L&T Realty Buyer's Guide - Mobile L&T Realty Buyer's Guide - Desktop
BUYERS’ GUIDE

Established in 2011, L&T Realty is the real estate arm of the $23 billion Larsen and Toubro and a trendsetter amidst real estate developers in India. With an extensive portfolio spanning 6.50 mn. square metres (i.e. 70 mn. sqft.) across Residential, Commercial and Retail developments, the company is currently present in Mumbai, Navi Mumbai, NCR, Bengaluru, Hyderabad and Chennai. L&T Realty is committed to creating landmarks of excellence and providing customer delight at every touch point through design innovation and operational excellence. The business has built a reputation of standing by its promises and embracing the power of digitization and new technologies into its core strategy for growth. Comprehensive in-house capabilities including Design, Sales and Marketing, Finance, Construction and Project Management are our key differentiators. We uphold the well-being of the community and the environment as an important way to build trust with customers, employees and the society at large.

BOOKING CHECKLIST
Making the big decision of booking your property often has numerous stakeholders, and the legal process can be intimidating and unclear. Our aim is to provide the assurance and transparency you need to make your experience seamless. To aid with that, we built a checklist of the essential documentation required, so nothing comes between you and the property of your dreams.
  • Copy of PAN Card – Self Attested
  • Residence proof (Driver’s License/Ration Card/Passport/Voters Id/AADHAAR) – Self Attested
  • Passport-size photographs (Per Applicant)
  • Cheque Book
  • A Copy of PAN Card of the Partnership Firm – attested by the Partners
  • A Copy of Partnership Deed Authority letter from the other Partners of the Partnership Firm to authorize the Partner who will be signing on the firm’s behalf
  • Passport-size photographs (for Partner authorized to sign on behalf of the Firm)
  • Cheque Book
  • A Copy of PAN Card of the Company (Attested)
  • Articles of Association & Memorandum of Agreement duly signed by the Company Authorities
  • Board Resolution authorising the signatory of the Application Form to buy property on behalf of the Company
  • Passport-size photographs (for Signatory authorized to buy property on behalf of the Company)
  • Cheque Book
  • A Copy of Individual’s passport/Copy of Person of Indian Origin (PIO) card
  • 2 Passport-size photographs (Per Applicant)
  • All cheque payments should be received from the NRE/NRO/FCNR account of the customer only, or via foreign remittance. Payment from third party accounts will not be acceptable
LOAN ENQUIRY
Sometimes we all need a little help to realize our dreams, and taking a loan out can seem like a daunting task. We want you to be equipped with all the information need regarding the process, and to do so we’ve curated a list of common queries with answers:

Generally, following conditions must be fulfilled: 

  • Minimum age of applicant: 21 years 
  • Salaried or self-employed with regular income 

You can apply for the Home Loan even before you have selected your property or before the start of construction. You will get in -principle approval for the loan amount which will help you decide your budget and plan the purchase of house/flat. 

There are two stages in the housing loan process: 

  • Sanction of the loan 
  • Disbursement of the loan as per the progress of construction of the property. 

Generally, 

  • All co-owners need to be co-applicants 
  • All co-applicants need not be co-owners. 

Yes. Housing loans can be given to an individual provided he has the capacity to repay. The loans can be for same property (repairs/extension etc) or for different properties. 

The NMI is income from all sources of asalaried individual It Includes: 

  • The NMI from the salary of applicant 
  • The NMI from the salary of co-applicant/spouse 
  • The income from other sources like Rent from the existing/proposed flat, Agricultural income, Income from tuitions, other business etc. 

In case of self employed/professional the NMI is Annual Income after deduction of income tax divided by 12 (as per I-T return) plus other income as above. 

Upto 80% Loan of Agreement Value only. 

EMI – Equated Monthly Installment. This is the amount paid monthly by a borrower to the bank or any other lender. It basically has two components – 

  • the portion of the principal amount 
  • the interest portion for that month 

Pre-EMI – Prior to final disbursement of the Housing Loan, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. It is payable monthly/quarterly upto the date of commencement of EMI.

Yes. If there is substantial revision in the rate of interest, the facility of refixing of EMI can be granted to a housing loan account. 

You can pay extra money (more than your EMI) any amount, anytime ahead of repayment schedule to prepay the loan. 

You can repay the loan over a maximum period of 20 years for both Floating Rate Loans and Fixed Rate Loans. The term will not ordinarily extend beyond your age of retirement (if you are employed) or on reaching 65 years of age whichever is earlier. If the applicant’s age is about the retirement age then he may be required to take a suitable (generally single premium) Life Insurance Policy to cover the risk upto the repayment period of loan. The Bank will help you to determine the repayment period to suit your convenience and financial ability. 

Floating Rate – A loan where the interest rate is not fixed is referred to either as a floating interest rate loan, variable interest rate loan or adjustable rate loan, It is linked to a specific index or margin eg. Above/below Medium Term Prime Lending rate (MTPLR) 

You will be eligible to claim both the interest and principal components of your repayment during the year. 

  • Interest can be claimed as a deduction under Section 24. You can claim up to Rs. 150,000 or the actual interest repaid whichever is lower. (You can claim this interest only when you are in possession of the house) 
  • Principal can be claimed up to the maximum of Rs. 100,000 under Section 80C. This is subject to the maximum level of Rs 100,000 across all 80C investments. 
  • You will need to show the statement provided by the lender showing the repayment for the year as well as the interest & principal components of the same. 
HOME BUYING TOOLS
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GENERAL ENQUIRY
The real estate industry is loaded with technicalities and requirements which can often leave you feeling confused. We want to ensure that all your queries are rectified before you make the big decision, and have built a list of answers to common questions you may have:

Before you purchase a flat, you have to look at the approved layout and building plan, title search conducted by a competent advocate, ownership documents, Environmental clearance, Intimation of Disapproval, Commencement certificate etc. You may contact an advocate before purchasing a property to get detail advice.may contact an advocate before purchasing a property to get detail advice. 

  • Carpet area: An area of an apartment which doesn’t include the area of the walls. 
  • Built up area: This includes the area of the wall also. 
  • Super Built up area: This includes the built-up area along with common spaces such as lobby, lifts, stairs etc. This term is applicable to multi-dwelling units 

The liability of paying Stamp Duty is that of the buyer unless there is an agreement to the contrary. Section 30, of the Bombay Stamp Act, 1958 states, the liability for payment of Stamp Duty. The stamps are required to be purchased in the name of any one of the executors to the instrument. 

Market value means the price at which a property could be bought in the open market on the date of execution of such instrument. The Stamp Duty is payable on the agreement value of the property or the market value whichever is higher. 

When one person possessing stamp or stamps which have been spoiled or rendered unfit or useless for the parties intended or the person does not require immediate use of the said stamps then such person should deliver the above-said stamps to the Collector. The person has to make an application under Sec. 52 of the Bombay Stamp Act and the person should also submit the affidavit mentioning the reasons for which the stamps had been purchased and the reasons why the refund application is being made. If the applicant can convince the Collector then a refund of the stamps could be obtained only if: The application is made within six months from the date of the purchase of stamps. The stamps should have been purchased by such person with a bonafide intention. None of the parties should have signed the paper on which the stamps have been fixed. On receipt of such application, the Collector is empowered to refund to the said person, the value of the said stamp after deducting the said amount as prescribed by the competent authorities. 

Yes, as per the provisions of Bombay Stamp Act, Stamp Duty will have to be paid on a deed of Family Settlement. 

The instruments like Agreement to sell, Conveyance Deed, Exchange of Property, Gift Deed, Partition Deed, and Power of Attorney, Settlement, and Deed and Transfer of Lease attract Stamp Duty on market value of the property. 

The Sub-Registrar of the area in whose jurisdiction the property is located is the appropriate authority for knowing the market value of the property. 

Yes. Though Power Of Attorney subject to eligibility of POA holder and POA content. 

For all practical purposes, you can give a specific power of attorney to someone, so that in your absence, things like registration, possession, execution of an agreement for sale, agreement of leave and license etc. can be taken care. You can give a very specific POA to someone e.g. only for buying, or leasing, etc. you could fine tune the rights you would like to give out and clear that up.

A freehold property (plot or a flat) is one where there is a whole and sole owner(s) ownership is full and unconditional (within the provisions of the laws of the land) and there is not lessor/lessee involved. 

Refund/Cancellation policy

Refund policy on successful payment via e-payment modes such as Net banking, UPIs, Wallets, Card Payment, etc

Since it is a payment against real estate(property purchase) no refund will be possible via e-Payment modes. Refunds(if any) duly claimed/can be claimed only through the designated representative of the promoter company and are subject to terms and conditions agreed by the customer under booking form, allotment letter and agreement for sale depending on the stage of payment. It is clarified that any payment which is successful and has generated the receipt by crediting that account of the promoter company shall be considered. Any unsuccessful payment for any technical reasons or otherwise shall be resolved by the respective banking mechanism provider as per RBI norms and the promoter company shall be no way responsible or liable with regards such transaction issues.
Refund timeline will be based on the applicable RERA law.