Jamabandi is a term used to refer to land records in northern states of India - Punjab, Haryana, Rajasthan and Himachal Pradesh. Jamabandi is Record of Rights (ROR) of a village. The Jamabandi Register contains name of owners, area of land, shares of owners and other Rights.

Registration of a property includes necessary stamping and paying of registration charges for a sale deed and getting it recorded at the sub-registrar's office of the concerned jurisdictional area. If a property is purchased from a developer directly, getting it registered amounts to act of legal conveyance. In case the purchased property is a second or third transaction, it involves a duly stamped and registered transfer deed. Nowadays, property registration process is computerized in most states.

Section 143 of the U.P .Zamindari abolition ad Land Reforms Act, which authorises the Assistant Collector/SDM of the area to change the nature of a land from agricultural to residential.

Mother deed is an important document in a property transaction. This is the document that traces the origin of property as well as all other relevant conveyance deeds. It is the main document to determine ownership of a property.

  • Copy of Sale Deed
  • Application for mutation with court fee stamp affixed on it
  • Indemnity bond on stamp paper of requisite value
  • Affidavit on stamp paper of requisite value
  • Receipt of up-to-date property tax payment

Mutation is the change of title ownership from one person to another when the property is sold or transferred. By mutating a property, the new owner gets the property recorded on his name in the land revenue department and the government is able to charge property tax from the rightful owner. The documentation procedure and the fee payable vary from state to state.

Also known as ‘Dakhil Kharij’, mutation of a property should ideally be taken every six months from the revenue office in order to check for any wrongful transaction on the property. In case of inheritance after the death of the owner, the property should be mutated by submitting copies of Death Certificate and relationship documents.

The property could be converted from leasehold to freehold if the local laws allow it. For example, properties under DDA can be converted to freehold by executing a Conveyance Deed but the same is not allowed if the property is owned by the Noida Authority.

The difference between a leasehold property and a freehold property lies in its ownership . In a leasehold property, the ownership remains with the concerned local authority or the government (as the case may be). The lease period varies typically between 30 to 99 years. But, this does not prevent the individual owner from selling or perform other transactions with the property, provided the lease deed is registered.

In case of a freehold property, the owner of the property is the legal owner and can sell/lease/rent the property as per his/her wish

Yes, you can execute Special Power Of Attorney to get your property registered by someone else.
Power of Attorney allows a person to authorize another person the right to make decisions regarding the person’s assets, finances and real estate properties. There are two types of power of attorney. First, the ‘General Power of Attorney’ where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc. The second one is the ‘Special Power of Attorney’ where only a specific right is given by the owner to the chosen person.
  • Sale Deed
  • Title Deed
  • Approved Building plans
  • Completion Certificate ( Newly Constructed)
  • Commencement Certificate( Under-construction property)
  • Conversion Certificate( If agricultural land is covered to non-agricultural)
  • Khata Certificate (especially in Bangalore)
  • Encumbrance Certificate
  • Latest Tax Receipts
  • Occupancy Certificate
Allotment papers of the plot, Building Plan approvals, Transfer Deed (in case of multiple owners), Sale Deed, PAN Card, ID Proof and Photographs.
  • Original copies of the chain of title agreements and Building Plan approvals
  • Original registration and stamp duty receipts
  • Possession Letter
  • Original share certificate (In case of societies)
  • Proof of payment of all dues like maintenance charges, electricity bills, phone, 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 language of the registration document must be the one that is commonly used in your district. According to Section 19 of the Indian Registration Act, the Registering Officer or the registrar has the power to decline registration of your document if it is presented in a language which is not commonly used in the district unless it is accompanied with a true translation of the language in use.
It refers to the registering of documents relating to transfer, sale, lease or any other form of disposal of an immovable property. Registration is compulsory by law for all properties under Section 17 of Indian Registrations Act, 1908. Once a property is registered lawfully, it means that the person in whose favor the property is registered, is the lawful owner of the premises and is fully responsible for it in all respects.

The buyer needs to pay the following taxes:

  • TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.
  • 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.
  • Value Added Tax (VAT) - If applicable in the concerned state.

TDS- 1% on immovable properties (except agricultural land) exceeding Rs 50 lakhs.

Stamp Duty - Depending upon state and municipal laws

Service Tax- It is a central tax paid for the services offered by the developer to you. From April 1, 2015 onwards, if the apartment is worth less than Rs 1 crore, or has a floor area less than 2000 sq ft, the service charge levied is 14% on car parking and preferential location charges (PLC) and 3.50% on the basic sale price. If the apartment is worth over Rs 1 crore, or has a floor area greater than 2000 sq ft, the service tax levied is 14% on car parking and preferential location charges (PLC) and 4.2% on the basic sale price of the flat

Stamp Duty is the tax paid for the legal recognition of property. It is paid by the home buyers. You can claim tax incentives of up to Rs 1.5 lakh on stamp duty and registration charges on a new property purchase or construction of a house. However, these benefits are available for only one self-occupied property

  • Projects approvals can be verified from the corporation or the sanctioning authority’s office
  • Ownership documents can be confirmed from the Sub Registrar’s office where they are registered
  • Share certificate related to societies can be verified from the concerned Society itself
Yes, Generally, the stamp duty on the gift deed ranges from 5% to 12% in all states. In few states like Haryana, Rajasthan and Delhi, concession of 1 to 2 per cent is given to female transferors.

<p>Yes, FIR is compulsory in cases where insurance is claimed for malicious damages, riots, terrorism, burglary, theft and larceny. In case of a fire incident, you need to submit the assessment report compiled by the fire department as well.</p>

Clear and marketable Title, Sale Deed, Encumbrance Certificate, latest tax receipts, Occupancy Certificate, Building Plan Approvals and Possession Certificate.

A grandfather if it had been allotted to his father in a family partition in his capacity as legal heir and not as a coparcener under the Hindu Succession Act 1956. The grandfather can transfer the property to who whoever he desires. Grandchild does not have any birth right on the self- acquired property of his grandfather.

The Married daughter have equal right in the parental property after the advent of amendment in Hindu Succession Act 1956, that came into force since 9th September 2005. The Hindu Succession Act, 1956, originally didn't give daughters equal rights to ancestral property.

Home loan is the money borrowed from a bank or a housing finance institution on interest for buying / constructing / upgrading a residential real estate property.

The general eligibility conditions are as follows:

  • The borrower should be a resident of India or an NRI
  • Above 24 years of age at the beginning of the loan
  • Below 60 years (65 for self-employed) or retirement age when the loan matures

You have to submit the following documents:

  • Proof of Identity: PAN, Driving license, Voter ID, Aadhar Card
  • Proof of Income:
  • Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.
  • Self Employed Applicants: IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA
  • Bank Statement: Past 6 months
  • Guarantor Form (Optional)

YHome loans are usually accompanied by the following extra costs:

  • Processing Charge: It is the fee payable to the lender on applying for a loan. It is either a fixed amount not linked to the loan amount or a percentage of the loan amount.
  • Pre-payment Penalty: When a loan is repaid before the scheduled duration, a penalty is charged by some banks, which is known as the pre-payment penalty.
  • Miscellaneous Costs: Some lenders may also ask for documentation or consultation charges

On an average, loans are disbursed within 3-15 days after satisfactory and complete documentation and completion of required procedures.

Generally, banking finance institutions pay around 75 to 85 percent of the cost of the property bought. The remaining 20 % of the amount is paid up front, which is popularly known as the down payment.

EMI or Equated Monthly Installment is a fixed amount paid by you to the bank on a specific date every month. The EMIs are fixed when you borrow money from the bank as a loan. EMI’s are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank with interest.

Under the Pre-EMI option, the borrower is required to pay only the interest on the loan amount that will be disbursed as per the progress on construction of the project. The actual EMI payment starts after the possession of the house.

Yes, One can avail a pre-approved loan from a housing financial institution or a bank

Yes, a single woman can get a loan. Many lending institutions also have special schemes for them, such as a discount of up to 0.25% on the interest rate.

It depends from one bank to another. Some banks ask for 1-2 guarantors

As per Section 80C of the Income Tax Act, you are allowed separate deductions on principal and interest amount of home loan amount, along with other entities like ULIP, PF, PPF, ELSS and NSC’s. In case of principal, you can claim deduction up to Rs 1.5 lakhs while in case of interest, it is Rs 2 lakhs. The amount of stamp duty and registration is also eligible for tax deduction.

It is important to note that the tax break can only be claimed for the year in which the construction is completed

Yes, you can get the benefit on both loans. However, the total amount that you will be entitled to will not exceed Rs 1,50,000 for both the homes.

Yes, lending institutions allow you to prepay your loan. However, these institutions may charge early repayment penalties, which may vary from 2 to 3% of the outstanding principal amount

Longer the tenure you have, the lesser will be your EMI but higher would be the interest outgo. In shorter tenures, you pay a greater EMI, but the loan gets repaid faster and you pay less interest.

As home loans cover a large sum, the tenure generally varies between 3 to 30 years.