What is a Home Loan? Can I apply for it?

Posted on January 7, 2015 by Anukampa

Home Loan is a secured loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.

If you are planning to buy your own house, it may be a good idea to apply for a home loan, rather than trying to arrange the entire purchase amount at once. It is also a good way of tax planning. And if you’re wondering whether or not you’re eligible for a home loan, please go through the following guides. Please note that the guide is only for assistance and may not be absolutely exhaustive, as criteria may differ slightly from one financial organisation to another.

Any adult individual with a source of income can apply for a Home Loan, if he/she meets the criteria of the Banking Financial Corporation / Non Banking Financial Corporation norms and eligibility criteria of the same.

You may NOT meet the criteria for getting a Home Loan if any of the following is true:

Suite filed or written off cases reported in the Credit Information Report [CIR]. This is indicated in the ‘Account Status’ section of your CIR.
Payment history trend – if there has been any default or amount overdue. This is indicated in the ‘Days Past Due’ [DPD] field of your CIR.
Company profile where you work – the banks generally have an approved list to whom they extend loan / credit card.
EMI to Income ratio: if your current total EMI exceeds your monthly salary by more than 50% then chances of getting a loan are reduced.

What is rainwater harvesting? Why do you need it in your building?

Posted on December 24, 2014 by Anukampa

Rain water harvesting

Rainwater harvesting is a technology used for collecting and storing rainwater from rooftops, the land surface or rock catchments using simple techniques such as jars and pots as well as more complex techniques such as underground check dams. Commonly used systems are constructed of three principal components; namely, the catchment area, the collection device, and the conveyance system.

Why do you need it?

Buildings with the facility of rainwater harvesting seldom face issues in water supply. The technique provides an independent water source used to supplement the main supply. It does not only provide water in case there is a short supply, but can also help mitigate flooding of low-lying areas, and reduce demand on borings and wells, which may enable ground water levels to be sustained. It also helps in the availability of potable water, as rainwater is substantially free of salinity and other salts. Thus, it helps you live in an eco-friendly, sustainable environment.

Advantages

Rainwater harvesting is an accepted freshwater augmentation technology in Asia. The bacteriological quality of rainwater collected from properly maintained rooftop catchment systems, equipped with storage tanks having good covers and taps, is generally suitable for everyday use, and frequently even meets WHO drinking water standards. Notwithstanding, such water generally is of higher quality than most traditional, and many of improved, water sources used in our cities. Contrary to popular beliefs, rather than becoming stale with extended storage, rainwater quality often improves as bacteria and pathogens gradually die off.

As a residential society, buildings often execute higher pressure on the regular water supply in that area. Thus, making sure the building you live / move in has an alternative clean water supply system of its own, such as rainwater harvesting, assures an uninterrupted supply of fresh water throughout the year.

How are Maintenance Charges Calculated?

Posted on December 16, 2014 by Anukampa

There are different procedures or methods adopted by an association or society for collecting monthly maintenance fee. Some of the important practices that are prevalent are following.

Flat monthly fee:
Under flat monthly fee, apartment owner’s association or society calculates sum or total maintenance charge and divides equally among all flat owners. This system is generally followed where apartments are of the same size.

Per Square feet rate:
Under this method, rate or fee varies depending on square feet owned by apartment owners. Larger the square feet owned, higher will be the monthly maintenance fee. This is widely practiced in Apartment societies with different sizes of apartments.

Partial flat rate:
Under this method, association or society charges flat rate for a limited square feet and each additional unit will be charged extra. For e.g.: Flat owners who owns up to 1000 sq ft will be charged fixed rate and for addition of 100 sq ft, will be charged 2 per cent extra. In this case, all flat owners with 1000 sq ft pay equal amount but flat owners of 1100sq ft, 1200 sq ft and 1500 sq ft pay different amount towards monthly maintenance fee.

Mixed approach:
It’s a central approach to maintenance charging. Generally followed in apartment societies with variable sized apartments. Here there is a per square feet charge, which is generally low plus total expenses divided equally among the flats.

The common expenses will include the amounts determined to be payable as such by the Society or Association. It includes expenses such as expense of administration, maintenance, repair or replacement of common areas and facilities. So long as there is no dispute, any system acceptable to all the apartment owners can be implemented on the basis of agreement or consensus.

Method of calculating maintenance fee varies depending on the agreement or byelaw of an association.

What are Maintenance Charges? Why should I pay them?

Posted on December 10, 2014 by Anukampa

In real estate, the residents or owners of a property in a specific area are charged for maintenance and operations of the commonly owned property areas. This charge is called maintenance charge.

Maintenance charge is generally levied periodically. It is required to fund operations related to upkeep, maintenance and upgradation of such areas, which are not directly under any individual’s ownership.

The main charges levied by the society can be categorised as -

(i) Property Taxes

(ii) Water Charges

(iii) Common Electricity Charges

(iv) Contribution to Repairs and Maintenance Fund

(v) Expenses on repairs and maintenance of the lifts of the society, including charges for running the lift

(vi) Contribution to the sinking fund

(vii) Service charges

(viii) Car Parking Charges

(ix) Interest on the defaulted charges

(x) Repayment of the installment of the loan and interest

(xi) Non-occupancy charges

(xii) Insurance Charges

(xiii) Lease rent

(xiv) Non-agricultural tax

(xv) Other charges.

What is Carpet Area and how is it calculated?

Posted on November 26, 2014 by Anukampa

Simply put, Carpet area is the area between the walls, that is, the actual area to lay the carpet on. This area does not include the thickness of the inner walls. It is the actual used area of an apartment or commercial unit. Additionally, carpet area must have a permanent roof over it, at a normal height.

Carpet area is calculated by multiplying dimensions of a room, i.e. length x width. We get the total carpet area by adding carpet areas of all the rooms, varandas, passages, gallery inside the main door and balconies.

Depending upon the builder practice, carpet area may be 50% to 70% of the saleable area. It is used to calculate the cost of the property you’re buying. So, if you’re planning to buy an apartment or an office, always check the ratio of carpet area to the saleable area; because higher the ratio, the better value you get for your money!

There are other terms as well, that will help you size up the value of space you’re getting for the price you’re paying. These are: built up area and super built up area, about which we’ll talk in the upcoming blogs. So if you found this information useful, do follow us and share the post with your friends.

Why pay for property space you cannot use?

Posted on November 12, 2014 by Anukampa

While buying an apartment or an office, it is important to analyse the quality of the architectural planning, so that do not end up paying for space you will never be able to utilise efficiently. This space is called ‘Negative Space’

Negative Space is the area not occupied by any useful construction. This part of the property plan is often neglected, used inappropriately as an afterthought.

The term ‘Negative Space’ comes from the world of art, where it was used as a composition tool between objects in both two- and three-dimensional work. However, in times of rising property prices, shrinking living areas and smartly designed homes, there should be no room for space that is not utilized efficiently.

Having no negative space in an apartment means, having no neglected or unutilized areas on the floor plan. Since the cost of your purchase is calculated on the basis of square foot area, every inch matters.

Smartly designed apartments and other properties will always have the layout in such a way that your property smartly uses every inch of the space you’ve paid for, while providing you an airy, efficient and comfortable living / working area.

Browse through 2 & 3 BHK modern lifestyle apartments in Jaipur that offer you zero negative space with the Anukampa Group.

Why invest in Mansarovar Extension?

Posted on November 5, 2014 by Anukampa

Mansarovar, Jaipur is not only the largest residential colony of Asia, but is also one of the fastest growing areas of the Pink City.

Located in the south-west of Jaipur, the entire region is very well planned with parallel roads crossing at regular intervals. The colony enjoys all the comforts of the city life with fine markets, malls, restaurants, hospitals and educational institutes along with the peace and tranquility of being away from the hustle-bustle of a hectic city life. For residents, it offers the perfect lifestyle equipped with modern amenities, while for investors, it provides a good opportunity to grow and prosper through their investment in this fast developing area of the capital city of Rajasthan. Mansarovar is easily accessible from the major point of the city. It is located at distance of about 7 km from the city centre. The closest railway station is 4.5 kms away, while the International Airport of Jaipur is at a distance of 10 km from this region.

The Mansarovar Extension is coming up to be a bigger, better and more promising extension of this well-planned colony of Jaipur. It is dotted with modern-day amenities in open spaces with a confortable proximity to the city centre and all major markets and utility areas.

Mansarovar Extension is also home to two of the most sought after residential projects of the city – Anukampa Platina and Anukampa Platina Terraces, located opposite each other, and are all set to give the people of this city, a taste of the international high life!

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Category Archives: Residential