1. How much housing loan can one get?
Housing loan will be sanctioned depending upon your repayment capacity and according to your income. Your spouse's income can be included, if you want to increase the amount of your loan. The maximum loan that can be sanctioned varies with housing finance companies and ranges from Rs.10 lakh to Rs.1 crore.

2. Which loan is cheaper — the monthly reducing balance or the annual reducing balance?
The best way is to compare the EMIs and the tenures of the two home loans. The loan carrying the lower EMI for the same tenure is the cheaper option.

3. Can a person resident outside India (i.e., a NRI or a PIO or a foreign national of non-Indian origin) acquire agricultural land / plantation property / farm house in India by way of purchase?
No. A person resident outside India cannot acquire by way of purchase agricultural land / plantation property / farm house in India.

4. What is the difference between built-up area, super built-up area, and carpet area?
Carpet Area: This is the area of the apartment/building excluding the area of the walls.

Built-up Area: This includes the area of the walls also.

Super Built-up Area: This includes the built up area along with the area under common spaces such as the lobby, lifts, stairs, etc.

5. What are all the important documents one should check before buying any property?
If you want to purchase a property, you have to look at the approved layout plan, approved building plan, ownership documents, carryout search, etc.

6. Who is liable to pay Stamp Duty — the buyer or the seller?
The liability of paying stamp duty is that of the buyer unless there is an agreement to the contrary.

7. Who is the appropriate authority for knowing the market value of the property?
It is the Sub-Registrar of the area in whose jurisdiction the property is located.

8. Can an NRI take loan against the security of immovable property in India? Are there any restrictions on the use of loan amount?
An NRI can borrow against the security of immovable property from Authorised Dealer subject to following conditions:

i) the loan should be used for meeting the personal requirements or for borrower's own business purposes; and

ii) loan should not be used for prohibited activities, namely;

(a) business of chit fund, or

(b) Nidhi Company, or

(c) agriculture or plantation activities or in real estate business, or construction of farm houses, or

(d) trading in Transferable Development Rights (TDRs),

iii) the loan amount cannot be remitted outside India,

iv) repayment of loan shall be made from out of remittances from abroad or by debit to NRE/FCNR/NRO account or out of the sale proceeds of shares or securities or immovable property against which such loan was granted.

9. Can NRI / PIO acquire residential / commercial property by way of gift under the general permission available?
Yes. Under the general permission available NRI / PIO may acquire residential / commercial property by way of gift from a person resident in India or a NRI or a PIO.

10. What are capital gains tax implications when NRIs sell the property?
NRIs selling the property are subject to capital gain taxation. The gain is computed by taking the difference between the sale price and the indexed cost of acquisition as well as cost of improvement incurred after acquisition.