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Contact Info Agrawal Builders

We are located in Bhopal, serving clients worldwide for Bhopal location projects. Shoot us an email, give us a call.

"THE SAGAR", E-2/4, Arera Colony, Opposite Habibganj Railway Station, BHOPAL (M.P.) - 462016

0755- 2460107, 2460108

+91-72477-65172

www.agrawalbuilders.com

agrawalbuilders@thesagar.in

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Client testimonials

FAQs

Why you need to buy a Property?

1. What to buy?
There are many

residential formats

to choose from -

Residential plot

,

apartments,

single floors

,

independent houses

and

multi-storey flats

. If you have the required finances,

ready to move in flats and apartments

are the ideal option for an end-user. This

property for purchase

would be significantly more expensive than at the launch stage but the buyer is protected against time and cost over-runs and also the EMI payment during the period when the house is under construction.
For an investor who wants regular rental returns from his property investment, a

ready-to-move-in property

brings immediate rental income which helps pay back the loan to buy the property. If the project is new, the choice of builder is a big decision. Check the builder's track record, his financial strength, his ability to deliver on time, construction quality and the payment terms, especially in case of local

builders the in city

.
Do a background check on

developers

and make your assessment about where you would feel safe to invest. One should always check with local

real estate brokers

the last transaction price or the price of similar property in that location.
2. Should I take a home on rent or should I buy?
There is no damage in

renting a property

till you are ready with enough budgets to buy. If you find an area wherein you need to stay and can control to get enough formal finance, examine buying as then your monthly outflow will result in developing an asset.
But ensure your EMI isn't more than 35-40 per cent of your monthly salary. How many properties can an individual own? You can own as many properties as you want.
3. When can I apply for a home loan?

Apply for a domestic loan once you've got finalised the

property to be bought

or constructed. Make sure you do the studies about the kind of mortgage you want and observe the checklist: - How much deposit do you have? What are the processing charges for loan? What is the hobby rate? What’s the excellent form of loan for you?

4. What is the eligibility criteria to get PMAY Yojna?

Pradhan Mantri Awas Yojana Eligibility Criteria for Getting Subsidy

In order to avail a residence or monetary reinforcements from the government, every applicant needs to satisfy the eligibility standards set with the aid of the PMAY committee.

 Prospective applicants had been branched into six wonderful groups :

Section

Eligibility Details

Economically Weaker Section (EWS)

People who earn an annual household income less than Rs.3 lakh come under the EWS category. However, an applicant claiming to be from EWS needs to provide relevant proof to the government to ascertain their claims.

Light Income Group (LIG)

People that fall under LIG category usually have an annual household income ranging between Rs.3 lakh to 6 lakh. Again, to be eligible for consideration, they need to provide sufficient proof of their economic standing.

Medium Income Group (MIG1)

Those who earn an annual household income below Rs.12 lakh fall under the MIG1 category. These people can avail loans of up to Rs.9 lakh for the construction of a residence.

Medium Income Group (MIG2)

Individuals earning an annual household income between Rs.12 to Rs.18 lakh will fall under MIG2 of the PMAY scheme. These people can avail loans of up to Rs.12 lakh.

Minorities

People hailing from minority groups like SC/ST/OBC will fall under minorities. To be considered under the PMAY scheme, these people need to meet to provide relevant caste and income certificates.

Women

Women belonging to EWS/LIG categories will be considered if they apply under the PMAY scheme.

5. Can one sell the property even when the home loan is outstanding?

It is possible to sell the property even if there is an outstanding home loan amount, provided the process is followed-

  • Obtain a NOC from the bank/loan for foreclosure
  • Pay the foreclosure amount to the bank and obtain documents
  • Hand over the documents to the buyer once the registration is done
6. What is the basic procedure of taking home loan & what are the eligibility criteria?

Home loan eligibility depends upon

  • Stability of income
  • Profession or nature of business
  • Age of the loan seeker
  • Credit score
  • Attributes of the property for purchase
  • Your relation with the bank & Company you work in.
Usually, all banks provide home loans up to 60 times of your monthly net income.

7. What is the basic procedure of taking home loan & what are the eligibility criteria?

It is feasible to promote the belongings even if there is first-rate domestic loan quantity, provided the method is followed-

  • Obtain a NOC from the bank/mortgage for foreclosure
  • Pay the foreclosure quantity to the bank and obtain documents
  • Hand over the documents to the buyer once the registration is done
  • Stability of income
  • Profession or nature of business
  • Age of the loan seeker
  • Credit score
  • Attributes of the property for purchase
  • Your relation with the financial institution & Company you work in.

Usually, all banks provide home loans up to 60 times of your monthly internet income.

8. What is a mortgage?

A mortgage is a financing choice in return of title for account holder's/debtor’s property, with the condition that if the individual defaults on the credit, at that point the sold property will be taken over by abandonment endless supply of the obligation, the transport of title gets void.

9. What do you mean by mortgagor and mortgagee?

A mortgagor is an individual who gets cash to buy a genuine property while mortgagee is the substance that loans cash to the borrower against the security of the property.

10. How can I get exemptions on the Capital Gains Tax?

There are a couple of exceptions accessible for long haul Capital Gains, on the off chance that you:

  • Buy or develop another house: If you assemble another house or get one from the cash you get from selling a property, you are absolved from paying the expense on Capital Gains. Be that as it may, the new buy ought to be done it is possible that one year prior or inside two years of offer and the development ought to be finished inside three years from the date of the move. The new property purchased or developed ought not to be sold inside three years from the date of its buy or date of the finish of development.
  • Capital Gain Account Scheme-Through the Capital Gain Account Scheme (CGAS), you can set aside the got cash in assigned banks. CGAS causes you in purchasing time to search for appropriate speculations as it serves to illuminate the Income Tax division that you intend to contribute the cash got; yet sometime in the future.
  • Invest in Bonds-You can likewise put resources into money related resources or securities to spare duty. Such bonds are given by the Rural Electrification Corporation and the National Highway Authority of India and ought to be purchased inside a half year of moving the property. You can contribute a limit of Rs 50 lakhs through these bonds.
11. What is the difference between long-term Capital Gains and short-term Capital Gains?

If the house is held for under three years before its deal, it is named as a momentary capital resource and any addition emerging from the deal is treated as a transient Capital Gain. There are no expense exclusions for momentary Capital Gains and one need to pay it as indicated by the appropriate assessment section.

In any case, if the property is sold in the wake of holding it for over three years, it is treated as a long haul capital resource and the increase emerging from it is known as the long haul Capital Gain. Such gains draw in a level exclusion pace of 20%.

12. What are Capital Gains on a property purchase?

Property for purchase or sale

is viewed as a capital resource and Capital Gains Tax is imposed on the additions emerging from the closeout of property. Such gains are determined subsequent to modifying the swelling rate, move and remodel charges.

13. Do I have to pay stamp obligation if the property is moved or is a blessing?

Truly, For the most part, the stamp obligation on the blessing deed ranges from 5% to 12% in all states. In hardly any states like Haryana, Rajasthan and Delhi, a concession of 1 to 2 % is given to female transferors.

14. What is property registration?
It refers to the enrolling of reports identifying with move, deal, rent or some other type of transfer of an ardent property. Registration is obligatory by law for all

properties in Bhopal

under Section 17 of Indian Registrations Act, 1908. When a property is enlisted legally, it implies that the individual in whose support the property is registered is the legitimate proprietor of the premises and is completely answerable for it in all regards.
  • What records would I need at the hour of ownership?

    a. Original duplicates of the chain of title understandings and Building Plan endorsements
    b. Original enlistment and stamp obligation receipts
    c. Possession Letter
    d. Original share testament (if there should arise an occurrence of social orders)
    e. Proof of installment of all levies like upkeep charges, power charges, telephone, water and property assesses up to the date of giving belonging
    f. NOC from the Society or other concerned body-affirming no issue with the exchange

  • How would I be able to check that the records appeared to me by the dealer are certifiable?

    a. Projects endorsements can be confirmed from the company or the authorizing authority's office
    b. Ownership archives can be affirmed from the Sub Registrar's office where they are enrolled
    c. Share testament identified with social orders can be checked from the concerned Society itself

  • • What archives do I have to check on the off chance that I am purchasing a resale property?

    a. Clear and attractive Title, Sale Deed, Encumbrance Certificate, most recent expense receipts, Occupancy Certificate, Building Plan Approvals and Possession Certificate.

15. What Documents are required for enlistment/registration of another loft/plot?

a. Deal Deed
b. No Objection Certificate (NOC) from the developer
c. NOC from banks
d. Building Plan endorsements
e. Completion Certificate
f. PAN Card
g. Photographs.

16. What reports are required for registration of a free house?

a. Distribution papers of the plot
b. Building Plan endorsements
c. Transfer Deed (in the event of different proprietors)
d. Sale Deed
e. PAN Card
f. Photographs.

17. What reports would it be advisable for me to check before purchasing another property?
  • Sale Deed
  • Title Deed
  • Approved Building plans
  • Completion Certificate (Newly Constructed)
  • Commencement Certificate (Under-development property)
  • Conversion Certificate (If horticultural land is secured to non-rural)
  • Khata Certificate (particularly in Bangalore)
  • Encumbrance Certificate
  • Latest Tax Receipts
  • Occupancy Certificate
18. How do banks evaluate the property for insurance?

Property valuation is finished by increasing the developed region of the property with the expense of development per square feet. This is the typical technique pursued by most banks.

19. What is commonly the tenure of home insurance?

It shifts from bank to bank. For the most part, most arrangements spread upto time period of five years.

20. What is covered under personal possessions?

Under close to personal professions, home insurance agencies, for the most part, spread furnishings, electronic/electrical contraptions and gems under close to home belongings. Be that as it may, the most extreme obligation of these things relies on the sort of protection spread looked for or valuations done by the bank.

21. What does a home insurance policy cover?

Home protection arrangements spread the house structure just as its substance or assets. Numerous protection strategies likewise consolidate different individual protection includes as well.

22. What is home insurance?
Home insurance is a kind of protection arrangement that spreads private habitations and shields them from unusual harms, regular or man-made debacles, robbery and burglary. It is a safety net for your

house in Bhopal

protecting from all negative external elements.
23. Would I be able to repay the loan ahead of schedule?

Truly, loaning foundations enable you to prepay your credit. Be that as it may, these establishments may charge early reimbursement punishments, which may fluctuate from 2 to 3% of the extraordinary chief sum.

24. Do I need a guarantor to get a home credit?

It depends starting with one bank then onto the next. A few banks request 1-2 underwriters.

On the off chance that I have cash, is it still important to profit off of a bank advance for purchasing a home?

It is commonly profitable to go for a home credit as it encourages you in profiting tax breaks. In any case, it would be ideal if you counsel your CA or duty counsellor to talk about the focal points and burdens for your situation.

25. Do I have to outfit any security to get a home credit?

In a lion's share of the cases, the property to be obtained it turns into the security and is sold to the moneylender till the whole advance is reimbursed. Various moneylenders may request extra security, for example, disaster protection strategies, Fixed Deposit receipts and investment funds testaments.

26. Would I be able to sell the property, in any event, when the home credit is outstanding?
Yes, you can

sell the property

with the assent of the financial/Banking Institutions.

On the off chance that the purchaser needs to take an advance to purchase the property, the procedure is a lot simpler if he moves toward a similar bank. In these cases, the bank doesn't have to discharge the property papers to another bank before getting the instalment.

On the off chance that the purchaser needs to make an installment through and through, he can make it to the bank legitimately. The property papers will be discharged simply after the bank has recouped the whole credit sum.

27. Can a single woman get a credit?

Indeed, a solitary lady can get credit. Many loaning foundations likewise have exceptional plans for them, for example, a markdown of up to 0.25% on the financing cost.

28. What is down payment?

For the most part, banking fund establishments pay around 75 to 85 percent of the expense of the property purchased. The staying 20 % of the sum is settled in advance, which is prominently known as the upfront installment.

29. What is the time required for home loan disbursement?

On a normal, credits are dispensed inside 3-15 days after a good and complete documentation and finishing of required techniques.

30. I have two housing loans on two unique properties. Would I be able to get a tax rebate for both the loans?

Indeed, you can get the advantage of the two credits. Nonetheless, the aggregate sum that you will be entitled to won't surpass Rs 1,50,000 for both the homes.

31. How much tax rebate is available on a home loan?

According to Section 80C of the Income Tax Act, you are permitted separate reasonings on head and intrigue measure of home advance sum, alongside different substances like ULIP, PF, PPF, ELSS and NSC's. If there should arise an occurrence of head, you can guarantee to find up to Rs 1.5 lakhs while in the event of intrigue, it is Rs 2 lakhs. The measure of stamp obligation and enrollment is additionally qualified for charge derivation.

Note that the tax cut must be guaranteed for the year wherein the development is finished.

32. Are there other charges that go with home loans?

Home Loans are typically joined by the accompanying additional expenses:

  • Processing Charge: It is the expense payable to the bank on applying for credit. It is either a fixed sum not connected to the credit sum or a level of the advance sum.
  • Pre-installment Penalty: When a credit is reimbursed before the planned term, a punishment is charged by certain banks, which is known as the pre-installment punishment.
  • Miscellaneous Costs: Some loan specialists or

    builders in Bhopal

    may request documentation or counsel charges.
33. What is the difference between fixed-rate and floating rate of interest?

In fixed financing cost, the premium stays steady all through the credit time frame regardless of the adjustments in economic situations while in the skimming loan fee, the premium can diminish or increment contingent upon showcase variances.

34. How is the loan fee determined?

The enthusiasm on home advances is normally determined either on a month to month diminishing or yearly lessening parity. Now and again, day by day diminishing technique is additionally embraced.

  • Annual diminishing: In this framework, the head, for which you pay intrigue, decreases toward the year's end. Therefore, you keep on paying enthusiasm on a specific segment of the chief that you have already repaid to the moneylender. This implies the EMI for the month to month lessening framework is successfully not exactly the yearly decreasing framework.
  • Monthly lessening: In this framework, the head, for which you pay intrigue, decreases each month as you pay your EMI.
  • Daily Reducing: In this framework, the head, for which you pay intrigue, decreases from the day you pay your EMI. EMI in the day by day decreasing framework is not exactly the month to month diminishing framework.
35. What are the documents needed to apply for a home loan?

You need to present the accompanying archives:

  • Proof of Identity: PAN, Driving permit, Voter ID, Aadhar Card
  • Proof of Income:
  • Salaried Applicants: Latest 3 Months payslip indicating all derivations and Form 16 throughout the previous three years.
  • Self Employed Applicants: IT returns for as long as 2 years and calculation of salary throughout the previous 2 years as ensured by a CA
  • Bank Statement: Past a half-year
  • Guarantor Form (Optional)
36. How does my salary impact my home loan sum?

Aside from other criteria and standards of the loaning bank, the home advance sum is commonly determined as 30 to 65 percent of your gross salary. You can build your advance sum by including a co-candidate.

37. What are the general qualification conditions for availing a home loan?

The general qualification conditions are as per the following:

  • The borrower ought to be an occupant of India or an NRI
  • Above 24 years old toward the start of the advance
  • Below 60 years (65 for independently employed) or retirement age when the credit develops
38. Will a Home Loan be Pre-approved?

Truly. One can benefit a pre-endorsed advance from a lodging money related organization or a bank.

39. What is Pre-EMI?
Under the Pre-EMI choice, the borrower is required to pay just the enthusiasm on the advance sum that will be dispensed according to the advancement on development of the venture. The real EMI installment begins after the

ownership of the house<> that you will buy from

real estate developers

.
40. What is an EMI?

EMI or Equated Monthly Instalment is a fixed sum paid by you to the bank on a particular date each month. The EMIs are fixed when you obtain cash from the bank as an advance. EMI's are utilized to pay both premium and chief measure of credit in a manner that over a particular number of years, the advance sum is reimbursed to keep money with premium.

41. Does tenure affect the loan cost?

Longer the residency you have, the lesser will be your EMI however higher would be the intrigue outgo. In shorter residencies, you pay a more prominent EMI, yet the credit gets reimbursed quicker and you pay less intrigue.

42. What is the tenure of a home loan?
As home advances spread a huge aggregate, the residency, for the most part, differs between 3 to 30 years. The tenure will depend upon the

property in Bhopal

.
43. What are the types of Home loans available?

The banks generally offer these nine kinds of credits on premium:

  • Home Purchase Loan: It is the most widely recognized sort of credit taken for acquiring another

    private property or an old house

    from its past proprietor. You can buy

    apartments in Bhopal

    either new or old with the help of home loans.
  • Home Improvement Loan: Home improvement credits are given for executing fix and redesign work at home.
  • Home Construction Loan: These credits are endorsed to build a house on a real estate parcel you have just acquired. The credit endorsement and application process for these advances are fairly not quite the same as the other normally accessible home advances.
  • Home Extension Loan: Home augmentation advances are offered for growing or broadening a current house. For instance, expansion of an additional room, a story and so on.
  • Land Purchase Loan: This kind of advance is allowed for the acquisition of a plot of land for both private or venture purposes.
  • Home Conversion Loans: These credits are accessible for individuals who have just obtained a house by taking a home advance yet now need to purchase and move to another house. With these credits, they can support the acquisition of the new house by moving the present advance to the new house.
  • Balance Transfer Loan: These credits are benefited to move one's home advance starting with one bank then onto the next. It is typically done to reimburse the rest of the measure of advance at lower financing costs or when a client is discontent with the administrations gave by his current home advance supplier and needs to change to an alternate bank.
  • NRI Home credits: These are specific advances, organized to suit the prerequisites of NRIs who wish to assemble or purchase a home in India.
  • Loan against Property (LAP): These credits are given or dispensed against the home loan of a property.
44. What is a home loan?
Home credit is the cash acquired from a bank or a lodging account organization on enthusiasm for purchasing/building/updating a private land property. Home loans are also available to purchase

flats in Bhopal

.
45. What is the stamp duty and registration charges in Bhopal Madhya Pradesh?
For

property enlistment in Bhopal

, one needs to introduce his deal deed in the separate recorder office, wherein you will be charged stamp obligation at 5% of property estimation alongside 1% enrollment charges. Likewise, for data about

property in Bhopal

there is online enlistment and E-stepping of archives.
46. What is RERA?
  • RERA is an act for regulation and promotion of the

    real estate sector

    to guarantee the

    sale of flats

    ,

    apartment

    , plot or building efficiently and transparently. The Act aims to protect the interest of consumers/buyers.
  • The usage of RERA is required to carry alleviation to the homebuyers as manufacturers will be responsible for the opportune conveyance of the tasks and to shield purchasers from extortion dealers. The engineers would likewise pick up from the expanded certainty of the buyers in a directed situation.
  • The engineers must get all endorsements from different government organizations before propelling an extend and uncover all the data on the site that the individual state RERA administrative power will set up.
  • Realtors in Bhopal

    are given an enlistment number by the controller which they need to specify in each property deal. This will help in wiping out the plausibility of misdirecting the buyer. The authority has wide going forces to force punishments and detainment of specialists if there should be an occurrence of infringement of the law.
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