[whencut86]

Originally Posted by balenoed_

For eg: The Actual Sale Price of a plot is going to be 75L. But the current GV of the plot is ~30L and the agreement is going to be made with 30L, and hence attracts a much lesser registration charges than what it would have been if ASP (75L) was put in agreement.

For any bank loan, there will be a valuer from bank side who will mention the actual Ground value as per the current Government Market Price for that area. You will pay registration fees for this value if this is the higher value of the Sale Price or Ground Value.

If the Sale Value is higher, then you will pay registration charges for the sale value.

You can quote a lower sale value as per Ground Value and close the deal but expect the bank to furnish loan only for that sale value as per RBI guidelines.

You can't quote 30L in sale value and expect bank to provide you loan for 75L because none of the banks will do that since they are bound by rules and guidelines.

[thanixravindran]

Originally Posted by balenoed_

Really? Now this is one new information.

You mean they will write, for eg: that 75L is the market value and the sale deed value is 30L. Hmm.

Is this a practice only in your state and do you know if KA also does this way?

I don't know about KA. This is recently seen in TN.

[atulsian]

Originally Posted by balenoed_

Very clearly explained, Thanks.

Yes, by agreement I meant buyer and seller signing a sale agreement with GV.

And my query is from a buyer point of view.

For eg: The Actual Sale Price of a plot is going to be 75L. But the current GV of the plot is ~30L and the agreement is going to be made with 30L, and hence attracts a much lesser registration charges than what it would have been if ASP (75L) was put in agreement.

So from buyers stand point, is there any disadvantage in doing this way, than having an advantage of having a lesser registration charges.

There is no disadvantage in quoting GV on the agreement. We recently took a mortgage loan of above 1.65 cr on our property which was registered on my parents name (jointly owned) in 1995 and the value on the agreement was 4 lakhs. As of today our property(land) current GV is 1 crore and market value is around 5 crore . No bank will look at GV value when assessing a profile for loan. They always look at Market value of the property.

[antz.bin]

I didn't know whom else to ask so I am posting this here. I am in the process of finalising my first home and want to understand what exactly I am paying for and if I am getting my money's worth.

During my research I came across the term "Loading Factor" (Super-built-up area / Carpet Area). And it seems that we can calculate the loading factor for a project from its RERA Application.

But there is no information that I could find on how exactly to do this from a sample RERA Application for a Godrej Properties project with MahaRERAA P52100046729 (Used only for reference, reputed builder chosen to ensure full and correct compliance).

Can anyone here help me with how to calculate this Loading Factor from the RERA Application?

[sunilch]

Originally Posted by antz.bin

During my research I came across the term "Loading Factor" (Super-built-up area / Carpet Area). And it seems that we can calculate the loading factor for a project from its RERA Application.

But there is no information that I could find on how exactly to do this from a sample RERA Application for a Godrej Properties project with MahaRERAA P52100046729 (Used only for reference, reputed builder chosen to ensure full and correct compliance).

Can anyone here help me with how to calculate this Loading Factor from the RERA Application?

Don't bother about these terms. These are all "Jumlas" for marketing speak.

Seller will try to calculate the same in reverse to show a smaller number. Buyer will try to calculate to see the larger number.

What matters in the end for you is how much Carpet are you getting as per the sale agreement and what rate (per sq. ft.) are you paying for that carpet when compared to similar properties in the same locality.

If you are nearby the going rate, you are good. Otherwise you are overpaying and should bargain on that front.

[Everlearner]

Originally Posted by atulsian

There is no disadvantage in quoting GV on the agreement. We recently took a mortgage loan of above 1.65 cr on our property which was registered on my parents name (jointly owned) in 1995 and the value on the agreement was 4 lakhs. As of today our property(land) current GV is 1 crore and market value is around 5 crore . No bank will look at GV value when assessing a profile for loan. They always look at Market value of the property.

There is difference between a mortgage loan and a land purchase loan.

In mortgage loan, since the sale of the asset happened in the past, banks will consider the market value of the asset to derive the loan eligibility.

In a land purchase loan, even if the market value of the land is 75L, if you are registering the sale deed for 30L, banks cannot give you loan more than x% of 30L. The X can vary between 50% - 80% depending on other factors.

[.sushilkumar]

Originally Posted by Everlearner

In a land purchase loan

Interesting that you said above. Way back in 2016, I requested for plot loan and was denied on the grounds that there is no loan for land /plot purchase. If i am ready to stat construction than they can offer me a standard construction linked plan & include land cost in there.

Did some thing changes or i was fooled. I checked with multiple banks and ended up taking a PL to pay off.

[Everlearner]

Originally Posted by .sushilkumar

Interesting that you said above. Way back in 2016, I requested for plot loan and was denied on the grounds that there is no loan for land /plot purchase. If i am ready to stat construction than they can offer me a standard construction linked plan & include land cost in there.

Did some thing changes or i was fooled. I checked with multiple banks and ended up taking a PL to pay off.

Land purchase loans are not widely provided. To my knowledge, The criteria for land purchase loan is much more stringent than a house purchase loan. They usually finance only land within Citi limits and clear titles.

They are generally more inclined to finance a combination of land purchase and house construction than just a land purchase.

[balenoed_]

Originally Posted by Everlearner

In a land purchase loan, even if the market value of the land is 75L, if you are registering the sale deed for 30L, banks cannot give you loan more than x% of 30L.

Not really the case now. Only SBI and probably the other 3-4 nationalized banks have that rule. Remaining most others are ready to give loan for sale price. I have done enough inquiry on this during the past few days and this is true. If I apply today, I will get the loan sanctioned in 5 days, upto 85% of actual sale price (Not sale deed value).

Originally Posted by Everlearner

Land purchase loans are not widely provided. To my knowledge, The criteria for land purchase loan is much more stringent than a house purchase loan.

Again, not exactly the case now. It is very easy to get loan for land purchase. Of course, the papers need to be clear.

And if I want to do a construction in that land and needing loan for that too, then it becomes composite loan. i.e land + construction loan.

And I am mentioning the situation in Bangalore city.

[condor]

Originally Posted by Everlearner

Land purchase loans are not widely provided. To my knowledge, The criteria for land purchase loan is much more stringent than a house purchase loan. They usually finance only land within Citi limits and clear titles.

LIC HFL does provide loans to buy sites/plots. The location needs to be in a layout, I believe - even adjacent to the smaller towns. ( We are selling a site, and the buyer has got a loan for this. The site is in a near-by town, outside the developed area of the town. One other point is that price-wise, in the sale agreement/deed, we refused to go beyond what would have attracted LTCG for us).

[balenoed_]

Originally Posted by condor

We are selling a site, and the buyer has got a loan for this. The site is in a near-by town, outside the developed area of the town.

Do you have an E-Khata? I am told it is mandatory now for doing registration? Any idea about that?

[condor]

Originally Posted by balenoed_

Do you have an E-Khata? I am told it is mandatory now for doing registration? Any idea about that?

Yes. Took time, effort, people and money to get it done. Would not have been able to sell without it. The rule has been there for a few years now - not just in & around Bangalore, but across the state.

[balenoed_]

Originally Posted by condor

Yes. Took time, effort, people and money to get it done. Would not have been able to sell without it. The rule has been there for a few years now - not just in & around Bangalore, but across the state.

I am being told or ‘convinced’ by the seller that he can influence to get the registration done without having e khata and later on I can apply for e khata myself after the registration. As he needs to close the registration soon. All other papers are clear. It’s is a BDA approved A khata plot.

What is your insights on this?

[condor]

Originally Posted by balenoed_

I am being told or ‘convinced’ by the seller that he can influence to get the registration done without having e khata and later on I can apply for e khata myself after the registration.

I will have to check on this. But first question is - are you willing to run around to get the e-Khatha done ? What if there is a penalty for the e-Khatha when you try to get it ?

Normally, it's the sellers responsibility to give all documents as applicable on the date of registration. Only new regulatory stuff after the property is transferred to your name should be your responsibility.

[Capri89]

Originally Posted by condor

Yes. Took time, effort, people and money to get it done. Would not have been able to sell without it. The rule has been there for a few years now - not just in & around Bangalore, but across the state.

Hi Condor,

I am in a similar quandary, i.e in respect to E - khata.
Please guide, in whatever way possible.
I understand that time, effort and money is upto me.
So, basically, it is the people help that I am looking for.

Regards.