The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used for living and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.
The buyer needs to pay the following taxes as mentioned below:
- TDS or tax deduction at source on amount exceeding Rupees 50 lakhs for the purchase of property.
- Stamp duty.
- Service tax- Applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If a ‘ready to move in’ property is purchased from the seller, service tax is not applicable.
Following are the mandatory documents that a buyer needs to present at the time of possession:
- Possession letter.
- Original copies of the chain of title agreements and development of society plan approvals.
- Original registration and stamp duty receipts.
- Original share certificate
- Proof of all payment of all dues like maintenance charges, electricity bills, water and property taxes up to the date of handing possession.
- NOC from the society or other concerned body confirming no objection to the transfer.
The general condition of eligibility are as follows:
- The borrower/buyer should be a resident of India or an NRI.
- Loan taker must be above 24 years of age at the beginning of the loan sanction initiation.
- And should be below 60 years or the retirement age when the loan matures. For self-employed the age line as per the rules is 65 years.
Stamp duty is paid for the property document on e-stamp paper that can be purchased from an authorised stamp vendor. The stamp paper is usually computer generated and is the first main page of the documentation. E-stamp papers are recommended as it can be easily authenticated. Yet, the buyer can opt for offline procedures too that consists of non-judicial stamp papers. The format of E-stamp paper includes the title of the document, date, names of parties and many other details as such placed on the lower portion of the head page.
A Power of Attorney (POA) is a legal document giving one particular individual the power to act for another person who is the principal head or the owner of the property. The power of attorney is frequently used in the event of a principal's illness or disability, or when the principal can't be present to sign necessary legal documents for financial transactions.