To help readers keep pace with what’s happening in the real estate sector, Mint’s Q&A appears every other Monday.
I am a non-resident Indian (NRI) working in Dubai. I have a home loan of about Rs25 lakh. I urgently require a top-up loan amounting to Rs7 lakh for renovation and repairs, which my bank is unable to provide. I am earning approximately Rs80,000 (per month?) and the market value of my flat is close to Rs65 lakh. Please advise what are my options.
Since you are an NRI, a top-up loan may not be available to you. Hence, you may want to apply for a home improvement loan, which will take care of your requirement of funds for renovation and repair of your flat.
HDFC provides a home improvement loan, up to 85% of the cost of renovation, depending on the repayment capacity of the borrower.
I am currently working in Singapore and want to sell my property, which I had purchased in India a couple of years ago. The buyer is insisting on an NOC (no-objection certificate) from the income-tax department. I want to know if the same is required.
Clearance from income-tax authorities is a prerequisite to prove that there are no outstanding tax liabilities on the property in terms of capital gains etc., and the buyer is responsible to ensure that.
On this account, the buyer would insist that you obtain an NOC from the income-tax department.
Renu Sud Karnad is joint managing director, HDFC.
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