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FAQ

Frequently Asked Questions

Why invest in Goa?

It is the most popular holiday destination with beautiful endless stretches of silver sand sun-kissed beaches, lush green landscapes and architectural heritage. It is served by the efficient extensive connectivity of air, rail, water and road.

Surrounded by azure waters of the Arabian sea Goa is fondly called the “Pearl of the Orient” Influenced by 400 Years of Portuguese rule it has a warm hospitable unique culture infused with modern development making it a Tourist Paradise

Goa stands out in India for its Portuguese colonial architecture and heritage

Why B&F Realty?

For over two decades, B&F Realty has been winning the loyalty and trust of a clientele obsessive about quality, aesthetics and notorious for on time delivery.

Located conveniently every project, whether villa, private residence or commercial property is brought to life with the passion of an artist and the calculative genius of inspired engineers. Our conscientiousness is visible everywhere – in the sharp lines, harmonious exteriors, superior finishing and fittings.

Will the properties be maintained to a high standard?

We are renowned for excellent maintenance which is reflected in our pristine conditions completed projects some over 11 years old. We strive for customer loyalty and provide a committed maintenance team at every project.

We highly recommend a detailed tour of our developments to view our past projects to validate our claims also backed by customer testimonials.

Where are the developments located?

The location is a prime consideration when purchasing that is why all B&F properties are conveniently located in proximity to convenience stores, local high street and spread over various areas of north Goa. Our properties are set close to city Centre’s as well as coastal belts to cater for the broad spectrum of users.

Can I expect rental income?

Location and amenities are sought after by tenants our developments meet the criteria making it easier to rent your property. B&F Realty being known for its quality and maintenance generates huge interest from tenants wanting to rent at our properties,

A well-furnished 2 BHK apartment can earn up to INR 4,80,000 P.A.

Do you provide furnished homes?

Location dependent we decide to provide either furnished or unfurnished apartments.Information is given at contact/enquiry or sales presentation to our clients.

What is meant by Super Built-Up, Built up and Carpet Area in Residential Properties?

Super Built up Area: This includes the built-up area along with the area under common spaces such as the lobby, lifts, stairs, etc. This term is only applicable in the case of multi-dwelling units.

Built up area means the entire area enclosed by its periphery walls including but not limited to the area under walls, columns, as well as an area of loft / Mezzanine, if any, half the area of walls common with other premises adjoining the said premises, all of which form integral part of the said Premises.

Carpet area means the usable area in the apartment.

Can a Non-Resident Indian (NRI)/Person of Indian origin (PIO) buy Residential property in India?

Yes, a Non-Resident Indian (NRI) / Person of Indian Origin (PIO/OCI) can purchase Residential property in India. In case the Applicant is an NRI or non-resident/foreign national of Indian origin / foreign nationals / foreign companies then all remittances, acquisition/transfer of the Said Space, any refund, transfer of security etc., shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the rules and regulations of the Reserve Bank of India or any other applicable law and it shall be the sole responsibility of non-resident / foreign national of Indian origin / foreign nationals / foreign companies to abide by the same.

Check-list Of Documents:

  • For Foreign Nationals of Indian Origin: Foreign Inward Remittance from the account of the Applicant(s) / NRE/ FCNR A/c of the Applicant(s) / IPI-7/ Passport Photocopy
  • For NRI: Copy of Passport / Foreign Inward Remittance from the account of the Applicant(s) / NRE / NRO A/c of the Applicant(s).

Are all necessary government approvals in place for the project launched?

All necessary government approvals are in place for the projects launched. They can be examined at the sales office.

What is the procedure for booking an apartment?

The apartment is booked with a booking amount (discuss with a representative). On booking, an allotment letter along with payment receipts will be provided to the client.

What is the percentage of funds the bank can provide on taking a loan?

Bank loan is provided upto 80% of the property value depending on the customer eligibility. We have certain banks that have approved the projects. If you wish to avail a loan from a bank of your choice, we will assist you with the same.

For more information kindly contact the company representative.

What is the basic procedure of taking home loan & what are the eligibility criteria?

Home loan eligibility depends upon

  • Stability of income
  • Profession or nature of business
  • Age of the loan seeker
  • Credit score
  • Attributes of the property
  • Your relation with the bank &
  • Company you work in.
  • Usually, all banks provide home loans up to 60 times of your monthly net income.

When can I apply for a home loan?

Apply for a home loan once you have finalized the property to be purchased or constructed. Make sure you do the research about the type of loan you need and follow the checklist:-

  • How much deposit do you have?
  • What are the processing charges for the loan?
  • What is the interest rate
  • What’s the best type of loan for you

Can one sell the property even when the home loan is outstanding?

It is possible to sell the property even if there is outstanding home loan amount, provided the process is followed-

  • Obtain an NOC from the bank/loan for foreclosure
  • Pay the foreclosure amount to the bank and obtain documents
  • Hand over the documents to the buyer once the registration is done

What are the tax benefits that are available to a home loan applicant?

· Deduction of interest on housing loan:

In the case of self-occupied property acquired or constructed out of borrowed funds, the deduction available for interest on capital borrowed is Rs. 2,00,000/-. In case of a rented property, the whole of the interest amount is allowed as deduction. The interest on borrowed funds in pre-construction period is allowed over a 5-year period commencing from the previous year in which the house is acquired or constructed.

·        Limit of repayment of housing loan (principal):

The limit of repayment of housing loan qualifying for deduction u/s 80C is Rs. 1,50,000/- (including Stamp Duty, Registration Fee incurred for the purpose of transfer of such residential house property)

What are the standard documents, required for registration of the property?

The documents required at the time of Registration of the Conveyance Deed are as under:
For all cases:

  • 2 PP size photographs
  • Allotment Letter
  • Copy of the Buyer’s agreement (original booking cases) / Sale agreement (transfer cases)

Resident of India:

  • Copy of PAN Card
  • Residence proof
  • Aadhar Card (As applicable)

For NRI/ Foreign National of Indian Origin

  • Copy of the Individuals Passport
  • PIO/OCI copy
  • Copy of PAN Card (in the absence of pan card you will be given form no. 60 to fill and submit)
  • Residence proof

What is the current stamp duty and registration percentage?

Below is the break up for properties with different price range:

  • In all cases the stamp duty for Agreement for sale is 2.9%. This is adjusted at the time of Sale deed.

For Sale deed at values:

  • Below INR 50,00,000/-

Stamp duty- 3%

Registration-2%

  • INR 50,00,000 upto INR 75,00,000

Stamp duty-3.5%

Registration- 2.5%

  • INR 75,00,000 upto 1 Cr and above

Stamp duty- 4%

Registration- 3%

What is TDS and what is the procedure to pay?

TDS is mandatory government TAX DEDUCTION SYSTEM. This applies to all property that exceeds INR 50,00,000/-. The TDS applicable currently is 1%.

  • For example on the purchase of an apartment of INR 60,00,000/-. The TDS applicable is INR 60,000/-. TDS is paid online.

Following is the procedure to pay TDS online:

Follow the linkhttps://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp

  • Choose form 26QB and fill in the details

For details of the seller and further assistance, kindly contact B&F representative

What action can I take against a builder who is delaying possession?

The first course of action should always be to issue a letter in writing to the builder stating your grievance. Ensure that all assurances by the builder of giving you possession on such and such date are given to you in writing on their official letterhead and under the seal of the builder. If it appears that the builder will not be giving you possession in an acceptable time period then you may approach CREDAI for mediation.

What is CREDAI?

The Confederation of Real Estate Developers’ Association of India (CREDAI) is an association formed by developers and builders in India for self-regulating the business of real estate development. CREDAI has more than 8500 member developers and builders through 112 member associations with representation in all the major cities and states of the country. CREDAI has its office at #703, Ansal Bhawan, Street 16, Kasturba Gandhi Marg, New Delhi, Delhi 110001.

What are the functions carried out by CREDAI?

CREDAI prescribes certain norms and standards to be followed by all its members. As a majority of builders and developers are members of CREDAI, the norms prescribed by CREDAI go a long way in bringing uniformity in the practices and policies adopted by builders and developers throughout India. For example, builders and developers who are members of CREDAI are not allowed to impose exorbitant penalties for late payments made by buyers. CREDAI carries out several other functions such as mediating disputes between end buyers and builders/developers. CREDIO is also responsible for representing its members before government authorities on policy matters affecting the real estate business.

How can CREDAI resolve my dispute with a builder?

CREDAI regularly mediates disputes between buyers and its member builders and developers. A complaint can be lodged with CREDAI online at their online portal http://www.credai.org.

Since CREDAI has several regional chapters it would be best to file your complaint with the relevant CREDAI chapter. For example, a dispute over real estate being developed in the National Capital Territory should be referred to the CREDAI NCR chapter which can be found online at http://www.credaincr.org Filing the complaint online is a simple enough process and replies are prompt.

How will my property be inherited if I die without leaving a will?

When a person dies without leaving a will, the rules of succession (or inheritance) have to be followed to distribute the deceased person’s property among his legal heirs. The rules of succession determine who the heirs of a deceased and what their share would be in the inheritance. Note: The term ‘property’ refers to immovable property, unless stated otherwise.

Do the same rules of succession and inheritance apply to everyone?

In India, the rules of succession differ between religions. Therefore succession works differently for Hindus, Christians, Muslims, Jews and Parsis. However, the rules of Hindu succession are also applied to Buddhists, Jains, Sikhs and any other person who is not a Muslim, Christian, Parsi or Jew by religion. Note: The rules of succession detailed here apply specifically to Hindus, unless stated otherwise.

Which of my properties can be inherited by my heirs?

Property of all forms can be inherited by your legal heirs. This would include not only your self-acquired property but also your share in the ancestral property of your family.