FAQ
Am I Ready to Invest in a Home ?
Points To Consider Before Buying a House.
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Do you have a steady source of income from your business if self employed or your job if salaried?
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Do you have a good Cibil credit record so the loan process is smooth?
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Do you have atleast 20 % own contribution for making a down payment?
Buying a House or Staying on Rent.
The only advantage of staying on rent is that you will be free of most of the maintenance costs and responsibilities that come with owning a home. Disadvantage of staying on rent is you are not creating an asset which appreciates over period of time.
Buying a house means you are creating an asset even if you are paying an EMI for it and you have ownership for the same. Also you can get tax benefits if you are taking a mortgage.
Evaluation of my Loan Eligibility by Financial Institution.
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Financial Institution will check your existing liabilities before sanctioning a loan amount.
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Financial institution will also check your own contribution amount.
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Financial Institution will check your Cibil score
How Many Properties to Check before Finalising.
This depends on person to person and the family choice but on an average, buyers in the market generally see an average of 10 homes a mix of resale and new projects before choosing one. Talk to your property advisors about the budget , Location preference, Connectivity, Type etc so the process is smooth.
How Should I Make an Offer.
Once you have Finalized the property either resale or new project your property advisors will help you in making the offer basis:
- Property Title clear.
- All property documents in place ( Sale Agreement, Share Certificate, Municipal tax clear, Electricity bill clear, Society maintenance clear, Transfer fees agreed 50 %).
- In case of Mortgage a period of 60 days would be taken for the final possession.
- Price you are offering would be in line with the current market.
- Terms & Conditions of the payment plan.
How Much Commission Do You Charge.
(a) Where we act on behalf of both the Buyer and the Seller, commission at the rate of 2 % shall be paid to us by each party.(b) Where we act only for the buyer or the seller, commission @ 2% shall be paid by the party for whom the member acts.
What are the tax implications from sale of property.
There would be short term or long term capital gains, this should be discussed with your CA or tax advisors before initiating the deal. If the house is held for less than three years prior to its sale, it is termed as a short-term capital asset and any gain arising from the sale is treated as a short-term Capital Gain. There are no tax exemptions for short-term Capital Gains and one needs to pay it according to the applicable tax slab.
However, if the property is sold after holding it for more than three years, it is treated as a long-term capital asset and the gain arising from it is called the long-term Capital Gain.Also TDS of 1 % should be paid by the buyer if the agreement value is 50 lakhs or above.
Ways to save capital Gains.
- Invest in Bonds
- Invest in Capital Gain Account Scheme
- Buy or construct a new house
How can a Property Advisor Be of help.
Sellers can list the properties available for resale through an enquiry form, which is available on our website. By registering with us , you would get associated with a large network of buyers without paying any extra charges as we would do the advertisement of your property .
Buyers can log on to our web sites and view the properties posted by us and shortlist as per your choice and we would initiate a smooth closure of the transaction.
We at Rising Star Property Advisors have a different approach as we do Client profiling, understand their choice in terms of the location, Budget thereby suggesting the best resale or new project basis appreciation in the past and future developments .