Government schemes FAQ

Did you know that Indian government schemes can ensure a home for anyone? Read on to know more!

It is always best to stay informed and cautious about things around you especially when it comes to buying a home. Owning a house is a key factor that influences an individual financially and emotionally! However, if you are ready both emotionally and financially, the procedure of going through to own your dream house is not that difficult today.

Thus, here we are with a comprised solutions to all the government, Legal, and Finance related queries. Here are some of the frequently asked questions about the government schemes by first time home buyers.

FAQ on Government Schemes

1. What are the after sales services in real estate?

After the deal is done, post sales services play a major role in building trust and ensuring a peaceful stay. We strive to make your journey from Searching for the best house to settling in the same a memorable one! Here are a few of the post sale services to ensure a hassle-free procedure of housing:

• Help in the entire documentation and formalities procedure(Legal and gov.)

• Having a professional guide from search to settle at no cost

• Interior and decoration ideas and getting the best designers for you!

• Providing vastu tips to ensure positive energy flowing around the house

• Educating the Tenants and owners with attractive Loans and schemes for affordable housing.

We at Homes247 ensure high-quality post-sale services to provide ease of access to give you the experience of your home buying your home.

2. What is the payment schedule when you are buying the property online?

While you are planning to residential property or buy a house online, you have to undergo the following payment schedule:

• Initially, after you select the property you need to do the on spot booking of the same by providing a token amount anywhere between Rs. 1-5 lacs.

• Post that you need to get into a formal buyer and seller agreement within 15 to 30 days by paying 20% of the property value including the token amount you paid earlier.

Post that for the remaining amount either to can apply for a home loan or self-fund the same.

3. Being an NRI, Can I rent out/Buy property online?

Of course, you buy property online! Being an Indian one is very likely to dream of owning a property irrespective of commercial or residential. You can also claim loans for furnishing and renovating the house. One of the best parts about being an NRI is that if you own only one property and that too in India, you are exempted from paying income tax.

NRIs like any other normal buyers can also fetch details online about the available properties and choose the best for them but RBI also allows financial assistance to NRIs like home loans etc. Also, in the future when you sell property online, You will enormously benefit from the returns on investment you get. For current status and updates and NRI formalities and legal procedures get in touch with homes247 today! Tax on rental income for NRIs in India states that they have to obtain the TAN number and deduct 30% of TDS from the rest payment.

4. Can I get a loan from the government to buy a house?

To be at par with the growing demand in the country. The Indian government has introduced a substantial amount of schemes in order to encourage affordable housing for every individual! Let us look into some of the government schemes for your next home:

• Pradhan Mantri Awas Yojana (PMAY) (Urban)

• Pradhan Mantri Gramin Awaas Yojana

• The Rajiv Awas Yojana (RAY)

• Delhi Development Authority Housing Scheme, 2018

• Tamil Nadu Housing Board Scheme (TNHB)

• Maharashtra Housing And Area Development Authority (MHADA), 2018

• NTR Urban Housing Scheme

With the introduction of Pradhan Mantri Awas Yojana(PMAY), you can purchase a newly constructed house for sale and also receive a housing loan from the PMAY scheme. Society having lower income brackets can enjoy the perk of receiving housing loans offered by the PMAY scheme.

5. What taxes and fees we are required to pay while buying a house?

Property purchase tax and payments with no doubt come into the picture once you get into clearing the formalities. The following is the schedule you have to clear up:

• Registration Fees: You need to pay 1% of the property value as registration fees

• Stamp Duty: You need to pay between 5-6% of the property value as a stamp duty.

• Good and service tax(GST): We are already aware of GST on flat purchase tax as it directly relates to the asset.

• Tax deduction at source(TDS): Once you decide to buy a property, you need to pay TDS to the government to transfer the property.

Under the Income Tax Law, any "person", any residential person, is responsible for paying the tax on the land they are residing in. The residential duty and stamp duty should be paid by the home buyer during the time of registration.

6. How important is RERA approval in terms of Gated communities?

Before you can buy a property you need to be sure of why you need to invest in it and how will it benefit you. However, in order to prevent fraudulent activities it is necessary to check if the property you are planning to invest in has RERA approval as it ensures on-time construction of the project and it is a big relief to homebuyers as it ensures transparency. Every residential and commercial project must be registered under RERA. As for residential gated communities, RERA is no exception. Thus, it is important that you check whether the gated community is approved by RERA before considering purchasing it.

7. What is the price appreciation if I am buying a property today and what are the factors that are involved in bringing in such changes?

When we talk about the future perspective of the property you are buying today, you need to understand that investment in a property is like an investment for a lifetime! Provided that, the house you are buying today is bound to the convenience of an individual. The price of the property is unpredictable but it is likely to be high as the need for a home is never-ending in the population we are among today! Factors like public transport connectivity, amidst a lively area, meeting all the basic requirements of a human being, etc are a few of such factors that result in real estate appreciation.

8. What are the approvals required for construction in Real Estate?

Irrespective of whether you are investing in a real estate investor or a home buyer or a building developer, the need for verifying approval is a must. The building plan approval requirements are something that you should be aware of before investing in any property. In the case of real estate construction, Approvals from the Government departments of Electricity, Water, Airport, Ownership Certificate Municipal department, the Ministry of Environment, and in some cases, Approvals from Aviation and coastal authority are also a must! Here we are with a list of documents required for building plan approval which will relieve you from the stress of any hassles in the future.

9. What is the Mudra Yojana?

The Mudra Yojana is a flagship plan of the Indian government that provides financial support to micro and small businesses. This project intends to support the non-corporate, non-farm sector by offering loans of up to ₹10 lakh for income-generating activities. Mudra Yojana helps entrepreneurs, fosters job creation, and contributes to general economic growth by making loans more accessible.

10. What is the Pradhan Mantri Fasal Bima Yojana (PMFBY)?

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a comprehensive crop insurance scheme implemented by the Indian government to protect farmers from financial losses caused by natural disasters, pests, and diseases. This effort intends to secure farmers' incomes by providing insurance coverage for a wide range of crops, including food grains and commercial products. Farmers who insure their crops under PMFBY can reduce the chance of crop failure while also ensuring a consistent income, supporting agricultural sustainability and food security in the country.

11. How can I report a fraudulent government scheme?

Reporting a fraudulent government plan is critical for protecting the public and preserving government resources. If you feel a plan is fraudulent, report it immediately to the appropriate authorities. The administration has set up designated channels for such complaints. You can contact the appropriate department or ministry directly, or use the government's anti-fraud helpline. By reporting fraudulent actions, you contribute to an open and accountable government system while also preventing financial losses to the public exchequer.

12. What documents are required for government scheme applications?

The documentation required for government scheme applications can vary significantly based on the specific scheme and its objectives. However, certain documents are commonly requested. These typically include proof of identity, such as Aadhaar card, PAN card, or voter ID; address verification through documents like ration card, electricity bill, or passport; and age proof, often in the form of birth certificate or educational certificates. Income certificates, caste certificates (for specific categories), and disability certificates may also be necessary depending on the scheme's eligibility criteria. It is essential to carefully review the specific document requirements outlined for each government scheme to ensure a smooth application process.

13. What is the Ayushman Bharat Yojana?

Ayushman Bharat is the flagship public health insurance policy in India. Designed to achieve the ideal goal of Universal Health Coverage (UHC), it seeks to provide economic stability to society's most vulnerable and marginalized groups. Ayushman Bharat aims to lower catastrophic health costs for millions of Indians by providing comprehensive health coverage of up to Rs. 5 lakh per family per year for secondary and tertiary care hospitalization. This ambitious program is a huge step toward making healthcare more accessible and affordable for all.

There you go, folks. These are some most frequently asked questions(FAQs) on government schemes by first time home buyers.