Ans. Carpet area as per RERA-Real Estate Regulatory Authority-is the net usable floor area of an apartment plus the internal walls, which excludes size of external walls, services shafts, exclusive balcony or verandah area and exclusive open terrace. Here exclusive means that the site of the open terrace is intended for the exclusive use of the allottee. As per RERA, the built-up area is the carpet area plus the extra area certified by the authorities such as the area of outer and internal walls, dry balcony area, etc. The Super built-up area is the built-up area in addition to the proportionate share of the entrance lobby, corridors, staircases, lift shafts, lift lobby, generator rooms, clubhouse, security room, and any other common areas in the complex.

Ans. Before buying a property one should check documents like- Sale Deed, Title Deed, Approved Building plans, Completion Certificate ( in case of new constructions/launches), Commencement Certificate(in case of Under-construction property), Conversion Certificate( If agricultural land is covered by non-agricultural), Encumbrance Certificate, Latest Tax Receipts, Occupancy Certificate. The RERA website also allows one to view any active or past litigations with regards to a project. (Its an indicative list of documents and not an exhaustive one).

Ans. Buying a home involves more than just the base cost of the property. Some Additional costs such as premium for unit preference/views, stamp duty & registration charges, parking & maintenance charges, GST, processing fees on a home loan should be checked while buying a new property.

Ans. Usually housing societies levy maintenance charges as per the area of the flat or on other variables if the apartments are of the same size. The total cost for the month is divided by the overall area of the property which gives the per sq ft maintenance rate for the month. This is multiplied by the unit area of each home to arrive at individual contributions toward monthly maintenance.

Ans. Documents like Proof of Identity (PAN, Driving license, Voter ID, Aadhar Card), Proof of Income, for example, for salaried applicants, salary slips of the last 3 months showing all deductions and Form 16 for the last three years for 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 of last 6 months and Guarantor Form (Optional)

Ans. Basic eligibility conditions for a home loan are-

• • 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

Ans. Apart from the basic documents required to submit for a home loan for Indian Citizens, NRIs are required to submit a few additional documents as well. These include:

• • A copy of the passport
• • A copy of the works contract or the laborlabour card
• • The power of attorney (POA). (POA is required because the borrower is not based in India

Ans. The eligibility is calculated in the same way as it is done for resident Indians with special emphasis on:

• • Qualifications - Graduate (minimum)
• • Current job profile and work experience
• • Chances of continuing abroad for the loan tenure
• • Chances of servicing the loan with an extended tenure in case the applicant needs to return to India