FAQ's - TBPL

Frequently Asked Questions (FAQs)

Which are the best residential areas in Thrissur?

A few among the best residential areas in Thrissur are Poothole, Poonkunnam, mannuthy, viyoor, Muthuvara, Aswini Junction.

Do you have any villa projects in Thrissur?

Yes. Our Project Royal Nest by TBPL (PB Homes)with 4BHK &3BHK luxury villas is located in Muthuvara. Muthuvara is in state high way and one of the most important location which is surrounded by all commercial activities and near to Sobha City, just 7 KMs to Thrissur town.

What are the amenities offered in your apartments in Thrissur?

The common amenities offered in our projects in Thrissur are swimming pool, Multipurpose hall, Children’s play area, Centralized gas supply, 24-hr security / water / power, Rainwater harvesting, Landscaped garden, Car charging provision, Solar power for lights in common areas etc.

Which are your under-construction flats in Thrissur?

TBPL RIO GRANDE at Poothole and TBPL LOIRE at Mannuthy are our under-construction flats in Thrissur.

Do you have RERA approved apartments in Thrissur?
Yes. All our projects TBPL RIO GRANDE, TBPL LOIRE, ROYAL NEST VILLAS (TBPL PB Homes) are registered with RERA.

What are the documents to be checked before purchasing a flat?

The following are the documents which are mandatory for a clear title of the project.

    • Title Deed
    • Encumbrance Certificate
    • Possession Certificate
    • Tax Paid Receipt
    • Building Permit and License Drawing
    • Initial NOC from Fire & Rescue Department
    • Consent to Establish from Pollution Control Board Construction

What is undivided share(UDS)?

UDS is the share of each flat owner in an apartment complex in the ratio of individual saleable area with total saleable area of the apartment complex.

What are the documents banks usually ask for processing a home loan?
  • Completed Loan Application
  • Proof of Identification: (any of the following)
  • Driving license
  • Ration card
  • Passport
  • PAN card
  • Voter’s ID card
  • Employee ID
  • Bank passbook
3. Proof of Age: (any of the following)
  • PAN card
  • Birth certificate
  • 10th class marksheet
  • Bank passbook
  • Passport
  • Driving license
4. Address Proof: (any of the following)
    • Bank passbook or Bank account
    • statement
    • Voter’s ID
    • Ration card
    • Passport
    • Utility bill (telephone, electricity, water, gas) – less than 2 months old
    • LIC policy/ receipt
    • Letter from a recognized public authority verifying the customer’s residence address
5. Income Documents
    • Salaried individuals (any one of the following)
      • Form 16
      • Certified letter from Employer
      • Pay slip (Last 2 months)
      • Increment or Promotion letter
      • IT returns (for 3 years)
      • Apart from the proof of income of the salaried individual, he would also have to furnish any investment proofs (like fixed deposits, shares, etc) and his passport-size photographs
    • Self Employed or businessman: (any one of the following)
      • Last 3 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
      • Last 2 years Balance Sheet and Profit & Loss account of the firm- duly attested by a Chartered Accountant
      • Apart from these, a self-employed individual also has to submit
      • A brief introduction of his profession/business
      • Passport size photographs
      • Photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
      • Photocopy of Registration Certificate for deduction of Profession Tax
      • Proof of investments
      • Certificate of Practice
      • Receipts of advance tax payments (if any)
    • Others
      • 3 Photos
      • Copy of PAN card (Self attested)
      • Copy of Passport (Self attested)
      • Copy of VISA (Self attested)
      • Copy of work permits (Self attested)
      • Copy of Employment contract (Self attested)
      • Copy of Overseas address proof (Self attested)
      • Loan account statement if any
      • Copy of employer ID card (Self attested)
      • Power of Attorney
      • Copies of Asset proofs ( land tax, building tax receipts, FD receipts etc.)
      • Sale agreement from the builder
      • Construction agreement from the builder
      • Tri/Quadripartite agreement from the Builder
      • NOC from the builder
      • Receipt from Builder for own contribution amount paid by the customer.

Do I get tax benefits on the loan?

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counsellor about the tax benefits which you could avail on your loan.

How much tax rebate is available on a home loan?

As per Section 80C of the Income Tax Act, you are allowed separate deductions on principal and interest amount of home loan amount, along with other entities like ULIP, PF, PPF, ELSS, and NSC’s. In case of principal, you can claim deduction up to Rs 1.5 lakhs while in case of interest, it is Rs 2 lakhs. The amount of stamp duty and registration is also eligible for tax deduction. It is important to note that the tax rebate can only be claimed for the year in which the construction is completed. I have two housing loans on two different properties. Can I get a tax rebate for both the loans?

Yes, you can get the benefit for both loans. However, the total amount that you will be entitled to will not exceed Rs 1,50,000 for both the homes.

What is the difference between fixed rate and floating rate of interest?

In fixed interest rate, the interest remains constant throughout the loan period irrespective of the changes in market conditions while in the floating interest rate, the interest can decrease or increase depending on market fluctuations.

What are Capital Gains on property purchase?

Property is considered a capital asset and Capital Gains Tax is levied on the gains arising from the sale of the property. Such gains are calculated by adjusting the inflation rate index, transfer and renovation charges. This can be well explained by a tax consultant.

What is the difference between long-term Capital Gains and short-term Capital Gains?

If the house is held for less than three years prior to its sale, it is termed as a short-term capital asset and any gain arising from the sale is treated as a short-term Capital Gain. There are no tax exemptions for short-term Capital Gains and one needs to pay it according to the applicable tax slab. However, if the property is sold after holding it for more than three years, it is treated as a long-term capital asset and the gain arising from it is called the long-term Capital Gain. Such gains attract a flat exemption rate of 20%.

How can I qualify for exemptions on the Capital Gains Tax?

There are a few exemptions available for long-term Capital Gains if you: Buy or construct a new house. If you build a new house or buy one from the money you receive from selling a property, you are exempted from paying the tax on Capital Gains. However, the new purchase should be done either one year before or within two years of sale and the construction should be completed within three years from the date of transfer. The new property bought or constructed should not be sold within three years from the date of its purchase or date of completion of construction. Capital Gain Account Scheme – Through the Capital Gain Account Scheme (CGAS), you can save the received money in designated banks. CGAS helps you in buying time to look for suitable investments, as it serves to inform the Income Tax department that you plan to invest the money received; but at a later date. Invest in Bonds- You can also invest in financial assets or bonds to save tax. Such bonds are issued by the Rural Electrification Corporation and the National Highway Authority of India and should be brought within six months of transferring the property. You can invest a maximum of Rs 50 lakhs through these bonds.

Is TDS applicable on purchase of immovable property?

Yes. From 1 June 2013, when a buyer buys immovable property (i.e. a building or part of a building or any land other than agricultural land) costing Rs 50 lakhs or more, he has to deduct tax at source (TDS) when he pays the seller. This has been laid out in Section 194-IA of the Income Tax Act.

Are Foreign Nationals of Indian origin allowed to purchase immovable property in India?

Yes, Foreign nationals of Indian origin, whether resident in India or abroad, have been granted general permission to purchase immovable property in India.

Are there any formalities to be completed by foreign nationals of Indian origin for purchasing residential immovable property in India?

They are required to file a declaration in form IPI 7 with the Central Office of Reserve Bank at Bombay within a period of 90 days from the date of puchase of Immovable property.

Can immovable property be purchased by NRI of Indian Origin?

NRI of Indian Origin who is residing in India or abroad can purchase immovable property.

Should the immovable property be purchased directly by the purchaser or through any body else?

The immovable property can be purchased either by executing a Power of Attorney on the stamp paper before the proper authorities in foreign countries. The stamp paper bought in India cannot be used. Is there any requirement of permission from authorities for purchase of immovable property in India. There is no requirement of permission from any authorities to purchase a property in India.

How the amount for the consideration of the purchase of immovable property is to be remitted?

The payment can be remitted through foreign exchange or from NRE account through normal banking practices.

Is there any requirement to be done after purchase of the immovable property?

A declaration with the Central Office of Reserve Bank at Bombay in form IPI 7 is to be submitted within a period of 90 days from the date of purchase of Immovable property.

Can the immovable property purchased be rented out?

The immovable property purchased by NRI can be used for personal use or rented out.

How can the rental income be deposited?

The rented income should be deposited in NRI account of the purchaser.

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