A tax of 18% is levied on under-construction flats, out of which you are subjected to pay only two-thirds, that is, only 12% tax. … Therefore, the final effective tax paid by the buyer is 12%. After the 33rd Amendment made by the GST Council, the tax rate was slashed from 12% to 5%
Therefore, where completed flats (ready-to-move) or used flats are bought, the subject of supplying construction service does not happen. So, GST would not be applicable to the purchase of completed flats.
4.5% of Service Tax is applicable on the invoices raised or consideration paid before 15 July 2017. However, payment made by the buyer to the builder on or after 1st July 2017 against invoices issued on or after 18 July 2017 shall attract GST @ 12%.
GST applicable on an affordable house is currently 1 per cent while in the case of other than affordable housing unit, applicable rate of GST is 5 per cent
As per the RBI incentive measures, the cost of affordable residential property should be less than Rs 65 lakh in metro cities and Rs 50 lakh in non-metros. The central bank’s definition is based on the loans given by banks to people for building a house and buying flats
The Affordable Rental Housing Complexes (ARHC) scheme is a sub-scheme of the Pradhan Mantri Awas Yojana (Urban), meant to provide a decent living standard to the urban poor. Table of Contents [hide] ARHC in India. Evolution of rental housing in India. Types of rental housing in India
The London Plan aims to provide 60% of all of the new build housing to be affordable, as well as an average of at least 17,000 affordable homes to be built per year. Yes, that’s right, 60% of all new housing
Scope for resale in the affordable property market is higher due to the higher number of buyers opting to invest in this zone because of the much lower price range. The high demand for affordable properties also helps pave a path for higher resale prices which eventually helps get more profit.
Currently, there is a significant problem with housing affordability in Australia. In certain regions of the country, the problem is particularly acute. The issue of housing affordability is of major concern to many NSW households, as part of the broader concern about the cost of living pressures.
Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.
Listen to your real estate agent’s advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home’s condition, how long it’s been on the market, financing terms, and the seller’s situation. By the time you’re ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.
Your real estate agent will assist you in making an offer, which will include the following information:
Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just making an offer.
It’s not required, but it’s a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you’d like to purchase and it is a good time to ask general, maintenance questions.
An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs that are needed.
The Inspector does not evaluate whether or not you’re getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.
It’s a good idea to have an inspection before you sign a written offer since, once the deal is closed, you’ve bought the house “as is.” Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection clause gives you an “out” on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.
There isn’t a set number of houses you should see before you decide. Visit as many as it takes to find the one you want. On average, homebuyers see 15 houses before choosing one. Just be sure to communicate often with your real estate agent about everything you’re looking for. It will help avoid wasting your time.
In addition to comparing the home to your minimum requirement and wish lists, you may want to consider the following:
Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.
The two don’t really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that’s an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
You can find out by asking yourself some questions:
If you can answer “yes” to these questions, you are probably ready to buy your own home.