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As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
The Registration Act, 1908, the Transfer of Property Act, 1882 and the Real Estate (Regulation and Development) Act, 2016 mandates the registration of an agreement for sale of an immovable property. By registering the agreement for sale of an immovable property, it becomes a permanent public record. Further, a person is considered as the legal owner of an immovable property only after he gets such property registered in his name.
An applicant can avail maximum interest subsidy of up to Rs 2.67 lacs* Under PMAY (Pradhan Mantri Awas Yojana), Central government provides interest subsidy which is credited to eligible beneficiary’s loan account.
The repayment of the interest portion of the EMI is allowed as a deduction under section 24 if the purchase or construction is completed within a period of three years from the end of the year in which the loan is taken under the head “income from house property” up to Rs. 2,00,000/- for self-occupied property and full amount of interest in case of let-out property provided that loss from such let out house property does not exceed Rs.2 Lakhs.