[ghodlur]

Guys I have a query.

Do banks provide home loans for property purchase in society which are embroiled in the forest land issue in Mumbai/Thane. I have zeroed in on one such property in Thane where the builder has paid the penalties or the excess payment amount on the behalf of the residents. But it seems that no bank is ready to provide home loan on the project due to the forest land issue thing, the builder is ready to provide the penalty payment reciept.
The residents already have have home loans but I guess this was before the forest land issue came into light. Also the residents have confirmed once the NOC is recd from the forest officials the society would apply for OC too.

[bnzjon]

Originally Posted by anekho

Chennai based bhpians, Appaswamy have launched a new project that's practically bang on Sholinganallur junction. Rates are ~4700 per sqft.

Any thoughts on how purchasing a flat here would be as an investment?

GO/Corporation approval is yet to be received. Expected some time in July 2012. The rates would go up once the approval is in place.

The rate looks slightly on the higher side with other projects in that area, however its better to wait for the GO/Corporation approval.

[@Chaand]

Maybe this has been posted before - but i could not locate it and hence asking.

If the market value of a property is 60L and the value as per the ready reckoner (published by the government/municipality) is only 45L, then whats the max value of the home loan which will be sanctioned?
Will it be 80% of 60 or 45?

[ghodlur]

Originally Posted by @Chaand

Maybe this has been posted before - but i could not locate it and hence asking.

If the market value of a property is 60L and the value as per the ready reckoner (published by the government/municipality) is only 45L, then whats the max value of the home loan which will be sanctioned?
Will it be 80% of 60 or 45?

It will be 80% of 60L. 45L is taken as min value for stamp duty and registration calculations purposes. You cannot pay the stamp duty for value less than 45L

[@Chaand]

OK. This was my understanding as well.
But one of the banks has come back saying that they will take 45L as the cap and 80% of 45L will be the loan amount.
Still talking to other banks.

[anekho]

Originally Posted by bnzjon

GO/Corporation approval is yet to be received. Expected some time in July 2012. The rates would go up once the approval is in place.

The rate looks slightly on the higher side with other projects in that area, however its better to wait for the GO/Corporation approval.

Thanks! Yep, would definitely want to wait till the approvals come in.

Any thoughts on 'hot' (good return on investment) areas to invest in?

[#win]

Originally Posted by @Chaand

OK. This was my understanding as well.
But one of the banks has come back saying that they will take 45L as the cap and 80% of 45L will be the loan amount.
Still talking to other banks.

The 45L amount is called Guidance Value, what it means is you will have to pay Stamp Duty/ Registration charges as per this value, even though the consideration might be lower than the Guidance value. The Guidance value is nothing to do with the Loan amount. In bangalore I have come across Sale transactions which are upto 10 times the guidance value. I am sure the banker you approached is rather new or is not knowledgable. Do check with other bankers.

[bullinb]

Originally Posted by #win

The Guidance value is nothing to do with the Loan amount

Originally Posted by #win

I am sure the banker you approached is rather new or is not knowledgable

Not quite true. Most of the nationalized banks (SBI for e.g.) will lend you 80% of the registered value.

Private banks (Axis etc.) have an independent evaluation panel and will lend you upto 80% of the market value as determined by this panel. Of course, the agreement has to be more than or equal to the market value determined by them.

Do be aware that you are legally bound to register the property at the full consideration value. It is another matter that most transactions are not.

[#win]

Originally Posted by bullinb

Not quite true. Most of the nationalized banks (SBI for e.g.) will lend you 80% of the registered value.

Private banks (Axis etc.) have an independent evaluation panel and will lend you upto 80% of the market value as determined by this panel. Of course, the agreement has to be more than or equal to the market value determined by them.

Do be aware that you are legally bound to register the property at the full consideration value. It is another matter that most transactions are not.

@bullinb, What is not true brother?
I have started my career with Stan chart at their home Loans division.

[vikramvicky1984]

I am looking to rent a flat in Navi Mumbai from 1st may
Preferably near vashi station.
Any leads would be great.

@ mods: Kindly delete if inappropriate

[ghodlur]

Property experts,

Need some advice.

1) How to include the parking in the resale agreement? Parking bought from builder and have an allotment letter only. Should the parking area be included in the sale agreement, if so would this attract stampduty?
2) What documents are needed in case of resale to be attached in the agreement doc?

[NetfreakBombay]

Did builder utilize FSI for parking?

If builder did not, parking can no be included in agreement sine that can invalidate the whole agreement. Reason is, any part of building that is not part of FSI belongs to society (like lift shafts / flower beds etc).

You can do a separate agreement for transfer for parking allotment. Though it would not be registered.

[ghodlur]

Originally Posted by NetfreakBombay

Did builder utilize FSI for parking?
How Do I confirm that?

You can do a separate agreement for transfer for parking allotment. Though it would not be registered.

Regarding the seperate agreement for the parking, would an agreement on Rs 100 stamp paper suffice with the wordings similar to the allotment letter?
Had a query reg the Home Insurance. When I bought the apartment, I had paid an amount to SBI for home insurance which they got from National Insurance. If I sell the apartment, what happens to the home insurance, does it get closed?

[kousik]

If a group of independent people (4 friends, for example) decides to buy a property (say of 8000 sqft plot, which is not affordable by one of the individuals), is it possible to apply for bank loan independently/individually? Will it make simpler if all 4 takes loan from same bank/branch? What would be the liability if one of them fails to pay? Should these 4 people together form a co-operative or LLP to make things happen? Initial registration to happen as "equal undivided share to all 4 parties", and should they finally file a partition suite to divide the property among themselves?

[msvg]

Originally Posted by motomaverick

Looking to purchase site or land probably 30x40 or 30x50 in and around Bangalore. Saw some sites by NBR Developers near Bagalur (After Sarjapur) offerred at 425/sqft and 600/sqft. Does anyone has any information on these developers or if anyone can point to other properties.

I am interested to take a look at the same and take things further,hope we can buy together and strike a deal ....

Thanks
MSVG