points as mentioned below.

Property Types: You should know more about type of property in lieu of which you seek loan. There are loans offered by banks to Resident Indians and NRIs for ready property, under construction property, self-construction and home improvement.

Loan Tenure: The loans provided by financial institution are offered in tenures or period of years. You should check out the tenure for loans available in the market. There are loan tenures available for upto 25 years.

Repayment Options: You need to choose between fixed and floating rate home loans. Many banks and financial institutions will provide you with the option of switching from a floating rate home loan to a fixed rate home loan once a year at no extra cost. But you need to check out the facts first with the loan providing firm.

No Penalty option: There are also no penalty option offered by few finance companies. In this mode, you can opt to pre-pay up to 25% of your loan every year. Pre-payment is permitted after a minimum of 6 months following loan disbursal.

Tax Benefits: You should know the right of your tax benefits on home loans. Resident Indians are eligible for certain tax benefits on principal and interest components of a housing loan under the Income Tax Act, 1961.##

Always check with a financial home loan expert or financing company to understand home loan processes and to avail the best bargain on your home purchase.

The home buying process can seem complicated, but if you take things step-by-step and you know how to choose the right home loan, you will soon be holding the keys to your own home!

Ten steps to buying a home
Step 1: Figure out how much you can afford. What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. The calculators can help, but it is best to visit a lender to find out for sure. A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that down payment!
Step 2: Know your rights
Step 3: Shop for a loan. Save money by doing your homework. Talk to several lenders, compare costs and interest rates, and negotiate to get a better deal. Consider getting pre-approved for a loan.
Step 4: Learn about home buying programs
Step 5: Shop for a home. Choose a real estate agent, Wish list - what features do you want, Home-shopping checklist - take this list with you when comparing homes.
Step 6: Make an offer. Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Step 7: Get a home inspection. Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Step 8: Shop for homeowners insurance Lenders require that you have homeowners insurance. Be sure to shop around.
Step 9: Sign papers. You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
Step 10: The House is yours now. Have Puja or hawan.

Tax Benefits The benefits of taking a home loan the income tax authorities look with favour upon those servicing a housing loan from specified financial institutions. And, it is up to you to be wise enough to take advantage of this.

• Let's start with Section 24 of the Income Tax Act.

Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. That means you are allowed to deduct an amount equivalent to the total interest payable on the housing loan from your taxable income within the same financial year.

This is now a substantial amount. It started off with the Income Tax Department offering Rs 15,000 as the maximum amount eligible for deduction in the case of self-occupied property. This later got doubled to Rs 30,000. It did not stop there. After getting enhanced to Rs 75,000, it was then taken to a limit of Rs 1 lakh. Presently, the limit stands elevated to Rs 1.5 lakh.

So, should you borrow money to acquire, construct, repair, renew or reconstruct property on or after April 1, 1999, you get a deduction of up to Rs 1.5 lakh. The criteria being: the property has to be acquired or constructed by March 31, 2003 and be self-occupied.

When put in figures, this is quite an amount:
1. Assume taxable income of Rs 4 lakh, placing the assessee in the highest tax bracket.
2. Assume interest payment during the first financial year is Rs 1.60 lakh
3. Taxable income stands reduced to Rs 2.5 lakh (Rs 4 lakh - Rs 1.5 lakh being the maximum limit)
4. Total tax amounts to Rs 49,980 (tax of Rs 49,000 + surcharge of Rs 980)
5. Tax saved is Rs 45,900 (tax @30% on Rs 1.5 lakh plus 2% surcharge as the investor is in the highest tax bracket)

• That brings us to Section 88 of the Income Tax Act.

You get a 20% rebate on repayment of principal during a financial year. Once again, over the years, the principal repayment eligible for rebate has been enhanced from Rs 10,000 to the current limit of Rs 20,000. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount.

Going back to our earlier example:
1. Taxable income of Rs 4 lakh
2. Taxable income stands reduced to Rs 2.5 lakh
3. Tax before rebate and surcharge: Rs 49,000 (no surcharge is computed as surcharge is applicable on tax payable after allowing for rebate under Section 88)
4. Rebate of Rs 4,000 (20% of Rs 20,000 being principal repayment)
5. Tax less rebate of Rs 4,000 + surcharge @ 2%= Rs 45,900
6. Tax saved = Rs 49,900 (Rs 45,900 as shown above plus rebate of Rs 4,000)