Understanding The Basics Of Real Estate Ownership In India

Ans. Conduct a thorough title verification by examining past ownership records, obtaining an Encumbrance Certificate, and conducting a search at the Registrar's office.

Ans. The local municipal authority annually determines the amount of property taxes to be paid depending on the property’s size, location, and use.

Ans. The main documents are - the sale deed (transfers ownership to you), khata certificate (municipal record), encumbrance certificate (no pending dues), and property tax receipts.

Ans. Foreigners from some countries cannot buy property in India. NRIs can buy residential and commercial properties by following RBI guidelines.

Ans. Multiple people can co-own property together with defined shares and rights. All co-owners must consent to decisions regarding the jointly-owned property.

Ans. Yes, schemes Pradhan Mantri Awas Yojana (PMAY) provide interest subsidies on home loans for first-time affordable home buyers meeting certain income criteria.