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Check Before you Buy
 
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EMIs and Tenure
Home loan borrowers have experienced a rollercoaster ride of highs and lows over the past few years. The interest rates hovered around six to seven percent about four years ago. Until a few weeks ago, they had touched 13%- 14%. Today, some banks offer a modest eight percent home loan interest rate. The fluctuations in interest rates have an impact on a borrowers EMI dues and loan tenure. Scenario 1: When rates go down A reduction in rates is good news that borrowers yearn to hear. When interest rates go down, the monthly EMI amount comes down automatically. Otherwise, the borrower can keep the EMI constant and bring down his loan tenure. This way he will be free of debt sooner. Scenario 2: When you switch When a borrower switches from fixed to floating, or vice versa, the EMI and loan tenure depends on the principal outstanding. The new rate of interest applicable after you pay the conversion fee also determines the quantum of loan. It is up to the borrower to adjust the EMI or tenure of the loan to his convenience. Scenario 3: When rates go up Increase in the interest rates translates into greater burden on the borrower. The borrower has to pay more from his pocket towards his home loan. When rates go up, the borrower has the option to either increase his EMI or tenure. Increase in EMI keeping tenure constant means greater cash outflow every month towards your loan. Increase in tenure keeping EMI constant amounts to increasing the number of years you will be repaying the loan.

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Documents to register
Ashish Gupta The Registration Act 1902 contains the provisions related to registration of documents. The registration of any document needs to be done as per these statutory requirements. The statute has provisions relating to registration of all property documents. It specifies the documents that are compulsorily registrable and those that are not compulsorily registrable. This is further clarified under the provisions of the Transfer of Property Act 1882. Apart from the statutory reasons, in order to create a permanent record, it is always advisable to register any document related to property. There are certain documents that need to be compulsorily registered. These are specified under Section 17 of the Indian Registration Act 1902. Documents that need to be compulsorily registered Documents related to gift of immovable property. Any gift deed irrespective of the value of the gifted property needs to be registered All non-testamentary documents that create interest, right, or title in property All non-testamentary documents that restrict or cancel any right, interest or title in property Receipt of payment to acquire a right, title, or interest in property All non-testamentary documents transferring or assigning any decree or order that affects the interest, rights and title in a property mortgages need registration. However, a mortgage c

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Planning to buy your dream home
Check following:- (a) Track record of the Builder (b) Clear Land Ownership (c) Approved Master Plan (d) Sanctioned Building/Floor Plan (e) Details of Carpet area, Built-up area and Super Built area (f) Terms of Agreement allotment with respect to:- Forfeiture Handing over possession and remedies in case of delay Composition of the total cost Provision of cost escalation (g) Provision for services: Electricity/ Water (h) Sewerage/Drainage/Roads/Parking etc (i) Maintenance Charges (j) Completion Schedule and Possession date (k) Post Construction Warranties (l) Grievance redressal Mechanism