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What is meant by Carpet Area, Built-Up Area & Super Built-Up Area?
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Carpet Area is the area enclosed within the walls, actual area to lay the carpet.
This area |
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does not include the thickness of the inner walls. It is the actual used area of an
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apartment /office unit/showroom etc. |
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Built up Area is the carpet area plus the thickness of outer walls and the balcony |
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Super Built up Area is the built up area plus proportionate area of common areas such as |
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areas such as the lobby, lifts shaft, stairs, etc. The plinth area along with a share of all |
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common areas proportionately divided amongst all unit owners makes up the Super |
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Built-up area. Sometimes it may also include the common areas such, swimming pool, |
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garden, clubhouse, etc. This term is therefore only applicable in the case of multi-dwelling
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units. |
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How much housing loan can one get?
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It depends on your income and repaying capacity. You can add your spouse's income to |
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does not include the thickness of the inner walls. It is the actual used area of an
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increase the amount of loan. |
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What tax benefits are available in regards to the housing loans?
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Tax benefits are available to consumers of house loans for the interest component as well |
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as principal component of the housing loans. The current budget has left the upper limit of |
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the interest payment deduction at Rs 150,000 per annum. The section 88 also allows tax |
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benefits on principal repayments. |
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What is the reducing balance method of interest payment?
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In reducing balance you reduce the amount of principal payment already paid by you from |
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the initial loan amount. You pay interest only on principal unpaid till that point of time and |
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not the entire loan amount. |
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What are the documents required for a self-employed person to avail home loan?
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Common Documents Partnership |
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Updated Bank Pass Book / Statement of accounts for last 6 months (Xerox) |
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Ration Card (Xerox) |
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Business Profile: A note on business mentioning nature of business, list of clients, |
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suppliers, staff strength, geographical spread, etc. |
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Copy of Partnership Deed |
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3 yrs P & L a/c, B/S, Computation of income certified by CA. |
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Individual Computation of Income and tax returns for last 3 yrs. |
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| Proprietor / Professional Pvt. Ltd. Company |
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3 yrs P & L a/c, B/S, Computation of income certified by CA |
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Income Tax return file statement for 3 yrs |
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Remuneration certificate |
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Board’s resolution for fixing remuneration. |
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Company's annual report |
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Individual IT returns for last 3 yrs. |
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