Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Menu  
 
Apply Now
Apply Now

Tata Capital > Blog > Loan for Home > Five Real Estate Rules All Home Buyers Must Know

Loan for Home

Five Real Estate Rules All Home Buyers Must Know

Five Real Estate Rules All Home Buyers Must Know

Purchasing a property, especially if you’re doing so for the first time, can be challenging since it involves a complex and cumbersome set of laws. As a homebuyer, it makes sense to do some leg work and get to know some basic rules before buying property. Here are five real estate rules all homebuyers should be aware of.

Type of Property Being Purchased

According to the Real Estate (Regulation and Development) Act of 2016, the rules for the purchase of a property that is under construction and a property that is ready-made are different. How? Well, if you have any grievances against the property builder, you will have to address the state Real Estate Regulatory Authority (RERA) in case of a property that is under construction and the district consumer dispute redressal tribunals in case of a property that is ready to move in.

Additional Read: Planning To Buy A Home For The First Time? Make Sure To Follow This Home Buying Guide

Legal Ownership

Without proper registration, an individual cannot become the legal owner of a property. As per the Indian Stamps Act of 1899, any individual purchasing a property is required to pay 1% of the property amount as registration fee as well as 4-10% as stamp duty. Only after registration can one become the lawful owner of a property.

Renting the Property

The Draft Model Tenancy Act of 2015 was introduced to change the way the real estate sector functioned. According to this Act, a landlord or landlady, though rightful owners of the premises, cannot enter therein without giving the tenant a written notice 24 hours prior to their arrival under any circumstances (be it for inspection or renovation or any other reason).

Property Sale

When you plan on putting your property out for sale, do keep in mind that as per the Income Tax laws, you will have to pay capital gains tax on the profit that you make. If you wish to save on taxes, you can opt for either of the two options – seek the help of government schemes or invest in some other fixed property.

Additional Read: How To Calculate Resale Value of Your Property?

Transfer of Property

The laws that govern the transfer of property have been laid down under the Transfer of Property Act of 1882. As defined by the Act, any kind of property can is transferable by an individual “competent to contract and entitled to transferable property, or authorized to dispose of transferable property not his own”. Though property transfer is permissible as a gift, sale, or handover; an individual is not allowed to gift any property that they plan on owning in the future.

Purchasing the home of your dreams is now possible with plenty of finance option such as a home loan options. Tata Capital Housing Finance Institution grants home loans ranging from Rs. 2,00,000 to Rs. 5,00,00,000 depending upon your home loan eligibility, with home loan interest rates starting at just 9.25%. Rs. 2,00,000 to Rs. 5,00,00,000 depending upon your eligibility, with home loan interest rates starting at just 6.9%. 

Apply Housing Loan Online

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
More About Loans
home loan calculating home loan housing loan rate of interest calculate home loan eligibility documents needed for housing loan quick cash loan housing loan top up home loan transfer home loan with overdraft facility home loan balance transfer calculator home loan disbursement process loan for home extension rgrhcl
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools