FREE-FREE- BUYING AN APARTMENT OR A SITE – OFFERS FROM ?????????????????????????


BUYING AN APARTMENT OR A SITE FROM A BUILDER / DEVELOPER AND THERE ARE MANY FREE GIFTS!!!!

CLUB HOUSE-FREE

MEMBERSHIP-FREE

BANK LOAN ARRANGEMENT-FREE

REGISTRATION-FREE

DEAR BUYERS,

USE COMMON SENSE AND THINK, HOW CAN THESE PROFIT MAKERS OR THE COMPANIES OFFER ANYTHING FREE FOR A STRANGE BUYER?

IS IT POSSIBLE TO CREATE SOME CONCRETE THING OR SUBJECT FROM VACUUM?

THE LOUSY CLUB MEMBERSHIP IS NOTHING BUT A “WASTE”.

BANK LOANS ARRANGEMENT IS FREE, BECAUSE THESE CRIMINALS HAVE TIE UP WITH THE BANKING CRIMINALS.  

THE  BUYER FOOLISHLY AND SHEEPISHLY SIGNS ALL THE MORTGAGE AND LOAN DOCUMENTS AND GETS TRAPPED INTO THE DEBT`S VICIOUS CYCLE. NARAKA ON EARTH.

THE BUYER IS CHARGED.  THE BUYER WITHOUT HIS KNOWLEDGE WILL BE PAYING FOR ALL THE FACILITATION IN THE SUB-REGISTRAR OFFICE. THE NOTORIOUS BUILDER/DEVELOPER HAS ALREADY CHARGED YOU THIS UNDER LEGAL EXPENSES- WHOSE LEGAL EXPENSES? 

ENJOY ALL THE FREE GIFTS!

DECLARATION CUM INDEMNITY BOND SIGNED BY THE HOME LOAN BORROWERS


HOME LOAN BORROWERS ARE UNAWARE OF THE FACTS THAT AT THE TIME OF AVAILING THE HOME LOAN EITHER FOR THE PURCHASE AND CONSTRUCTION OF THE HOUSE(COMPOSITE LOAN) OR FOR THE PURCHASE OF THE HOUSE OR APARTMENT, A DECLARATION CUM INDEMNITY BOND WILL BE SIGNED AS PER THE DIRECTIVES OF THE RESERVE BANK OF INDIA, WHICH GENERALLY CONTAINS THE FOLLOWING CLAUSE:

DECLARATION CUM INDEMNITY BOND EXECUTED BY THE BORROWER IN FAVOUR OF THE BANK

 Further I indemnify XXXHFL(BANK) from any losses, interests, claims or rights, financial or otherwise if any, arising out of non availability of documents, minor’s interest, litigation, non regularization of deviations in constructions etc and other acts of omission/commission in connection with the said    schedule property and construction /development as mentioned above and declare and assure that the Schedule property has been constructed as per sanctioned plan from XXXXX and if at any point of time, ever proved otherwise, the XXXHFL(BANK) may initiate action for the recovery of the loan.

 

PRE CLOSURE OR FORECLOSURE OF HOME LOANS AND RBI DIRECTIONS TO THE BANKS- UTILISE THIS CIRCULAR


RBI/2011-12/589
DBOD. No. Dir. BC.107/13.03.00/2011-12June 5, 2012

All Scheduled Commercial Banks
(Excluding RRBs)

Dear Sir/Madam

Home Loans-Levy of fore-closure charges/pre-payment penalty

Please refer to our circular DBOD. No. Dir. BC. 56/13.03.00/2006-2007 dated February 2, 2007 on reasonableness of bank charges.

2.  In this context, attention is invited to paragraphs 81 to 83 of the Monetary Policy Statement 2012-13 announced on April 17, 2012with regard to home loans on floating interest rates. The Committee on Customer Service in Banks (Chairman: M. Damodaran)  had observed that foreclosure charges levied by banks on prepayment of home loans are resented upon by home loan borrowers across the board especially since banks were found to be hesitant in passing on the benefits of lower interest rates to the existing borrowers in a falling interest rate scenario. As such, foreclosure charges are seen as a restrictive practice deterring the borrowers from switching over to cheaper available source.

3. The removal of foreclosure charges/prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and competition among banks will result in finer pricing of the floating rate home loans. Though many banks have in the recent past voluntarily abolished pre-payment penalties on floating rate home loans, there is a need to ensure uniformity across the banking system. It has, therefore, been decided that banks will not be permitted to charge foreclosure charges/pre-payment penalties on home loans on floating interest rate basis, with immediate effect.

Yours faithfully,

(Deepak Singhal)
Chief General Manager-in-Charge

HOME LOANS AND RBI DIRECTIVES – TAX EVASION BY THE BUYERS IS UNDER SCRUTINY


RBI HAS DIRECTED ALL THE BANKS NOT TO OVER VALUE THE PROPERTIES WHICH INCLUDES STAMP DUTY, REGISTRATION FEE, SERVICE TAX, VAT AND OTHER ADDITIONS, WHILE PROCESSING THE HOME LOANS, AS THE REGULATOR RECEIVED COMPLAINTS OF SUCH DISCREPANCIES BY SOME OF THE BANKS.

THE INCOME TAX DEPARTMENT IS EXAMINING THE HOME LOANS APPLICATIONS AND SANCTIONS AS IT IS NOTICED THAT MANY ASSESSEES HAVE FILED THE TAX RETURNS, WHICH HAVE SOME UNDISCLOSED TRANSACTIONS, TO AVOID THE PAYMENT OF TAXES.  

THE BUYERS ENTER INTO AN AGREEMENT OF SALE WITH THE BUYER FOR XXXXX PRICE AND SUBMIT THE SAME FOR HOME LOAN SANCTION AND REGISTER THE SAME PROPERTY FOR THE LESSER VALUE TO AVOID OR EVADE INCOME TAX, STAMP DUTY AND REGISTRATION FEE.  THE INCOME TAX DEPARTMENT IS COLLECTING INFORMATION OF SUCH TRANSACTIONS AND TAX EVADERS WILL BE PENALISED.  THEHOME LOAN BUYERS ENTER INTO A SALE AGREEMENT FOR THE ACTUAL VALUE OF THE  PROPERTY OR HIGHER VALUE OF THE PROPERTY TO AVAIL LOANS AND AT THE TIME OF REGISTRATION, REGISTER THE SAME FOR LESSER VALUE TO EVADE INCOME TAX, SALES TAX, SERVICE TAX, STAMP DUTY AND REGISTRATION FEE. 

 

PROPERTY BUYERS WHO HAVE AVAILED LOAN HAVE ALSO ENTERED INTO SEVERAL DUBIOUS AGREEMENTS AND THE BUILDERS COLLECT THE PAYMENT UNDER VARIOUS HEADS AND IN DIFFERENT NAMES, BUT ARE CAUGHT, AS THEY HAD ENTERED INTO THE AGREEMENT OF SALE AND THESE ARE OFFICIALS DOCUMENTS, BASED ON THESE DOCUMENTS THE LOAN IS SANCTIONED.

HOME LOANS AND GOVT PROPERTY -LAND GRABBING AND ENCROACHMENTS – BORROWERS ARE IN DOCK !


IT IS SAID THAT THE PROPERTIES IN THE VICINITY OF TANK BEDS,GOMALA LANDS, KAALU DHARI, BANDI DHARI,GUNDU THOPU, CA SITES IN BANGALORE EAST, NORTH, NORTH ADDITIONAL, ANEKAL AND SOUTH TALUKS, WHICH BELONGS TO GOVERNMENT SOLD ON FAKE/FABRICATED/GRANT CERTIFICATES/CERTIFIED COPIES OF BOGUS DOCUMENTS TO BUILDERS AND LAND MAFIA HAVE CONSTRUCTED MANY APARTMENTS AND THE BANKS HAVE SANCTIONED HOME LOAN ON SUCH PROPERTIES.  IT IS WIDELY DISCUSSED IN GOVERNMENT CIRCLES AND BANKING CIRCLES THAT THE BORROWER IS TOTALLY LIABLE AND RESPONSIBLE TO REPAY THE LOAN, IF THE GOVERNMENT TAKES OVER OR CLEARS THE ENCROACHMENT OR RECOVER THE LAND.  EVEN THE JUDICIARY MIGHT NOT COME TO THE HELP IN SUCH A SITUATION OF LAND GRABBING AND ENCROACHMENT.

HOME LOAN CONDITIONS- RBI-01-07-2011


A. Housing Loan for building construction

  1.        i.            In cases where the applicant owns a plot/land and approaches the banks/FIs for a credit facility to construct a house, a copy of the sanctioned plan by competent authority in the name of a person applying for such credit facility must be obtained by the Banks/FIs before sanctioning the home loan.

 

  1.     ii.            An affidavit-cum-undertaking must be obtained from the person applying for such credit facility that he shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan and it shall be the sole responsibility of the executants to obtain completion certificate within 3 months of completion of construction, failing which the bank shall have the power and the authority to recall the entire loan with interest, costs and other usual bank charges.

 

  1.  iii.            An Architect appointed by the bank must also certify at various stages of construction of building that the construction of the building is strictly as per sanctioned plan and shall also certify at a particular point of time that the completion certificate of the building issued by the competent authority has been obtained.

B. Housing Loan for purchase of constructed property/ built up property

  1.        i.            In cases where the applicant approaches the bank/FIs for a credit facility to purchase the built up house/flat, it should be mandatory for him to declare by way of an affidavit-cum-undertaking that the built up property has been constructed as per the sanctioned plan and/or building bye-laws and as far as possible has a completion certificate also.

 

  1.      ii.            An Architect appointed by the bank must also certify before disbursement of the loan that the built up property is strictly as per sanctioned plan and/or building bye-laws.

C. Unauthorised colonies

No loan should be given in respect of those properties which fall in the category of unauthorized colonies unless and until they have been regularized and development and other charges paid.

D. Commercial Property

No loan should also be given in respect of properties meant for residential use but which the applicant intends to use for commercial purposes and declares so while applying for loan.

DOCUMENTS REQUIRED FOR SCRUTINY FOR AGRICULTURAL LANDS AND SITES IN KARNATAKA


The documents are required:

 

MORTGAGE-ITS MEANING AND DIFFERENT KINDS OF MORTGAGES


Mortgage refers to the security of something given as a guarantee of repayment.
Mortgage: Mortgage refers to “the transfer of interest in specific immovable property for the purpose of securing the payment of money advanced by way of loan”. It must be borne in mind that only immovable property can be mortgaged. Lands, buildings, installed machinery are included in immovable property. The mortgagor (debtor) remains the owner of the property. However, he parts with only that portion of it that has been mortgaged.

Following are the Kinds of Mortgage

1. Simple mortgage
2. English mortgage
3. Usufructuary mortgage
4. Sub mortgage

Simple mortgage: when the possession of the mortgaged property, is not delivered, the transaction is known as simple mortgage.English mortgage: it is an absolute transfer of ownership in the mortgaged property. After the transfer, the mortgager remains bound to pay mortgage money.

Usufructuary mortgage: if the mortgagor deliver the possession of the mortgaged property an allows the mortgagee (the creditor) to receive any income there upon adjustable to the interest and or the principal amounts, it is known as usufructuary mortgage.

Sub mortgage:- where mortgage( the creditor) transfers his interest in the mortgaged property, such an act is known as Sub-mortgage.

There are mainly six kinds of mortgage. They are simple mortgage, mortgage by conditional sale, Usufructuary mortgage, English mortgage, mortgage by deposit of title deed and Anomalous mortgage. In simple mortgage the mortgagor keeps the possession of the property offered as the security. The mortgagor is personally responsible for the discharge of the debt. In case the mortgagor defaults to repay the money, the mortgagee has the right to obtain a decree for the sale of mortgaged property to recover the loan.

In case of mortgage by conditional sale, it is a mortgage where the mortgagor sells the property to the mortgagee on the condition to repayment of loan the property will be restored on him by the mortgagee. In case the mortgagor falls to pay off the loan the mortgagee obtains the absolute proprietorship of the property. Mortgage by conditional sale is not a favorite security with the bankers as it is risky and cumbersome.

Usufructuary Mortgage: in Usufructuary mortgage the mortgagor actually delivers the possession of the property to the mortgagee. The mortgagee is entitled to rent out the property and receive the rent. On repayment of the loan the possession of the property is transferred to the mortgagor.

 Following are the kinds of sub-mortgage:
Pledge or pawn: It is contract under which an article is surrendered to the lender as security against the loan. The articles used as a pledge may include jewelry, share certificates, document, gold and other valuable things. The contracts as a pledge can only be effected when the articles are delivered to the lender.

Charge: where immovable property of the debtor is used as security for the payment of money to the creditor, is said to have a charge on the property. It is different from the mortgage in that the charge does not involve the transfer of interest in the property, while the mortgage does.

Lien: it refers to the right of holding in the goods of the debtor till he clears the debt. Lien may particular or general. In particular lien specific property is retained as a security. General lien is the right to retain all the goods the debtor. Banker, stockbrokers, factors, insurance companies, and warehouse exercise it.Hypothecation: Hypothecation refers to the mortgage of the movable property without transferring the possession of the goods. It is a right to recover the debt against the security of the specific goods.

HOME LOANS AND RBI DIRECTIONS


Banks Can Give up to 90 Percent on Home Loans not exceeding Rs. Rs 20 Lakh

The RBI has empowered the Banks to give up to 90 per cent of the value of the property in case of small value home loans up to Rs 20 lakh.

But in case of loans above Rs 20 lakh, the loan to value ratio (LTV) should not exceed 80 per cent.

Following the announcement in the second quarter review of the Monetary Policy, the RBI today issued the circular putting a regulatory ceiling on the LTV ratio in respect of banks’ housing loan exposures, in order to prevent excessive leveraging by banks. Currently, there is no regulatory ceiling on the LTV ratio in respect of banks’ housing loan exposures.

Teaser loans

With regard to ‘teaser loans’ (comparatively lower rates of interest in the first few years, after which rates are reset at higher rates), the RBI said this practice raises concern as some borrowers may find it difficult to service the loans once the normal interest rate, which is higher than the rate applicable in the initial years, becomes effective.

In view of the higher risk associated with such loans, the standard asset provisioning on the outstanding amount has been increased from 0.40 per cent to 2 per cent with immediate effect. The provisioning on these assets would revert to 0.40 per cent after one year from the date on which the rates are reset at higher rates if the accounts remain ‘standard’, the RBI said.