Seeking greater benefits from a home loan? You can apply for a joint home loan, which has numerous advantages. Let’s delve into this in detail…

Before lending a loan, banks scrutinize your credit score, income, and its sources. If your income isn’t substantial or your credit score is weak, the bank might deny the loan. In such circumstances, if you’ve received support from a co-applicant with a good income and a strong credit score, there won’t be any obstacles in obtaining a joint loan. Moreover, in a joint application, you can easily increase the loan amount.

There are two types of tax benefits available on home loans. Under Section 80C, you can avail tax benefits up to ₹1.5 lakh in the financial year against the principal amount. Additionally, a tax deduction is available on the interest repayment of up to ₹2 lakh. While both co-applicants can benefit from a joint loan, for this, the co-owner must also be the co-borrower; otherwise, he cannot reap the tax benefits. Even though being a part of the EMI payment, a co-applicant won’t get any benefit.

If the co-applicant is a woman, she gets more savings on the interest rate. Banks offer a 0.05% lower interest rate for women as compared to men. Sometimes, banks set a condition where a woman co-applicant should be a co-owner as well. This could result in significant advantages. Therefore, if you are considering taking a home loan, think about applying jointly with your spouse; this can bring you many benefits.

If the property is registered in the name of a woman or is jointly owned, there are savings in stamp duty fees. The stamp duty and registration fees vary from state to state. If a property is under a woman’s ownership, there can be a 1-2% savings. It’s worth noting that all these expenses are included under Section 80C, which means you can also receive tax benefits on these expenditures.

We take pride in having comprehensive knowledge about the real estate market in various areas such as Mumbai, Navi Mumbai, Thane, as well as surrounding regions like Karjat, Neral, Vangani, Badlapur, among others. To provide our customers with the best options available, we have utilized this knowledge. Contact MakaanBhai.com now for a secure transaction in your home. We, MakaanBhai.com, are the number one property advisors in Mumbai with zero brokerage fees, and our experienced professionals are committed to guiding you through the entire process.

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Owning a dream home of your own is a common aspiration for many. However, purchasing a house without a loan seems impossible for the average person because such a significant amount is not readily available to everyone. Therefore, you take a loan from the bank to buy a house or a flat. This loan lasts for 20 or 30 years and costs more than half of your life to repay.

According to Reserve Bank’s statistics, in March 2023, people had home loans worth ₹19,36,428 crore, which is increasing at an approximate rate of 15% annually. When repaying the home loan, it’s important to consider certain things when the time comes for the last installment. If you do not pay attention to these things after closing the loan, you might face many problems in the future.

Let’s find out which important tasks occur after completing the last installment of the home loan:

Requesting Your Original Documents from the Bank

Firstly, check if any of your original documents are held by the bank. Before taking a loan, banks keep some of your documents for security. These include essential documents like loan agreements, sale deeds, etc.

Update Property Records

When your home loan is closed, update any paperwork related to your filing and rejection with the bank.

Request Post-Dated Checks from the Bank

When taking a loan, banks issue post-dated checks from your account. So, if you have completed the loan, don’t forget to ask the bank for those checks back, as they can use these checks to recover their money if EMI payments fail.

Take a ‘No Due Certificate’ from the Bank

Make sure there are no remaining dues. It is essential to take a ‘No Due Certificate’ from the bank after repaying the home loan.

Important information to include in this certificate: Borrower’s name, property address, loan account number, loan amount, loan initiation date, and the loan repayment date.

Transfer the Bank’s Rights from the Property

When you take a home loan from the bank, they have a right to your property until the loan is repaid. This right is called a lien. The bank protects itself from selling your home in the future. Therefore, it is important that after closing the home loan, you must take your property’s rights back from the bank. For this, you will need to visit the bank along with the branch manager.

Updated Non-Encumbrance Certificate

Every bank has a legal advisor. After understanding the technical details related to the land and individuals, legal advisors prepare a report. These documents contain details of all financial transactions related to your property, such as when the property was sold, to whom, and at what price. These documents also mention when the loan was taken and for how much. It is important to note that after closing the loan, you need to request an updated certificate from the bank, which includes details of your repayment from the first to the last payment.

Update Your Credit Report

Many times banks do not inform credit companies about the closure of their loans, so your closed home loan still shows as active on your credit report. This can negatively affect your credit score. Therefore, it is important to update your credit report after closing the loan.

If you have completed all these tasks after closing your home loan, now you need to keep all the documents received from the bank and the registrar’s office organized and safely stored. Keep both hard and soft copies. After organizing all your documents properly, you can now live comfortably without any worries.

We take pride in having comprehensive knowledge about the real estate market in various areas such as Mumbai, Navi Mumbai, Thane, as well as surrounding regions like Karjat, Neral, Vangani, Badlapur, among others. To provide our customers with the best options available, we have utilized this knowledge. Contact MakaanBhai.com now for a secure transaction in your home. We, MakaanBhai.com, are the number one property advisors in Mumbai with zero brokerage fees, and our experienced professionals are committed to guiding you through the entire process.

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MUMBAI: This City Is Not For Developers, And The Slum Rehabilitation Act (SRA) Is Intended To Serve The Purpose Of Public Welfare And Not The Developers, The Bombay High Court Said, Directing Two Developers To Pay Transit Arrears Of Rs. 11 Crore To A Suburban SRA Project.
A Division Bench Of Justices Gautam Patel And Neela Gokhale Made The Observation On Monday While Hearing A Petition Filed By Shree Sai Pawan SRA CHS Ltd Claiming That The Two Developers Appointed For Redevelopment Of Their Society Had Not Paid Them Transit Rent Since 2019.
Afcons Developers Ltd And Ameya Housing Private Ltd Were Appointed As Co-Developers Of The Slum Rehabilitation Project At Jogeshwari In Suburban Mumbai.

More Than 300 People Eligible to Get Flats in The Project Have Not Been Getting Any Transit Rent Since 2019. Of The 300, 17 Were Put Up in Transit Accommodations and Were Hence Not Receiving Transit Rent, But These Houses Were Also in A Dilapidated Condition.

The Remaining 230 Persons Have Not Received Any Transit Rent Since 2019 And Have Been Left to Fend for Themselves. The Two Co-Developers Are Locked in A Never- Ending Arbitration and There Is No Work Being Done at The Site, The Court Said. “This City Is Not for Developers. The Slum Rehabilitation Act Is Not for Developers. The Act Is Intended to Serve a Public Welfare Purpose. Developers Are A Means To That End,” It Observed.
The Court Further Said That The Developers Are Entitled To A Free Sale Component Provided By The Incentive Floor Space Index (FSI), But This Is A Consideration For Fulfilling Their Obligations Under The Contract.
“Those Obligations Include Not Only Rebuilding Or Building Of The Rehabilitation Structures And Tenements Both Commercial And Residential, But Also The Payment Of Transit Rent Or Providing Habitable Transit Accommodation,” It Said.
A Developer, Who Does Not Pay Transit Rent, Does Not Provide Habitable Transit Accommodation Or Otherwise Is In Default Of His Obligations, All Of Which Have To Be Performed On A Schedule And Within A Time Frame, Is Not Entitled To Any Of The Benefits Of The Slum Rehabilitation Project, I.E., The Free Sale Component, The Court Said.
If There Is A Demonstrated Default By The Developers, Then The Privileges Or Entitlements Are Liable To Be Taken Away, It Said.
“A Party In Default Cannot Be Allowed To Take Advantage Of Its Own Wrong And Failure. That Would Be Profiteering And That Too At Public Expense Because Many Of These Slum Projects Are On Public Lands – Such As This One – And The Developer Is Not Being Made To Pay The Cost Of Land,” The Bench Said.
The Court Also Warned Of Terminating The Developers’ Contract And Appointing A New One Noting That “The Developer Can Always Be Changed, But The Beneficiaries Of A SRA Project Cannot”.
If The Two Co-Developers Are At All Serious About The Project And Want Their Rights To Continue, They Must Demonstrate Their Bona Fides And Pay Around Rs. 11 Crore Transit Rent Arrears To The Petitioner Society By March 3, It Said.
“They (Developers) Must Prove Their Sincerity. To Seek Equity, They Must Do Equity,” The Court Said While Posting The Matter For Further Hearing On March 3.

Subscribe to MakaanBhai.com for information, rules, and accurate pricing related to such properties. We, at MakaanBhai.com, are Mumbai’s number one property advisor with zero brokerage. Our team of experienced professionals is committed to guiding you through the entire process. We take pride in having comprehensive information about the real estate market in Mumbai, Navi Mumbai, and nearby areas like Karjat, Neral, Vangani, Badlapur, among others. Contact MakaanBhai.com now and secure your home investment.

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Mumbai : Residential Property Prices In 50 Cities Recorded An Increase Of 7.1 Per Cent Year-On-Year During The Quarter Ended December 31, 2022 As Compared With 4.5 Per Cent A Year Ago, According To Residex, A Housing Price Index (HPI) Released By The National Housing Bank (NHB)

NHB Residex Publishes Three Housing Price Indices: ‘HPI At Assessment Prices’, ‘HPI At Registered Prices’ And ‘HPI At Market Price For Under-Construction Properties’.
‘HPI At Assessment Prices’ Tracks The Movement In Prices Of Residential Properties In 50 Cities On Quarterly Basis With FY 2017-18 As The Base Year And Is Based On Valuation Prices Of Properties Collected From Primary Lending Institutions.
Out Of The 50 Cities, 44 Cities Registered Increase In The Index Whereas Six Cities Registered Decline On An Annual Basis. HPI of Gandhinagar Witnessed an Increase of 21.4 Per Cent While Ludhiana Recorded a Decline of 11.6 Per Cent.

All The Eight Major Metros Of The Country Viz., Ahmedabad (14.4%), Bengaluru (8.0%), Chennai (8.7%), Delhi (1.8%), Hyderabad (10.2%), Kolkata (7.4%), Mumbai (4.4%) & Pune (7.2%) Recorded Increase In The Index On An Annual Basis.
On A Quarter-On-Quarter Basis, The 50-City Index Registered An Expansion Of 1.5% In October-December 2022 As Against 1.2% In The Previous Quarter. The Index Is Showing An Increasing Trend On Quarter-On-Quarter Basis Since June-21.

The Index Recorded Increase In 40 Cities Out Of Top 50 Cities With Kochi Recording The Highest Sequential Improvement Of 6.4%, While Ludhiana, Delhi, Dehradun, Nagpur, Navi Mumbai, Raipur, Bhiwadi, Bidhan Nagar, Howrah, & New Town Kolkata Recorded Sequential Decline In The ‘HPI At Assessment Price’ During The Quarter.
The ‘HPI At Market Price For Under-Construction Properties’ Computed Using The Quoted Prices For Under-Construction And Ready To Move Unsold Properties For 50 Cities Also Recorded An Annual Increase Of 10.8 Per Cent In October-December 2022 Quarter As Against 2.9% A Year Ago. Lucknow Witnessed Highest Increase Of 41.2 Per Cent While Rajkot Saw A 3.4 Per Cent Decline.
On A Quarter-On-Quarter Basis, The 50 City Index Witnessed An Increase Of 3.1% During The Quarter Compared To 3.7% In Previous Quarter. The Rising Cost Of Construction Is Showing An Impact On The Asking Prices Of The Property.
According To NHB Residex, There Has Been A Sustained Increase In The Indices Post Covid-19. The Improvement Has Been More Prominent In The Tier-II And Tier-III Cities.

We pride ourselves on having thorough knowledge about the real estate market in various areas like Mumbai, Navi Mumbai, and the surrounding regions such as Karjat, Neral, Vangani, Badlapur, among others. Providing our customers with the best options available is something we take pride in. Contact us now at MakaanBhai.com and secure your home investment. We are the number one property advisors with zero brokerage in Mumbai. Our team of experienced professionals is dedicated to guiding you through the entire process.

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MUMBAI: MahaRera Will Initiate SUO Moto Action Against Projects That Are Advertised Without Registering with It. It Has Come to Their Notice That Advertisements of Projects Are Being Published in Newspapers Without Mentioning the MahaRera Registration Number. Home Buyers Have Been Advised Against Investing In Projects Without MahaRera Registration Numbers.
As Per The Officials, Promoters Of Projects Have Been Issuing Advertisements Of The Projects In Newspapers Without Mentioning The MahaRera Registration Number And They Believe That They Have Not Mentioned The Number, As The Projects Are Not Registered With It.

MahaRera Has Taken Serious Notice of These Irregularities and Action Is Being Taken Against Them by Sending Notices to These Projects.

“The Real Estate (Regulation and Development) Act Mandates That Developers Cannot Advertise a Project, Register, Sell Units in That Project Without Registering with MahaRera.”

However, Certain Developers Have Advertised Without The Registration Number And In Some Cases Mentioned That It’s Registered Without The Number.
The Act Mandates That Any Project Of Over 500 Square Metres Or Eight Flats Is Required To Be Registered With MahaRera.

Subscribe to MakaanBhai.com for information, regulations, and appropriate pricing regarding such properties. We at MakaanBhai.com are the number one property advisors with zero brokerage in Mumbai, dedicated to providing you with comprehensive guidance through the entire process. We take pride in having clear information about the real estate market in various areas like Mumbai, Navi Mumbai, and the surrounding regions such as Karjat, Neral, Vangani, Badlapur, among others, and strive to offer our customers the best available options. Contact MakaanBhai.com now and secure your home investment.

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