Tax implications of purchasing or renting second property
A lot of people own more than one house, whether it is ancestral property or when you upgrade to a bigger place. You may choose to keep the property vacant or put it on rent.
Now that your Home Loan Balance Transfer offer is sanctioned by ICICI Bank, it's time to apply for disbursement of your loan and to start saving on your EMI outflow.
Give a missed call on 8108333340 for details.
Submit the copies of the property documents to your Relationship Manager, as mentioned in the Sanction Letter or the executive assisting you while availing the loan.
The charges payable at the time of disbursal are:
|Loans up to Rs 25 lakh||Lower of 0.25% of loan amount or Rs 2,500|
|Loans > Rs 25 lakh||Rs 5,000|
* GST will be applicable on the amount mentioned above.
NOTE: Please refer your Sanction Letter for the applicable Admin fee.
B) Statutory franking/Stamp duty as per State laws
As per the applicable state norms, statutory/stamp duty may be payable to the Government on the loan agreement and various other transactional documents being executed between you and the Bank.
The loan disbursal process takes approximately 7-10 working days, post submission of all the documents, including the Loan agreement.
The assigned Sales Representative/Relationship Manager will provide you with the update. You can also view the status by clicking on Track My Loan.
The Sanction Letter is valid for up to 6 months from the date of issuance. Please refer to the Sanction Letter for the applicable validity.
Yes, you can take assistance of your Relationship Manager to submit the required documents for a re-sanction of the loan.
You need to provide the following documents for loan disbursal: Property documents and Facility agreement
You need to provide a list of documents such as, Foreclosure Letter and BT Kit with franking and notary.
Taking investment decision in real estate is usually a difficult one, especially when it comes to choose between residential property and commercial property. For someone who is new to investing in real estate, the decision is all the more difficult.
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