Hi Simplycar,
Today i spoke to builders they told Possession certificate will be issued once remaining 40% plots will get released.
After that only we can start construction in the layout.
Regards,
Dilip
Can i buy a site under Due associates at hosa road
Re: Can i buy a site under Due associates at hosa road
Thanks Dilip for the info. I think many including me were not clear about this. Hopefully the release will happen soon. In any case most of the people are thinking about constructing in about a year or so.. so at least by then things should have progressed. Hopefully even your problems with the IDBI bank are solved now? All the best.
@koti: Have you tried contacting the developer directly for any available sites?
@koti: Have you tried contacting the developer directly for any available sites?
Re: Can i buy a site under Due associates at hosa road
Hi Simplycar,
All Problems and confusions with IDBI Bank are resolved for now.... As per assurance give by Builders, Layout should be good to start construction by next 5 to 6 months.
Regards,
Dilip
All Problems and confusions with IDBI Bank are resolved for now.... As per assurance give by Builders, Layout should be good to start construction by next 5 to 6 months.
Regards,
Dilip
Re: Can i buy a site under Due associates at hosa road
Hi Dilip, one can start construction only if his site in amongst the 60% released sites right? Any idea when the balance sites will be released- the developer maintains it will be within 3 months. Given the auction notice, is it safe for one to buy into the unreleased sites?
All the art of living lies in a fine mingling of letting go and holding on....
Re: Can i buy a site under Due associates at hosa road
Hi parkom
Even I was under the impression that one can start construction in (at least) the 60% released plots but as per what shabini and dilip found out even that requires possession certificate before plan is approved and as per developer this will be available after 100% release.
For released plots which are pledged anyway IDBI is providing NOC before registration. About the unreleased plots I think only 2 survey numbers are pledged to IDBI and rest are with the developer. So i guess those should be relatively safe(in any case most of us verified that the original deeds are with the developer before registration for released plots) . About the survey numbers which are currently pledged with IDBI I think dilip has better info. Probably one would need to directly verify from IDBI about these before proceeding. I think dilip has posted the IDBI contact details earlier in this thread. Hope this helps.
Even I was under the impression that one can start construction in (at least) the 60% released plots but as per what shabini and dilip found out even that requires possession certificate before plan is approved and as per developer this will be available after 100% release.
For released plots which are pledged anyway IDBI is providing NOC before registration. About the unreleased plots I think only 2 survey numbers are pledged to IDBI and rest are with the developer. So i guess those should be relatively safe(in any case most of us verified that the original deeds are with the developer before registration for released plots) . About the survey numbers which are currently pledged with IDBI I think dilip has better info. Probably one would need to directly verify from IDBI about these before proceeding. I think dilip has posted the IDBI contact details earlier in this thread. Hope this helps.
Re: Can i buy a site under Due associates at hosa road
Hi Everybody,
Today I applied for Composite Housing Loan.
But came to know of some things from LIC which I need suggestions
1) I want to construct house and move ASAP. So I have applied for composite Housing Loan.
The entire estimate is 40 L. But the agent told me that even though now for site registration they will be releasing 24 L, even then they will take EMI on 40 L, that is to say i will be paying 40 000EMI , even though i take 24 L loan now. This looks unacceptable. But the agent was saying that since it is NOT a flat and composite loan, so we have to pay for entire thing OR take PLOT LOAN.
But PLOT LOAN is Non Tax Exemption. So I was opting for composite loan. Please enlighten my with ur thoughts.
2) once the registration is complete , can we claim Tax Exemption ( either principal or interest or Both ) until the construction is complete and we move in ? Is any of you claiming the same as of now. Please advise.
3) the maximum loan tenure seems to be 15 Years it seems. I had planned my finances for 20 Years loan tenure. Is there something I can do about it ?
4) did anybody opt for the BHAGYALAKSHMI scheme where woman is the MAIN APPLICANT ? I thought it may not be advisable Any thoughts ?
Please give ur valuable suggestions.
thanks
Vamsee
Today I applied for Composite Housing Loan.
But came to know of some things from LIC which I need suggestions
1) I want to construct house and move ASAP. So I have applied for composite Housing Loan.
The entire estimate is 40 L. But the agent told me that even though now for site registration they will be releasing 24 L, even then they will take EMI on 40 L, that is to say i will be paying 40 000EMI , even though i take 24 L loan now. This looks unacceptable. But the agent was saying that since it is NOT a flat and composite loan, so we have to pay for entire thing OR take PLOT LOAN.
But PLOT LOAN is Non Tax Exemption. So I was opting for composite loan. Please enlighten my with ur thoughts.
2) once the registration is complete , can we claim Tax Exemption ( either principal or interest or Both ) until the construction is complete and we move in ? Is any of you claiming the same as of now. Please advise.
3) the maximum loan tenure seems to be 15 Years it seems. I had planned my finances for 20 Years loan tenure. Is there something I can do about it ?
4) did anybody opt for the BHAGYALAKSHMI scheme where woman is the MAIN APPLICANT ? I thought it may not be advisable Any thoughts ?
Please give ur valuable suggestions.
thanks
Vamsee
Re: Can i buy a site under Due associates at hosa road
Hi Vamsee
I was also in the same boat when I applied.
1. This should be OK for you since interest is charged only on released amount and not on the remaining amount. So more of your emi would go towards principal. But on the flip side in case you are currently in a rented house you will need to pay the rent as well as full emi.
2. As per rules this is not possible but you can show the house as under construction and claim IT exemption later. But I don't think you can say the house in under construction for many years. I had asked the agent about this - he said that on their part they will issue the letter for interest paid but in case of inspection from IT (which he said usually does not happen) you will be in trouble. Also I think the interest paid until construction is complete cannot be shown for IT exemption now and can be claimed only once construction is completed in 5 installments. Principal paid until completion is not exempt.
However consider this:
If this is your first home and you say that you are residing in it after completion, max interest that can be shown for exemption is 1.5L as per current rules. However for 40L interest per year would be more than 2L in the first five-six years. So even if you plan to claim it later it may not be of any use since even without adding this, interest paid you would already be exceeding the tax exemption limit. I am not sure if you can add and show the interest paid before completion in the later years when interest paid is lower. However if it is a joint loan it maybe useful.
3. As per the LIC website term is max 15 years for plot and 20 years for composite but for some reason at the LIC office they were saying it is 10 and 15.
4. When I applied this scheme was not yet introduced but in this case you will need to consider both parties income. Since if ownership is 50% each tax exemption is also divided in same ratio and if your income is in the higher category some tax exemption may be wasted which may offset for the 25bps gain that you got from the scheme. However it may be useful if both have the same incomes levels.
I think you should decide based on how much money you need for construction and if you are sure that you can construct in 2 years time.
a. Since you have availed total of 40L out of which 24L is for plot, you are left with 16L. Is this amount enough for your construction? If you are planning to fund another 10-20L yourself you can consider going for a plot loan, clearing it and then applying for a new loan. This gives you flexibility to move to another bank in case of better interest rates at that time.
b. You will need to provide the house plan and estimate for the same from an engineer now itself. I am not sure if you have to stick to it later though.
c. You will need to start construction within 2 years.
d. If tax exemption is the only factor then consider if you will really benefit since you can only claim the amount shown before possession later and maximum is 1.5L unless it is a joint loan.
Maybe others can correct me if I am wrong.
I was also in the same boat when I applied.
1. This should be OK for you since interest is charged only on released amount and not on the remaining amount. So more of your emi would go towards principal. But on the flip side in case you are currently in a rented house you will need to pay the rent as well as full emi.
2. As per rules this is not possible but you can show the house as under construction and claim IT exemption later. But I don't think you can say the house in under construction for many years. I had asked the agent about this - he said that on their part they will issue the letter for interest paid but in case of inspection from IT (which he said usually does not happen) you will be in trouble. Also I think the interest paid until construction is complete cannot be shown for IT exemption now and can be claimed only once construction is completed in 5 installments. Principal paid until completion is not exempt.
However consider this:
If this is your first home and you say that you are residing in it after completion, max interest that can be shown for exemption is 1.5L as per current rules. However for 40L interest per year would be more than 2L in the first five-six years. So even if you plan to claim it later it may not be of any use since even without adding this, interest paid you would already be exceeding the tax exemption limit. I am not sure if you can add and show the interest paid before completion in the later years when interest paid is lower. However if it is a joint loan it maybe useful.
3. As per the LIC website term is max 15 years for plot and 20 years for composite but for some reason at the LIC office they were saying it is 10 and 15.
4. When I applied this scheme was not yet introduced but in this case you will need to consider both parties income. Since if ownership is 50% each tax exemption is also divided in same ratio and if your income is in the higher category some tax exemption may be wasted which may offset for the 25bps gain that you got from the scheme. However it may be useful if both have the same incomes levels.
I think you should decide based on how much money you need for construction and if you are sure that you can construct in 2 years time.
a. Since you have availed total of 40L out of which 24L is for plot, you are left with 16L. Is this amount enough for your construction? If you are planning to fund another 10-20L yourself you can consider going for a plot loan, clearing it and then applying for a new loan. This gives you flexibility to move to another bank in case of better interest rates at that time.
b. You will need to provide the house plan and estimate for the same from an engineer now itself. I am not sure if you have to stick to it later though.
c. You will need to start construction within 2 years.
d. If tax exemption is the only factor then consider if you will really benefit since you can only claim the amount shown before possession later and maximum is 1.5L unless it is a joint loan.
Maybe others can correct me if I am wrong.
Re: Can i buy a site under Due associates at hosa road
Hi,
I decided to take a site on phase 2 and had legal check for the site with the latest sale deed and with the docs obtained for the survey numbers under which my site is falling. Papers are good
and decided to go for agreement. But i had some confusion after going through this link about mortgaging some survey numbers. Today I approached IDBI bank, K H Road and confirmed with Viswanath(Asst Manager) that survey numbers 57, 58 and 144 are still mortgaged with them and due is around 12 Crores 
. If DUO Associates not repaying this amount, the site owners of this LAYOUT will be in trouble. They may auction the sites. So i suggest the buyers to speak to the owner and get it released. As somebody posted a notice in this thread on 2011, this issue is still getting dragged without repaying principle and only repaying small amounts of interest. Even they come with so many plans to the bank already, they failed to keep the promises. Already they auctioned their Yelahanka property(DUO MARVEL) and another property in bunnergahtta road. So insist on releasing the mortgage loan before paying completely and get it registered.
I decided to take a site on phase 2 and had legal check for the site with the latest sale deed and with the docs obtained for the survey numbers under which my site is falling. Papers are good
and decided to go for agreement. But i had some confusion after going through this link about mortgaging some survey numbers. Today I approached IDBI bank, K H Road and confirmed with Viswanath(Asst Manager) that survey numbers 57, 58 and 144 are still mortgaged with them and due is around 12 Crores . If DUO Associates not repaying this amount, the site owners of this LAYOUT will be in trouble. They may auction the sites. So i suggest the buyers to speak to the owner and get it released. As somebody posted a notice in this thread on 2011, this issue is still getting dragged without repaying principle and only repaying small amounts of interest. Even they come with so many plans to the bank already, they failed to keep the promises. Already they auctioned their Yelahanka property(DUO MARVEL) and another property in bunnergahtta road. So insist on releasing the mortgage loan before paying completely and get it registered.Re: Can i buy a site under Due associates at hosa road
Hi koti
if you are planning to register immediately you get a NOC from IDBI with the money being deposited to them directly. So that is safe since you a get a NOC from the bank and after registration bank has no dues over it. However if it is not a released site you need to be careful since it will take time for registration.
if you are planning to register immediately you get a NOC from IDBI with the money being deposited to them directly. So that is safe since you a get a NOC from the bank and after registration bank has no dues over it. However if it is not a released site you need to be careful since it will take time for registration.
Re: Can i buy a site under Due associates at hosa road
hi simplycar,
thanks for the response. i am not taking from the duo associates. i am taking from land owner. duo allotted 10 sites to land owner as share. but the site i am taking is in a survey number which is under mortgage by duo associates( i m not sure whether land owner aware of this or not). but this site is under 60% released quota and land owner has got khatha already. everything is proper except mortgage issue. i asked for an NOC from IDBI. he said it takes 10 to 15 days. i will go for agreement after that only. but i am doubt that they can get an NOC. survey number 58 also under moratagage. but duo made this to a park. i hope duo do not have any intensions to repay this mortagage. if they are not going to clear, i am sure IDBI will auction this park(as this belongs to nobody).
one more interesting point is Builder quoting almost all the sites are sold in phase 2. As per IDBI this is not true(as builder needs to inform bank if it is sold) and builder is hiding most of the good sites and showing the odd/bad sites only to the buyers. may be he wants to clear those first. But buyers are being cheated.
thanks for the response. i am not taking from the duo associates. i am taking from land owner. duo allotted 10 sites to land owner as share. but the site i am taking is in a survey number which is under mortgage by duo associates( i m not sure whether land owner aware of this or not). but this site is under 60% released quota and land owner has got khatha already. everything is proper except mortgage issue. i asked for an NOC from IDBI. he said it takes 10 to 15 days. i will go for agreement after that only. but i am doubt that they can get an NOC. survey number 58 also under moratagage. but duo made this to a park. i hope duo do not have any intensions to repay this mortagage. if they are not going to clear, i am sure IDBI will auction this park(as this belongs to nobody).
one more interesting point is Builder quoting almost all the sites are sold in phase 2. As per IDBI this is not true(as builder needs to inform bank if it is sold) and builder is hiding most of the good sites and showing the odd/bad sites only to the buyers. may be he wants to clear those first. But buyers are being cheated.