Ask the property solicitor for a title report, while investing in a premium Balaji Symphony Property For Sale in Navi Mumbai,. Ensure that there are no specific State Government reservations or conditions written in fine print.
Check for a Coastal Regulation Zone (CRZ) clearance, if the construction is near a seafront.
Check for any other specific clearance reports, like, if the project is being constructed over or in the close vicinity of a heritage building, you must check for any heritage reservations for the premises. On our part, we have already taken all the required precautions and clearances to ensure that you do not get stuck with a property that is, or may get caught in any sort of disputes. Titles clearances are mandatory to avail home loans.
Permissions and Approvals
We at Vishesh Group, seek and procure all the permissions and approvals from relevant bodies before beginning the construction of any project. The absence of these construction clearances, can invite scrutiny and litigation. Mentioned below are a list of documents and approvals that the builder must possess for all building work to commence in Mumbai:
Tax Benefits on servicing of housing loan from specified financial institutions, while investing in Balaji Symphony property in Navi Mumbai,
Section 24 - Income Tax Act.
This section deals with deduction available on Interest paid on capital borrowed for the purpose of purchase, construction, repair, renewal or reconstruction of property. The purchaser is allowed to deduct an amount equivalent to the total interest payable on the housing loan from his/her taxable income within the same financial year.
Initially, it used to be Rs 15,000 being the maximum deductable amount, in the case of self-occupied property. It then got doubled to Rs 30,000, then became Rs 75,000 and later got increased to a limit of Rs 1 lacs. The current elevated limit stands at Rs 1.5 lacs.
So borrowers now will enjoy a deduction of upto 1.5 lakh on interest paid, on loans taken to purchase, construct, repair, renew or reconstruct property, on or after April 1, 1999.
This applies only if the property is acquired or constructed within 3 years from the end of financial year in which the capital was borrowed and is self - occupied. A substantial figure, by any account.
AN EXAMPLE :
Section 80C - Income Tax Act.
A deduction u/s 80C (2) (xviii) is available on repayment of principal during a financial year up to Rs. 1,00,000/-, this aforesaid limit is within the overall limit of Rs 1 lakh specified in section 80C of the Income Tax Act. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assessee is also considered under this amount. This deduction is from Gross Total Income.
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