Legal Considerations to Keep in Mind Before Selling Your House
Property

Legal Considerations to Keep in Mind Before Selling Your House

Selling anything is a tedious task, let alone selling a house. What are the requisite documents for sale? What is the correct procedure? Are there any risks involved in the process? If one does not have answers to such questions, selling a house can become an ugly affair.

 

Law relating to Sale of Houses

Houses are a tangible piece of immovable property. The main legislation which governs the sale and transfer of property in India is the Transfer of Property Act, 1882 (hereafter referred to as "TPA"). Chapter III of TPA deals with the sale of immovable property.

  • Sections 54 and 55 of the TPA are of enormous relevance in our context. Let us discuss the crux of these provisions under the following headings:

 

Rights and Liabilities of the Seller - Section 55 of TPA

There are several rights and liabilities mentioned for both the buyer and seller. There are rights and duties regarding the seller, before and after selling his/her property. Let us discuss them under the following headings:

 

Before Sale of Property

The duties of a seller before selling his/her property are as follows:

  • Disclosing any defects in the property to the buyer.
  • Producing before the buyer, on their demand, all the legal documents as to the seller's property title.
  • Answering all the buyer's questions about the property.
  • Taking care of the property and all the relevant documents in the period between the date of contract and the date of delivery of the property.
  • Paying all the rents, government fees, dues, etc., up to the date of sale of the property.

 

People Also Read This: Online Property Registration

After-Sale of Property

There are a few duties of the seller after the sale of the property. They are as follows:

  • The seller is bound to deliver the possession of the property after the sale to the buyer.
  • Through the contract with the buyer, the seller's interest has professed to transfer to the buyer will exist, and the buyer will have the right to transfer the same.
  • If all of the purchase money has been paid by the buyer, the seller is bound to deliver all documents of title relating to the property in the seller's possession.

 

Documents required for selling your house

As already mentioned above, under TPA, the seller is mandatorily required to produce all the relevant documentation before the buyer. A bunch of property-related disputes arises due to the lack of proper documentation. Thus, it is crucial from both the seller's and buyer's perspectives to give the requisite attention to the documentation of the deal.

  • The documents required for the selling of a tangible immovable property (such as a house), are as follows:
  • Letter of allotment: This is the document that conferred the allotment of the property which is in possession of the seller, who had purchased this property from a relevant society or authority.
  • Sale Deed: All the original sale deeds from the previous owners of the property who have handed it down to the current owner (the seller). This helps in tracing the property title chain. The seller should have an original sale deed. It is compulsory under the law that the seller needs to have all the previous agreements.
  • Sanctioned Plan:  The seller also needs to have the approved building plan and occupation certificate by the local municipal authority or any other competent authority.
  • Society Documents: The seller must seek the permission of the relevant competent authorities (development authority or society) before selling the house. For example, if the seller lives in a gated community, then he/she must obtain a NOC (no-objection certificate) from the housing society or governing body.
  • Encumbrance certificate: This certificate is required as an indication of free title. This is because while buying a house or apartment, the buyer wants to ascertain no legal dues.
  • Sale Agreement: Lastly, but most importantly, after both the parties have arranged the documentation, the terms and conditions for the agreement for selling the property can be laid down. This agreement shall be the blueprint and precede the execution of the sale deed and hence is extremely important.

 

The procedure of selling your house

We've already discussed the documentation process, one of the most important parts of the procedure. There are other practical and/or legal aspects to the procedure, which includes the following:

  • Valuation of Your house: Make a good estimate of the value of your house. For this purpose, you can either consult a real estate agent or self-assess the property by researching the prevailing market rate in the society or locality where your house is located.
  • Find a buyer: The next step is to find a person who is ready to buy your house.
  • Intimate your intentions to the governing body: As mentioned already, you must seek approval from the housing society where the house is located by getting a NOC.
  • Prepare the house: You can now stage your house for potential buyers to visit. For this purpose, ideally, you should vacate the house and do renovation or repair work on the same.
  • Finally, list the property: Now, you can finally list the property for sale on online platforms or seek the help of brokers who can help you find buyers.

 

People Also Read This: When seller is not signing your property transfer papers: Deemed Conveyance is your option

 

Conclusion

Every seller needs to know such intricacies before proceeding to sell their house. Unless the seller is well-informed regarding such details, they can be taken for a ride by the buyer. The whole idea is to avoid being in that position as a seller.

RERA Registration Process
Property

RERA Registration Process

The Real Estate (Regulation and Development) Act (hereafter referred to as “RERA”) came into force on 1 May 2016. The main idea behind this law was the regulation and promotion of the real estate sector. Now development projects in real estate need to register themselves under RERA. RERA provides credibility to real estate projects and protects customers against delays in handing over the projects. 

How to Register Projects under RERA?

The process of Application for Registration of Real Estate projects differs from state to state. The detailed procedure for each state is available on each state’s RERA website. The promoters and real estate agents have to apply for registration on the website, which is relevant for their state. For registration, you need to submit certain documents along with the application. These, too, differ from state to state. However, certain documents are common amongst most of the states. These are:

  • Promoter’s PAN Card;

  • Legal title deeds of the land. (See Section 4(2)(l)A);

  • Encumbrance Certificate (See Section 4(2)(l)B);

  • Commencement Certificate (See Section 4(2)(c));

  • The Sanction Plan, Layout Plan, location details of the project (See Section 4(2)(d));

  • The plan of development works; and

  • Details of previous project experience of the promoter, if any (See Section 4(2)(b)).

Some of these documents across different states (as mentioned on their websites) are as follows:

  • Name, type, and registered address of the enterprise;

  • Registration Certificate, Memorandum of Association (MoA), Articles of Association (AoA) and date of incorporation of the promoter’s enterprise;

  • Audited balance sheets of the last three financial years;

  • Audited report and director’s report of the last three years; and

  • Name, address, contact details, and photographs of the promoter/director/partners/chairman/ or any other authorized person.

What Are the Key Benefits?

Before RERA, the real estate industry was in shambles. Customers faced delays, there was no regulation, and there was widespread corruption and high-handedness of real estate agents and builders. We see the following key benefits after RERA came into the picture: 

  • Carpet Area: A statutory definition of carpet area dispels the doubts regarding its determination. Promoters decided on carpet areas before RERA came into being. 

  • Buyers can seek information regarding the projects (Section 19, Clauses 1 & 2): Buyers under RERA can seek information such as completion status, plan layout, stages of construction, etc.

  • Delaying projects led to consequences for the promoter: Under RERA, each promoter has to give a due date on which they will hand over the possession of the property to the buyer. If the promoter cannot complete the project by this date,he can face penal consequences. 

  • Liability of promoters:  If there is any structural defect or flaw in constructing a property, the allottee may bring up such an issue to the notice of the promoter and the promoter will be obligated to rectify such flaws within 30 days. If the promoter does not do the same, the allottee will need to be compensated for such structural defects.

  • Advance Payments up to 10%: Under RERA, the builders cannot demand advance payments that are more than 10% of the project's total value.

  • The buyers were given rights in case of false promises: If the allottee finds themselves in a position where the initial promises made by the promoter are not being kept, or there is a mismatch in the commitment between the parties, the allottee under this Act, has the right to withdraw from the project and get a full refund (sometimes with interest or compensation).

People Also Read This: What is the RERA Act?

Impact On Home Buyers

Homebuyers now have the following rights under RERA: 

  • Buyers need not pay for the walls area, as the definition of carpet area is now clear. 

  • Builders need to disclose information, establishing transparency between the buyers and builders.

  • Registration manifests the credibility of builders and real estate agents. 

  • RERA also prevents indefinite delays in project development and misappropriation of funds. 

  • Asking for refunds in case of uncompleted projects is also easier under RERA. 

Impact On Real Estate Agents

RERA has the following impact on real estate agents:

  • Real estate agents now have to mandatorily register themselves and also keep renewing this registration. 

  • If a real estate agent is not registered, he will have to pay penalties. 

  • Real estate agents will have to maintain accounts, books, records, etc. 

  • They should display their registration number at all times, especially in the advertisements they place. 

  • False advertisements will attract a penalty. 

Penalties

Various penalties under RERA are:

  • Section 60: We already know that a promoter has to register themselves under Section 4 of RERA. For furnishing false information, a penalty of up to 5% of the approximate cost of the real-estate project needs to be paid.

  • Section 61: Just like in the previous section, even if the promoter violates any other provision of RERA (i.e., other than Sections 3 & 4), the same amount of penalty can be levied against them.

  • Section 63:  For non-compliance with RERA authority order, a penalty upto 5% per day gets levied on the promoter. 

  • Section 64: For failure to comply with the order of the RERA tribunal, a promoter may also face imprisonment. 

  • Section 62: If the real-estate agent violates the provisions of Section 9 & 10, they will be required to pay ₹ 10,000 per day till such default continues.


People Also Read This: Delay in Providing Possession of Flats and RERA's Role

RERA Laws Across India

Till now, every state has notified the rules for their respective state authority under RERA. The only exception here is the state of Nagaland, which is under process to notify the rules.

Most states have launched their websites regarding the same. However, in this regard, some north-eastern states (such as Assam, Manipur, Arunachal Pradesh, and Sikkim) and Jammu & Kashmir, Ladakh, and NCT of Delhi are lagging.

West Bengal refused to implement RERA and enacted its legislation called, “Housing and Industrial Regulation Act, 2017,” challenged in the Supreme Court.

Several states have implemented a diluted form of RERA. This has increased difficulties for homebuyers in these states.

RERA is forward-looking legislation, and before buying a house, you should always check the RERA registration of the builder and the real estate agent. If you are in the real estate business, make sure to comply with the provisions of RERA.

Consulting a Lawyer is always useful for quick and authentic information about RERA Act

Duplicate Land Registration Document Process
Property

Duplicate Land Registration Document Process

Moving houses is a pain! Often in the process of moving, we end up losing important documents. A land registration document as proof of ownership. Losing a land registration document may not bode very well for you. You do not have to worry as there is a provision to obtain a duplicate land registration document.

People who read this Article also Consulted a Lawyer about Property Registration process. 

How to get a duplicate land registration Document?

You should follow certain steps in order to get your duplicate land registration document. These steps are: 

  • File a police complaint

A land registration document is a crucial document. If it gets lost, then you should file a complaint with the police. The owner of the house should only file this complaint. He should also explain the complaint and state that the original documents were lost, misplaced, or stolen. Keep the copy of the complaint filed as it may be used to obtain the duplicate land registration document. 

  • Give an advertisement in the newspaper

Like with all lost things, one should publicize that a land registration document is lost and give the return address in the advertisement. If, within a certain time, no one comes forward to return the document, then you can proceed to the next step. 

  • Make an Application for the Certified Copy of the Land Registration Document

You will have to obtain a Form 22 application, either online or from the sub-registrar’s office. Fill this form and submit it with the sub-registrar to obtain a duplicate land registration document. If the document you have lost/misplaced is a patta record, you also have to apply it to the revenue office. 

  • A duplicate copy of the Land Registration Document

Once you have applied to receive the certified copy of the document, you need to pay a certain fee to the relevant department. After the fee has been paid, a duplicate copy of your land registration document shall be issued. Many would think that what if I had a photocopy, could I use that? The answer is no! You should always try to get a legally certified copy of the document which is lost. A land registration record is proof of ownership, and hence, you should always follow the due procedure of obtaining a duplicate copy of the land registration. 

People Also Read This: All You Need To Know About Land & Property Registration

Documents Required to Obtain Duplicate Land Registration Copy

When you apply for a duplicate land registration copy, you should also accompany your application with certain documents. These documents are: 

  • Copy of FIR: As a first step, you should always file a complaint with the police. Keep the copy of the complaint with you and attach it with the application you file before the sub-registrar to get a duplicate copy of your land registration document. 

  • Copy of newspaper advertisement: You should also attach a copy of the advertisement you published in the newspaper along with your application form. This would enable the sub-registrar to know that you still have not found the lost/misplaced document despite trying. 

  • Copy of share certificates issued: Typically, you are given share certificates when you buy a piece of land. Keep them secure and attach copies of them when applying for a certified duplicate copy of land registration. 

  • Notarized undertaking: A notarized undertaking should also be given along with the application form. 

People Also Read This: Land Ownership Certificate indicates the actual Title of Ownership

Obtaining a duplicate copy of the land registration document should not be a harrowing experience if you know all the right steps to take. Remember to keep all your documents in order before applying for a certified duplicate copy of the land registration record.

All you wanted to know about Online House Registration
Property

All you wanted to know about Online House Registration

If you have bought or otherwise acquired a house, this transaction needs to be registered. House registration is necessary for two reasons: 

  1. Every State maintains land records. The land record of every piece of land records the persons who have rights over that land. Hence, the land record for your house will reflect who has ownership over that house. For instance, if you are the owner, then it will mention you as the owner; if you have an easement over the land, then it will mention you as an easement-holder, and so on. 

  2. Unless you have inherited the house, the transaction by which you have acquired the house will not take effect until the transfer deed is registered. If this is the case, you need to register the house to acquire legal rights over it in the first place. 

People Also Read This: Property Registration Online Procedure and New Rules in India

House Registration Process

You will have to register your house with the local Sub-Registrar of Assurances, who has jurisdiction over the locality in which your house is located. 

Most states now allow some steps of house registration online. Depending on your State, a house registry online will be available for some (but not all) house registration procedure steps. For the remaining step[s] of the online house registry, you will need to visit the Sub-Registrar’s Office. Even in states which allow the maximum number of steps online, you have to make a single visit to the Sub-Registrar’s office.

The process typically involves the following steps:

  1. Book an appointment. You will get an appointment letter. 

  2. Pay the prescribed registration fees. You will get a receipt for the fees paid. 

  3. Present/Upload a copy of the transfer deed (the legal document by which you acquired the property, such as a Sale Agreement) and the identity proofs of the parties and witnesses. 

  4. The parties, and the witnesses, have to be physically present at the Sub-Registrar’s office at the date, and time, mentioned in the appointment letter. If all documents are in order, the Sub-Registrar will register the deed and return the original deed with the deed's registration number mentioned on it. 

Depending on your State, Steps 1, 2, or 3 can be done online. However, in every State, for Step 4, the parties and the witnesses must be present. 

The online house registration procedure for a rented house is the same as the online house registration procedure for any other house. 

People Also Read This: Flat Registration - Procedure, Charges and Required Documents

Online House Registration Check List

This online house registry checklist will help you ensure that all the requirements of the house registration procedure fulfilled: 

  1. Ensure that the transfer deed (the legal document by which you have acquired your house, such as a Sale Deed, a Gift Deed, etc.) is, in writing, signed by the parties, attested by at least two independent witnesses, and executed on stamp paper of value equal to the stamp duty payable on the transaction. 

  2. Pay the registration fees, and take a receipt. If your State allows this step to be done online, carry the receipt with you when you visit the Sub-Registrar’s office. 

  3. Some states may require you to present a true copy of the transfer deed. The Registration Rules of your State will specify this and tell you how to make a true copy (if a true copy is required).

  4. If this step is allowed to be done online in your State, upload copies of photographs, and identity proofs, of the parties and the attesting witnesses. In any case, carry copies, and originals, of all these documents at the time of visiting the Sub-Registrar’s office. 

  5. Ensure that all the parties and the attesting witnesses are present at the Sub-Registrar’s office on the appointment date and time. 

  6. The original transfer deed will be returned to you. If registration has been successfully done, ensure that the registration number is mentioned on the original deed with the Sub-Registrar's seal and signature

People who read this Article also Consulted a Lawyer about Property Registration process. 

Online Property Registration
Property

Online Property Registration

It is essential to register the transfer of property in India, under Section 17 of the Registration Act, 1908. This Act governs the registration of transfer of immovable property in India. Registration is compulsory because the person in whose name the property is registered is the rightful and legal owner of the property. Registering a property involves various aspects. Stamp duty is levied on the registration. Registration rules of each state are different and hence, the process of registration depends upon the state where the property is located.

The property description with the number it bears, area, pin code, the property type: flat, plot, agricultural, mode of ownership: purchase, gift, lease, owner’s personal details: Name, age, occupation, parent’s name, proof of property: Title deed, power of attorney, etc. are required at the time of registering the property.

 

Procedure for Registration of Property

Several states have their websites for online registration like Kerala, Odisha, West Bengal, Karnataka, Tamil Nadu, Rajasthan, etc. For instance, in Bangalore, there is Kaveri Online Services(https://kaverionline.karnataka.gov.in). You can register as a user on these property registration websites. You can enter the details, such as the date of execution of the sale deed, total number of parties, and other details as part of document registration. You also need to provide ID proof-details of witnesses and buyers, property value, and the nature of the property you seek to register.

You can download the registration form for your land and the application form, from the website of the concerned authority’s office in the state. You can also visit the office and obtain the registration and application form offline. Properties in both urban and rural areas come under the jurisdiction of the State Government and are managed under a Tehsil (taluka or mandal). The e-registration of property (housing or commercial rental) is also on similar lines. The process will only differ if the land is vacant or occupied.

 

You will need to furnish the following documents at the time of registering the property:

  • Identity proof of parties- Aadhar Card, PAN card etc.)
  • Two passport photographs of parties involved
  • Sale deed
  • Power of authority in case the party is representing someone else.
  • If a company is a party then power of attorney/letter of authority, along with a copy of the resolution of the company’s board
  • property card
  • Acknowledgement of payment of stamp duty
  • Registration fee

People Also Read This: Land & Property Registration: All You Need To Know

Registration of Old Property

Registration of old property was slightly different than the properties bought recently. While the law governing was the same, the facilities of online procedure were not available. Registration should be completed within four months of execution of the transfer. Before technology was used, the documents submitted took four months to be returned from the registrar’s office. However, the new registration rules in 2019 and 2020 enable the documents to be returned the same day. It is easier to register a property in the present times than it was to register an old property.

Those who read this Article also Consulted a Lawyer about Property Registration process. 

Types of Land Registration

Registering property is the last and most important step after one has bought the property. If your property is not registered in your name then it would be difficult to prove ownership in the courts. If in the future some dispute arises then it is essential to have the property registered in your name. There are various ways in which you can register immovable property such as land:

1. Full Property Value: It is one of the simplest and most straightforward ways to execute a property registry. You register your property at the full value which you have paid for the same.

2. Property Value is Higher than Circle Rate: You can register at the full property value if the value is higher than the circle rate.

3. Property Value is Less than Circle Rate: You may register a property which is less in value than the circle rate. However, the difference between the circle rate and the actual sale value of the property is considered as income and is taxed at rates appropriate to the income slab.

4. Bank Valuation: While In some cases, banks insist borrowers register the property at either full property value or higher value.

5. Sale Certificate: Applicable only in the case of bank auction properties.

6. Undivided Share Value/Sale Agreement Value: To register a property at Undivided Share (UDS) is the most common practice. For an under-construction property, the builder signs two agreements with the buyer which are the Sale Agreement and Construction Agreement. The construction agreement is towards the construction cost of the flat/property. Builders register the property at sale agreement value or UDS. This practice is adopted to save stamp duty costs.

People Also Read This: Flat Registration Fee & Stamp Duty Charges

New rules for Property Registration in India 2020

The documents to be registered must be presented in four months starting from the registration date. As of 2020, due to computerization, copies of the documents are available on the same day. If a property is not registered, it will not serve as valid evidence in court. Unregistered property has no legal validity. In case the property is acquired by the government one cannot be entitled to compensation if the property has not been registered.

 

Stamp Duty Charges & Property Registration in India, 2020

Stamp duty which is a tax imposed by the government on the parties dealing in property transfer and is charged by the central and state government. The purchasers must pay the stamp duty charges on the agreement of sales that falls under Section 3 of the Indian Stamp Act, 1899.

Stamp Duty charges differ upon state rules also depends upon:

  • Property Status: Old or New
  • Property Location: rural area, City area, etc.
  • Owner’s age
  • Owner’s gender
  • Property utilization: Commercial or Residential
  • Property type: Flat or house

 

Property Registration Act

If you have entered into a transaction for the sale of immovable property and the value of such property exceeds INR 100, You need to register the same. Section 17 of the Registration Act, 1908 makes such registration compulsory. The Registration Act also provides for which documents are essential for the registration of property and which are optional. Fees for registration vary according to the state. If a property is not registered then it cannot be produced in the court as proof of ownership. Property should ideally be registered within four months of execution of the transfer. A maximum condonation of further four months may be allowed with the penalty for delay in registration. But the document needs to be presented for registration within eight months of execution of the transfer. 

Property registration is a complex procedure and ideally, help from a lawyer should be taken for the same. You should not delay registering your property and get the same registered within the stipulated time.

DDA Flat Registration Scheme is a yearly "affordable housing" event
Property

DDA Flat Registration Scheme is a yearly "affordable housing" event

This post is one of the most frequently talked about topics of discussion when it comes to affordable housing. Yup, you guessed it right, we are talking about the Delhi Development Authority (DDA) Housing Scheme that is announced by the government on a yearly basis. This topic garners keen interest not only because affordable houses are offered to applicants via lucky draw but the scheme also covers a wide stratum of people, whether they are from the general category or from economically weaker groups or the reserved sections of the society like SC, ST, OBC, etc. As we progress in this post, you will have more insights on several aspects related to the DDA Flats Registration Scheme 2021 – what is the scheme about, its benefits and the general eligibility conditions, etc.

What is the DDA Flat Housing Registration scheme?

Briefly mentioning, under the Pradhan Mantri Awaas Yojna, DDA recently announced the housing registration scheme for the year 2021 wherein the authority has put for sale, more than 1300 flats of various types located at different locations in New Delhi. The sole aim of the scheme is to enable people to buy affordable houses as the houses being offered by DDA are priced cheaper compared to the houses sold by private real estate developers.

The ongoing pandemic has seen massive digitization of government services. DDA Housing Registration Scheme for 2021 has also followed the same path. The authority has completely automated the flats registration process. Some of the following online services are likely to be provided by the DDA to potential house buyers through its Awaas software:

  • Initiating the Online flat registration process by prospective buyers

  • Filling up the online flat registration form

  • Paying flat registration charges and fees

  • Conducting draw of lots under the supervision of authorized government officials

  • Issuing allotment and/or possession letters to the allottees

An important point to note in this scheme is that the allottee(s) may need to visit the office of the DDA for completing the conveyance deed execution process in his or her name.

People Also Read This: Flat Registration - Procedure, Documents Required and Stamp Duty Charges

Type of Flats being offered under the scheme and related registration charges

There are broadly four categories or types of flats that have been put for sale by the DDA under the current scheme. They are:

  • Higher Income Group (HIG) – The registration charges or application amount to be paid for this category of flats are Rs. 2 Lakhs.

  • Middle Income Group (MIG) – The registration charges or application amount to be paid for this category of flats are Rs. 2 Lakhs.

  • Lower Income Group (LIG) – The registration charges or application amount to be paid for this category of flats are Rs. 1 Lakh.

  • Economically Weaker Section (EWS) - The registration charges or application amount to be paid for this category of flats are Rs. 25 Thousand.

Some general conditions to be noted are:

  • The application once submitted cannot be withdrawn.

  • The spouses (husband and wife) can apply either separately or jointly with their spouse(s). However, if they apply separately/individually and both applications are selected in a lucky draw, only one flat will be allotted as per regulations.

  • The allotment of flats will happen via draw of lots, the date of which will be announced by DDA in due course.

  • The date of allotment will also be announced soon by the DDA.

  • The possession of flats will be given after allotment and receipt of the first payment by the DDA.

  • The DDA will initiate the refund of payment for an unsuccessful draw after 30 days from the date of draw of lots.

  • It is advisable to regularly visit the DDA website for information on the ‘lucky draw’.

Those who read this Article also Consulted a Lawyer about DDA Schemes. 

What are the eligibility conditions for putting a DDA housing scheme application?

As per DDA, any applicant interested in putting up an application needs to fulfill the following criteria:

  • Only a citizen of India can apply for the scheme.

  • Applicant must be over 18 years of age.

  • Applicant must not be an existing leasehold or freehold owner or joint owner of residential house or plot of size 67 square meters in Delhi, New Delhi, or Delhi cantonment.

  • Applicant must possess an active bank account.

  • Applicant must also have PAN Card.

  • Annual income of applicant applying under EWS category must not exceed Rs. 3 lakhs.

  • Household income of EWS category applicants should not be more than Rs. 10 lakhs.

People Also Read This: What is a Possession Certificate?

What documents are required for submission along with the application?

The applicant needs to submit the self-attested copies of the following documents:

  • Address Proof that may include documents like Driving License, Passport, Voter ID, Electricity Bill, Aadhaar Card, etc.

  • PAN Card

  • Bank Statement or Passbook

  • Income Tax Return filed for the assessment year

  • Reserved Category certificate, as applicable, issued by a competent government authority

Conclusion

The DDA Housing Scheme is a good opportunity for all those who are planning to buy a reasonable house in Delhi. The scheme has been created keeping in mind the budgetary constraints of people who dream to own a home. With several nationalized government and private banks providing housing loans at prevailing interest rates, the scheme definitely has the potential of being economical for the common citizen. We suggest you evaluate all your options including the legalities involved and register before the deadline ends if it fits your bill.