Buying property for rental Income? Here is the to do list

How to Choose any property for rental income?

Here is the check list, best residential projects in Bangalore are developed on this 5 point formula.

Possession delayed? here is what to do

Many of the builders promise to deliver the homes in time but fail due to several reasons, this will end up the  to-be home-owner without a roof on his head, and paying his current house rents will be a burden as well along with the EMI's.

It is always good to buy properties from the best builders in bangalore who has gaind the trust from their clients.

It's the builders' duty to deliver the property on time, the legal actions available which are to be taken against the default builder are given below

1. Filing a legal case

You can file a legal case on the builder if he doesn't deliver the home in the given period. RERA  takes a 

Written affidavit from the builder before starting the  construction. The promoter should give the 

declaration with an affidavit promising the date in which it will be completed. If he fails RERA should ideally take the case, but if it doesn't happen, you should be taking up the legalities.

2. Complaint in consumer court 

You can always file a complaint in the customer court, where you can claim for deficiency of service, which is about the false promise made and the opportunity loss which is pertaining the loss of opportunity in buying a better property.  

Filing a case in the consumer court is always a great idea.

3. Claim compensation and refund of the Amount paid 

If your project is taking too long time, a buyer can always ask for a refund on the amount paid. You can directly file a civil case in a civil court he can file a case in the  Consumer Dispute Redressal Commission if the builder is not willing to pay the amount. 

You can also ask for the compensation on the rent or lease paying to the present accommodation or you can ask him to fetch property in the same or same kind of neighbourhood until the possession.

4. Claim Interest on the refund:

You can also claim interest on the amount paid upto now. RERA has put a special clause on this aspect. 

5. File a Criminal Case:

False promise for the own benefit is a crime, the builder while advertising his property gives sucl a false promises and falls default after should be punished in the court of law.

Conclusion

False promise for the sake of  making money is a wrong practice, RERA is always there to take action against the fraudulent builders but here is what you can do by yourself rather than being in the mercy of such fraudulent builders.

Tax Deductions You can claim on Buying a property

What is 80 c and how is it implied to the home buying

80 c is a section under income tax act which states the tax deductions, exemptions on various types of income sources. This covers various aspects of real estate investments and the tax exemptions can be claimed on them. Try to buy the property form the best builders in Bangalore so that the property will be having proper documentation and you can claim tax on it. 

What are all claimed under 80 c

Under this act we can claim tax on the following charges that are incurred during the purchase of  a property, they are as follows

Registration Fee and Stamp Duty

The Registration fees is eligible for tax exemptions up to 1.5 lakhs under section 80c 

1. You can claim a tax deduction if you are  an individual or a HUF (Hindu Undivided Family).
2. You can Claim the tax in the same Fiscal Year
3. The individual who owns the property should pay the fees himself then only he/she will get the benefit

Instalments of finance - home loan

Home loan repayment is eligible for the income tax exemptions. There are various aspects of home loan repayment such as below

Principle 

The principal amount is eligible for tax deduction up to 1.5 lakhs, 

Conditions that apply for tax deduction

1. The home loan taken should be  for purchase or construction of a new house property.
2. The property should be in possession of owner for  five years from the time you took the ownership. This will add back the deduction and you must have to pay a higher tax on the added income.

Interest

You can claim up to 2 lakhs of income tax deduction on interest paid towards principal amount. This comes with some conditions like

1. The property should be self occupied 
2. The property should be  completed by 5 years with in the loan taken

or else the deduction cap false down to 30,000

First time home buying

Under the section 80EE you can claim an extra tax benefit of 50,000 on the top of all these deductions, This also comes with some conditions like 

The property value must be less than 50 lakhs and the home loan amount must be less than 35 lakhs.

HRA

If you have taken a home loan and staying in the rented home, you can both claim a HRA and Home loan tax exempt at the same time.

Home Renovations

If you had taken a loan for home renovation, you can claim tax only on the interest paid but not the principle, however if you are in a rented house, you can claim the exemption for both. If you are selling the property, you can exempt a tax benefit on the capital gain acquired. For this you should keep a track of all your expenses incurred for home renovations.

Conclusion

These are the tax benefits you can claim on the expenses occurred on home buying such as loan, interest on loan, renovation, and registration process. Comment down below if you feel to add something. click to know the other aspects to be understood  BEFORE BUYING A property in India 

Navami Funique Amenities walk through best residential projects in Bangalore

Navami Builders develops the best residential projects in Bangalore here is the glimpse of Navami Funique which is  one of the strategically located  apartments for sale in electronic city

What is the Real Estate Regulatory Authority (RERA) and why is it important?

What exactly is RERA

As there are many regulatory authorities in India for every industry. There is RERA for Real estate sector. It was a bill passed on March 7th, 2016 in parliament for the well-being of the home buyers and to help them from fraudulent builders and developers who make false claims to sell their properties. 500 sq meters of Land development or 8 apartments is the criteria for a property to qualify for RERA.

Importance of  RERA

RERA  Authorizes all the activities a developer perform from planning to delivery such as

•  Types of homes for sale,
•  Site plans like master and floor plans, 
• Down payment and EMI Schedules 
• Completion dates(Stages of) 
• Updates on the status of the project

As RERA has all the authority from Schedule to completion, there will be no discrepancies in terms of deliverables of the project.
RERA is really a boon to homebuyers, builders and developers in Bangalore too.

The impact of RERA on real estate

The builder can’t commit to providing any amenities or services which is not there or is unrealistic. The builder or an individual should face legalities just in case they are found in any such fraud. Buyer should also be aware of the important compliances involved.

• 70% of the amount for the project from the buyers has to be maintained in a separate bank account, to be utilized for the construction of the specific project only.
• Increased affirmation on the timely finishing of projects and conveyance to the purchaser.
• An increment in the construction quality due to responsibility on any defect for five years.
• Sharing data on project design, layout, necessary approvals, sub-contractors, land title status.
• The project should be Certified by an engineer, an architect and a chartered accountant in practice.
• Formation of RWA (Resident Welfare Association) inside determined time or 3 months after dominant part of units have been sold.

Benefits of RERA

There are many benefits which incur to the buyer when we are talking about RERA

• The carpet area standardization is one of these, before the RERA act is passed, the carpet area was not defined properly. The carpet area calculation had been going wrong before, which led to many misunderstandings on the pricing part.
• Promoters are not allowed to advertise without a RERA  number, this itself filters out the genuine listing rather than buyers filtering out.
• As said earlier, the funds are deposited in the account which is  exclusive to the development of the particular project, before RERA the fraudulent builders used to divert these funds to their favourite project. This is subsequently irradiated.
• If the possession is delayed, the buyer has all the rights to claim a refund.

How to find the Best Builder in Bangalore

A high range investment like real-estate, requires the best. People who are into a real estate investment, looks for the best. Here are some tips to find them.

Unique amenities

Every builder provides amenities, but only some builders provide unique amenities, providing these amenities require years of expertise, and research of what people want.

If a builder provide unique amenities, he should have gone an extra mile for the customer satisfaction, never over look this kind of builder.

Custom made designs

If a builder tells that you can custom model your home, just go with him, rather than choosing a flat which resembles  the rest of the apartment.  better to  choose a builder who specializes in client-driven designs. You can find these in his previous work.

Testimonials

Testimonials and reviews is a good option to filter out the better options. 
Try to find about the builder in the market or internet. If the builder is good, average or bad, there is bound to be some news about it circulate in the market. One can research more about the builder online and check the reviews and testimonials from past and present clients. There are genuine review sites like mouth shut, glass door for checking out a builders reviews everywhere.

Reputation in professional groups

Every business has its professional groups depending upon the industry, for a builder these may be the groups like Architects, plumbers, etc. Just enquiring about the builder in these groups can give you a clear picture on how these people handle their customers.  
When you have positive feed back all over you should consider him, if vice versa happens you may rule out him from your list.

Research Online

Browse some online forums related to property, renovations or home improvements and reach out to the online community by asking for recommendations specific to the location.

Online forums may also be a great way to find out the  abilities of the builder you are thinking of.

Awards and accolades

 it’s hard to differentiate the best from the rest. A valuable way to distinguish a business as a top-flight leader or company is by checking for well-known, credible awards. These accolades acknowledge companies and leaders who have achieved a certain degree of success against a specific set of standards, or separated themselves from competitors.

Have a look a these Awards, accolades and achievements in this field.

Conclusion

All said and done, which is the most useful tip of all the above please comment down below.