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CERSAI was established by the Government of India in collaboration with the Reserve Bank of India (RBI) on March 31, 2011, to create a centralised system for the registration of securities and assets.
Form 15 is issued when there are recorded transactions, such as loans, mortgages, or sales, during the requested period. Form 16, or the Nil Encumbrance Certificate, is issued when no registered liabilities exist on the property for that duration.
The HRA exemption is determined in accordance with the Act, allowing individuals to claim the least of the following:
Yes, but it depends on timing. Cancelling during the 30-day free look period results in a full refund, minus nominal charges. Mid-term cancellation may offer pro-rata refunds based on the remaining policy period. Some policies do not offer refunds beyond the free-look period. Check your policy terms or contact Kotak for specifics.
Once your home loan is disbursed, your lending institution claims the interest subsidy from the Central Nodal Agencies, such as the National Housing Bank (NHB). The complete verification and crediting process generally takes a few months. You can easily track your progress using the CLAP portal during this period.
Home loan processing fees are non-refundable charges that you have to pay at the time of your home loan application.
These are the charges towards the services provided by the lender. Each financial institution has a different processing fee for home loan. Kotak Mahindra Bank charges 0.5 % processing fee for salaried and 1 % for self-employed applicants. This is among the lowest home loan processing fee in India.
In the absence of salary slips, especially for non-salaried individuals, applicants may submit bank statements and complete ITR details as required by the lending bank. So, although salary slips improve your chances to get a home loan, it’s not mandatory
Lenders prefer a CIBIL score of 750 or above for home loans on duplexes. You may be charged a higher interest rate or even denied, so it's best to clear your debts and make all of your repayments on time before seeking a loan.
Most home buyers prefer freehold properties for complete ownership. However, those looking for cheaper properties may opt for leasehold.
To verify an MP registry online, visit the MPIGR official website, select the e-stamp verification tab, enter the e-stamp ID, captcha code, and language, and click Search to display the information on the screen.
