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Showing posts with the label how to form apartment association

Tips to Buy Property

Buying a property requires lots of analyzing and understanding of the market situation. With the development in the property sector, today you can easily find any property located near to your area. Hundreds and thousands of construction have been taking place, but then it's not mandatory that you can easily get the deal that wouldn't incur high cost. Buying a property in your preferable location is not always right. Of course, locality does matter anytime you decide to buy a property but other than that, looking for other benefits such as water supply in the particular area, other basic amenities such as school, colleges, hospital, bus stop, airport are too mandatory.
Well, once you have decided to own a property, you need to manage few things by your side. We bring to you few such tips that will help you while making it easy for you to take a decision.
Look for the amenities: If you are ready to spend on the property, try to look for the amenities that are at the top of your…

Benefits of Using A Property Management Company

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Benefits of Using A Property Management Company Owning a rental property can be a rewarding experience, as it often generates a steady income. However, a rental property only generates income when a landlord has good tenants who pay their rent on time and do not destroy their units. Once a landlord encounters a problem tenant, owning and managing a rental property becomes difficult and time-consuming. Using a professional property management company has a number of benefits for landlords, especially those who own multiple properties. These benefits save landlords a significant amount of time and money and make owning a rental property more rewarding. One of the biggest benefits of using a property management firm is that the firm can handle all tenant screening activities. Some landlords do not run credit or background checks because they do not have the time or know where to get the reports. Renting to people without regard for their criminal background and financial history is one su…

How to save Tax from Home Loan

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As the financial year draws to a close, a lot of people feel stressed due to the final tax assessment for the year. It needs to be noted on this point that owning a home is not only a dream realization, but home loans are also wonderful tax saving instruments. Individuals having home loans are eligible for tax deductions on both the principal amount as well as on the interest paid for it. Let us take a simplistic look at the various tax deduction options one can avail while servicing a home loan.

Tax benefit on Principal Amount of Home Loan: The principal amount paid on any home loan can be availed as tax benefits with a maximum deduction of Rs 1,00,000 under section 80C of the Income Tax Act. However, it needs to be noted that the deduction is not available for any principal amount paid on home loan for an under construction property. The maximum deduction allowed under Section 80C of the Income Tax Act is Rs 1, 00,000. Tax Benefit on Home Loan Interest: The amount paid as interest to…

Ways to form an apartment owner’s association

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An Apartment Owners Association (AOA) is an authority that protects the rights of the apartment owners, maintains the amenities in the apartment and works for the welfare of the residents of the apartments by conducting events or awareness programs.
Apartment associations in India are formed by a voluntary association of the owners of a particular apartment in India.
In almost every case the goal of the Apartment association is not to make a profit but merely to take the best care of the residents of the apartment and prevent them from suffering from discomfort.
Therefore, you will commonly find Apartment Owners Associations (AOA) performing tasks like ensuring running water supply, providing power back-up facilities, preventing disputes between the apartment residents and having cultural activities and fests to foster good neighborly relations.



Does the Association have to be registered?
It is not necessary for the association to be registered but having the association registered wi…