FAQ

Buying Tips

 

Capital Growth

Generally speaking homes appreciate in value by approximately 4% or 5% per year; however this can vary from year to year and from area to area. There are many factors which can affect the rate of growth including interest rates, supply and demand, political influences, etc. Your rate of return on real estate may be higher than many other investments you make.

Funding your purchase

How you pay for your property depends upon your financial situation and, in most cases, a mortgage is used to fund the purchase. We provide useful information on buying real estate. It is important to remember that your home may be at risk if you do not keep up repayments on a mortgage or other loan secured on it.

Structural Survey

A Structural Survey is a report from an experienced property assessor/surveyor to ensure you are aware of any problems affecting the structure of the property which may affect the purchase price, whether a mortgage can be obtained or which in any other way will affect your decision to proceed. Reputed builders like Pricol Properties Ltd hire competent structural consultant so that the client is reassured of a quality product.

Legal Advice

It is advisable to obtain qualified legal advice when purchasing a property. Your legal advisor will advise on the title of the property (its' legal ownership and any restrictions) to ensure you are getting exactly what you are paying for. In addition information can be obtained regarding any planning/building restrictions or permissions affecting the property. Planned developments for the area surrounding your property may also affect your decision to proceed with the purchase and your legal advisor should be able to obtain this information on your behalf. Pricol Properties has hired the best legal advisors to scrutinized our property before de

Housing Loans

 

What is the tax exemption on interest and principal?

People who earn up to Rs.5 Lakhs and above can avail tax shelter on the interest paid up to Rs.1.5 Lakhs per annum, if the property is self-occupied. If property is rented out, the entire interest paid on the housing loan can be offset against the rental income

Can a husband and wife avail different loans and enjoy tax benefits?

Yes it can be done.

If the wife is not employed, can the husband buy a house or a flat in her name and still enjoy the t

It is possible, provided the property is registered jointly.

Will interest rates go down further? If it does, is it advisable to go in for fixed interest rate?

Interest rates have more or less bottomed out and it purely depends on the individual's risk appetite to exercise for a fixed/floating rate of interest options. Housing loans are long-term loans and hence interest can move both ways during the period.

If you go for a floating rate loan and if interest rates go up, is it possible to change over to fix

This depends on the bank disbursing the loan.

In floating rates, how frequently does the interest rate change?

Interest rates are reviewed every three months

Do Banks have a list of promoters who have good track record?

Yes, Banks have a list of approved properties.

For NRIs

 

Who is a non-resident Indian (NRI)?

An Indian Citizen who stays abroad for employment / carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in U.N. organisation and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non- residents). Non-resident foreign citizens of Indian Origin are treated on par with non-resident Indian citizens (NRIs).

What is an OCB?

Overseas Corporate Bodies (OCBs) are bodies predominantly owned by individuals of Indian nationality or origin resident outside Indian and include overseas companies, partnership firms, societies and other corporate bodies which are owned, directly or indirectly, to the extent of at least 60% by individuals of Indian nationality or origin resident outside India as also overseas trust in which at least 60% of the beneficial interest is irrevocably held by such persons. Such ownership interest should be actually held by them and not in the capacity as nominees. The various facilities granted to NRIs are also available with certain exceptions to OCBs as long as the ownership/beneficial interest held in them by NRIs continue to be at least 60%.

Are OCBs required to produce any certificate regarding ownership/beneficial interest in them by NRIs

Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/trust is required to furnish a certificate from an overseas auditor / chartered / accountant /certified public accountant in form OAC where the ownership/beneficial interest is directly held by NRIs, and in form OAC 1 where it is held indirectly by NRIs and further that such ownership interest is actually held by them and not in the capacity as nominees.

A Structural Survey is a report from an experienced property assessor/surveyor to ensure you are awa

A Structural Survey is a report from an experienced property assessor/surveyor to ensure you are aware of any problems affecting the structure of the property which may affect the purchase price, whether a mortgage can be obtained or which in any other way will affect your decision to proceed. Reputed builders like Pricol Properties Ltd hire competent structural consultant so that the client is reassured of a quality product