Q. What is Park Grandeura?
Park Grandeura is the name of the group housing project of BPTP which is coming up in the Township Parklands, FBD.

Q. Where is Park Grandeura located?
Sector-82,Faridabad

Q. What are the facilities/recreational facilities provided at Park Grandeura?
100% Power back-up, 24x7 security.
Fountains, water bodies in the green areas, Kids’ theme park, Jogging and walking tracks, Sitting areas.
Club, Swimming pool, Gymnasium, Jacuzzi, Steam room, Squash court, Tennis court , Indoor games room, Television lounge, business centre, Multi-purpose Hall.

Q. Who can apply?
Any body of Indian origin or having status of non resident with valid passport and PAN card.

Q. What is the allotment process?
Allotment is the process through which client gets the exact details of his/her property. e.g. property no., location ,direction etc. .
After allotment status of booking also gets changed from provisional to final in case booking is done in prelaunch phase.

Q. What are the Terms & Conditions for Withdrawal/Cancellation?
15% of total BSP will be forfeited as earnest money in case of cancellation of unit.

Q. What is the Price Schedule?
It is the schedule which includes all heads like BSP, EDC/IDC, car parking charges , club membership charges, IFMS, Power-back up installation charges etc.

Q. What are the Payment Plans?
Payment plans are the plans according to which we demand the payment from customers. Usually there are three type of plans which is used in industry ,they are :

• Construction Linked payment plan(CLP)
• Down payment plan
• Time linked plan

Q. What are the Terms & Conditions pertaining to Escalation?
Before booking any time price can escalate but once booking is done there is no price escalation.

Q. What are the Terms & Conditions pertaining to Possession and Compensation for delay in possession?
Possession will be offered in 42 months from the date of sanctioning of plans. In case of any delay company will pay penalty to customer @ Rs. 5/-sqft/month

Q. What are the Terms & Conditions pertaining to Transfer of Apartments and Transfer Fee?
There is a std. transfer set available with company office , which is required to be filled and submitted along with all the necessary documents mentioned in set.
Regarding transfer fees first transfer is free after that Rs. 15/sqft will be charged for any of subsequent transfer.

Q. What are the terms & Conditions pertaining to Registration, Conveyance and Stamp Duty?
All of the above charges will be demanded at the time of possession.

Q. What are the Terms & Conditions pertaining to Maintenance?
There will be separate maintenance agency which will look after all the maintenance activities. Interest free maintenance charges(IFMS) are fixed which is mentioned in price list .Later on after possession running charges will be extra which will have to pay on monthly basis.

Q. When can I apply for a home loan?
Any time one can apply for home loan. There are two parts in home loan one is sanctioning and another one is disbursement. For sanctioning there is no need to choose any property because sanctioning is done on the eligibility of client but for disbursement of loan anybody will have to choose property.
Generally validity period of sanction letter is six months so within six months you can choose property in case you haven’t.

Q. How do I make an application?
Call any home loan executive from leading financial institution like HDFC,PNB. Based on your eligibility bank will sanction you a particular amount.

Q. How long does it take to get an application processed and the loan getting sanctioned?
5-7 working days.

Q. What is the maximum amount, which I can borrow?
It depends on your income.

Q. How is my loan eligibility determined?
Generally it is 50-60 times of salary(in case of service class) and 3 times of last three year avg. IT return value in case of business class

Q. What are the repayment period options?
5 years,10 years,15 years and 20 years.

Q. What are Collateral Securities taken by the Housing Finance Companies?

Q. How is the interest calculated on my loan?
In case of CLP plan on each and every installment a simple interest will be charged till possession which will be cumulative in nature and EMI will be started after possesation.
In case of down payment plan EMI will be started from next month of disbursements. EMI includes both interest as well as principal amount.
In early period of loan tenure interest remains more & principal remains less and it reduces as loan tenure matured.

Q. What is the basis of interest rates calculation?

Q. What is the fixed rate of interest?
Fixed rate doesn’t change through out the loan tenure.

Q. What is a floating rate of interest?
Floating rate as the name suggests is usually variable in nature. It depends on Prime landing rate(PLR)which gets change as per the policy of RBI.

Q. What are the fees and charges payable and when are they payable?
Bank charges some processing fees in the range of 0.5% to 1% which is payable at the time of sanctioning the loan.

Q. What security do I have to provide for the loan that I want to take?
Loan will be provided to you on the basis of your income.

Q. What are the documents required at the time of application?
For service class:
Salary slip, last six month bank statement ,pan card, ID proof, Address proof
Form -16.
For business class:
Last three years ITR, bsiness profile, Profit/Loss account.
What are the taxes benefits available?
Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act. These deductions are available to assesses, who have taken a loan to either buy or build a house.
(A) Interest on borrowed capital is deductible as follows:
If the following conditions are satisfied, interest on borrowed capital is deductible up to Rs 150,000,
1. Capital is borrowed on or after April 1, 1999 for acquiring or constructing a property.
2. The acquisition/construction should be completed within 3 years from the end of the financial year in which capital was borrowed.
3. The person extending the loan, certifies that such interest is payable in respect of the amount advanced for acquisition or construction of the house or as refinance of the principal amount outstanding under an earlier loan taken for such acquisition or construction.
If the conditions stated above are not satisfied, then the interest on borrowed capital is deductible up to Rs 30,000.
However the following conditions have to be fulfilled,
1. Capital is borrowed before April 1, 1999 for purchase, construction, reconstruction repairs or renewal of a house property.
2. Capital should be borrowed on or after April 1, 1999 for reconstruction, repairs or renewals of a house property.
3. If the capital is borrowed on or after April 1, 1999, but construction is not completed within 3 years from the end of the year in which capital is borrowed.
(B) In addition to the above, the principal repayment of the loan/capital borrowed is eligible for rebate under Section 88 up to Rs 20,000.

Q. What is the EMI?
EMI is Equated monthly installment which is to be paid on each n every month. It includes both interest as well as principal amount.
Can I repay my loan ahead of Schedule?
Yes, but some of the banks charges prepayment penalty which is usually in the range of 2%.

NRI Questions

Who is an NRI (Non-Resident Indian citizen)?
An Indian Citizen who stays abroad for employment/ carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. ( persons posted in U.N. organizations and officials deputed abroad by Central/ State Government and Public Sector Undertakings on temporary assignments are also treated as non-resident) Non-resident foreign citizens of Indian Origin are treated on par with non-resident indian citizens.

Q. Who is a PIO (Foreign citizen/Person of Indian Origin)?
For the purpose of availing of the facilities of opening and maintenance of bank accounts and investments in shares/ securities in India:
A foreign citizen ( other than a citizen of Pakistan or Bangladesh ) is deemed to be of Indian Origin, if,
• i. he, at any time, held an Indian passport,
• ii. he or either of his parents or any of his grand parents was a citizen of India bu virtue of the Constitution of India or Citizenship Act, 1956( 57 of 1955)
Note: A spouse ( not being a citizen of Pakistan or Bangladesh ) of an Indian Citizen or of a person of Indian Origin is also treated as a person of Indian origin for the above purpose.

Q. What kind of Bank Accounts can be Operated by NRI’s?

• Foreign currency Non-Resident (FCNR) Deposits
• Non-Resident External (NRE) (Rupee) Savings Account and Term Deposits
• Non Resident Ordinary (NRO) Rupee Savings, Current and Term Deposit Accounts
• Resident Foreign Currency (RFC) Deposits

Q. What is a NON -RESIDENT (ORDINARY) ACCOUNT?
Non-Resident Ordinary (NRO) Accounts are ideal for your local money earned in India. If you earn rent, dividends, or want to credit proceeds of property sold, inheritance, etc., you will need to have this account.

You may also credit funds from abroad into this account. This account can be held jointly with your resident relatives for convenience. You may open Savings accounts, Current accounts and Term deposits.

Although the funds in this account may be local, there are certain repatriation benefits allowed even on NRO accounts.

Q. What is a NON -RESIDENT (EXTERNAL) ACCOUNT (NRE)?
These accounts can be opened from the money you earn outside India. You aintain these accounts in Indian Rupees and are permitted to send the money outside India at any time and without any restrictions on the same.

You may open NRE Savings accounts, NRE Current accounts and NRE Term deposits ranging from 1 to 3 years.

This account can be held jointly with another NRI. You may give a Resident Indian the Power of Attorney to do select operations on the account. The funds in the account are freely repatriable, i.e. there is no restriction on sending the money back out of the country. The interest earned on NRE bank deposits is not taxable.


Q. What is a FOREIGN CURRENCY NON-RESIDENT ACCOUNT (BANK) (FCNR (B))?
Foreign Currency Non-Resident (Banks) (FCNR (B)) Deposits are Term Deposits that you may hold with the bank in the major currencies, i.e. US Dollars, Pound Sterling, Euro, or Japanese Yen. The deposits range from over 1 year to 3 years for USD and GBP and upto 2 years for EURO & Japanese Yen.

The funds with which this account can be opened is external funds, and hence, it is very much like the NRE account in terms of repatriability, joint operations and Power of Attorney.
What is the position under FEMA regarding acquisition of immovable property by NRI/PIO?

By NRI's holding Indian Passport
• NRI's holding Indian passport do not require prior permission of Reserve Bank of India to buy residential or commercial immovable property in India.
• The purchase consideration may be paid either by remittance of funds from abroad through normal banking channels or out of NRE / FCNR / NRO account.
• NRI's of Indian nationality do not require any permission for acquisition, transfer or disposal by way of gift of immovable property which is not a farmhouse or agricultural land or plantations property. Declaration on form IPI 7 for acquisition of commercial property for carrying on any industrial, commercial or trading activity by their proprietary / partnership firm in India is required to be filed with RBI within 90 days from date of purchase.
By foreign citizens of Indian origin
• Under the general permission to NRI's holding foreign passport, the RBI has allowed them to acquire, hold, transfer or dispose off by way of sale or inheritance, immovable properties situated in India.
• The general permission has been granted provided :
o The property is for the purchaser's bonafide residential use;
o The purchase consideration is met either by remittance from funds abroad through normal banking channels or out of NRE / FCNR.
o Income accruing by way of rent from the properties purchased or acquired by inheritance will not be allowed to be repatriated abroad even if the purchase consideration was met out of NRE / FCNR account.
• It is however, necessary for foreign citizens of Indian origin to declare such property to RBI within a period of 90 days from the date of purchase in the prescribed IPI 7 to the Chief General Manager, Exchange Control Department, Foreign Investment Division, Central Office Department, Foreign Investment Division, Central Office, RBI Bombay

Q. What are the Benefits offered to NRIs/PIOs/OCBs under the liberalised Exchange Policy in respect of immovable property?
Following are the regulations laid under FEMA (Foreign Exchange Management Act) in relation to the transactions of immovable property in India by NRIs and PIOs.
 A foreign citizen who is a resident of India can purchase immovable property (IP) in India without any approval from the RBI.
 Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan (whether resident in India or not) are prohibited from acquiring or transferring any IP in India without prior approval of the RBI.
 Investment in agricultural property, plantation and farmhouse is prohibited for all classes of persons resident outside India, be it NRIs/OCBs/ foreign citizens or other foreign entities.

Q. Can the sale proceeds of immovable property in India be repatriated?
NRI / PIO may repatriate the sale proceeds of residential / commercial property in India acquired by way of inward remittance through normal banking channel or by debit to NRE /FCNR (B) account. The amount to be repatriated should not exceed the amount paid for acquisition of residential / commercial property (a) in foreign exchange received through normal banking channel or by debit to FCNR (B) account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid by debit to NRE account. From out of balances in NRO A/c. he may remit upto USD one million per calendar year, eligible balances including the sale proceeds of immovable property if such property has been sold after being held for 10 years. If such a property was held for less than 10 years, remittance can be made if the sale proceeds were held for the balance period in NRO A/c. (Savings / Term Deposit) or any other eligible investment, provided, such investment is traced to the sale proceeds of the immovable property. (For details please refer Reg.4(3) of FEMA 13 dated May 3, 2000 as amended