Hi Anil,arkolli wrote:Hi Naveen,
Thanks for the Info. However, i feel u are mistaken my points 1 and 2. My concern was,
1. say, Govt specified value is Rs1450psft, and the buying price is 2000psft. I heard some banks are not agreeing to register with the Govt specified value, as we are taking loan on the buying price. So, in this case, they are asking us to register for the price of 2000psft. So, this costs us some 50K more.
2. I agree that registration is mandotory by paying the necessary stamp charges. But i have been told, we need to even register the sale agreement which we do with the builder after paying the initial advance( 1% of total cost means some 20K).Ofcourse, this includes in the total cost of registration. But we need to lose this amount, incase if we are selling the property immd after completion and before registration.
Some one who already availed the loans can better explain these concepts. But this is what the agent explained to me when comparing theirs with the competitor.
Thanks and Regards,
anil.
To your point 1. - some banks have a constrain of releasing 80% of the cost of property rest of the 20% has to come from the buyer (also known as Margin money). Now if you register the property at say 15L (Gov Guidance Value) as against the market value of 25L, then bank will provide you a loan of on 80% of 15L because as per records your cost is only 15L. Axis is the only bank that I have come across who have agreed to fund at Market value, so one can avail loan on Market value (25L) yet register it at 15L (Gov Value).