v What is URP?
URP is a ‘Unified referral program’ initiated by Nirmaan associates ® (exclusively), for the people who intend to earn reward by referring a known person looking for buying or selling of a property in area managed by Nirmaan associates. By introducing this referral program, in real estate industry, we have a clear motive of associating more & more people with Nirmaan associates by offering them reward in return of their successful referral.
v How does URP work?
Referrer, after registering on our website, provides Nirmaan associates with complete details & requirement of the referred by filling a form mentioned in their account dashboard. After the form is being submitted, the details will be verified by our team, through Telephone no. & Email ID mentioned, with the referred. After verification the reference will be active, generating an URN ID and referrer will be rewarded after the deal with active reference is successfully closed/ converted by Nirmaan associates. If the verification of referred fails, the reference will be rejected & information for the same will be sent to referrer.
v What is URN?
Unique Referral Number is an automatic computer generated unique ID no. allotted to reference (client) provided by referrer.
v How do I register & refer?
Referrer needs to log on to www.nirmaanassociates.com , register using Facebook or create new account. To start referrring, fill up the form mentioned in the account with complete details of the referred (Buyer/ Seller).
v Whom can I refer?
You can refer any know person, looking for services of buying/selling of property. But you should have the complete information available with you, of respective person, required in the form.
v How do I get the reward?
You will receive your reward through cheque payment only after presenting a bill to Nirmaan associates with complete details of the referred deal closed/ converted. Cheque may be issued after deducting TDS as well, certificate regarding TDS will be provided to the referrer.
v Will I get support regarding bill format required in the process?
Yes, we will provide you a prescribed format of bill. Bills only in that format will be accepted by Nirmaan associates.
v Will my reward expire, if not collected?
Yes, but only if the reward is not collected within 6 months from the date of issue of cheque.
v How do I check reward amount due?
You can check your reward amount due under “Converted references" column of your account dashboard.
v Is referral program applicable for rental services as well?
No, validity of referral program is limited to buying & selling of properties only, not rental services.
v Who can register & join this program?
Anyone, having a valid PAN Card no., an active Email ID & a Mobile contact no. can register & join this program.
v What if the reference is already registered by some other referrer?
No, same client cannot be referred by two different referrers.
v How is the status of reference determined in my account?
There will be different indications under your account dashboard, with different meanings:
a) PENDING – your reference is submitted and will be active after verification.
b) ACTIVE – your reference is verified and is active
c) REJECTED – your reference verification fails
d) EXPIRED – your referred client has closed the deal already but not with Nirmaan associates or change of plans* by referred.
e) CONVERTED – your reference client closed the deal with Nirmaan associates and deal is in progress. As soon as the deal is completed, user will be informed about reward for collection.
v Validity of Active referred client?
Validity of your Active referred client is subjected to time taken by Nirmaan associates in closing the deal with your referred client or change of plans* by the referred client.
* By stating 'change of plans' we mean that the referred has postponed or cancelled the plan of doing the deal.
v What are the benefits & Rewards?
The referrer will get a reward as per the sale value of the property, if and only if the client referred by referrer closes deal with Nirmaan associates (details are mentioned in Terms & Conditions). Nirmaan associates serves in both primary (fresh) & secondary (resale) market. The rewards may vary as per the deal:
a) In case of fresh booking – the reward will be calculated only on the basic sale price of the property, excluding other charges, service tax etc.
b) In case of resale property- the reward will be calculated on the total sale value of the property, excluding stamp duty charges or any other payment related to maintenance of the property.
v When will I receive the reward?
User will receive the Referral Reward within sixty (60) days after the deal is fully completed, in which User made the successful referral. Referral Rewards will be paid in Cheque only after the bill is received with complete details of referred client and its URN ID.
v Will my information be disclosed to my reference?
There is an option before submitting the reference form, whether you want to reveal your information/ identity with the referred or not, regarding URP program.
v Do I need to submit any Id proof or related documents to register or generate URP ID?
You only need to have a valid PAN Card no., to be mentioned at the time of registration, which will be verified. And a copy of your PAN Card & ID proof will also be required at the time of payment release/ bill acceptance by Nirmaan associates. If in verification process, Nirmaan associates find the PAN card no is invalid or not matching the referrer's details, the registration will be rejected/ cancelled.
v What are the different forms of investments that can be made in property?
There are a number of investment options in real estate today – such as, investment in commercial real estate, investment in residential property and investment in plots are a few prevalent examples of the various options available today.
v From where can I get home loans?
Home loans are available from all the nationalized as well as private banks in India. These days NBFC are also extending home loans to the flat buyers.
v How can I get a loan for commercial property?
Normally loans are not possible for any under construction building but if the building is 80% complete, some banks offer commercial loan up-to 50% of the agreement value.
v How much loan can one get for home or commercial property?
The percentage of loan depends on property as well as the financial health of any individual.
v Can a Home Loan be Pre-approved?
Yes banks can pre-approve a home loan based on the average balance kept by the individual.
v Can I have Co-Ownership in the Property?
Yes. Co-ownership, or joint ownership, simply put, is when two or more persons hold title to the same property.
v Who can be a co-applicant for the loan?
A co-applicant is one who applies along with the borrower for a loan. A borrower has the compulsion now to have a co-applicant to a loan along with himself. It is important to note that co-applicant cannot be a minor. Most banks permit a few specified relations who can be co-applicants - brothers, parent and son (Blood Relation) and husband and wife.
v What is the repayment period of the loan?
The repayment of a loan depends upon the tenure chosen by the individual. The EMI amount may vary as per the contract term; period can be 10-15-20-25 years. The term also depends upon the age and the financial status of the person.
v What is the Process for Application for Home Loan?
While banks try to keep paperwork and formalities to a minimum, some documents are required for securing a home loan. Banks will require documents that provide proof of your identity, address, income and so on. Once you submit your documents, getting a Bank loan is a quick and easy process.
v How is the Home Loan disbursed?
After the docs are verified, the sanction letter is prepared based on which the allotment gets confirm. Post this based on the payment plan the bank disburse the amount. It can be Construction Linked Plan (CLP), Down Payment (DP), FLEXI and Special Payment Plan (SPP).
v What is the security provided for the loan?
As a basic criterion for accepting home loans, banks advance 80%-85% of the property value in the form of a home loan, depending on the individual’s borrowing eligibility. As in the case of any other secured loan, in exchange for the amount advanced in the form of home loan, banks demand a security from the borrower in the form of mortgage of the house. The property is always mortgage with the bank and also most of the loan buyers buy an insurance cover till the amount of loan so that in case of any eventuality the loan amount can be paid through the insurance company.
v What is Loan against Property?
When the funds are raised by the individual by pledging his existing property to the bank, the process is called LAP. The property remains mortgaged with the bank till the time the entire loan is paid back by the borrower.
v What security will I have to provide?
The property is mortgaged by the bank or financial institute.
v Can I repay the loan ahead of schedule?
v Does the property have to be insured?
Not necessary it is up to the individual to get it insured or else normally as a practice to ensure the home loan amount the bank gets the life insurance done of that individual up to the amount of loan sum.
v How is my loan reassessed if there is a change in status from Non-Resident Indian to Resident Indian?
Just few other documents are additionally required to the re-assess the loan application.
v My question is not here?
Mail us your query at email@example.com and someone from our team will contact you & try to resolve your query.