PGN Property

Author: PGN Property - Bangalore

Contact No. +91-97424-79020
WhatsApp : +91-97424-79020
Email : pgnproperties@gmail.com

Categories
Sale Agreement

How do I make a Sale Agreement for a Resale flat in Bangalore?

A Sale Agreement is a Preliminary agreement between Seller and Buyer. It outlines the terms and conditions of Sale and safeguards the interest of both parties. It contains all the essential elements such as:

  • Date and place of agreement execution
  • Seller & Buyer name, age, address, and identification proof
  • History of the transaction (previous owner details)
  • Buying price, payment terms, and TDS
  • Property Schedule includes flat number, measurement of flat. apartment name, village name, Taluk, Hobli, and District
  • Timeline to complete the Sale Deed Registration
  • Cancellation clause
  • Dispute and Jurisdiction clause
  • Two witnesses’ details

OBJECTIVE: We are going to cover the following topics which will give a wholistic understanding of Sale Agreement for a resale flat in Bangalore

  • Documents Required for Sale Agreement
  • Basic validation of documents for Sale Agreement
  • Sale Agreement Execution
  • Stamp Duty for Sale Agreement
  • Cost of Executing a Sale Agreement
  • Denotation of Stamp Duty

DOCUMENTS:

The seller should provide the following documents for Sale Agreement execution

  • Parent Deed
  • Sale Deed
  • eKhata
  • Property tax receipt
  • Aadhaar

VALIDATION:

Buyers must do the basic validation of documents and we can do the below validation at the comfort of your home.

  • Extract the Encumbrance Certificate (EC) on Kaveri Online Services:  Extract the EC since the 1st Parent Deed registration. EC provides a list of all transactions related to property
  • Extract Deed certified copies on Kaveri Online Service:  Extract the certified copy since the 1st parent deed registration. The sequence of ownership from the 1st parent deed to the current deed should be in chronological order, continuous and unbroken
  • Extract ekhata on eAasthi website to check the current ownership of the property and validate the ekhata on Kaveri Online service using ePID
  • Extract the current financial year property tax receipt from the respective municipality’s website

It costs less than Rupees one thousand to extract EC, CC, and ekhata and it takes around 5 working days to get signed copies. These validations might save you from fraud deals

You must hire a lawyer for critical validation, such as disputes and auction properties. Lawyers can meticulously verify the documents, and advise the potential pros and cons which would help us with proactive decision-making

EXECUTION:

We can make a Sale Agreement in three different ways, they are:

  • Sale Agreement by Registration
  • Sale Agreement by Adjudication
  • Sale Agreement by Non-Judicial e-stamp

In this answer, we will cover only the Sale agreement by non-judicial e-stamp paper. Refer to the below execution procedure

  • Draft the Sale Agreement
  • Share the draft with other party for draft confirmation (usually buyer makes the sale agreement hence the buyer must get draft confirmation from the seller)
  • Buy a non-judicial e-stamp paper in a co-operative bank or near the sub-registrar office or court premises. You need the following information to buy an e-stamp paper
    • Description: Sale Agreement for Immovable property (when you purchase e-stamp paper for Sale Agreement, you must insist to the stamp vendor that you need a Sale Agreement for immovable property. Most often don’t specify immovable property and they end up generating the wrong e-stamp paper for movable property which could be the costliest mistake)
    • 1st Party: Seller Name
    • 2nd Party: Buyer name
    • Purchased by: The person who purchases the e-stamp paper
    • Consideration Price: Buying Price
  • Print the 1st page of Sale Agreement Draft on non-judicial e-stamp paper and use plan A4 size with at least 100GSM paper to print consecutive pages of Sale Agreement
  • Seller, buyer, and Two witnesses sign the Sale Agreement

A Sale Agreement looks like the below image and we highlighted the Description for your understanding

STAMP DUTY:

The Stamp Duty for sale Agreement is 0.5% of the buying price

For Example: The buying price is Rs. 64 lakh

Stamp Duty for Sale Agreement is Rs. 64,00,000*0.5% = 32,000

COST:

Below is the cost incurred for me to execute the above Sale Agreement

  • Stamp Duty: Rs. 32,000
  • e-Stamp paper processing fee at co-operative bank is 5% of stamp duty that Rs. 32000 * 5% = 1600
  • Paper and printing: Rs. 100 (approx.)
  • Total cost Rs. 33,700/-

LEAD-TIME:

Time taken to execute the above Sale Agreement for me:

  • Drafting and draft confirmation with seller: 1 day (productive time is around an hour)
  • e-stamp paper purchase and Sale Agreement printing: 1 day (productive time 30 minutes)
  • Seller, buyer, and two witnesses sign: 1 day (Productive time is 30 minutes)

The total time taken to execute the above Sale Agreement is 3 days (productive time is ~ 2 hours)

DENOTATION:

The Stamp Duty paid for Sale Agreement is offset in the stamp Duty payable for Sale Deed

For Example:

  • The Stamp Duty for Sale Agreement is Rs.32,000
  • The Stamp Duty for Sale Deed is Rs. 3,20,000
  • The actual stamp duty payable for Sale Deed registration is Rs. 3,20,000–32,000 = 2,88,000/-

At the time of Sale Deed registration, Select the Denotation of Stamp Duty in your application to offset the Stamp Duty

We assist Sale Agreement for resale flat, please write to us pgnproperties@gmail.com or Whatsapp +91-97424-79020

Thank you for reading…

Categories
Loan Closure

My loan has been paid successfully. How do I get my NOC (No Objection Certificate)?

The loan cycle consists of three major stages, they are:

  • Loan approval
  • Repayment of Loan
  • Loan Closure

Most are aware of Loan Approval and Repayment, but few are familiar with Loan Closure Formalities. In this blog, we are going to cover the final stage of loan closure formalities

Once the loan is paid successfully, a loan closure certificate is generated, which is the NOC (No Objection Certificate). The loan closure certificate is an important document issued by the lender indicating that you have no outstanding dues toward them. Your loan cycle ends once you collect the “Loan Closure Certificate.”

For example:

One of my clients successfully paid the home loan amount of Rs. 36 lakh. Immediately after the payment, he could download the “Loan closure certificate” from his online loan account.

Refer to the below Loan Closure Certificate:

We did not visit the branch to complete the loan closure formalities. Instead, we logged into our online loan account, paid the final outstanding amount, and downloaded the “Loan Closure Certificate.”

In case your bank has not provided the option to download the loan closure certificate online, you must visit the branch to complete the closure formalities. The bank will close your standing instructions or autopayment of your loan and issue a “Loan Closure Certificate” sealed & signed manually by bank authority

The manual “Loan Closure Certificate” looks like the below image:

For consultation, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424-79020

Thank you for reading…

Categories
Gift Deed

What documents are needed for a gift deed in Bangalore?

We need the following documents for a Gift Deed in Bangalore

  • Registered Deed (of how donor acquired the property)
  • Property Tax receipt
  • ekhata
  • Donor, Donee and two witnesses’ Aadhaar
  • Gift Deed draft (to be registered)

The Stamp Duty for Gift Deed registration is Rs. 5,000 for gifting among family members. Register a Gift Deed in a sub-registrar of the property jurisdiction

Donor, Donee and two witnesses’ presence are must for Gift Deed Registration in sub-registrar office.

We assist Gift Deed registration in Bangalore, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424-79020

Categories
Power of Attorney

Adjudication of Power of Attorney in Bangalore

Below are a few common types of power of attorney executed for property registration in Bangalore

  • Power of Attorney (POA)
  • General Power of Attorney (GPA)
  • Special Power of Attorney (SPOA)

Power of Attorney (POA), General Power of Attorney (GPA), or Special Power of Attorney (SPOA) executed outside India that relates to property situated in Bangalore or anything to be done in Bangalore is chargeable to stamp duty under the provisions of the Karnataka Stamp Act, the Power of Attorney is required to be adjudicated within 90 days of execution

Power of attorney is valid for registration after the adjudication of Stamp Duty in the District Registrar’s office

Below is the list of District Registrar office in Bangalore for POA adjudication, (we added geolocation for your convenience)

1. The District Registrar, Basavanagudi

3rd, 814, 100 feet Ring Rd, Banashankari,

Banashankari 1st Stage, Hosakerehalli,

Bengaluru, Karnataka 560085

Location: District Registrar office, Banashankari 3rd stage · No.779, Dwaraka 1st floor, Outer Ring Rd, Banashankari 3rd Stage, Banashankari, Bengaluru, Karnataka 560085, India

2. The District Registrar, Gandhinagar

3rd Cross Rd, Tatanagar,

Kodigehalli, Bengaluru,

Karnataka 560092

Location: Sub Registrar Office, Byatarayanapura · 3H4G+F7Q, 3rd Cross Rd, near balamuri ganapathi temple, Tatanagar, Kodigehalli, Bengaluru, Karnataka 560092, India

3. The District Registrar, Jayanagar

No.12, 1st Floor
1st Main Road
4th Block, Jayanagar
Bangalore – 560 011

Location: Sub-Registrar Office Jayanagar · No 623, NO 4, Old, 622, 10th C Main Rd, 4th Block, Jayanagar, Bengaluru, Karnataka 560011, India

4. The District Registrar, Shivajinagar

123, Infantry Rd, Shivaji Nagar,

Bengaluru, Karnataka 560001

Location: Sub-Registrar Office shivajinagar · 3rd floor, Monarch Chambers, 2, Infantry Rd, Shivaji Nagar, Bengaluru, Karnataka 560001, India

5. The District Registrar, Rajajinagar

No. 30, 30, 2nd Stage,

Naagarabhaavi, Bengaluru,

Karnataka 560072

Location: Sub Registrar’s Office – Nagarbhavi · 5, 3rd Block, BDA Layout, 2nd Stage, Naagarabhaavi, Bengaluru, Karnataka 560072, India

6. The District Registrar, Bangalore Rural

Rajaji Nagar Industrial Town,

Rajajinagar, Bengaluru,

Karnataka 560023

Location: Sub Registrar Office, Rajaji Nagar · XHH2+HRV, Rajaji Nagar Industrial Town, Rajajinagar, Bengaluru, Karnataka 560023, India

Adjudicate the POA at your respective District Registrar’s office.

For example: If you buy or sell a property in Sarjapura, Bangalore. The Sarjapura comes under “The District Registrar, Basavanagudi”. (You cannot adjudicate the POA in other district registrar’s office for a property in Sarjapura)

Carry the following documents for POA Adjudication:

  • The original POA and one set photocopy
  • Requisition Letter (shared the format below)
  • ID Proof (Aadhar or Passport)
  • Khajane-2 Challan (Stamp duty)

Below is the format of the Requisition Letter:

The Stamp Duty for POA adjudication is Rs. 500 per executant. Pay the Stamp Duty on Khajane-2 website, the stamp duty challan looks like the below image

The District Registrar’s office seals and signs. The adjudication looks like the below image

After the adjudication, we can use the POA for property registration or any of your purposes.

We assist POA adjudication in Bangalore, please write to us pgnproperties@gmail.com or Whatsapp to +91-97424-79020

Thank you for reading…

Categories
ekhata

How to correct name in BBMP ekhata?

We can correct name in BBMP ekhata, and let me share my experience with some background information mentioned in below context

Context:

One of my clients, Mr. Mainak Sarcar wants to sell his 2BHK flat in Bangalore

The buyer wants property documents including ekhata for home loan verification and Deed registration. We proceeded to apply ekhata application

Mr.Mainak Sarcar’s name matches with property tax receipt, we highlighted the name in below property tax receipt

Mr.Mainak Sarcar’s name matches with Sale Deed, we highlighted the name in below sale deed for your reference

Mr. Mainak Sarcar’s name matched with EC, we highlighted the name in below EC

Mr.Mainak Sarcar’s name matches with Aadhaar, we highlighted the name in below Aadhaar

Mr.Mainak Sarcar’s name is not match in eAasthi website, Mr.Mainak Sarcar’s name is misspelled as Mr.Mainok Sqrcase. Refer to the highlight in below screenshot

Although the name is not correct on eAashthi website, we still decided to proceed with the ekhata application because we have option to highlight the reason for name mismatch in the application

(My understanding is that if we highlight the reason, it will alert the ARO that name is mismatched in this application and ARO will make the necessary corrections). We highlighted the reason in below screenshot

Also, we received an endorsement for name mismatch, refer to the highlight in below endorsement

Since we highlighted the reason for name mismatch in our ekhata application, I was expecting the final ekhata in correct name but I received the final ekhata in wrong name, we highlighted the wrong name on page-2 of the below ekhata

Page-1

Page-2

We gave the above eKhata to buyer for home loan document verification, but the buyer didn’t accept. The buyer is determined that he wants the ekhata in correct name

To correct the name in our ekhata, we decided to submit a request letter to ARO. Refer to the below request letter

We submitted the following document to BBMP

  • The above request letter
  • PAN and Passport-size photo (we didn’t have hardcopy, we emailed it to ARO)

In 2 working days, we received a call from BBMP stating that our name was updated in ekhata. We logged into eAasthi website and downloaded our ekhata, we highlighted the correct name Mr. Mainak Sarcar in below ekhata

We gave the above ekhata to buyer for document verification

NOTE:

Initially, we submitted our ekhata application with our Aadhar number EKYC. At the time of name update, we submitted PAN and passport-size photo to BBMP

The ARO replaced our Aadhaar ID to PAN ID in ekhata, we highlighted the PAN number in our below ekhata for your reference

Thank you for reading…

Categories
EC

How do I get EC prior to 2004?

Property registered on or after 1/04/2004, the registration date stored digitally. ECs are available for download at Kaveri Online Services in 2-3 working days.

For property registered on or before 31/03/2004, the registration data must be manually retrieved at the sub-registrar office. Manual EC may be acquired in 5–7 working days.

The below sale deed was registered on 11–07–2002 in Jayanagar Sub-registrar office.

For property registered on or before 31/03/2004, EC application should be filed in the same sub-registrar office where the property was registered so we filed an EC application in Jayanagar sub-registrar office

We received manual FORM 15 EC from 2002 to 2004 in 5 working days. Refer to below image

We provide assistance to obtain EC. To opt for our service, please Whatsapp to + 9 1 – 9 7 4 2 4 7 9 0 2 0.

Thank you for reading…

Categories
Uncategorized

There are two owners of a property. One in India and one in abroad. The owner in abroad has given the PoA to owner in India to sell the property. Is it legal to buy this kind of property?

Yes, can buy

The two owners might acquired property through self-finance or ancestral property. We need following documents from sellers to proceed on this deal

  • Registered deed (Know if the property was self acquired or ancestral)
  • Parent Deed
  • Property tax receipt
  • eKhata
  • Encumbrance Certificate (EC)
  • POA ((POA must be attested in abroad and adjudicated in India)
  • Family Tree Certificate from revenue Department if it is ancestral property
  • PAN of sellers

Verify the above-listed documents and proceed with the deal

For consultation, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424-79020

Thank you for reading…

Categories
ekhata

Do i need eKhata to remove home loan lien on property in sub-registrar office? Why ekhata is important

ekhata is mandatory to remove home loan lien on property in sub-registrar office. Let me share the real example of using ekhata for home loan lien removal and its importance

In the year 2015, one of my clients Mr. Apurva borrowed Rs. 32 lakhs from State Bank of India (SBI) to finance his property purchase in Bangalore

In Sep 2024, he repaid the home loan and collected the Reconveyance Deed from SBI, Refer to the below Reconveyance Deed

To remove the home loan lien, the SBI staff advised Mr.Apurva to register the above-mentioned reconveyance deed in sub-registrar office. Consequently, Mr. Apurva took the above Reconveyance Deed to Shivajinagar sub-registrar office.

The staff in the Shivajinagar sub-registrar office advised Mr. Apurva to submit the reconveyance deed application online on Kaveri Online Services website. Consequently, Mr. Apurva logged into Kaveri Online Services and started filling out the Reconveyance deed application.

In the Reconveyance deed application, Mr. Apurva was stuck at e-PID, which we highlighted in the below image

Mr.Apurva had no idea about e-PID and he started using different modulation of numbers in e-PID, including property tax application number, SAS base application numbers, assessment number, survey number, and registration numbers but none of these numbers worked in e-PID and he was not able to move forward.

He started exploring in internet and he discovered that he need ekhata to locate ePID. He logged into e-Aasthi website and applied for ekhata.

We need the following to apply for ekhata:

  • 10-digit Property tax application number
  • Deed Registration number
  • Aadhaar Number
  • Mobile Number
  • Property Geolocation
  • Building photo
  • Electricity customer ID number
  • Encumbrance Certificate number

Mr. Apurva submitted the ekhata application on 11th Nov 2024, we highlighted the date in below acknowledgment

On 2nd Dec 2024, Mr. Apurva received the below SMS from BBMP

The above SMS means that our ekhata is ready and we need to download from e-Aasthi website. Mr.Apurva logged into e-Aasthi website and downloaded the below ekhata

We highlighted the 10-digit e-PID number in the above ekhata.

We entered this 10-digit e-PID number in our reconveyance Deed application. Refer to the highlight in below image

Clicked on Search button and our property data is displayed including name, address, measurement, Survey Number. Refer to the below image

The importance of ekhata is that once we type our ePID, our property data integrates with our application. Such integration systems prevent fraud and misuse in property transactions.

Further, we submitted our application and registered the Reconveyance Deed in Shivajinagar sub-registrar office. Below is the image after registration

NOTE:

  • If you refer to our above acknowledgment, we submitted the application on 11th Nov 2024 and our ekhata was ready on 2nd Dec 2024, which means, BBMP took almost 20 days to approve the application. I haven’t visited the BBMP or telecalled BBMP staff to expedite the application. I just submitted my application online and downloaded ekhata online. Absolutely no follow-up is required
  • If you want assistance filling out the ekhata application, visit the nearest Bangalore-one center. They assist in filling out the application at a nominal fee of around Rs. 250. Don’t visit BBMP to fill out the application or expedite the application because they don’t encourage that

For example:

  • If you visit the BBMP to fill out the application, they will redirect you to Bangalore-one center
  • For one of my other clients, we filled out the application online and I was expecting the ekhata in 1–2 days but ekhata was not ready even after a week hence I took the printout of acknowledgment and walked into BBMP to expedite the application. BBMP was not bothered to look at the acknowledgment and they don’t collect any documents offline to process or expedite the application.

My suggestion is to submit an application online and wait a few days to download the ekhata online. Don’t waste your time visiting the BBMP unless there is a critical issue with your application.

For consultation, please write to us pgnproperties@gmail.com or Whatsapp to +91-97424-79020

Thank you for reading…

Categories
Release Deed

I’m going to divorce and the house is in both our names. My husband is giving the house to me. How do i transfer the property to my name only? is release Deed

You and your husband jointly own a property called Joint Property. Now, your husband wants to eliminate from the joint property and release his share to you, so you become 100% shareowner of the property.

To acquire 100% ownership, you and your husband must register a RELEASE DEED.

In a Release Deed, your husband is a Releasor, and you are a Releasee. To register a Release Deed, we need the following:

  • Registered Deed (that you and your husband jointly acquired the property)
  • Property tax receipt
  • eKhata
  • Husband and wife’s Aadhaar
  • Release Deed draft printed and signed (to be registered)
  • Two witnesses and their Aadhar

The Stamp Duty for release deed registration is Rs. 5000 and the registration fee is Rs. 1000. The total cost including cess and scanning fee totals around Rs. 7000/-

Register the Release Deed in a sub-registrar office. You, your husband, and two witnesses’ presence are mandatory in sub-registrar office for registration. The registered Release Deed looks like the below image

To remove your husband from the joint loan account, follow the below steps:

Novation: Contact your bank and request for novation. Novation is a declaration that transfers the home loan from joint applicants to single applicant. Your bank will provide the novation format

Proof of removal: Provide proof to bank why you want to remove your husband from joint loan account, proof such as divorce agreement

Proof of Income: Provide income proof to bank like salary slip or bank statement because you should prove your ability to repay the loan without co-borrower financial contribution or you can onboard another co-borrower to support your financial capability

Submit the following documents to the bank

  • Novation
  • Original Release Deed (that your husband released his share to you)
  • Copy of Divorce Agreement
  • Income proof

The bank will remove your husband from loan account

It’s important to remove your husband from joint loan account because after few years, once you repay the home loan, the bank will issue Discharge Deed in the name of loan applicants. In your case, the loan applicants are you and your husband. The loan applicant must register the Discharge Deed in registrar office to claim ownership from bank. Since you are separating from your husband, you should remove your husband from joint loan account so the bank will issue a Discharge Deed only in your name at the time of closing home loan. (if you didn’t remove your husband from the joint loan account, the bank would include your husband’s name in discharge deed and he must present for lien removal in sub-registrar office)

Thank you for reading…

For consultation, please write to us pgnproperties@gmail.com or WhatsApp to +91-97424-79020

Categories
Sale Agreement

For sale agreement execution, should I go for e-stamp paper, franking or adjudication?

Before we answer your question, let me explain about Franking. Franking is the process of paying stamp duty in sub-registrar office, whereas sub-registrar office uses a machine to print the stamp duty amount. This franking process existed before the electronic mode of payment. The franking stamp duty looks like the below image

Nowadays, the franking process of payment is not exist. We pay stamp duty only in the electronic mode in sub-registrar office and we call this process Adjudication. Hence let’s ignore the franking process

Both e-stamp paper and adjudication are equally accepted to execute a sale agreement. But I prefer adjudication over e-stamp paper for the following reasons

  • In adjudication, we can offset the stamp duty cost at the time of sale deed registration, which is 0.5% of consideration
  • The cost of error is more in e-stamp paper than adjudication. A small error in stamp paper costs you the whole stamp duty value but in adjudication cost of error is minor.
  • We can hand correct the error in adjudication, but we cannot hand correct stamp paper once printed

Below is the procedure to execute ADJUDICATION:

Step 1: Print the sale agreement on A4 size document or bond paper

Step 2: Seller and buyer sign the sale agreement at all pages. Two witnesses sign at last pages of agreement

Step 3: In Karnataka, the adjudication cost is 0.5% of the sale value or guidance value, whichever is higher

For example: The sale value is Rs. 50 Lakh. adjudication cost is 50,00,000*0.5% = Rs.25,000/-

Pay the adjudication cost on Khajane-2 website and print the transaction receipt

Step 4: Carry the sale agreement, transaction receipt and walk into the respective sub-register office.

  • Staff verifies the transaction receipt and Sale Agreement
  • Staff Prints the adjudication receipt at the backside of your sale agreement, signs the adjudication receipt and hands back the sale agreement to you

This completed the adjudication way of paying stamp duty. An adjudication receipt looks like the below image

Below is the procedure to execute E-STAMP PAPER:

Step 1: Calculate the stamp value.

In Karnataka, the stamp value is 0.5% of the sale value or guidance value, whichever is higher

For example: Sale value is Rs. 50 Lakh. stamp value 50,00,000*0.1% = Rs.25,000/-

Step 2: Buy non-judicial E-stamp paper at the nearest co-operative bank, register office, court, or any approved stamp vendor.

When you buy the e-stamp paper, you need to give the following details

  • 1st party name (Seller)
  • 2nd party name (Buyer)
  • Stamp value (0.5% of sale value)
  • Stamp paper purchaser’s name and contact number

You must provide correct input while you purchase e-stamp paper. A complete stamp paper would be wasted even if there is a small spelling mistake in the input. The stamp vendor may not take responsibility for your mistake and refund is a cumbersome process.

Step 3: Get your sale agreement drafted in Word format.

Step 4: Print the draft on e-stamp paper. Use document or bond paper for consecutive pages of print.

Step 5: Seller and buyer should sign on all pages of the agreement. Two witnesses sign at the witness section on last page

An E-Stamp looks like the below image.

This completes the process of paying stamp duty through e-stamp paper

A few important points for your consideration.

  • In adjudication, 1st you need to execute sale agreement, sign, and last pay stamp duty
  • In e-stamp, 1st you need to pay stamp duty and last execute sale agreement & sign
  • The cost of error is nominal in adjudication. Whereas the cost of error is high in e-stamping. Even a single letter of error cost your complete stamp duty.
  • You have to go to the respective sub-register office to get your sale agreement adjudication. Whereas you can buy e-stamp paper from any of the authorized vendors near you.
  • Both adjudication and e-stamp cost are offset at the time of sale deed registration.
  • For a home loan application, either adjudication or e-stamp is accepted

We assist Sale Agreement execution, please write to us pgnproperties@gmail.com or Whatsapp to +91-97424-79020

Thank you for reading…