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Eligibility
- Who are eligible to book a unit in Sahara City Homes?
a. A person competent to contract or a minor through legal or natural guardian,
whether an Indian Citizen or Non Resident Indian (NRI) or a Person of Indian
Origin (PIO), (not being a citizen of Pakistan, Bangladesh, Sri Lanka,
Afghanistan, China, Iran, Nepal or Bhutan, who have to seek prior permission of
RBI).
b. A Body Corporate incorporated in India or Partnership or Hindu Undivided
Family or any other Association of Persons (AOP) recognized as a legal entity
under laws in India.
- Who can be the Co-applicant for the booking of units in Sahara City Homes?
Only the persons mentioned in (1) hereinabove are eligible to be Co-applicant. A
foreign National of Non-Indian Origin cannot be a Co-applicant.
- How can Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs) get
their Sahara City Homes unit registered in India?
Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs) can get the
property, either individually or through Companies / Firms, registered in India,
subject to compliance of other statutory and legal requirements.
- What does Foreign Exchange Management Act (FEMA) has to say about acquisition
of property in India by Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs)?
Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs) may :
a. Purchase residential/commercial property in India out of funds remitted to
India through normal banking channels or funds held in their Non - Resident
(External) Account (NRE) / Foreign Currency Non-Resident (Banking) Account [(FCNR)
(B) account] / Non Resident Ordinary (NRO) Account.
b. Acquire any residential or commercial property by way of gift from residents
or Non Resident Indians (NRIs) or Persons of Indian Origin (PIOs) but can gift
only to the Resident Indian.
c. Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs) / Foreign
National of Non Indian Origin can acquire by inheritance immovable property from
a person who was Non Resident / Resident in India, except citizen of Pakistan,
Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, who have to
seek prior permission of RBI.
- What are the Foreign Exchange Management Act (FEMA) regulations regarding
repatriation of sale proceeds of unit in Sahara City Homes?
- Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs) may repatriate
the sale proceeds of not more than two residential and any commercial property
by normal banking channels or through their Non - Resident (External) Account
(NRE) / Foreign Currency Non-Resident (FCNR) (B) Account provided that the
amount repatriated should not exceed the foreign exchange remitted to India for
acquisition of such property. However, in case of property inherited by Non
Resident Indians (NRIs) / Persons of Indian Origin (PIOs) from a person resident
in India, sales proceeds can be remitted through their Non Resident Ordinary
(NRO) Account upto an amount not exceeding US $ one million per year.
- Persons of Indian Origin (PIOs) of Pakistan, Bangladesh, Sri Lanka,
Afghanistan, China and Iran need RBI permission and Persons of Indian Origin
(PIOs) in Nepal and Bhutan neither can acquire the immovable property nor can
make any remittance.
- Non Resident Indians (NRIs) / Persons of Indian Origin(PIOs) may repatriate
upto USD 1 million per financial year from Non Resident Ordinary (NRO) Account
(April-March) for bonafide purpose subject to compliance of certain requirements
as laid down by RBI.
Booking & Allotment
- How to book a unit?
Booking can be done by paying 10% of the price of the unit in launched cities.
In rest of the phase – I cities, where launching has not been done, 5% of the
unit price will have to be paid.
- When shall be unit allotted?
On payment of further 5% of the price of the unit, in the launched cities. In
the yet-to-be-launched cities, 10% of the price of the unit will have to be
paid. Allotment letter shall be issued only on receipt of total allotment amount
due.
- What is the basis of price of the unit?
The price is calculated on super built-up area.
- What does super built-up area imply?
Super built-up area refers to the area of the unit including outside walls plus
proportionate common area of a building.
- What is the time allowed for making payments for the unit and how to
regularise the default?
All payments due must be paid as per the payment schedule. In case of delay or
failure in payment, for any reason, of any dues whatsoever, interest @ 15% p.a.
on the amount of default, shall be charged alongwith the delayed payment from
the due date till the date of actual payment. The booking / allotment shall
automatically stand cancelled without any notice if three consecutive
instalments have been defaulted / any of the instalment remains in default for
more than 90 days from the due date.
- What shall be the basis of allotment?
Allotment shall be made on first-come-first-serve basis, subject to availability
at the discretion of the Management, which has the right to reject any
application without assigning any reason whatsoever.
- At the time of booking, what are the major points to be kept in mind by the
applicant?
- The unit to be allotted is from the units in the township proposed to be
constructed collectively in different categories and phases.
- The unit to be allotted is subject to all the laws, notifications & rules
applicable to the respective local area in general and Sahara City Homes Project
in the concerned city in particular.
- Certain number of units in the township will be reserved for Non Resident
Indians (NRIs) / Persons of Indian Origin (PIOs) and will be allotted on
first-come-first-serve basis.
- In case of any such units remaining open for sale, allotment of such units
can be done to general buyers.
- Applicant shall ensure conformity to the laws of the country of his / her /
its residence with regard to any payment for this booking/allotment/possession.
- The provisions of Income Tax, Foreign Exchange Management Act (F.E.M.A.) /
Reserve Bank of India (R.B.I.) guidelines and any other law, as may be
prevailing, are applicable.
Special Category
- Who fall in special category?
- Physically handicapped people having 40% or more permanent physical
disability in relation to the entire body.
- War widows of Indian Armed Forces personnel.
- Widows of Sahara employees.
- How to get the benefit?
- Physically handicapped (with permanent physical disability of 40% and above
in relation to the entire body) people wishing to avail the special category
discount shall be required to submit with the Application Form at the time of
booking, full size portrait photograph and a copy of the certificate issued by a
Medical Board or Competent Government Authority, duly attested by a Gazetted
Officer, specifying the concerned limb / organ and percentage of handicap in
relation to the entire body which shall be examined by the medical panel
constituted by Management. The decision of the Management in this regard shall
be final and binding.
- War widow (of Indian Armed Forces personnel only) wishing to avail the
special category discount shall submit with Application Form at the time of
booking:
- A copy of the Death Certificate of her husband issued by Ministry of
Defence, Government of India and other concerning documents duly attested by a
Gazetted Officer.
- A copy of the certificate issued by the Adjutant General, mentioning the
cause of death duly attested by a Gazetted Officer.
- Copies of all the documents establishing that the applicant is the widow
of the martyr duly attestes by a Gazetted Officer.
The Management shall then consider the applicant’s request for grant of special
category discount. The decision of the Management shall be final and binding on
all concerned.
- Widows of workers of Sahara India Pariwar who died during active service of
Sahara India Pariwar wishing to avail the special category discount shall submit
with the Application Form at the time of booking the following:
- A copy of the Death Certificate of their husband duly attested by a gazetted
officer.
- Copies of all the documents establishing that the applicant is the widow of
worker of Sahara India Pariwar as aforesaid duly attested by a gazetted officer.
- Proof of service of the deceased with Sahara India Pariwar attested and
forwarded by the concerned Territory Chief or Zonal Chief or Area Manager or
Regional Manager and concerned Head of the Department in case of Command Office
and business divisions.
The Management shall then consider the applicant’s request for grant of special
category discount. The decision of the Management shall be final and binding on
all concerned.
- What is the benefit extended to special category?
30% discount on the price of the unit.
- What is the number of such special category units?
Not exceeding 10% of the total number of units in each type in every Sahara City
Homes project.
Note: Persons allotted units under Special Category shall not be permitted to
further sell the units for a period of next ten years, from the date of
possession of the unit. However Management at its sole discretion may permit
such re-sale after the amount of discount as aforesaid is deposited. The
decision of the Management shall be final and binding.
Maintenance & Charges
- What is the provision for maintenance of common areas & facilities etc.?
In case maintenance of an Apartment or cluster of Apartments or the Township is
handed over to any Society, Company or Local Body under any applicable Statute,
the Company shall hand over such Apartment / cluster of Apartments or such
portion(s) of or the entire Township to such Society / Company / Local Body
along with maintenance of only those Common Areas which could be categorized as
“Common Area” under the applicable Statute for that particular Apartment /
cluster of Apartments / Township. Proportionate sinking fund shall be handed
over to such Bodies as per requirements of the applicable Statute. All other
Common Area / Amenities and Facilities shall remain the property of the Company.
In these circumstances, the Company shall not be responsible in any manner
whatsoever for the maintenance of those Apartments or cluster of Apartments or
the Township and their proportionate “Common Area” which are handed over to a
Society, Company or Local Body.
- What shall be the charges payable for maintenance?
- One Time Maintenance (OTM) charges shall be payable in addition to the Unit
Price. OTM shall comprise of the charges for upkeep and maintenance of
residential buildings’ common areas for a period of 10 years, after the
possession of the first unit has been handed over to the customer as well as
free maintenance of the rest of the Township for life (‘for life’ is considered
to be a period of 20 Years).
- After 10 years, a regular monthly maintenance amount in Indian Rupees (or
equivalent amount in foreign currency) as maybe calculated at that time, decided
by the Company or its Agency for the purpose of maintenance and upkeep of common
areas of the house / unit only, shall be payable directly to the Company or its
Agency, as the case maybe, by the customer. This monthly maintenance amount
shall be revised from time to time.
- Declaration letter for obtaining the consent of the applicant for the payment
of maintenance charges by him / her shall be filled in by him / her at the time
of booking.
- What is the provision for Electricity?
The residents of Sahara City Homes shall be provided continuous power supply
with sufficient power backup. The electricity shall be charged as per the
prevailing rates in the city and the backup supply shall be charged as per the
actual cost.
- Are any other charges payable for the unit to any party other than the
Company?
- Service tax or any other tax which may be imposed on such maintenance
services or any other services shall be charges extra.
- Any other cess/levy/charges as may be notified by Concerned Authority.
- All expenses towards the stamp duty, registration charges, surcharges as
applicable, shall be borne by the allottee.
- Rents/duties/taxes or any other charge payable to concerned authorities,
local bodies from time to time shall be borne by the allottee.
- The Rules and By-laws of the Govt. Authorities, common area maintenance
Agency/ Company/ Society and other Statutory Bodies in force at present or in
future will be binding on the allottee.
- Responsibility for payment of all the dues shall be of the allottee and all
joint holders as well as their heirs, successors, assignee, occupier whosoever
may claim interest in the unit.
- Sewage / sanitary / Malba and water charges including sanction and connection
charges payable to local authority.
- Connection charges shall be borne by the residents separately.
- Minimum charges of electricity shall be applicable with effect from the
possession date.
- Applicant shall have to bear clearance charges of outstation cheques and
service tax thereon, if any.
Common Areas
- What are the provisions relating to common space in the buildings?
The passage and common space in the building shall be kept open and free from
obstruction at all times by the residents for common use and the Company has the
exclusive ownership rights over the common areas/space/terrace in the premises.
- Can owner of the unit put up a sign board on the residential building?
No name or signboard, neon sign, publicity or advertisement material is allowed
on the external facade of the building or anywhere on the exterior of the
building or on common areas for residential units.
- What are the provisions relating to parking of vehicles?
The allottee shall use the parking area which is allotted only for the purpose
of parking of vehicle(s). Any other use of the parking area is not permissible.
- Can the residents of the Sahara City Homes change colour pattern?
No. The Non Resident Indians (NRIs) / Persons of Indian Origin (PIOs) blocks
where independent houses have been allotted and / or in block, if two third of
the residents unanimously agree, different color patterns of exteriors can be
considered on written request, at the sole discretion of the Management.
Possession
- When shall the allottee get possession of his allotted unit?
Possession shall be handed over as per the allotment letter and only after the
receipt of the final instalment alongwith all other dues, charges, maintenance
charges, fees etc. and after execution of the Conveyance Deed. However,
Management, at its sole discretion, can give the possession at any stage after
allotment under special scheme for Non Resident Indians (NRIs) / Persons of
Indian Origin (PIOs) subject to the condition that all statutory requirements
have been complied with in full.
- In case of cash down payment, when shall the allottee get possession of the
allotted unit?
In case of cash down payment, possession shall be given only on or after the
specified period / date as mentioned in the allotment letter and on payment of
all applicable fees / charges, if any, outstanding on the due date of possession
after execution of the Conveyance Deed.
- What shall be the remedy in case of delay in possession by the Company?
Except for the Force Majeure reasons, if the Company is unable to give
possession as per schedule given in the Allotment Letter, the allottee shall be
entitled to interest on total advance amount paid for the unit @ 5 % per annum
for self finance cases from the due date upto the date of actual possession or
for loan cases the interest part of such default period, paid by the allottee to
the financial institution.
Home Loans
- When one can apply for a home loan?
After allotment.
- From where to avail Home Loan?
Any bank or Housing Finance Company (HFC).
- How much time does it take to get an application processed and the loan
sanctioned & disbursed?
About one month to complete all formalities.
- What is the mode for repayment of loan by Non Resident Indians (NRIs) /
Persons of Indian Origin (PIOs)?
By inward remittance through normal banking channel or by debit to his Non -
Resident (External) Account (NRE) / Foreign Currency Non- Resident (FCNR) (B)
Account or out of rental income derived or by borrower’s close relatives through
their account in India by crediting the borrower’s loan account.
- How is the loan eligibility determined?
Eligibility is determined by repayment capacity based on income, age,
qualifications, number of dependents, spouse’s income, assets, liabilities,
stability and continuity of occupation and savings history of the applicant.
- What are the repayment period options?
- Repayment period options range generally from 5 to 20 years.
- The repayment period for NRIs is generally for maximum 10 years, depending on
individual Banks.
- Are any collateral securities required?
Most Banks do not ask for any collateral security. However, in some cases, a
personal or financial guarantor can be required.
- If the loan to allottee is delayed or allottee does not get loan for allotted
unit then what to do for payment to S.I.C.C.L.?
The payment to the Company as per schedule shall be ensured by the allottee.
Default of payment may attract interest and even cancellation of the unit.
- What is the primary security for the availed loan?
First mortgage of the property to be financed by way of deposit of title deeds.
- What are the documents required to be submitted with application form?
The common documents required at the pre-approval stage are:
- Proof of Age
- Identity proof
- Residential Address Proof
- Copy of Bank A/C statements for the last 6 months
- Passport size photograph
- Signature verification from the borrower’s banker
If salaried person:
- Salary and TDS certificate (Form 16)
- Latest pay slip
If self-employed person:
- Business profile
- Copy of audited financial statements of the last 2-3 years
- Income tax return
- Updated, last 12 months Current account statement
At the disbursal stage (for property already allotted), the following are
required:
- Allotment letter
- Photocopies of title deeds
- Agreement to sell
- Non-Encumbrance Certificate
- What are the tax benefits available?
For individuals, tax benefits available are:
a. Deduction under Section 80c of IT Act for repayment of principal upto a
maximum of Rs. 1 lac.
b. Deduction under Section 24 of IT Act for interest payment on housing loans
upto a maximum of Rs. 1.5 lacs.
- Who can be a co-applicant for a home loan?
Any immediate family member(s) can be a co-applicant, however it is mandatory
for all co-owners to be co-applicants.
- Does the property need to be insured for availing the loan?
Mostly HFCs make inbuilt provision for the property to be properly insured for
fire and other appropriate hazards, including death of the borrower during the
period of the loan.
Note: The above mentioned information is subject to rules, procedures /
guidelines etc. of the concerned Bank / Housing Finance Company.
Regarding NRIS
(Subject to the circulars of the RBI)
- Who is an NRI (for the purpose of FEMA)?
Section 2(V) & 2(W) of FEMA 1999 defines “person resident in India & person
resident outside India”.
According to Section 2(V) of FEMA, 1999 “person resident in India” means:
- A person residing in India for more than one hundred and eighty- two days
during the course of the preceding financial year but does not include:
- A person who has gone out of India or who stays outside India, in either
case:
- for or on taking up employment outside India, or
- for carrying on outside India a business or vocation outside India, or
- for any other purpose, in such circumstances as would indicate his intention
to stay outside India for an uncertain period;
- A person who has come to or stays in India, in either case, otherwise than:
- for or on taking up employment in India, or
- for carrying on in India a business or vocation in India, or
- for any other purpose, in such circumstances as would indicate his intention
to stay in India for an uncertain period;
- Any person or body corporate registered or incorporated in India,
- An office, branch or agency in India owned or controlled by a person
resident outside India,
- An office, branch or agency outside India owned or controlled by a person
resident in India
According to Section 2(W) of FEMA, 1999 “person resident outside India” means a
person who is not resident in India.
- What kind of Bank Accounts can be operated by NRIs?
- Non - Resident (External) Account (NRE):
Current, Savings and Fixed Term accounts can be opened by depositing foreign
currency along with the account application form. NRE account can be opened
during the visit to India by tendering foreign currency travellers cheques or
foreign currency notes.
- Foreign Currency Non-Resident (Banking) Account
[(FCNR)(B)]:
In the form of fixed deposits for a maximum period of 3 years, only by NRIs and
OCBs resident in external group of countries. NRIs and OCBs resident in
bilateral group of countries cannot open FCNR accounts. FCNR accounts are
permitted only in four currencies viz, GBP, USD, DM and JPY.
- Can Non Resident Indians (NRIs) avail loans for purchase of immovable
property?
Yes, provided:
- The loan amount shall not exceed 85% of the cost of the dwelling unit.
- Own contribution (which is the price of dwelling unit financed less the loan
amount) is met from direct remittances from abroad only through normal banking
channels, or from the Non- Resident (External) [NR(E)] Account and / or
Non-Resident Special Rupees Account [NRSR] in India.
- What are the common documents to be submitted along with the loan
application?
Normally, following documents are required along with the loan application form:
- Photocopy of the labour contract duly countersigned by the employer
(translated in English for Non-English documents).
- Latest salary certificate (in English) specifying the following :
- Name (as it appears in the passport)
- Date of Joining
- Passport number
- Designation
- Perquisites and salary
- Photocopy of labour card / identity card.
- Photocopy of valid resident visa stamped on the passport.
- Photocopy of monthly statement of local bank account.
- Property related documents.
- What security will Non Resident Indians (NRIs) have to provide for availing
loan?
First mortgage of the property to be financed, by way of deposit of title deeds
and / or such other collateral security as may be necessary. A local Guarantor
shall be required. An 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 such investments.
- Can Non Resident Indians (NRIs) give a Power of Attorney in favour of a
person of his choice in India to complete loan formalities on his behalf?
Yes.
- Can the house owned by Non Resident Indians (NRIs) be let out?
Yes.
Disclaimer
Completion time and possession date subject to force majeure.
Guidelines issued by the Government and / or the Reserve Bank of India from time
to time shall be applicable and binding. All the mentioned information contained
herein is subject to all the latest applicable laws. Information provided in
Information Bulletin is in order to assist the applicant / intending buyer on
the basis of available data with the Company and it shall in no way be
constituted as legal offering. The allottee has to ensure about the correctness
thereof from own sources. Company bears no responsibility or liability towards
the contents mentioned in this booklet pertaining to FEMA, RBI guidelines,
Income Tax or regarding other Statutory Laws.
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