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Faq’s

What is meant by valuation of property?
The valuation process evaluates the market value of the property. Demand and supply forces operating in the market, as well as other factors like type of property, quality of construction, its location, the local infrastructure available, maintenance, are all taken into consideration before the market value is decided.
How does property valuation help?
Typically, if a real estate agent is asked to judge the value of a piece of property, he would do so based on information of recent sales or purchases of similar properties in that area. Though this may give a fair idea of the property’s market value, an official property valuation would carry more weight. E.g. if you need to use this piece of property as a security against a loan, the bank’s loan approval process would be faster and smoother if the property is certified by an official valuer. Many banks now insist on valuation certificates before issuing loans using properties as security. The value thus certified may also have chances of getting a higher amount of loan sanctioned. Another benefit of official valuation is that it is a useful negotiating tool when selling the property. Such certification also becomes essential in situations where the correct value of the property has a legal bearing—such as, a will statement, insurance papers, business balance sheets etc.
What is the meaning of a property’s market value? How is its stamp duty decided?
The price that a property can command in the open market is known as its market value. Stamp duty is based on the market value or the agreement value of the property, whichever is greater.
What constitutes conclusion of sale of a property?
An agreement of sale, coupled with actual possession of the property would be considered as a conclusion of the sale. Usually, the entire amount is paid at the time of handing over possession.
Are incidental charges such as brokerage, registration fees, stamp duty etc. arising out of sale of a house property, tax deductible expenses?
Yes, these expenses are tax-deductible expenses from the full value of consideration of the sale of house property.
To what extent can one claim exemption from tax on capital gains?
The Income Tax Act has made provision under sections 54, whereby you can claim exemption from tax on capital gains: Section 54 - Capital gains can be tax exempted if used for purchase or construction of another residential house worth the amount of capital gains. Section 54 protects capital gains arising out of sale (or transfer) of a residential house whether self-occupied or not, provided the assessed has purchased within 1 year before or 2 years after the date of sale of the original asset or has constructed within 3 years after that date, a residential house. There is however a condition to the above mentioned rule that the newly acquired property should not be sold within 3 years from the date of its purchase or construction. If this condition is not satisfied, the cost of the new asset is to be reduced by the amount of long-term capital gains exempted from tax on the original asset and the difference between its sale price and the reduced cost will be chargeable as short-term capital gain earned during the year in which the new asset is sold. This condition is unfair.
What does LANCO HILLS contain?
Lanco Hills is one of the world’s largest mixed development projects. Spreads across 108 awe-inspiring acres of pristine land with world-class facilities and contemporary architecture. Lanco Hills is a unique blend of convenient access to homes, premium office spaces, entertainment, hotels, leisure and shopping at one place. With one of the best Clubhouses in the country, Lanco Hills will be an address to be aspired for. Breath taking vistas, landscaped gardens and high-rise living combine to create an experience that is unique and spectacular.
Is this a Phased Development?
The entire development will be completed in a different phase’s i.e. Phase I & Phase II. The construction is already started & for Phase I handed over and clients are in the process of completing their interiors, where as the handing over of Phase II will be in early 2015.
How many acres are devoted for the residential zone?
The residential zone is spread over 21 acres for the apartments and consists of 15 towers. At the moment we have already finished the construction of 6 towers and balance is work under progress.
How many floors does it have?
Lanco Hills is the first of its kind high – rise towers in South India consisting of apartments in 27-34 floors with 3 level underground podiums for car parking.
What are the benefits of underground podiums?
Lanco Hills boasts of the first of its kind underground podiums for car parking and other utility services and entire 21 acres is a single podium making it one of the largest car parking podium in the country.
  • The entire project boasts of a pollution free environs at the surface with zero traffic movement
  • The project has extensively landscaped features on the surface
  • Utilities like DG/ STP etc are tucked away in the basement
  • Additional 600 car parking facilities for the visitors and guests have been accommodated in the basement
What about the pollution levels in the underground podium?
The underground podiums are equipped with Carbon monoxide sensors and these trigger off the air circulators which bring in fresh air all the time.
What about the security features?
Lanco Hills has a 3 – Level security protocol starting at the entrance to the project, CCTV camera monitoring, access card controlled sliding glass doors and physical presence of security guards at the entrance lobby and access card controlled lift movement for visitors.
Do you have a lobby area for every apartment tower?
Yes, we do have a lobby area for every apartment tower to screen visitors and also offer concierge services. The lift lobbies double up as a cozy meeting space for the residents of the building as well. The access cards for the lifts are provided at the lobby for visitors. The lobby also has a quick work out gym in the premises along with mail room and other utilitarian services.
How many apartments are there per floor?
We have four apartments per floor offering good ventilation from 3 sides.
How many lifts are there per tower?
We have 4 high speed schindler lifts per tower and one of them is a service lift devoted to the exclusive movement of the service staff like housekeeping etc.
What is the fire safety norms followed at Lanco Hills?
Lanco Hills being one of the tallest residential towers in South India, we have taken utmost care In following the highest fire safety norms. The apartments are designed keeping in mind the following.
  • Fire hydrants
  • Fire sprinklers in common areas & inside the apartments.
  • Pressurized staircases
  • Pressurized lifts
  • Helipads
  • Open terraces for every 10 floors
Apartment Types
No Of Bedrooms Type Approximate Area (sft.)
3 Bedroom Type I 1900
Type II 2200
Type III 2500
4 Bedroom Type I 3100
Type II 3600
4 Bedroom Duplex 4400
Is there differential pricing based on the floors or orientation of apartments?
Yes, there is a differential pricing based on the floor level which starts from 3rd floor onwards, which is Rs. 20/- per sft/floor. According to the orientation of the flat it will be Rs. 200/- per sft/ floor for lake facing.
How do I book my home at Lanco Hills?
It is as simple: Get in touch with us for a guided tour of the site, select the apartment & fill in the application form with the payment schedule.
What happens there after?
Formal Agreements will be issued for execution.
When do I get a confirmed allotment?
On payment of 20% of the total sales consideration. Since most of the apartments are ready to move in, full payment needs to be done.
How are the installments to be paid? Is it time bound?
20% will be at the time of booking & rest as & when the construction is commencing or slab is getting complete.
How do I benefit?

Benefits are numerous like

  • Lanco Hills is highly accessible to the rest of the city
  • A world within but not cluttered
  • Near to many office spaces
  • Potential to generate 1.5 billion USD in the next 5 years
  • Access to one of the best Clubhouses in the country
  • Choice of several exclusive plans
  • Stunning views surrounding 25 acre of natural lake & hills
  • One of the world’s largest entertainment zones & malls
  • Superior location advantage
  • Detailed planning and spectacular benefits of an integrated township
  • Unparalleled value for the property
What are the Other Additional amounts to be paid at the time of Registration?
Service Tax, VAT, Registration Charges and any other taxes as applicable are payable at the time of possession based on the then prevailing guidelines.
When will Registration take Place?
It will take place once the receipt of full payment towards the sale consideration including the additional amounts is been given.
Can I sell my property after I make my first payment?
No.
Have all the approvals been obtained?
Yes, all approvals have been obtained.
Has the development been approved by Housing Finance Institutions?
This development is approved by all the major Housing Finance Institutions and Banks.
What is the source of water?
The water connections are obtained by HMWSSB.
What does Domina contain?
Domina presents an elegant set of 2 high-rise towers reaching majestically to the sky. Each tower offers a choice of 2 BHK and 3 BHK condominiums ranging from 1195 sq. ft to 1580 sq. ft.
When this project is likely to get completed?
The project is scheduled for completion by August 2016.
How many levels does it have?
Domina has 2 towers with G+ 19 levels & 3 level podiums.
What are the different types of Apartments and what are their sizes?
No Of Bedrooms Type Approximate Area (sft.)
3bhk 1370 – 1580 sft
2bhk 1195 – 1270 sft
Is there differential pricing based on the floors of apartments?
Yes, there is a differential pricing based on the floor level which starts from 3rd floor onwards, which is Rs. 20/- per sft/floor.
What are the facilities in clubhouse?

150000 square feet of absolute leisure:

  • Lounge
  • Well-equipped Gym
  • Swimming Pool
  • Indoor Sports (Carom, Snooker, Table Tennis, Chess)
  • Outdoor Sports
  • Jogging Track / Walkway
  • Reading Room & Library
  • Children’s Play Area
  • Multipurpose Hall
  • Crèche
  • Senior Citizen’s Enclosure
How do I book my home at DOMINA?
It is as simple: Get in touch with us for a guided tour of the site, select the apartment & fill in the application form with the payment schedule.
What happens there after?
Formal Agreements will be issued for execution
How are the installments to be paid? Is it time bound?
20% will be at the time of booking & rest as & when the construction is commencing or slab is getting complete.
How do I benefit?

Benefits are numerous like

  • Lanco Hills is highly accessible to the rest of the city
  • A world within but not cluttered
  • Near to many office spaces
  • Potential to generate 1.5 billion USD in the next 5 years
  • Access to one of the best Clubhouses in the country
  • Choice of several exclusive plans
  • Stunning views surrounding 25 acre of natural lake & hills
  • Access to one of the world’s largest entertainment zones & malls
  • Superior location advantage
  • Detailed planning and spectacular benefits of an integrated township
  • Unparalleled value for the property
Have all the approvals been obtained?
All the approvals have been obtained in November 2012.
What is the source of water?
The water connections are obtained by HMWSSB.
When can one apply for a home loan?
Once a person has decided to buy or construct a property, he/she can apply for a loan anytime thereafter, even if the property has not been selected or the construction has not begun. Besides, loans are also available for home improvements, renovation or extension of home.
What is the maximum amount that can be borrowed to buy/construct a house?
Usually the loan amount granted is 80% of the total asset value. The amount of loan varies from institution to institution and it may vary from Rs.1 lakh to Rs.1 crore. The maximum amount, which one can borrow, is a function of many factors, which includes primarily the purpose of the loan. In addition, ones residential status whether resident in India or non-resident will also have a bearing on the maximum amount of loan that one can borrow. Generally, if one is a resident Indian, then he can borrow upto 80% of the cost of the property.
What are the repayment period options?
Repayment period options range generally from 1 to 20 years. A few lenders also offer a 30-year repayment period, usually at a higher interest rate. As a non-resident, you can avail of a loan for a maximum period of 15 years.
What are the documents banks/housing finance corporations (HFCs) need, in order to give Home Loans?

Documents required from a salaried employee:

  • The latest salaries slip showing statutory deductions.
  • Form 16 ( showing tax deducted at source by employer)
  • Proof of age (birth certificate/voter identity card/passport/ school-leaving certificate/valid driving license)
  • Proof of residence (phone bill/electricity bill/ration card)

Documents required from a salaried employee:

  • Computation of income fro the previous two years, certificate by a Chartered Accountant.
  • Profit & Loss Account and Balance Sheet for the previous two years, certificate by a Chartered Accountant.
  • Proof Of Age(birth certificate/voter identity card/passport/ school-leaving certificate/valid driving license)
What is the difference between fixed rate loan and floating rate loan?
A fixed rate loan is the rate of interest that remains constant throughout the extent of the loan period, while a floating interest rate is when the rate of interest varies according to the rates in the market during the tenure of the loan.
Is a guarantor required while applying for a home loan?
Yes. The bank requires a guarantor to ensure that the loan is paid back on time. The guarantor will be responsible for the repayment of the loan in case the borrower is unable to do so.
How is interest calculated on the home loan?
Banks usually follow the daily or monthly reducing balance method.
Am I eligible to get a home loan?
RBI guide lines permits housing loan to NRIs (Non-Resident Indian) or PIO (person of Indian Origin) resident outside India for acquisition of a residential accommodation in India.
What is the maximum loan amount I can borrow?
You can avail of a maximum loan of 85% of the cost of the property, including cost of the land and registration charges etc., or the loan eligibility whichever is lower.
What is my loan eligibility?
Bank determines one’s repayment capacity depending upon the factors such as income, age, take home pay, qualifications, work experience, number of dependants, spouse’s income, assets, liabilities, stability etc. The applicant should have been in employment for a minimum period of two years. This can also vary from bank to bank.
How do I apply for loan?
Indicate your choice of Bank to your Relationship officer (RO)in Lanco and he can take you through the process.
What are the fees and charges payable and when are they payable?

FEES: It depends on the choice of your bank and varies from time to time according to the bank’s policy. Normally a one time fee of 1.25% + applicable tax is payable on the loan amount applied for. However. Lanco has requested the Banks to reduce its processing charges/fees to its customers. As a result there are some banks who charge 0.70% + applicable tax or only Rs. 1000/- to 10,000/- as processing charges.
CHARGES: A flat pre-payment charge of 2% to 4% + applicable tax would be charged for the borrowers who intend to shift their housing loan accounts to some other banks. However, there would not be any charges if the resources are of own funds.

What is the rate of interest that will be charged on my loan and what will be the Equated Monthly Installment (EMI)?
For the current rates of interest and EMIs please see the comparative Chart of the Banks enclosed here.
How would I make my payments?
Repayment should be made from inward remittances from abroad or out of funds in NRE / NRO Accounts
Should I give a GPA? If “yes” to whom?
GPA should be executed preferably on preferred bank format. It should be executed in favor of a resident Indian preferably blood related residing in India.
What is the procedure for giving a GPA?
You should execute GPA on the bank’s format, get notarized in the country where you live and then get it registered in India.
How do I execute the loan documents?
GPA will execute the loan documents
What are the supporting documents to be submitted along with an application?
  • Copy of GPA.
  • To provide a copy of latest appointment / employment letter
  • Copy of full set of pass port with VISA validity stamp
  • IT returns filed in the country of residence
  • Salary slips for the last six months
  • Overseas bank statement for the last six months
  • E mail id of the controlling authority to ascertain employment confirmation / verification
  • Employment contract (if the contract is in a language other than English, an English translation of the same attested by the Embassy/Employer should be given).
  • Past occupational history.
  • Identity card issued by current employers.
  • Continuous Discharge Certificate (CDC) – (for applicants employed in the merchant navy).
  • Latest Credit Bureau report. (Applicable to customers residing in countries where Credit Bureaus exists. eg. USA, UK etc. )

Property Related Documents:

  • Receipts for payments made for purchase of the dwelling unit.
  • Copy of approved drawings of proposed construction/ purchase/ extension.
  • Agreement for sale / sale deed / detailed cost estimate from Architect / Engineer for property to be purchased/constructed/ extended/improved.
  • Allotment letter from the co-operative society / association of apartment owners.
    • ( Where ever necessary, Lanco hills has already submitted the required documents to all the banks) Additional documents to be submitted by PIOs A photocopy of PIO Card. If the individual does not have a PIO Card, photocopies of any of the following are to be submitted.

      • Photocopy of the current Passport indicating birthplace as ‘INDIA’.
      • Photocopy of Indian passport, if held by the individual earlier.
      • Photocopy of parents/grandparents Indian Passport/birth certificate/ marriage certificate substantiating the individual’s claim as a person of Indian origin.
Who can be co-applicants?
Proposed owners of the property, in respect of which you are seeking financial assistance will have to be co-applicants. However, all co-applicants need not be co-owners.
What is the maximum term in which I can repay the loan?
The term of repayment of the loan is from 5 years to 20 years. It differs from bank to bank.
When do I start to repay the loan?

You repay the loan in Equated Monthly Instalments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement. EMI is payable every month, by the end of that month.

In respect of the period prior to commencement of EMI, you pay interest on the amount of the loan disbursed. This interest is called Pre-EMI interest. Pre-EMI interest is payable every month, by the end of the month, from the date of each disbursement upto the date of commencement of EMI. Pre-EMI is calculated at the same rate at which EMI is calculated.

Payments for fees, charges, and pre-EMI interest should be remitted to BANKS from abroad through normal banking channels or from the Non-Resident (External) Account/Non-Resident (Ordinary) Account/NRSR Account in India.

EMI payments are to be made through post dated cheques or standing instructions from your Non-Resident (External) Account/Non-Resident (Ordinary) Account/NRSR Account in India.

Cash payments will not be accepted.

Do I have flexibility in repayment terms?
BANKS offers you various flexible repayment options like Step Up Repayment Facility (SURF), Flexible Loan Installment Plan (FLIP), Balloon Payment Plan and Structured Repayment Plan. These flexible repayment options give you the freedom to structure the repayment schedule to suit your individual needs.
What security will I have to provide?
Security for the loan is a 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.
When can I take disbursement of the loan?
You can take disbursement of the loan after the property has been technically evaluated, all legal documentation has been completed and you have invested your own contribution in full. Own contribution is the total cost of the property less BANKS’s loan. The disbursement would be in Indian Rupees and made at the BANKS branch specified by you.
In how many instalments can the loan be disbursed?
The loan will be disbursed in full or in suitable instalments and on a disbursement request letter given by you and by time based schedule according to a builder’s agreement.
Can I repay my loan ahead of schedule?
Yes. You can repay the loan ahead of schedule, either in part or in full, by remittances from abroad through normal banking channels.
Does the property have to be insured?
Yes. You will have to ensure that the property is duly and properly insured for fire and other appropriate hazards, as required by BANKS, during the pendency of the loan. BANKS should be the beneficiary of the insurance policy. There are some banks who provide the insurance at free of cost.
Are these policies subject to change?
Yes. These policies will be reviewed periodically.
Please take photocopies of all documents that are submitted to BANKS (including application form) for your personal record.
Transfer of immovable property in India
Transfer by Sale
Can an NRI/ PIO/foreign national sell his residential / commercial property?
  • NRI can sell property in India to-
    • A person resident in India or
    • An NRI or
    • A PIO.
  • PIO can sell property in India to
    • A person resident in India.
    • An NRI or
    • A PIO – with the prior approval of Reserve Bank
  • Foreign national of non-Indian origin including a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan can sell property in India with prior approval of Reserve Bank to
    • A person resident in India
    • An NRI
    • A PIO

Transfer by gift

Can a non-resident gift his residential / commercial property?
Yes
  • NRI / PIO may gift residential / commercial property to -
    • Person resident in India or
    • An NRI or
    • PIO.
  • Foreign national of non-Indian origin needs prior approval of Reserve Bank.
Can an NRI / PIO / foreign national holding an agricultural land / plantation property / farm house in India gift the same?
  • NRI / PIO can gift but only to a person resident in India who is a citizen of India.
  • Foreign national of non-Indian origin needs prior approval of Reserve Bank
  • Transfer through mortgage
Can residential / commercial property be mortgaged?
  • NRI / PIO can mortgage to:
    • An authorized dealer / housing finance institution in India – without the approval of Reserve Bank.
    • A party abroad – with prior approval of Reserve Bank.
  • A foreign national of non-Indian origin can mortgage only with prior approval of Reserve Bank
  • A foreign company which has established a Branch Office or other place of business in accordance with FERA/FEMA regulations has general permission to mortgage the property with an authorized dealer in India.
How can an NRI / PIO make payment for purchase of residential / commercial property in India?
  • Payment can be made by NRI / PIO out of
    • Funds remitted to India through normal banking channel or
    • Funds held in NRE / FCNR (B) / NRO account maintained in India
  • No payment can be made either by traveler’s cheque or by foreign currency notes.
  • No payment can be made outside India.
What happens if there is a change in status from Non-Resident Indian to Resident Indian?
In such a case, the bank will reassess the repayment capacity of the applicant based on resident status and will prepare a revised repayment schedule with a new rate of interest as per the currently applicable rate on Resident Indian loans (for that specific loan product). The revised rate of interest will be applicable only on the outstanding balance.





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