Hi Friends,
I have booked 2 BHK flat in Pune and I have few queries regarding the Registration.
Following is the detail information and cost from the builder:
Carpet Area : 851 sq.ft.
Terrace Area : 53 sq.ft.
Saleable Area : 1175 sq.ft.
Rate : INR 3525 per sq.ft.
Basic Price : INR 41,41,875
MSEB + Infra Charges : INR 1,50,000
Other Charges: INR 2,00,000
Club House Membership: INR 60,000
Legal Charges : INR 10,000
Agreement Value (AV) : INR 45,61,875
Stamp Duty 2.5 % on AV : INR 1,14,046
(Actually Stamp duty is revised from 2% to 5% from 25th April 2012 and builder had communicated the same accordingly. Now builder is saying that they have taken special concession of 2.5% on stamp duty from Sub Registrar if we do the Flat Registration on or before 30th June 2012 only. And he asked to submit the DD of 2.5% amount only and not 5%)
Registration 1% on AV / Max. 30,000 : INR 30,000
VAT 1% on AV : 45,700
Service Tax 3.09% on AV : 1,40,962
Out of own contribution of 20%, I have paid 15% amount i.e. INR 6,84,281 and 5% i.e. INR 2,28,094 amount yet to be paid.
For remaining 80%, I am taking SBI MaxGain home loan.
Questions:
1. What do I need to check/cross check before doing the Registration?
2. Is there any specific clauses, rules, conditions from Builder I need to verify?
3. As the builder communicated, for Registration I need to submit DD of Stamp Duty and Registration charges, is there any other charges ,fees, hidden costs need to pay on the day of registration?
4. I have paid 15% amount and 5% is yet to be paid to the builder, would that create any issues in the Registration process? Or can I do Registration by paying Stamp duty and Registration charges and pay the remaining amount to the builder later?
5. Can we get or ask to the builder for the Registration Agreement before actual registration date so that we can read it completely and understand the clauses?
Following questions are not related to Flat Registration but would be great if you answer those too:
1. Is it necessary to pay 20% amount before applying for the Home Loan? As I paid 15% amount, would it create any issues?
2. Does the bank check how we have raised the 20% fund? Because I have taken 2-3 lac from my friends. 50 K from each. Would that create any issues for sanctioning/approving home loan?
3. How can I specify the bank about the amount I have taken from friends? Is there any provision for the same?
Thank you in advance!