Frequently Asked Questions

What all taxes do i need to pay on buying a house

A buyer needs to pay the following taxes:

  • TDS or tax deduction at source on amount exceeding Rs 50 lakhs for the purchase of property excluding agricultural land.
    • Stamp duty
    • GST – Applicable if the property is being purchased from the builder who conceived and constructed the project before offering possession to the buyer. If the property is purchased from a reseller, GST is not applicable.
What is carpet area?

 “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

What is mortgage?

Mortgage is a financing option in exchange of title for debtor’s property, with the condition that if the person defaults on the loan then the mortgaged property will be taken over by foreclosure and upon payment of the debt, the conveyance of title becomes void.

What are different types of mortgages permitted by Indian Laws?

Indian Laws allow six types of mortgage loans-

  • Simple Mortgage
  • Mortgage by Conditional Sale
  • Usufructuary Mortgage
  • English Mortgage
  • Anomalous Mortgage
  • Mortgage by deposit of title of deeds

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