Horizon Homes

28/475, Horizon House,
Koonamthai, Edapally,
Kochi-24, India.

Ph : +91 484 2559006
Fax : +91 484 2559007
E-mail: homes@horizonhomes.in
FAQs

  • For many, buying a home is a one-time investment and is the same reason why most are apprehensive about the uncertainties that creep in. Here in this section we try to answer some of the frequently asked question that home buyers have in their mind
General
Why should I invest in apartments?
A bank account may give you only marginal interest, whereas with real estate investment (like investing in a new apartment) you enjoy value appreciation every year.

Is loan facility available for self-employed/businessmen?
Yes. There is no rule currently reinforced to restrict self-employed / businessmen from availing home loan facility. Although, you are required to submit certain documents to qualify the eligibility criteria.

What are the documents I will have to produce in that case?

Any self-employed/businessman on approaching a finance institution for home loan facility will be asked to produce the following documents without fail:

  • A brief description about your Business/Profession.
  • Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a qualified CA.
     


A photocopy of each of the following documents:

 

  • Advance Tax payments (if applicable).
  • Registration Certificate of Establishment under Shops and Establishments Act/Factories Act.
  • Registration Certificate for deduction of Profession Tax (if applicable).
  • Bank statements of Current and Saving accounts for the last 6 months.
  • Certificate of Practice (if applicable).
  • Any existing bank loan (if applicable).
  • First and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
  • LIC policy (if applicable).
  • Investments (FD Certificates, Shares, any other fixed asset).


 


Which are the home loan providers I can approach?
Most of the nationalised banks and private housing finance institutions provide home loans to the needy and some of them include – SBI, HDFC, AXIS Bank, LIC Housing Finance etc. But anywhere your repayment capacity will be assessed before sanctioning the same.

What is the maximum amount I can get as a home loan?
Normally, as the rule goes, one is eligible to draw a home loan amount upto 80% of the Total Consideration Value of the home he/she intends to buy.  But this depends on the schemes available from the respective finance institution.

Is there a fixed repayment period for home loan?
Home loan repayment period ranges from 5 to 25 years or your Retirement age, whichever happens to be earlier

Do home loans give me tax benefits?
Yes, according to the Income Tax Act of 1961, you enjoy tax benefits on principal and components of a loan.

Do purchase formalities demand my actual presence?
Purchase formalities may also be fulfilled through a Power of Attorney, filed in favour of any of your reliable relatives living in India at the time of the purchase. However, this needs to be executed on a valid stamp paper bought in India and signed in front of qualified authorities.

Finally, why should I choose Horizon Homes?
If you tie your dream home with quality, affordability and sustainable living then Horizon Homes would be the choice you were looking for. Moreover, these thoughtfully designed apartment complexes from Horizon are at close proximity to the city’s major access points. Also, by propagating green living, we offer our customers reduced running costs, greater energy & water efficiency and reduced maintenance.

NRI services
Should NRIs complete any legal formalities before buying a property in India?
Any NRI who wishes to buy a property in India is required to file in a declaration in form IP17, with the Central Office of RBI in Mumbai. This formality has to be done within 90 days from the date of payment.
 

Is it possible for an NRI to seek loan facility in any of the Indian financial institutions?
Financial institutions , those approved by RBI can provide loan facility to NRIs. However, this completely depends on the down payment capacity of the borrower.

What are the payment modes for an NRI?
Payments can be done through foreign exchange inward remittances via the normal banking channels or using NRE/ FCNR accounts maintained with Indian banks.

Can NRIs use power of attorney to buy a property?
Purchase formalities can be done easily by filing a power of attorney in favor of a relative residing in India, at the time of purchase. The document must be executed on a valid stamp paper brought in India , from a proper authority.
 

Does Indian law permit to rent out such immovable property?
Yes. But the income thus generated cannot be remitted outside India. It has to be credited to the ordinary NRI account of the owner of the property, in India.

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