Vaasthu

• Avoid keeping a T.V. set in bed-room.
• Do not use separate mattresses and bed-sheet.
• Place a picture of bright sunrise on southern wall in living room.
• Keep the broom and mops out of the sight in kitchen.
• Do not keep prickly cactus, plants in the house.
• Place a happy family picture in living room.
• One should never hoard stale food, withered flowers, torn clothes, waste paper, waste materials, empty tins, old jars and useless things.
• Keep cleanliness and always light in sense sticks.
• Place the computer on your right side on the table.
• Avoid keeping any water feature or plants in the bed room.

Maintenance Tips

Doors

• Wipe the doors with a dry cloth daily to keep them clean.
• Lubricate the hinges once in 15 days for smooth closing of doors.
• Use the door stopper when the door is open to avoid banging.
• Please take the assistance of a carpenter to fix the doors properly.

Windows

• Max hinges are fixed in the windows to allow operation at various levels of opening.
• Use light coloured fabrics for curtains to ensure better lighting.
• Gaps in windows can be fixed with sealant.
• Replace hinges whenever it's out of order to avoid banging.

Flooring

• Daily sweeping and mopping with soap water ensures clean flooring.
• Avoid acid wash often as it might take away the shine.
• DO not drag objects on the floor to avoid scratching.
• Please clean spilling on the floor immediately to ensure safety of the inmates.

Bathroom

• Please ensure that bathrooms are maintained dry for the safety of elders & children.
• Avoid regular acid wash as it might erode the cement pasting in between the tiles.
• Ensure that the closets and wash basins are kept clean for hygienic reasons.
• Do not operate electrical points with wet hands.

Electrcal

• Always ensure that branded household articles are used to avoid unnecessary short circuits.
• Clean the fans and light fittings periodically for optimum efficiency and life.
• Please save electricity by switching off unnecessary lights, fans and gadgets.
• Clean the switches periodically with wet cloth to retain elegance.

Interior Tips

• Periodical cleaning of the wood work ensures the durability of the interiors.
• Melamine finish can be dusted everyday to maintain its elegance.
• Periodical lubrication of the hinges ensures smooth functioning of the cupboards.
• Use pest control measures to ensure long durability of the wood work.

General Tips For Appartment

• Maintain a first aid box at home.
• Keep the windows open while cooking.
• Close cylinder regulator when not in use.
• Crackers are not to be used in the balconies in the interest of other occupants.
• Use pulley type cloth dryers to ensure aesthetics of the building.
• Save electricity and water in common areas. Prevent unnecessary wastage.
• Ensure EB charges and all taxes are paid regularly before the due date.
• Documents of the house are to be kept under safe custody.

General Tips For Common area

• Please do not allow children to operate & use the lift without adult supervision.
• Please do not allow children to use terrace without an adult company.
• Driveways are not to be used as parking area.
• Please use the garbage bins to keep the common areas clean.
• Ensure a green environment plant more trees and plants.
• Avoid usage of plastics to protect environment.
• Ensure all the vehicles are kept locked to avoid theft.
• Do not use of parking slots to store household items.

Home Loans

It is important to choose a good housing finance company which can handhold the customer right through his home buying process. Since a home loan is a long term commitment of 15-20 years, several factors like expertise, quality of service, in-depth domain knowledge and the companys level of commitment and transparency right through, the loan procedures, the fine print, quality of services offered and safe retrieval of the title deed are critical.

Documents Required General

• Last 3 Months Pay Slips.
• Latest 6 months Bank Statement showing Salary Credits.
• Age & Residence Proof./li>
• Latest Photographs with Signature.
• Processing Fee Cheque.
• Application duly filled & Signed by the Applicant(s).
• Self attestation in all paper.

Non Resident Indians

• Last 3 Months Pay Slips.
• Last 6 Months Bank statement (Salary credit).
• Latest Photographs with signature.
• Passport copy.
• Personal profile.
• NRI Bank statement.
• Work Permit.
• Check Credit Payment.

Self Employed

• Profit and Loss Account.
• Current Account Statement for Last 1Year.
• 6 Months Savings Account Statement.
• Pan Card.
• Personal Profile.
• Loan Details / OD Details.

(RBI)Guidelines

Reserve Bank of India (RBI) Guidelines on NRI Investment in properties in India

I. PERMISSION FOR PURCHASE OF RESIDENTIAL PROPERTY / COMMERCIAL PROPERTY.

• NRIs holding Indian passports - No permission required.
• NRIs holding foreign passports - Intimation to RBI via form IPI - 7 within 90 days of purchase of property or final payment of consideration Funds through NRE / NRO accounts.

II. SALE OF PROPERTY

• Last 3 Months Pay Slips.Property held by NRIs in India can be sold. No permission is required from the Reserve Bank of India.

III. REPATRIATION OF SALE PROCEEDS

• Repatriation of proceeds from sale of residential property purchased on or after 26th May 1993 is allowed.
• The RBI will consider repatriation of the consideration amount remitted in foreign exchange for the acquisition of 2 properties. The sale has to have taken place after 3 years from the date of final purchase deed or from the date of final payment.
• Application of repatriation (IPI - 8) has to be done within 90 days of the sale of the property.

IV. INCOME FROM PROPERTY

• NRIs can let out immovable property in India. The rental income from the investment has to be credited to the NRO account.
• Subject to changes from time to time.
• E. & O.E.

V. RETURN ON INVESTMENT

• RENTAL RETURNS - The rental returns on an investment in Residential property in Chennai is 5% - 6% p.a.

VI. APPRECIATION OF PROPERTY

• Conservative estimate of appreciation on an investment in property in Chennai is about 20% p.a. NRIs start to gain by investing in Real Estate when compared to the investments on the NRNR / FCNR deposits.

FAQ

General

What is meant by valuation of property?

• The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided

What does the term Leasehold Property mean?

• When a piece of property is given or leased to an individual (known as the Lessee) for a stipulated period of time, by the owner of the property (known as the Lessor), the property is referred to as Leasehold Property. A certain amount is fixed by the Lessor to be paid as lease premium and annual lease. The land ownership rights remain with the Lessor. Transfer of property requires prior permission.

What constitutes conclusion of sale of a property?

• An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.

Residential

What is the difference between carpet area, built-up and super built-up area?

• The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area.

What are the charges to be paid while gifting a property?

• When a gift of property is made, a gift deed needs to be made by a lawyer. Stamp duty on the market value of the property also needs to be paid, as well as the necessary registration charges.

Corporate

what aspects should be clarified before purchasing it?

• Before purchasing property from a company, it is necessary to verify with the Registrar of Companies that the property is not mortgaged or is not being used as a security against a loan, otherwise it is not considered a freehold property.

NRIs

Can sale proceeds of such property if and when sold be remitted out of India?

• In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a NRI or PIO, the authorised dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied: - The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition.

Can authorised dealers grant loans to NRIs for acquisition of a flat/house for residential purposes?

• Authorised dealers have been granted permission to grant loans to NRI's for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or out of funds held in the investors' NRE/FCNR/NRO accounts.

What are the guidelines for acquisition of agricultural land / plantation property / farmhouse by NRIs and foreign citizens of Indian origin?

• All requests for acquisition of agricultural land / plantation property / farm house by any person resident outside India may be made to The Chief General Manager, Reserve Bank of India, Central Office, Exchange Control Department, Foreign Investment Division (III), Mumbai 400 001.