Diffrence between adharam and pattayam
Hints for home land
Buying land from NRI land owners
Changing the title in Village office
Fair Value of land
Kerala Government has declared a fair value of land in all parts of Kerala . From the link given below,we can search the fair value of land every where in Kerala .In order to find out Kerala properties Government fixed registration land value or Government land registraton minimum fixed rate which is needed for land document registraton, we must know the minimum details of properties like District, Taluk, Village, RDO and Survey number ( old or re-survey)
Link - igr.kerala.gov.in/fairvaluesearch.aspx
The fair value system has divided land in Kerala into 15 categories on the basis of their location and access to the public roads. Each category has given a minimum value level and the stamp duty for registering the property will be on the basis of this value.
15 Categories are as follows:
- Commercially Important Plot
- Residential Plot with NH, PWD Road access.
- Residential Plot with Corporation, Municipality, Panchayath Road Access.
- Residential Plot with Private Road Access.
- Residential Plot without Vehicular Access
- Garden Land with Road Access
- Garden Land without road access
- Coastal Belt
- Water Logged Land
- Rocky Land
- Waste Land
- Wet Land
- Hill tract with road access
- Hill tract without road access
- Government Property.
Difference between Aadhaaram And Pattayam
It is first and original record about the ownership of a property . All properties are ownered by the government. After completing the survey of land, every piece of land owned by a person is allotted with a survey number. The property is held by the citizen or other organization like Devasam board etc. Government has the right to take back any of the property for increasing the breadth of roads constructing any firm etc. People in the past have encroached the government land and started cultivation, buildings etc.. To get pattayam , the holders of these lands should give application to land tribunal. For the transaction of any property it should have the pattayam .ADHARAM :-
It is a document written by an authorized licensee in a stamp paper as per the value of land and registered in registrar office about the transaction made to a property . It can be a will, or a transaction. It includes the area , boundaries and sketch about a particular piece of land.
Encumbrance means the charges or liabilities created on a particular property, whereby it is held as a security for any debt of its owner which has not been discharged as on date. The certificate can be obtained from the concerned Sub-Register Office on an application in a prescribed form provided by the authorities .In the normal course it will take around 2 weeks for obtaining the certificate. Government Authorities and Financial Institution like bank, etc... demand 13 years of encumbrance. There will be a nominal fee for obtain, it depending upon the number of years. In an emergency there is a provision for paying " double fees" for getting it immediately. This certificate will show the geniuses of owners title.The normal course the certificate will be full proof document, but there can be clerical errors from the Sub-Registar Office, our vigilances can check this error. Therefore, it is always advisable to inspect the property personally and to verify and confirm that the original title documents are available with property owner. Some additional safeguards like paper notification, searching in jurisdictional courts for any pending cases would be useful.
HINTS FOR BUYING HOME/LAND
Owning a house or property is an important thing in ones life. However, one needs to be careful while buying land/house to avoid falling into legal hassles. A lot of care is needed from the beginning- right from site seeing till the registration of the land. The legal status of the land is one of the first issues that you should address before confirming a property. Before buying a land, a number of checks needs to be done to confirm that the land has a clear and marketable title. The first thing is to find out the tenure, legal right of the holder of the land in government records. The tenure or possession right could be freehold, leasehold or may be held under a government grant or 'sanad'. Freehold land is always most preferable. The seller should provide all the necessary documents to the buyer.Title deeds of land:
The first step is to see the title deed of the land which you are going to buy. Confirm whether the land is in the name of the seller and that the full right to sell the land lies with only him and no other person. Don't be satisfied with the Xerox copy of the title deed for registration . Insist on seeing the Original Deed. Sometimes the seller may have taken a loan by pledging the original deed. It also needs checking whether the seller has permitted any entry/access to others through this land and whether any other fact has been suppressed/left undisclosed by the owner of the land. It is better to get the original deed examined by experts. Along with the title deed, the buyer can also demand to see the previous deeds of the land available with the seller.Tax receipt and bills :
Property taxes which are due to the government or municipality are a first charge on the property and, therefore, enquiries must next be made in government and municipal offices to ascertain whether all taxes have been paid up to date. The owner should also possess the latest tax paid receipts, which you may inspect. Enquiries should also be made in various departments of the municipality to ascertain whether any notices or requisitions relating to the property have been issued and are outstanding and not yet complied with. While inspecting the property tax receipt, it can be noted that there are two columns in the tax receipt. Make sure that the name entered in the owner's column is correct. The second column will be for the name of the one who paid the tax. Sometime the owner may not have the tax receipt with him, in such cases, contact the village office with the survey no. of the land and confirm the original owner of the land. If you are buying a house along with the property, then the house tax receipt should also be checked. Also ensure that the electricity and water bills are up-to-date and if there any is balance payment to be made, ensure that it is made by the seller.Encumbrance Certificate:
Before buying any land or house, it is important to confirm that the land does not have any legal dues. It is available as a certificate called encumbrance from the sub registrar office where the deed has been registered, stating that the said land does not have any legal dues and complaints. The encumbrance certificate for the past thirteen years should be taken or for more clarification, you could demand 30 years encumbrance certificate to be checked. If you still have anymore doubts, you can take a Possession Certificate of the ownership of the particular land, which is available from the village officePledged land:
Some people may have taken loan from the bank by pledging their land. Ensure that the seller has paid back all the amounts due. Don't get satisfied with the receipt of the payment made. A release certificate from the bank is necessary to release all the debts over the land legally. You could buy a land without the release certificate. But if you want to take a loan in future, the release certificate is a must.Measuring the land:
It is advisable to measure the land before registering the land in your name. Ensure that the measurements of the plot and its borders are accurate. You can do this with the help of a recognized surveyor. This will avoid a lots of problems in the future. More than one owner In some cases, the land will be owned by more than one people. So before registering, check if there is more than one owner, and if there is, get release certificate from the other people involved.
Buying land from NRI land owners
A person staying abroad can also sell his land in India by giving a Power of Attorney to a third person authorizing him the right to sell the land on his behalf. But in such cases, the power of attorney should be witnessed and duly signed by an officer in the Indian embassy in his province. There is no legal support for Power of attorney signed by a notary public
Once all the matters, financial/otherwise are settled between the parties, it is better to give an advance and write an agreement. This ensures that the owner does not change his word regarding the cost as well as make a sale to someone else who offers more money. The agreement should be written in 50 Rs stamp paper. The agreement should state the actual cost, the advance amount, the time span within which the actual sale should take place and how to proceed in case of any default from either parties, to cover the loss. The agreement can be prepared by a experts and should be signed by both the parties and two witnesses. After signing the agreement if one of the parties makes a default, the other party can take legal action against him.
The land can be registered in a sub registrar office, after preparing the title deed including all the relevant information. You could get the title deed written by a government licensed Document writer. Even lawyers can prepare the deed, but the document can only be computer printed or typed, not handwritten. Handwritten documents can be prepared by only those who hold the scribe license. A draft should be prepared before actually writing the document in stamp paper. Make sure all the details mentioned are accurate. If there is incorrectness in the document after registering, a secondary document with the correct details has to be registered and depending on the incorrectness, the registration expenses will be repeated.Make sure that the deed is registered within the time limit mentioned in the agreement. Original title deed, Previous deeds, Property/House Tax receipts, Torence Plan (optional) etc plus two witnesses are needed for registering the property. Torence plan is a detailed plan of the property prepared by a licensed Surveyor which will have accurate details of the measurements including width, length, borders etc. This plan is needed only in some specific areas. For land costing more than five lakhs, the seller should submit either his Pan card or Form Number 60 during registration. The expenses involved during registration include Stamp Duty, registration fees, Document writers/ lawyer's fees etc. The stamp duty will depend on the cost of the property and varies from Municipality to Corporation to Panchayat. In Panchayat the stamp duty will be 10% of the cost of the land whereas in Municipality it is 12% and in Corporation 13.5%. Two percentages will be charged as the registration fees. Document writer's fee also depend on the cost of the property and varies with individuals. There is a percentage prescribed by the government as Document writer's fee and they cannot charge more than the prescribed limit. After registration, the registered document will be received after 2-3 weeks, from the registrar office.
Changing the title in Village office
The whole legal procedure of buying the property will be complete only if the new owners name is added in the village office records. An application can be made along with the copy of the registered deed to the Village office to get this done.
Housing Loans for NRI
NRIs staying outside India for years and expected to stay further for an indefinite time are eligible for housing loans under the stipulations laid out in FEMA, 1999. Affordable housing loan is available to NRIs to either build or buy a house. Home loans for NRIs however do not differ much from loans given to resident Indians except that more caution is exercised in the case of the former. An NRI seeking home loans in India is eligible for only 85% finance whereas a resident gets up to 90% finance. The tenure is also shorter than that for a resident Indian. Under the general permission granted by the RBI to NRIs, almost every nationalized bank like ICICI, Citibank, PNB, HDFC and the like follow the guidelines set by RBI to sanction loans to NRIs. Banks and housing finance companies offer many options to choose from which includes home loans, home improvement loans, home extension loans, loans to professionals for office or clinic, home equity loans (loan against property), loan against rent receivables, short term bridging loans and the like. Based on the fulfillment of below terms and conditions, an NRI can avail housing loans in India.
Terms and Conditions:
- The applicant should be a Graduate
- The monthly income should not be less than $2000. NRI property loans can be availed against:
- a. The security of funds held in NRE/FCNR accounts.
- b. The security of immovable property other than agricultural, plantation or farm property.
- The loan can be availed up to 1, 00, 00,000 INR or 85% of the property cost, including cost of the land, whichever is lower.
- The principal shall not be credited to the applicant's NRE/NRO/FCNR accounts.
- The tenure of the loan for NRI is less than that for a resident Indian. The tenure of the loan is decided by the housing finance company which does not exceed 15 years.
- The loan shall be fully secured by mortgaging either the proposed property or the borrower's other assets in India.
- NRI home loan rates shall be more than for a resident Indian, in compliance with Reserve Bank of India and National Housing Bank directives.
- Repayment of the loan can be by way of remittance from abroad through normal banking channels given out as Equated Monthly Installments (EMIs) and shall be in the form of post-dated cheques, or by debit to his NRE/NRO/FCNR accounts or from the rent received on his Indian property or out of sale proceeds of the immovable property against which such loan was granted.
- There are many repayment options, to help choose the most suitable and effective to follow. Repayment ahead of schedule is permitted.
- All documents as applicable to a resident Indian are mandatory along with few other documents like copy of the passport and a copy of the works contract. The Power Of Attorney (PAO) is a must.
Documents required while applying for a Home Loan
- Employment contract (in English)
- Latest salary slip.
- Latest work permit.
- Identity card.
- Visa stamped on the passport.
- Continuous Discharge Certificate (CDC) - (if applicable).
- Overseas Bank Account Statement for the last four months.
- Receipts for payments made for purchase of the residing unit.
- Copy of approved drawings/ building plans of proposed construction/purchase/extension.
- Agreement for sale/sale deed/detailed cost estimate from Architect/Engineer for property to be purchased/constructed/extended.
- Allotment letter from the co-operative society/association of apartment owners (if applicable).
- Power of Attorney
- Copy of Passport