The completed Application Form along with cheque/DD/Pay Order favouring "Gurgaon One Sales Account " payable at Delhi, is to be submitted at any of the offices listed below:

It is our endeavour at AEZ Group of Companies to be fair, transparent and equitable in the method of allotment of the apartments. While considering suitable methodology for allotment, AEZ Group of Companies has tried to bring about a judicious balance between the following objectives:

• To give an equal chance to all eligible applicants interested in participating in any of our projects.
• To determine the relative priority of choice in the selection of apartments through an unbiased and equitable process.
• To respect the desire of each applicant to choose an apartment, and to try and accommodate the matter of choice to the extent possible based on the availability of the apartments.

The allotment procedure shall strictly be on a 'first-come-first-serve' basis.

Please visit our Payment Plans section for a detailed information on the available Payment Plans.

An allottee may transfer his/her rights/lien on his/her flat to a person qualifying as per the application criteria (please see Who can Apply for the definition), provided the Company in its sole discretion permits the transfer and aft. an application in the prescribed format is submitted along with all original documents pertaining to the said flat, all outstanding against the said flat, if any, and administrative charges as prescribed by the Company. Payment of administrative charges is in no way a confirmation of Company's consent to transfer the flat.

The Sale/Transfer/Conveyance deed of the apartments shall be executed and registered in favour of the allottee aft. the apartments have been constructed and the entire sale consideration and all other dues and deposits are received. The allottee will be required to pay legal fees, stamp duty, registration charges and other related charges as may be levied by the Government from time to time. The present applicable rate of stamp duty is at the rate of 8 per cent of the total apartment cost.

The allottee is aware that what he/she is agreeing to purchase an apartment /space in a multi-storeyed building. He/she is also aware that the building is to be maintained in a proper form and common areas and services are to be maintained for full utility of the building. Therefore, the allottee shall regularly pay to the company maintenance and services charges, as determined by the Company and/or by the maintenance agency. The owners shall look aft. the maintenance and upkeep of the common areas and facilities until these are handed over to the Maintenance Agency and/or the Association/Society of apartment owners. The Maintenance Charges will be fixed from time to time by the Company/Maintenance Agency depending upon the maintenance costs. The decision of the Company or the Maintenance Agency in this respect and on the costs of maintenance will be final and binding on the allottee. Initially these charges will be fixed by the Company prior to delivery of possession of the said apartment in terms of this agreement. These charges shall be paid at intervals as decided the Company.

You can apply anytime aft. you have decided to acquire or construct a property, even if the property has not been selected or the construction has not commenced. Besides, you can avail of the loan facility even if you want to renovate or extend your home.

You need to approach a Housing Finance Company with the latest salary slips and TDS Form 16 of the last two financial years of yourself and your co-applicant, if any. The loan officer aft. going through the details of the documents will tell you the loan amount you are eligible for and the terms of the same. You need to submit the application form along with the necessary documents. On receipt of the application form, along with necessary documentation the HFC may approve the loan. You are advised to visit more than one financial institution for better terms/larger loan amount if you shop for the best deal.

It may take about fift.n days for processing of one's application if the documents are in order. It may take another week for the banking company/financial institution to check out the property papers and make the disbursement, under normal circumstances.

Home loans are generally provided for in the range of approximately 90% of the asset value. The amount of loan varies from institution to institution and it may vary from Rs.1 lakh to Rs.1 crore.

The primary concern of the HFC in determining the loan eligibility is your repayment capacity. Your repayment capacity is determined by taking into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history.

Repayment period options range generally from 5 to 15 years .A few HFCs also offer a 20-year repayment period.

HFCs usually take some additional securities, which are called collateral securities. These may be in the form of guarantee from one or two persons, assignment of life insurance policies, deposit of shares, units or other securities. These additional securities are taken for the purpose that if a loan is not paid back recourse may be taken to such securities instead of depending upon the mortgage of the property, which is the last resort. Guarantors, when alerted, become very effective persons in prevailing upon the borrowers to fulfill their obligations.

Most HFCs follow the yearly reducing-balance method, which accounts for your principal repayments only at the need of their financial year. Thus, you pay interest on the principal that you have already returned to the HFC. Banks and some HFCs, in contrast, follow the daily or monthly reducing balance method, which results in a lower interest burden.

The interest on home loans in India is usually calculated either on monthly reducing or yearly balance.

Monthly Reducing: In this system the principal on which you pay interest reduces every month as you pay your EMI.

Annual Reducing: In this system the principal is reduced at the need of the year, thus you continue to pay interest on a certain portion of the principal the monthly you have actually paid back to the lender. Which means the EMI for the monthly reducing system is effectively lesser than the second system of calculating interest.

Some HFCs have a fixed rate of interest, which means that the interest rates remain unchanged for the entire duration the loan. This basically means that you do not benefit, even if the rates of interest drop in the market.

This is the rate of interest that fluctuates according to the market-lending rate.

Home loans are usually accompanied by the following extra costs:

a. Interest Tax: It is the tax payable on the interest paid on a home loan and not the principal. This tax is some times included in the interest paid on a home loan and loan, or may be charged separately as interest tax.

b. Processing Charge: It's a fee payable to the lender on applying for a loan .It is either a fixed amount not linked to the loan or may be a percentage of loan amount.

c. Prepayment Penalties: When a loan is paid back before the agreed of the agreed duration a penalty is charged by some banks/companies, which is usually between 1% to 2% of the amount being prepaid.

d. Commitment Fees: Some institutions levy a commitment fee in case the loan is not availed of within a stipulated period of time aft. it is processed and sanctioned.

e. Miscellaneous costs: It is quite possible that some lenders may levy documentation or consultant charges.

Security for the loan is a first mortgage of the property to r financed, normally by way of deposit of title deeds. The title should be clear and marketable. Some HFCs may also require collateral security like the assignment of life insurance policies, pledge of shares, NSCs, units of mutual funds, banks deposits or other investments.

The common documents that the financiers require at the pre-approval stage are:

• Proof of age
• Copy of Bank A/c statements for the last 6 months
• Copy of latest credit card statement.
• Passport size photograph
• Signature verification from your banker
• Income tax returns for last two years

If you are salaried, you need to produce:

• Salary and TDS certificate
• Latest pay slip
• Letter from employer

If you are self-employed you require:

• Your business track record
• Copy of audited financial statements for the last 2 years

At the disbursal stage (for property already located), you need to submit:

• Allotment letters
• Photocopies of title deeds
• Agreement to sell
• Non-Encumbrance certificat

Tax benefits available are:

1. Rebate under Sec 88 of IT Act for repayment of principal up to specified amount
2. Deduction under Sec 24 of IT Act for interest payment on housing loans subject to an upper limit as may be decided by the government from time to time.

EMI or Equated Monthly Instalments, refer to the fixed sum of money that you will be paying to the housing Finance Company every month. The EMI comprises both interest and principal repayment. The size of the EMI depends on the quantum of loan, interest rate applicable and the term of the loan.

Yes, you can pay your loan ahead of schedule. However, it must be noted that housing finance companies charge a fee for early redemption of loan.

Under Foreign Exchange Management Act, 1999,a Non Resident Indian is:

An Indian citizen who stays in India less than 182 days during the preceding financial year OR

An Indian Citizen who goes out of India or who stays abroad for employment or carrying on business or on vocation or for any other purposes, in circumstances indicating an uncertain period of stay abroad, OR

Government servants deputed abroad on assignment with foreign government regional/international Agencies like the UNO, WHO, IMF, World Bank, etc.

As per FEM (Acquisition & Transfer of Immovable Property in India) Regulations, 2000 a Person of Indian Origin means a Citizen of any country (other than Pakistan or Bangladesh, Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), if

• He at any time held an Indian passport ;or
• He or either s of his parents or any of his grand-parents was a citizen of India by virtue of Constitution of India or Citizenship Act,1955 ;

An existing bank account of an Indian national going abroad and becoming a Non-Resident Indian is automatically designated as Non -Resident (Ordinary) account (NRO). An NRI can also open such ordinary accounts even by making remittances from abroad or by transfer from an existing Non-Resident account in India in his own name. Such accounts can also be opened by Overseas Corporate Bodies (OCBs). NRO account can be opened, while a NRI is on a visit to India or simply by making remittances from abroad. NRO accounts can be in the sole name of an NROI or in joint names of more than one NRI or in joint names with any of the close relatives in India. In other types of joint accounts, prior permission of Reserve Bank of India (RBI) is required.

FCNR (B) account is permitted in the form of fixed deposits for a maximum period of three years. Current and saving accounts are not available under this scheme.

NRI are permitted to acquire any immovable in India other than agricultural/plantation property or farmhouses.

PIO resident outside India ,are permitted:
To acquire any immovable property other than agricultural land/farm house/plantation property in India by purchase ,from out of

1. funds received in India by way of inward remittance from abroad, or
2. funds held in any non-resident account of the investor ,or

To acquire any immovable property in India other than agricultural land/farmhouse/plantation property by way of gift.rom a resident person or NRI or PIO; or

To acquire any immovable property in India by way of inheritance from a resident person or a non-resident who had acquired such property in accordance with the law of foreign exchange in force at the time of acquisition.

Any non-resident person, who has established in India a branch, office or other place of business (excluding a liaison office) for carrying on in India any activity, in accordance with FEM (Establishment in India of Branch or office or other Place of Business) Regulations, 2000, may acquire any immovable property shall furnish a declaration in Form IPI to the Reserve Bank of India within 90 days from the date of acquisition.

Non-resident Indians are permitted to transfer any immovable property in India to a resident person, and any immovable property other than agricultural or plantation property or farmhouse, to a non-resident Indian or person of Indian origin.

Persons of Indian origin are permitted to transfer any immovable property in India other than agricultural land/farmhouse/plantation property, by way of sale to a resident; any agricultural land/farmhouse/plantation property in India, by way of gift.r sale to a resident person who is a citizen of India; and any residential or commercial property in India; by way of gift.o a resident person or NRI/PIO.

Any non-resident person who has acquired any immovable property in India, for establishing or for the purpose of a branch, office or other place of business (excluding a liaison office), is permitted to transfer such property by way of mortgage to an authorized dealer as a security for any borrowing.

The sale proceeds of an immovable property in India can be repatriated if following conditions are fulfillled:

The immovable property was acquired by the seller in accordance with the law of foreign exchange in force at the time of acquisition;

The amount to repatriated does not exceed the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in FCNR A/c, or the foreign exchange equivalent on the day of payment, where the amount paid of out of NRE a/c.

In case of non-resident person acquired an immovable property in India when he was resident or inherited it from a resident person, repatriation of sale proceeds of such property shall be allowed only with permission of Reserve Bank. Similar restriction shall apply in case of successor of the aforesaid persons.

In case of residential property, the repatriation of sale proceeds restricted to note more than two such properties.

No permission is required for renting/transfer or gift.f property so long as there is no repatriation of proceeds.
(The conditions for non-repatriation of sale proceeds for a period of three years has now been deleted by RBI circular dated 01/11/2002.)

Yes, Authorized dealers and housing financial institutions in India approved by the National housing banks may grant housing loans NRIs/PIOs for acquisition of immovable property in India subject to the following conditions:

The quantum of loan, margin money and the repayment period will be at par with those applicable to housing loans granted to residents.

The loans shall be fully secured by creating equitable mortgage of the property proposed to be acquired, and if necessary, be lien on borrower's other assets in India.

The loan amount shall not be credited to NRE/FCNR/NRNR account of the non-resident borrower.

Repayment of loan may be made by the borrower in instalments comprising principal, interest and other charges by remittances from abroad through normal banking channels or out of funds held in his NRE/FCNR/NRO/NRNR/NRSR accounts in India.

Typically the security for the loan is first mortgage of the property to be financed, normally by way of deposit of title deeds and /or such other collateral security as may be necessary.

In additional interim security may be required, if the property is under construction. Collateral or interim security could be in the form of assignment of life insurance policies, surrender value of which is at least equal to the loan amount, pledge of shares and other investments.

Can NRI's give a Power of Attorney in favour of a person of his choice in India to complete loan formalities on my behalf?

Yes, Normally it is desirable to appoint a Power of Attorney in India to represent you in dealings in India to represent you in dealings in India. The power of Attorney should be executed as per draft.provided by the housing finance company. The Power of Attorney can be given to any person of your choice in India.

The RBI has granted general permission to NRI's and foreign citizens of Indian origin, to let out their residential properties. However, there are restrictions on the repatriation of the rental income earned from such letting out the property. The rental income is on a non-repatriation basis. Thus funds (rental income) can be credited to the NRO Account/ Residential Account in India.

If the building or part thereof is used by the owner himself for the purpose of his own business then there will be no income from house property in respect of such building, the profits of which are chargeable to income tax separately. While the owner of the property is liable to pay tax. Whenever a person who owns a house property in one city is transferred to another city, it has been specially provided that the annual value of such property would be taken to nil subject to the following conditions:

• That the assessee must be the owner of only one house property
• That the house property cannot be occupied by him because of his employment, business, etc. away from the place
• The property must not have been actually let or any benefit derived there from
• No other deduction will be available to the assessee.