Many people believe that if they have filled all the documents correctly while buying a property, then there will be no legal risk in the future. But there is a rule in the GST law, if you do not understand it, your newly purchased property can also be attached. Under Section 83 and Section 79 of the GST Act, the department has the power to attach movable and immovable property of any person, if the previous owner has huge GST outstanding and it is found that the property was sold to avoid tax liability. In many cases, the old owners sell the property in a hurry to avoid their GST liability, which can put the buyer in trouble. However, in normal property deals, the GST liability is person-specific, not property-specific. That means the GST liability of the seller does not apply directly to the buyer. But while purchasing Business Property like Plant, Machinery, Stock or Business Assets, there can be transfer of liability under Section 85. It is most important for the buyer that the Warranty Clause be included in the Sale Deed and the Encumbrance Certificate must be checked. Also, one should be cautious of properties available at unusual discounts because such deals often involve hidden tax disputes.

If you are thinking of buying a house in this festive season, then there is good news for you. The fall in interest rates of home loan first and now proposed GST reforms can reduce the prices of homes. The government is preparing to reduce 4 GST slabs to 2 slabs, especially on building materials such as cement, steel and paint, GST can be reduced from 28% to 18%. This will reduce the cost of developers and reduce the construction cost of 1000 square feet flat to about ₹ 1.5 lakh. According to the report of Real Estate Consultant Company Anarock, GST reforms can reduce the prices of affordable flats by about 4% i.e. ₹ 2.5 lakh. Also, the fall in home loan interest rates by 1% will reduce your EMI and it is possible to defend about ₹ 8 lakh on a loan of 50 lakhs. The RBI is also expected to cut the repo rates in the future, which can increase the budget of your purchase even more. Taking a house in this festive season can bring double advantage for you – low prices and better loan options. Therefore, this can be the right time to take your dream home.

If you have not been able to buy a house yet due to the rising prices of the property, then there is a chance now! Many public sector banks are offering home loans at an initial interest rate of just 7.35% after the RBI cut by RPI. Banks like Bank of Maharashtra, Central Bank of India, Indian Overseas Bank and Union Bank of India are now offering home loans at cheap rates. Canara Bank is also giving home loans at an early rate of 7.40%. Processing fees and interest rate depends on your CIBIL score, income and loan amount. In this video, know the rates, processing fees and banks that are offering the cheapest home loans for you!