Flats in Bangalore, Luxury Apartments & House for Sale in Bangalore

Planning to buy a flat in Bangalore? Calculating the total cost of buying a flat is essential for a smooth purchasing experience & a smooth move into the apartment.

Our lives are filled with milestones – some that we achieve effortlessly such as entering adulthood, and some others that we create for ourselves, such as owning a home or a car. To turn the dream of owning a home into reality, we often plan by carefully budgeting our expenses so that we can make a larger down payment. But it doesn’t end with just a down payment and an EMI. Homeowners end up shelling out more than just the cost of the apartment for other aspects. Here, we cover all the additional expenses that you may incur when buying your ideal home:

Aspects That Determine The Total Cost of Buying A Flat in Bangalore

A 2 BHK apartment in Bengaluru may have been purchased by you and a friend. However, there is a possibility that your friend may have paid much less than you did because of factors like the builder’s reputation, construction quality, or amenities offered. In order to better understand what a flat in Bangalore costs, let’s dig deeper:

Construction Quality & Materials Used:

Your home’s price is directly influenced by the quality of the construction materials used. In general, high-quality homes are more expensive, but this means fewer repairs and reconstructions over time.

Builders’ Reputation:

A reputable builder will use good quality materials for construction. As a result, such apartments will naturally have a higher price tag as discussed earlier

Resale Value:

Newer properties usually fetch a higher price. However, they can still have a higher value even if they were well maintained over the years. Maintaining a property regularly can also add value.

Location Value:

A building in a commercial or market area has a higher value than one in an isolated residential area. It is common for well-developed colonies to be valued at a higher price when they are located near reputed educational institutions, hospitals, and shopping plazas.

Amenities:

An apartment with a number of modern amenities is valued at a higher price. A property is valued on the basis of its features associated with comfortable living. In addition to basic amenities like electrical connection, plumbing, and sewage treatment, homebuyers look for recreational amenities like parks, swimming pools, and gyms.

8 Additional Expenses You Should Consider While Calculating the Total Cost of Buying A Flat in Bangalore: –

Stamp Duty and Registration Charges:

It’s an obvious expense. In order to register the property under your name, the state government charges stamp duty, which is approximately 5-7% of the property value. Then, an additional 1% of the property value must be paid to the court as registration fees.

If your property is valued at Rs. 1 crore, stamp duties are 5% on property values above Rs. 45 lakh. That will work out to Rs. 5 lakh. The registration charge is an additional 1% of Rs. 1 crore, which is Rs. 1 lakh. In total, you will be charged Rs. 6 lakh on stamp duty and registration charges.

Brokerage Fee:

If you are zeroing in on your ideal home with the help of a broker, then, undoubtedly, you will spend a bit more. Both buyers and sellers will pay an agreed-upon commission to the broker for carrying out smooth transactions.Assuming you bought through a broker who charges a 2% commission on the property value, you’d have to pay him Rs. 2 lakh on a property worth Rs. 1 crore.

Parking Cost:

Residents of the apartments have access to a host of amenities. However, if you own two cars, you will be allotted one parking space, and you might have to pay extra for the other. This can range anywhere between Rs. 2-7 lakh per slot, depending upon the location of the slot as well as the apartment, in general.

Let us assume that you are charged an additional Rs. 5 lakh + 12-18% GST towards the extra parking slot.

Interior Designs:

You must first set a budget for how much you want to spend on interiors when you calculate the total cost spent on your home. Interiors are an essential part of your home because it adds personality to your space.

You can choose how your TV unit, wardrobes, bathroom fittings, and much more, need to look. Depending upon your needs, aesthetic preferences, and the quality of these products, the price can be higher or lower.

If you want to use materials like marble, granite, and expensive wood, then it might cost you a hefty sum that could be around Rs. 15-20 lakh. However, if you decide to opt for good quality products in a reasonable price range, then you could complete your interiors for about Rs. 5-6 lakh.

Goods and Service Tax:

If you purchase an under-construction property in India, you will have to pay the Goods and Services Tax (GST), which is 5%. However, if you choose a ready-to-move-in apartment that has a completion certificate, there will be no GST levied.

Preferential Locality Charge (PLC):

As much as garden view, sea view, pool view, or lake view apartments sound enticing, these come with an additional cost known as the Preferential Locality Charge. When you choose an apartment with a particular view or amenity in mind, you might need to pay a PLC that can vary between Rs. 100-500 per sq. ft.

Maintenance Cost Deposit:

A maintenance cost deposit is collected by the builders to create a corpus fund. The interest on the funds would then be used for common area maintenance purposes. If the interest amount is exhausted, the tenant will be charged a maintenance charge for the following month based on the apartment SBA.

The maintenance deposit could be around Rs. 4-5 lakh and can even go up to Rs. 10 lakhs, Which is to be paid at the time of purchase.

Miscellaneous Charges:

Apart from the above charges, you could also incur more expenses. Some of these expenses need not necessarily add to the cost of your apartment, but they may be a factor when you purchase and move into your ideal home.

This could include the bank loan inspection charges that are part of the home loan amount which you will have to bear as part of the loan repayment, or it could be the expense incurred from hiring packers and movers, etc.

 

Additional Costs	Amount	Calculation Basis
Stamp Duty & Registration Charges	6 lakhs	5% (Stamp Duty) of 1Cr & 1 % of 1Cr (Registration Charge) = 5lakh +1 lakh
Brokerage Fee	2 lakhs	Fixed Amount
Charges for Additional Parking	4 – 5 lakh	Fixed amount
Interior Designs	5 – 6 lakh	Depending on preferences
GST	5 Lakh	5% of 1Cr.
PLC	2-10 lakh	Depends on the type of apartment
Miscellaneous Charges	20k to 2lakhs	Depending on preferences
Maintenance Deposit	5 lakhs	Fixed amount

These are the approximate cost suggests for a flat worth Rs. 1 crore in Bengaluru, you will end up paying anywhere between Rs. 25-35 lakh towards all these additional charges. The total cost of buying a flat in Bangalore will be Rs. 1 crore, 35 lakh + GST wherever applicable. 

Conclusion:

Achieving this milestone of owning your home is a rewarding feeling. If you plan carefully, estimating all the costs incurred, you can also keep an eye on your savings. This would suggest that you are being smart about your real estate investments.

To make this dream a reality, be sure to check our luxury apartments in Bangalore that are a class apart and come with an array of amenities.

Amit Kumar works in the IT sector in Bengaluru. He has been looking for a home that matches his lifestyle requirements. However, he does not want to exceed his budget and EMIs. His estimated budget is somewhere between Rs. 60 to Rs. 70 lakh for a 2BHK home. Therefore, if Amit takes a home loan of Rs. 50 lakh, his approximate EMI would be around Rs. 44,186 per month at an interest rate of 8.75% for a period of 20 years.

This is well within expected range. Additionally, this EMI will come down further if the home loan amount is below Rs. 50 lakh. To fulfill their aspirations of buying a home replete with amenities, home buyers like Amit are increasingly looking at a rapidly growing segment of affordable luxury homes.

Differentiating Between Affordable Luxury And Luxury Housing?

As the name suggests, it is an amalgamation of modern day lifestyle and amenities that matches international standards, but at an affordable price point. For a home to be classified as affordable luxury, the price range is between Rs. 55 to 75 lakh. These homes are targeted at the mid-income home buyers. In other words, the USP of this segment is its competitive pricing for premium facilities.

Usually, the amenities that are a part of affordable luxury home include car parking, gymnasium, clubhouse, swimming pool and children’s play area. Additionally, the average size of these homes are in the range of 1000 sq. ft. to 1500 sq. ft. Affordable luxury homes are mostly developed as a part of integrated townships. Moreover, these projects are located in the micro-markets, which are developing at a faster pace. Affordable luxury housing as a category housing does not vie for a piece of the luxury market.

Luxury homes, on the other hand, usually offer world-class amenities such as swimming/infinity pool, clubhouse, gymnasium, outdoor courts for different sports, lounge, open party spaces, gardens, jogging area, amphitheatre among others.

On an average, luxury homes are priced at Rs. 2 crore and upwards. Such homes in the suburbs of the city may be available in the range Rs. 1 crore to Rs.1.5 crore, making the monthly EMIs anywhere between Rs. 80 thousand to Rs. 1 Lakh. However, the price of luxury home varies from city to city as well. For instance, luxury homes in Bengaluru may start from Rs. 85 lakh onwards, while in Mumbai it may start from Rs. 10 crore.

Drivers of Affordable Luxury Housing

Over the years, exponential urbanisation and increasing disposable income has fueled the desire of mid-income home buyers for an elevated, aspirational lifestyle. Additionally, today’s home buyers are tech-savvy, well-read and well-travelled. As a result, they are not only aware of the trends in the housing market but also acquainted with the international lifestyle standards.

A majority of them are first-time home buyers. More importantly, many of these home buyers are young and fall under the millennials category. According to the Youth Barometer report by CREDAI and CBRE in 2018, millennials account for 25% of the working age population in emerging economies such as India and China.

They are expected to be important decision makers in the world of business. Further, 65% of Indian millennials aim to buy homes without compromising on the quality, size and location with a focus on quality of life. Clearly, with their focus on affordability, comfort and luxury, they will drive the demand for affordable luxury homes.

Interestingly, a lot of NRIs are also considering to buy affordable luxury homes for investment and rental income. Various reports suggest that on an average, NRIs stand to earn a return in the range of 6% to 8% on such homes.

To find the right Affordable Luxury Home, check out-

SOBHA Brooklyn Towers– 1, 2 & 2.5 BHK Apartments for Sale Near Electronic City, Bangalore

SOBHA Lake Gardens– 2, 3 BHK Luxury Apartments for Sale in KR Puram, Bangalore

SOBHA Dream Acres – 2 BHK Flats for Sale in Panathur Main Road, Bangalore

SOBHA Dream Gardens– 2 BHK Flats for Sale in Off Thanisandra Main Road, Bangalore

Find New Luxury Apartments for Sale in Bangalore-

SOBHA Victoria Park – 2,3 BHK Luxury Apartments in off Hennur Main Road, Bangalore

Victoria Park Row Houses – 3 BHK Luxury Row Houses for Sale in Hennur Main Road, Bangalore

SOBHA Sentosa– 3 BHK Luxury Flats for Sale in Panathur Main Road, Bangalore.

SOBHA Royal Crest– Bangalore Palace Themed 3 BHK Apartments & 4 BHK Duplex Houses for Sale in Banashankari, Bangalore

SOBHA Manhattan Towers- Townpark – 3 BHK New York Themed Luxury Apartments for Sale near Electronic City, Bangalore.

A few decades ago, Whitefield was a quintessential English village. Where sunlit lanes lead to gates that used to protect delightful old cottages, flowers cascaded over brick walls, and trees were laden with fruits. Over the years, along with old bungalows, the charm of the Regency era dusted away.

Today, SOBHA Windsor brings back the reminiscent of the bygone era in the heart of IT hub, Whitefield. It is meticulously handcrafted for those who wish to relive the iconic grandeur of the lost times.

The grand structures at SOBHA Windsor cross your way and entice you to the erstwhile regency days. The Chronos Crossway preserves the glorious past in its austere design. The Victorian-themed amphitheatre with its ornate splendours, the landscaped promenade, manicured gardens, and splendid archways reflect the grandeur and expanse of the long-gone century.

Perhaps, the lounge beside the stylish swimming or the colonial-style Clubhouse will be one of the few sought after spots to unwind yourself after a hectic day at work.
SOBHA Windsor relives the old world in a new way. Its exclusive co-working space embraces the ‘new normal’ of working from home, studying from home with complete efficacy and efficiency.

Here at SOBHA Windsor, subtle elegance is infused with soothing decor and make your home a chosen abode. From the living space to the bed-chamber, the patio to the kitchen, every space resonates opulence and charm of the old century.

SOBHA Windsor, located at Channasandra in Whitefield, Bengaluru. Major malls, International Tech Parks, well-known educational institutions, and super speciality hospitals are within your easy reach. It is also well connected with the international airport.

It is indeed an elite destination address of Whitefield.

SOBHA Windsor comprises – 3 & 4 Bedroom configurations and spread over sprawling 13.7 acres of lush green land.

Wish to know more about SOBHA Windsor? ENQUIRE NOW

Bengaluru, commonly referred to as the Silicon Valley of India, featured as one of the most preferred cities to live in, according to the ‘Ease of Living Index, 2021’. The city that is known for its flourishing tech industry and pleasant weather all year round was followed by Pune, Ahmedabad, Chennai, etc. in the same list. Bengaluru is known for its fast-growing real estate is our home ground and we have built quality homes across the city. With beautiful lakes, parks, and malls lining this vibrant capital of Karnataka, it is not surprising that people across India want to buy flats in Bengaluru and settle here.

With banks offering easy home loans with lower interest rates, this is the right time to accomplish your dream of buying an ideal house for your family. Be it a gated community of newly constructed apartments, villas, or individual plots, projects are always in demand since Bengaluru is a dream destination for IT professionals and those with startup ideas.

FLATS IN BANGALORE: GAINING MOMENTUM

As of 2021, Bengaluru is home to 14.1 million people and continues to grow. While the tech city attracts a large chunk of the population from around the country, buying an apartment seems to be a unanimous goal for those living here. In the year 2020, about 23,000 housing units were sold in Bengaluru and 2021 saw a sale of over 38,000 units. Compared to the previous year, residential property sales increased significantly during that period.

With Bengaluru welcoming more people, the number of homebuyers is also on the rise. Homes that are in close proximity to reputed schools, tech parks, hospitals, but also away from the hustle and bustle of city life, are most sought-after.

Please visit here for -> 2 BHK Flats in Bangalore 

The pandemic has highlighted the importance of owning a home, and with work from home being embraced by corporates, there is no better time to buy your own ideal home than now.

Getting a home loan has been made easy and will also offer several tax benefits. With reduced taxes, homebuyers can buy an apartment at an affordable rate. Buying a 2/3 BHK home in a place like Bengaluru is a great investment as there is always scope for rental income.

SOBHA HOMES – BUILT TO LAST FOR GENERATIONS

SOBHA Limited offers the finest properties for homebuyers in locations that are poised to garner appreciation. From opulent row houses to thoughtfully designed luxury apartments and even a planned plotted development, there is something for everyone. Every SOBHA home is meticulously designed – offering great quality and value.

With 13 properties for sale across Bengaluru, SOBHA Limited offers homes designed in distinctive themes – featuring a host of amenities and expansive views.

A FEW AMENITIES IN A SOBHA HOME

*  A Clubhouse and Multipurpose Hall to plan and execute your parties.

*  A lavish Swimming Pool for adults and a separate Kids’ Pool for little ones to explore.

*  Badminton Court, Tennis Court, and Cricket Pitch – encouraging an active lifestyle.

*  Table Tennis and Pool Table to stimulate mental alertness and concentration.

*  An Outdoor Gym and an Indoor Gym to bring out the fitness enthusiast in you.

*  Children’s’ Play Area that will allow them to take a break from the digital gadgets.

*  A Reflexology Path to stimulate acupressure points and soothe your senses.

*  Every unit comes with a balcony and large windows of the city’s skyline.

SOBHA EXPERIENCE CENTRE – A SNEAK PEEK OF YOUR FUTURE HOME

Head to our experience center to get a first-hand feel of the quality and craftsmanship of a SOBHA home. The guided tour is designed to efficiently convey the minute construction details and demonstrates the opulence of your future abode. Book a site visit now to get a real feel of living the grand SOBHA life.

Bangalore, the capital city of Karnataka, is famous as the technology capital, and home to numerous start-ups. The Silicon Valley of India, located approximately 3,000 feet above sea level, is a popular destination, thanks to its pleasant weather all year round and the many opportunities it provides. Since more people are moving to the city, the real estate industry has grown to meet the growing demand for housing. Buying a flat in Bangalore would obviously be better than renting one if you are deciding between the two. Here are some of the benefits of owning a Flat in Bangalore.

10 Advantages of Buying A Flat in Bangalore

One doesn’t need a lot of reasons to buy a home. However, here are a few reasons why buying your property in Bangalore is advantageous.

–  Growing Market

Numerous upcoming residential projects are suggestive of the ever-growing demand in the real estate industry. Since Bangalore is the start-up and IT hub, there is always an influx of people from other cities. Buying a property in a growing market such as Bangalore will be a blessing since you can allocate money towards gaining assets while avoiding paying rents.

–  Rental Income & Better ROI

Property investment is one of the best ways to expect safe and higher returns. Regardless of what property you buy, the returns are going to be rewarding. Especially an apartment in Bangalore can become an additional source of revenue generation if you decide to rent it out and use that money towards EMI. Should you decide to move cities at a later stage, you can always rent out the property to make additional income.

–  Steady Appreciation

The population in Bangalore is on the rise, and real estate companies are in the race to provide various housing options. With the increase in real estate developments, land appreciation and apartment rates will definitely increase. Even if you sell the house in just two years, the returns will be profitable.

–  Affordable Home Loans

It is now much easier to get home loans than before. With a steady source of income, you can easily avail of home loans. The process for procuring loans has also become convenient and simpler. Regardless of what tenure you look for, finding a wide range of home loans that suit all your needs, is easy. If you’re able to finalise on a property – one that is value for money and with amenities to cater to all your needs, then loans can be processed in a jiffy.

–  Tax Benefit Galore!

Owning a property with a housing loan means huge tax benefits for you! A large part of your earnings would disappear without the right investments. If you want to fully enjoy your increment, and save a significant part of your tax amount, then a home loan for a property in Bangalore will surely be of great help.

–  Inspire To Save More

Paying a larger down payment is a much better option than paying a higher EMI every month. Hence, the moment you’ve decided to invest in your house, you could start working towards saving more so that you can make an easy down payment. Strict monthly budgets, mutual funds, and other automated saving strategies are a great way to ensure higher savings. Even after purchasing your apartment, you will be motivated to save more so that you do not feel the burden of an EMI.

–  Assuring Freedom

The fear of being evicted on short notice looms large amongst many tenants and the worry about an annual increase in the rent is also persistent. However, when you buy your own home, you have the flexibility and freedom to plan your stay. This ensures a sense of stability in homeowners.

–  Quality of Life & Safety

With quality housing, comes an improved quality of living. Bangalore has some of the finest residential projects that set the bar up high. Reputed builders provide homes that are par excellence in quality and lifestyle. Homes are now designed to strike a perfect balance between resort-like living while being easily accessible to reputed schools, hospitals, office spaces, and much more. With round-the-clock security, apartments, villas, and gated communities offer a sense of safety and privacy.

–  Community Living

Residents of apartments gather around and celebrate festivals and other important dates. Living in an apartment instils a sense of unity and aids communal harmony. Living in an apartment is ideal for everyone – from bachelors/bachelorettes, nuclear families to senior citizens – since help is always around.

–  Emotional Gratification

There is nothing more gratifying than having a space to call your “own”. Anyone who has lived in a rented house knows how house owners could restrict any modifications done to their house. From simple things like gardening to hanging a photo frame, you would have to take the owner’s approval beforehand. With your own home, you can customise it the way you like and make modifications that suit your taste. You can decorate and personalise your spaces however you want them.

Conclusion

In a city like Bangalore, buying your own home is a sure-shot way to secure a better future. Investing in a house in Bangalore that is convenient and caters to all your requirements promotes an enriched lifestyle. There is no better time to get started on owning your perfect home, than now. Buying from a trusted builder will ensure a hassle-free process and on-time delivery.

Now you understand all about the advantages of buying a house in Bangalore, You can find your ideal home in any of SOBHA’s wide range of apartments, villas, and plots across Bangalore. For over two decades, SOBHA Limited is one of the most trusted real estate players in the country. The company is committed to excellence and delivering superior quality products on time. SOBHA’s backward integrated model – a concept that makes the company self-reliant and independent, is aimed at providing quality across a spectrum of departments. 

When you spend your hard-earned money, choosing a quality home is not only safe and secure but also a smart idea. 

A lot of planning, thinking, and calculations go into buying an apartment. Financially, it’s the biggest decision you make as it would involve the lion’s share of your savings. In a city like Bangalore, finding the right apartment that suits your budget, requirements and lifestyle may seem like a daunting task. But with the right information at your fingertips, the whole process can be made a lot simpler and easier.

Read on and find out what are the top 8 points to tick before buying an apartments in Bangalore.

1. The Right Location

You don’t want to spend quality time negotiating the infamous traffic in Bangalore. So, ideally the right location for you is the one close to your office, your kid’s school, reputed hospitals and places you frequent. If you’re looking at an apartments as an investment, considering prime localities will ensure you a good income in terms of rent. Other aspects that need to be taken into consideration are uninterrupted supply of water and clean and green surroundings.

2. The Reputation

The real estate market has many players, both established and new. Besides, new entrants foray into the market from time to time. Obviously, the real task lies in choosing the right developer. Thanks to popular search engines like Google, it’s quite easy to research and find out everything about the developer that can suit your requirements: How many projects completed? Have they always delivered on time? What is the overall track record? Make sure that you go ahead only after finding satisfying answers to your questions. Choosing a reputed builder gives you peace of mind and guarantees higher rent and resale value.

3. The Legal Aspects

Clear titles, approvals and authorisations are critical when it comes to buying an apartment. Does the property have a clear title? Has the layout been approved by the relevant authorities such as Bangalore Development Authority, Bangalore Metropolitan Region Development Authority or Bangalore International Airport Area Planning Authority? Does the property have a Real Estate Regulatory Authority (RERA) number? If you’re investing in a property that is under construction, make sure that the developer has obtained a commencement certificate. Of course, you may find it difficult to check the veracity of all the documents and approvals. The best thing you can do is to hire a lawyer who can scrutinise all the relevant documents including builder-buyer agreement, title deed and all other legal documents for any kind of discrepancies.

4. The Interaction

Don’t stop with the research you have done online. Before going ahead, meet people who live in the neighbourhood, or those who reside in the project complex – if you’re buying a ready-to-move-in home. Talk to your prospective neighbours, understand the locality and get a grasp of the environment. Bangalore, being a cosmopolitan city, is a potpourri of different cultures. Whether you prefer to live amidst people whose culture you’re familiar with or you want to embrace new cultures and perspectives, visiting the locality and talking to people can be of great help. To complement your face-to-face interaction, read reviews online. Together, they will provide you a better idea about your prospective house and its surroundings.

5. The Amenities And Facilities

Apartments come in all sizes and with a host of facilities – some are medium-sized with basic amenities in place, while others are sprawling and rich in amenities. Choose yours based on your lifestyle and requirements. It’s highly advisable to go for an apartment that offers amenities or facilities which you will find useful. For instance, it makes more sense to choose an apartment that has a playschool or creche in the campus if you have a little child rather than opting for one that offers fancy amenities which you are unlikely to use. Always confirm with the builder that they will provide the amenities listed out in their advertisements.

6. The Inspection

Model apartments help prospective customers to get an idea about their future home. Hence, builders set up model apartments even when the project is under construction. Make sure that you visit the premises, take a tour of the model apartment, and inspect every nook and cranny thoroughly and critically. If you’re buying a ready-to-move-in apartments, make sure that you experience your future house in detail. Don’t hesitate to ask questions and clarify your doubts. It’s your house and it’s your responsibility to ensure that the developer has fulfilled all the promises and your house doesn’t lack anything in terms of finish and perfection.

7. The Floor Plan Check

While inspecting the apartment will give you a fair idea about your future house, it’s not enough for a fool-proof evaluation. An ideal floor plan, however, will come in handy in this regard as it will have every detail including the design and measurement of the property. Be sure that you check the floor plan thoroughly and get the help of a qualified architect to further evaluate and ensure that your house has good ventilation, and it receives plenty of natural light.

8. The Resale Value

The appreciation and resale value of an apartment greatly relies on its location as well as the amenities it offers. As far as Bangaloreans are concerned, the preferred choice is an apartments on a higher floor. Two of the most prominent advantages of living in a high-rise house are as follows: 1) They offer a panoramic view of the surroundings. 2) They are less affected by dust and pollution in comparison with apartments which are on lower floors. Yet another factor that many a buyer considers, and which will have a say in matters of appreciation and resale, is Vaastu-compliancy. It’s a wise decision to opt for an apartment which meets all these parameters.

SOBHA – The Advantages

A name synonymous with quality, SOBHA Ltd., offers an array of apartments across Bangalore. Loaded with features and amenities, each house is meticulously planned to satiate even the most discerning of homebuyers. The advantages of owning a SOBHA home are manifold. A few of them are as follows:

• SOBHA apartments are spacious, airy and naturally lit.
• The properties are easily accessible to schools, colleges, hospitals and shopping centres, making them convenient places to live.
• The property is managed efficiently which not only sustains the property rate, but also maintains high returns on investment in the form of rental income and property appreciation.
• Has a track record of delivering positive results consistently, in terms of luxury and comfort.
• Renowned for its transparency and quality standards – SOBHA is the first real estate company in the country that introduced backward integration to gain complete control over quality and delivery.
• Maintains an excellent track record in delivering houses well in advance.
• German engineering and architecture that meet supreme construction and design standards.

Buying an apartment is the right decision you can make. But before going ahead, plan it properly, do your research and choose a developer based on their reputation, quality standards and transparent transactions.

Home Loans, Tax Deductions, and Income Tax may all seem overwhelming, but we have simplified it for you! Let’s understand the benefits of home loans alongside Sunita and her husband Rajesh, who are in search of clarity on tax deductions. The couple decided to seek help from their friend Tara, who had only recently found her new home in SOBHA Lifestyle Legacy and was now reaping benefits from several sections under the Income Tax Act after availing a house loan.

Tara explained to them that the Central government has put in place several benefits under various sections of the Income Tax Act to help new house buyers. Furthermore, Tara added that the discounts are in terms of loans, stamp duty and tax deductions!

KNOW YOUR TAX DEDUCTIONS

You can get tax benefits under section 80C, 80EE and 24(b) of the Income Tax Acts. These benefits not only encourage new house buyers, but also to have a substantial amount of money every year in terms of savings.

BENEFITS UNDER SECTION 80C

Under this section of the Income Tax Act, you can claim a tax deduction of Rs 1.5 lakh from the taxable income on the principal repayment for both self-occupied and let-out properties. Even charges for stamp duty and registration can be claimed under this section, but only once. To claim it, you must first complete the construction of the housing property and must not sell the property within five years of possession. If the property is sold within five years after possession, any deduction claimed will be reversed in the year it is sold and be added as part of your income for the year of sale.

ADDITIONAL BENEFITS WITH SECTION 24

The buyer can claim deductions up to Rs 2 lakh on the interest amount payable for a self-occupied property. However, this is only applicable upon the completion of construction within 5 years from the end of the financial year that the loan was taken. Should the project take longer to finish, then you can claim only up to Rs 30,000.

FURTHER TAX BENEFITS UNDER SECTION 80EE

For an additional tax benefit of Rs 1.5 lakh on the interest payments, Section 80EE comes to the rescue. However, this section is only applicable to first-time house buyers against the interest payable every financial year. Additionally, the home loan amount must not exceed Rs 35 lakh and the property’s value must be within Rs 50 lakh to avail this benefit.

SECTION 80EEA UNDER PRADHAN MANTRI AWAS YOJANA

The Pradhan Mantri Awas Yojana scheme has been set up to make buying a house more affordable. Any individual with an annual income between Rs 3 lakh and Rs 18 lakh can apply for this scheme. Under this scheme, you can get a subsidy of up to Rs 2.67 lakh. However, neither the applicant nor any other family member must have a pucca house in any part of the country.

ENJOY COMBINED BENEFITS ON JOINT HOUSE LOANS

House loans taken jointly bring tax benefits to both individuals when they each claim their own deductions individually. The loan borrowers can each claim a maximum income of Rs 2 lakh on the interest paid and Rs 1.5 lakh on the principal amount, adding up to Rs 3.5 lakh. This way they can enjoy a combined benefit of a whopping Rs 7 lakh. The only prerequisite is that both individuals must be co-owners of that residential property.

TAX BENEFITS ON SECOND HOUSE

Tax benefits are applicable only on the payable interests, wherein you can claim the entire interest amount paid without any cap.

THE FARTHEST YOU CAN GO WITH DEDUCTIONS

Sunita and Rajesh know that a full tax deduction can be availed. That can be done when an individual avails a 90% loan on a property valued at Rs 45 lakh for 20 years. The interest rate must be 9% for this loan, then he/she can reap the full tax deduction of Rs 3.5 lakh.

They are now ready to make a confident investment into their own house. What’s even more exciting is that they have narrowed down on a flat in one of the upcoming projects of SOBHA Limited – SOBHA Windsor It’s your turn next.

*Terms and conditions apply

Buying a house involves quite a lot of procedures and attracts a slew of statutory charges. It’s always better to know about these in advance, particularly about the latter, to avoid unpleasant surprises later on. Let’s get to know in detail about the stamp duty and registration charges applicable, when buying a house in Bangalore.

Stamp duty and registration charges vary from state to state. More importantly, these charges make your house costlier. But what exactly are stamp duty and registration charges? Section 3 of the Indian Stamp Act 1899 mandates the collection of these charges for the following reasons:

1) To authenticate the sale agreement.

2) To maintain a record of the property. It’s the state government that decides and fixes all charges that are collected towards stamp duty and registration.

Understanding the Gamut of Property Charges

Let us assume that Anita is buying a property worth Rs 80 lakh in a posh locality in Bangalore. She will pay this sum to the seller and stamp duty, registration charges, surcharge (which is a tax levied on tax), and cess (a form of tax over and above the base tax liability of the taxpayer).

Anita will be charged stamp duty at 5.6% of the property cost, which will come up to Rs 4,48,000. Furthermore, the state government will levy registration charges at 1% of the property value, amounting to Rs 80,000. Anita will also have to pay a cess charged at 10% of the stamp duty, amounting to Rs 44,800, and another surcharge calculated at 2% of the stamp duty, which will come up to Rs. 8960.

So, while Anita’s property will cost Rs.80 lakh, the additional charges will add up to Rs 5,81,760. Therefore, the total cost of her property value will be Rs 85,81,760 plus GST.

Stamp duty & registration charges in Bangalore

Type of fee	Amount
Registration charge	1% of the property value
BBMP, BMRDA & village areas added cess	10% on stamp duty
BBMP & corporation added surcharges	2% on stamp duty
BMRDA & other surcharges	3% on stamp duty

Amount & Stamp Duty Charges

Less than Rs. 20 lakh – ( 2%)
Between Rs. 21 & Rs. 35 lakh    3%
Above Rs. 35 lakh    5%

What Are The Parameters That Determine Stamp Duty Charges?

Age of the Property:

Stamp duty is calculated based on the total value of the property you are purchasing. Since with age properties register depreciation, the age of the property has a prominent role to play in determining the stamp duty. Precisely the reason why older properties are easier on the pocket in terms of stamp duty when compared with brand new ones.

Buyer’s Age:

If you are a senior citizen, you’ve reasons to cheer while buying a house. Yes, senior citizens pay a lesser amount in terms of stamp duty whereas people of younger age get no relaxation, and hence end up paying more.

Gender:

Yet another factor that has a say in stamp duty is gender. In most states, Women, in comparison to men, pay a lesser stamp duty – roughly 2% lesser than men. However, in Bangalore the rate is same for both men and women.

Type of Property:

While there is no escape from stamp duty, residential properties have an advantage. They, in comparison with commercial properties, attract a lesser amount in terms of stamp duty.

Location:

Buying a house in an urban area? Be prepared to pay a higher sum as stamp duty. However, if your plan is to buy a house in a semi-urban or rural area, you pay a lesser amount.

Amenities:

Does the house you are planning to buy have a host of amenities? Well, shell out more towards stamp duty. It is simple – the more amenities you have, the more you pay. If your house has a swimming pool, library, gym or even elevators, you will have to spend more money on stamp duty.

Benefits of Paying Property Charges

Property charges prove to be beneficial to home buyers as it ensures the following, under Section 3 of the Indian Stamp Act 1899:

1) The property is now confirmed to you – Upon paying the property registration charges, the property will legally be under your name. This crucial document authenticates the sale and makes you the new owner of that property.

2) Maintenance of records – You pay registration charges so that the Government keeps a record of the property. Without this, the previous owner will continue to be considered the owner of the property.

Understanding Stamp Duty Charges

Stamp Duty and Registration Charges ensure that the property is legally transferred to you. These charges are applicable on all kinds of properties, be it under-construction, newly completed, or re-sale.

Stamp Duty is payable on the value of the property or on the circle rate, whichever is higher. A circle rate is the price of property or land in a region that is published and regulated by the State Government. Stamp duty on registration of various instruments is imposed under the provisions of the Indian Stamp Act, 1899.

The Stamp Duty is called so because the stamp mark on the documents implies that the paper has assumed approval of the authorities and is now of legal significance. Stamp duty is also applicable on conveyance deeds, sale deeds, and power of attorney papers, but the charges vary in different states.

Documents Required to Pay Stamp Duty

The buyer must submit a host of documents at the time of property registration, depending on the type of property. These are some important documents to be arranged at the time of registration:

• Sale agreement
• Sale deed
• Khata certificate
• Photocopy of society share certificate and society registration certificate (in case of housing project)
• NOC from the apartment association (in case of housing project)
• Sanctioned building plan (under-construction property)
• Builder-buyer agreement (under-construction property)
• Possession letter from the builder (under-construction property)
• Title documents of the landowner (in case of land purchase)
• Records of Rights and Tenancy Corps or 7/12 extract (in case of land purchase)
• Conversion order (in case of land purchase)
• Tax paid receipts of the last 3 months
• Registered development agreement (in case of joint development property)
• Power of attorney/s (if applicable)
• Joint development agreement between landowner and builder (in case of joint development property)
• Copies of all registered agreements (in case of resale property)
• Latest bank statements in case of any outstanding loan amount
• Encumbrance certificate

Reason Behind Registration Charges

While Stamp Duty is paid to transfer the property to your name, Registration Charges are paid as per the Registration Act, 1908, to the Government to maintain it in its registry. This must be done within four months from the date of execution after the stamp duty is paid.

Unless the registration is complete, an entitlement of the property is invalid, and the property will still be under the previous owner’s name. Hence, it is important to register the property in the Sub Registrar of Assurances of the Jurisdiction’s office, where the property is purchased.

How to Calculate the Registration Fee & Stamp Duty

These two factors are calculated based on different types of properties depending upon different city laws.

– Super built-up area is considered for calculation for multistorey apartments
– Charges on individual houses are calculated as per the constructed area
– For plots, the sq. ft area of the plot is multiplied by the predominant guideline value of that area

Whether you are opting for a budget house or a luxury house, whether your choice of location is an urban setting or a rural area, knowing about the charges towards stamp duty helps you greatly. One of the most important advantages is that it lets you be in control, in terms of budget. Make sure that you do your research thoroughly before buying your house.

So, finally, after pondering for months following consultations with family and friends, you have made up your mind to go ahead and buy your house. Congratulations! You have made the right choice. Mind you, this is one of the most important financial decisions in your life.

You might have weighed the pros and cons in all its detail, no matter what they are. Before going ahead any further, a word of caution: check all the documents that you ought to check at each stage with utmost care. If you think that you cannot verify it all by yourself, do not hesitate to seek professional help. After all, it’s your hard-earned money, and you don’t want to take any chance.

Buying a house, of course, is a nuanced procedure and documents are integral to it. Let’s delve into the details of what documents you need to check before buying a house. As you are aware, asking questions and eliciting satisfying answers are of vital importance while buying a house.

Documents To Check Before Buying A Flat in Bangalore

Layout Approval –

Does the property you are planning to buy have a valid layout approval? If yes, you’ve nothing to be concerned about. But if it’s a no, it’s not advisable to move forward, because buying a property without a valid layout approval will cause you trouble in future. In Karnataka, layouts are approved under provisions of Karnataka Town & Country Planning Act 1961 and Karnataka Urban Development Authority Act 1987.

Master Plan –

Where exactly is your house in the city? What conveniences are available in the vicinity? Checking the city’s masterplan will help you find answers to these. But there is more to a city’s masterplan. It will help you find out any inconsistencies or irregularities in comparison with what you have been promised by the builder. The master plan, without fail, showcases even the minutest detail regarding the infrastructure around the property you intend to purchase.

Land Records –

It’s the most important of all the documents. A proper land document gives all the details of the land including pending loans and ownership details. It is important to verify it in detail as any discrepancy will result in legal complications in future. Verifying land records is easier now, thanks to the Digital India Land Record Modernisation Programme (DILRMP) launched by the government of India in 2008. Karnataka being the first state to digitalise all its land records, now offers easy availability of them online.

Land Use Certificate –

Land is categorised into different segments such as commercial land, agricultural land, etc. It’s not permissible to build residential property on lands earmarked for commercial or agricultural purpose. A land use certificate, also known as change of land use (CLU), is issued to the developer. Make sure that you check the land use certificate from your builder thoroughly for any discrepancies to ensure that your purchase is valid and trouble-free.

Occupancy Certificate –

As the name suggests, an occupancy certificate (OC) is a guarantee that the house you are purchasing has all the basic amenities in place including water, electricity and drainage system. Ask for your occupancy certificate and scrutinise it further to make sure that the whole process of purchasing your house is truly transparent.

Allotment Letter –

Issued by the builder once the advance is made, the allotment letter is a crucial document that comprises an array of information pertaining to the purchase. The most vital information that an allotment letter will have, includes the following: payment, terms of construction, construction schedule, amenities, the final amount that must be paid to the builder, the delivery date and the builder’s liability if there is a delay in delivering the project as promised.

No Objection Certificate –

First things first – it’s unlawful to sell a property without obtaining a No Objection Certificate (NOC). An NOC is given to the builder by various departments that deal with safety, water, electricity supply, etc. Asking for an NOC is a matter of critical importance before you make any payment towards the purchase of your house.

Certificate of Commencement –

Bruhat Bengaluru Mahanagara Palike (BBMP) issues the certificate of commencement. This certificate is a proof that the concerned authorities have inspected the construction site and find it satisfactory to give the nod. Obtaining certificate of commencement is mandatory for builders to start any type of construction.

Completion Certificate –

A completion certificate is issued by the local authorities after verifying that a property is built based on the approved plan and complying to all the necessary standards set by the local development authority. Some of the most important details furnished in a completion certificate are details of the land, building plan, builder details, approved height of the building, the location and the building’s distance from other buildings in the vicinity.

Builder-Buyer Agreement –

It’s quite important to read the builder-buyer agreement thoroughly before signing it. A typical builder-buyer agreement will have a construction timeline, price escalation clause, change in the area of the apartment and payment delay. While all these are important, particularly pay attention to the clause related to payment delay as it can result in you paying a hefty sum if you delay the payment.

Sale Deed Registration –

Once the project is completed, you need to obtain the sale deed registration from the registrar’s office. Considered as the ownership document, it is important that you go through the sale deed in detail before purchasing the property.

Possession Certificate –

The final one that is awarded to you, the possession certificate validates the ownership of the property. It is given once you have moved into your new house.

Now you know what documents and certificates you need to obtain and inspect thoroughly before buying a house. Remember, the whole process of scrutinising these documents can be exhausting. If you think that you will not be able to do it all by yourself, reach out to a professional. Make sure that you take zero chances to make your homebuying experience smooth and transparent.

Real Estate in the Times of Covid-19

The impact of Covid-19 outbreak has been devastating. The outbreak created a great deal of uncertainty in terms of trade and businesses across the globe. House sales and new property launches suffered as the nation struggled to battle the global health emergency. Due to the pandemic, the entire economy had slowed down, and businesses were at a standstill.

But things are rapidly changing for the better. The vaccination drive coupled with increasing consumer demand, is putting the economy back on track. As per the Economic Survey 20-21, “the V-shaped economic recovery is supported by the initiation of a mega vaccination drive with hopes of a robust recovery in the services sector and prospects for robust growth in consumption and investment.”

Like everything else, Covid-19 outbreak too has its set of blessings in disguise. One such silver lining that is particularly beneficial for the real estate sector is the changed perception – that owning an apartment is better than a rented one. According to Prashant Thakur, Director & Head of Research at Anarock Property Consultants, “the security associated with owning a physical asset during such a crisis has resulted in increased demand.”

In the past two months, realtors have started seeing green shoots of hope in Bangalore. The Economic Times says, “the third quarter of financial year has seen some of the top listed players like SOBHA, reporting best-ever sales post the outbreak of Covid-19.” Moreover, JLL says, “a number of global in-house centres (GICs) continue to look at Bangalore favourably as the city offers large arbitrage on talent and real estate cost when compared to the rest of the world.”

Selecting the right apartment, matching your requirements, is most crucial. However, it is quite an enormous task. Quality, location, reputation of the builder – all these factors come into play while choosing a house. SOBHA, known for its uncompromising quality standards, scores on all fronts. Our homes are ideally located in close proximity to schools, hospitals, shopping centres, colleges, IT parks, places of worship, etc. We can make it easy for you to search through some high-end properties.

Benefits of Buying A Flat in Bangalore

Luxury apartments in Bangalore are the most sought-after properties that you can invest in. With a wide range of features and amenities, the top luxury apartments by SOBHA in Bangalore listed below will cater to all your requirements.

1. The benefits that you can get from buying a luxury flats in Bangalore are great views, spacious living, prime location, prompt maintenance, full-fledged amenities and security.

2. Luxury apartments facilitate a quality lifestyle.

3. Well-planned layouts mitigate pollution, giving you cleaner air to breathe.

4. The kids’ play area gives you the freedom of letting your kids play around in a safe environment.

5. Living in a close-knit community helps you have a vibrant social life, celebrate festivals and enjoy the spirit of togetherness.

The Advantages of Owning A SOBHA Apartments in Bangalore:-

A name synonymous with quality, SOBHA Ltd., offers an array of apartments across Bangalore. Loaded with features and amenities, each house is meticulously planned to satiate even the most discerning of house buyers. The advantages of owning a SOBHA home are manifold. A few of them are as follows:

1. SOBHA flats in Bangalore are spacious, airy with ample flow of natural light.

2. SOBHA properties in Bangalore are easily accessible to schools, colleges, hospitals and shopping centres, making them the most-convenient places to live.

3. At SOBHA, the property is managed efficiently that not only sustains the property rate, but also maintains high returns on investment in terms of rentals and property appreciation.

4. SOBHA is well-known to deliver positive results, consistently, in terms of luxury and comfort.

A List of Luxury Flats in Bangalore:-

Apartments in North Bangalore

SOBHA Athena- 3 BHK Flats for Sale in Thanisandra Main Road, Bangalore

A Mediterranean paradise in the middle of the city, SOBHA Athena is designed for the moguls who like to go beyond the ordinary to build a house for themselves. This project is one of SOBHA’s latest projects in North Bengaluru featuring a host of amenities like swimming pool, multi-purpose hall, children’s play area, gym, and a senior citizens’ meditation hall. A pristine property with spacious houses for your loved ones is amongst a few things that SOBHA represents.

SOBHA Dream Gardens- 2 BHK Flats For Sale in Kannuru Road, Bangalore

SOBHA Dream Gardens is a project that is designed around the principles of Zen. A space that lets you enjoy a balanced living. With amenities like co-working space, swimming pool, tennis court, cricket pitch, etc., this property allows you to be close to convenience and make life simpler. Apart from this, you can also be close to nature, thanks to the green spaces around the property. Moreover, the clutter-free and fluid architecture of this property lets you channelise your inner Zen.

SOBHA HRC Pristine – Flats & Penthouses for Sale in Jakkuru, Bangalore

Amidst the bustling cityscape of North Bangalore, this green oasis called SOBHA HRC Pristine is a property that should be on your list. Located in Jakkur, this serene property is close to Bengaluru International Airport, world-class hospitals, IT parks and international schools.

With an incredible bouquet of 3 & 4 BHK luxury apartments, rowhouses and penthouses, this new property is the talk of the town. With rare native trees like mango, silver oak and teak, SOBHA HRC Pristine is truly a lush green heaven! The amenities including a bio-pond, a meandering stream, reflexology trail park and bird’s nest coves, make this property a treasure trove of amazing experiences.

SOBHA Palm Court- 3 BHK Flats for Sale in Yelahanka, Bangalore

Secluded amidst lush greenery of Bangalore’s Yelahanka area, SOBHA Palm Court lets you surround yourself with the modern-day pastimes. This property is located close to Bengaluru International Airport, IT parks and tech hubs, making it a sought-after address. SOBHA Palm Court has curated exclusive amenities in the clubhouse for your leisure time. In addition to that, the premise features 24/7 security, making it a safe place for you and your family to live.

Apartments in East Bangalore

SOBHA Royal Pavilion- Luxury Flats in Bangalore for Sale in Marathahalli – Sarjapur Road!

SOBHA Royal Pavilion, with an eloquent brilliance of Rajasthani architecture and a stylish panache of cosmopolitan community living, these luxury apartments are just what you need to feast your eyes on before you make an informed decision. A complex that has been inspired by the palatial Rajasthani living will render you the feel of timeless luxury, along with ample amenities and bespoke comfort.

The awe-inspiring interiors will make you want to invest your money in this property. In addition to that, the amenities like swimming pool, gymnasium, tennis court, clubhouse and playground will help you unwind and relax after a long day at work. Moreover, the co-working space is designed to help you work without any distractions.

SOBHA Windsor- 3, 4 BHK Luxury Flats for Sale in Whitefield, Bangalore

Think British architectural style, think SOBHA Windsor. These apartments in East Bangalore are luxurious, comfortable and stylish. SOBHA Windsor, located in Whitefield, is spread across 15 acres of land with a total of 793 units. Surrounded with substantial open spaces and devised with a wide range of neoteric, urban amenities, SOBHA Windsor offers apartments with modern-day architecture reflecting a comfortable and luxurious living experience. Make this premium residential space your perfect houses.

SOBHA Dream Acres- 2 BHK Flats for Sale in Panathur Main Road, Bangalore

A property that offers great community living amidst lush greenery and open spaces is what Dream Acres is all about. This unique community features apartments in 2 BHK configurations starting from Rs. 68 lakh onwards. The location is close to workplaces, shopping centres, hospitals, and top-notch educational institutions. These houses are designed using advanced precast technology that embodies beauty and value. With amenities like badminton court, swimming pool, co-working space, tennis court, and more, this property keeps you busy and active.

SOBHA Lake Gardens – 2, 3 BHK Luxury Flats for Sale in KR Puram, Bangalore

Opulence and grandeur have a new address. Experience vast and uninterrupted views from SOBHA Lake Gardens, situated in KR Puram, this property is all that you ever expected from a luxury apartment segment. With a wide range of 1, 2, 2.5, and 3-bed apartments, this property offers you expansive living spaces, world renowned quality and grand gardens. Visit this masterpiece of a property to know more.

Luxury Apartments in South Bangalore

SOBHA Manhattan Towers – Townpark- 3 BHK Flats for Sale Near Electronic City, Hosur Rd, Bangalore

Vibrant and suave, challenging yet inspiring, New York is a city of possibilities. Living here is a statement – the one that differentiates you. The lifestyle you have always admired and desired for is coming closer to you. SOBHA presents Bengaluru’s first-ever residential township crafted in the architectural footsteps of New York. Come, bask in its sparkle and stride to the future with aplomb.

 SOBHA Manhattan Towers- Town park Located Near Electronic City, Hosur Road, an upcoming neighborhood in South Bangalore brimming with potential to be the next hub, these iconic residences will usher you into a world of unparalleled luxury. Register your interest now and be the first to know more about the project. Stay tuned!

SOBHA Arena – 2, 3 BHK Luxury Apartments for Sale in Kanakapura Road, Bangalore

SOBHA Arena is a sports-themed residential enclave built for the people who desire a healthy and happy lifestyle. With an array of indoor and outdoor amenities, you can keep yourself occupied and be inspired to rediscover your passion for sports. With an open amphitheatre, swimming pool, tennis court, basketball court and gym, this property is sure to channelise the sports person in you. Starting from 87 lakh onwards, SOBHA Arena offers 2 and 3 BHK apartments in a location that has schools, hospitals and IT parks in close vicinity.

SOBHA Forest Edge – 3 BHK Flats in Kanakapura Road, Bangalore

Start your mornings with a refreshing view of the Turahalli forest. Take advantage of a cosmopolitan neighbourhood that is nestled amidst lush green forest with a freshness of clean air. With a range of state-of-the-art amenities, SOBHA Forest Edge, a super-luxury apartment welcomes you to start a lifestyle that is elegant and refined.

SOBHA Clovelly – 3,4 BHK Super Luxury Flats for Sale in Uttarahalli Hobli, South Bangalore

SOBHA Clovelly is situated across 3.5 acres of land, giving you enough space to explore while being within the premises. With 3-bed houses and 4-bed penthouses, SOBHA Clovelly is meant for people who live without compromises. Located in Banashankari, South Bangalore SOBHA Clovelly comes with 137 houses surrounded by nature and pristine design. With an array of amenities that help their occupants lead a healthy life, this property is for those who prefer a living beyond compare.

If you are a potential home buyer in Bangalore, then you should explore some of SOBHA’s luxury apartments across the city. You will find some of the finest properties crafted by SOBHA amidst the pleasant climate and seamless connectivity. The year 2021 is a hopeful year when it comes to homebuyers seeking out for the best properties. Visit www.SOBHA.com and discover your future home.

Your wife may be a superwoman who knows what time she has a meeting without checking her calendar, where your office folders are ahead of your presentation, and is well aware of the children’s exam dates. But did you know she can save a ton of money if you decide to register the house property under her name or opt for co-ownership? Women gain a huge advantage when it comes to Property Investment as well as Income Tax.

Wondering what we’re talking about? Well, from a tax deduction to reduced stamp duty, you and your wife can save a fortune if you decide to co-own or make your wife the primary owner of your housing property. A big decision such as buying your house may already take a lot of your time and effort. Don’t shell out more money too! Simply register the property in your wife’s name or apply for joint ownership.

SAVE UP TO Rs 3.5 LAKH ON INCOME TAX

Under section 80C, you and your wife can claim tax deductions of up to Rs 1.5 lakh every financial year for the principal you pay jointly, provided the house is self-occupied / vacant. You can further claim Rs 2 lakh for the interest you both pay. The tax deductions are dependent on the ownership share between the couple. If your wife is a first-time home buyer, then she can claim an additional Rs 50,000 for the principal amount she repays. If your wife is a home-maker and claims deductions, it is void.

WOMEN ENJOY 2% LESSER STAMP DUTY CHARGES

Stamp duty charges are higher for men, and this integral aspect of buying house property cannot be ignored. The government has allocated lower rates for women in many parts of India. In places like Haryana, men pay 6% as Stamp Duty charges, while women pay only 4%. While the percentage difference is only 2%, there is a large saving when it translates into monetary value.

GET DISCOUNTS ON HOUSE LOAN INTERESTS

Women owners are offered discounts on housing loan interest rates. Several banks such as SBI, ICICI, HDFC and many more offer lower interest rates to women. The amount of discount varies from one bank to another and can come down significantly.

If your wife has no source of income, and yet you register the housing property under her name, it can be deemed as Benami. We hope this information will help you to make a fully informed decision of how you want to register your property and save on continuous basis.