Tax benefits on home loan

Posted on February 22, 2016 by Anukampa

Few years back, people with moderate income, either inherited a home which was built by their predecessors or if they planned to build a house it was only when they got their annuity amount or got substantial money as an inheritance. The tax incidence on construction of a house was too high and there were not enough tax benefits attached to the same. Middle class people only day-dreamt about owning a proper house, it was the prerogative of rich or well off people to get a house constructed for themselves and their family.

The scenario changed with the liberalisation of Indian economy and housing was shortlisted as one of the thrust sector for revival of economy and accordingly required measures were taken to push up the things for housing sector. Apart from easing of home-loan process and interest rates, one of the push-ups to the housing sector given by Government was benefits in regard to Income-Tax. Here we shall give a short synopsis of few deductions to be claimed in regard to home loan:

Paid Interest will be treated as loss: The interest component of the EMI’s paid for the home loan will be treated as loss to the assessed and accordingly will be deducted from his income. This deduction will be effected from the year in which the construction of the home is complete. A maximum deduction of Rs. 2 Lakh can be claimed in regard to home loan for the home used as own residence and if the property is rented then entire interest amount for the year shall be deducted.

Is deduction available on principal repayment? : The repayment of principal amount of home loan also falls under the purview of deduction factor. The part of EMI which is repaid as Principal amount is eligible for deduction u/s. 80C of Income tax. However, a maximum amount of Rs. 1.5 Lakh will be eligible for deduction.

Even Stamp duty paid and registration charges will be eligible for deduction: Section 80C also allows the amount paid towards Stamp duty and registration charges as deduction for the year the payments were made.

Pre-construction interest is also eligible for deduction: Along with, the deduction of Interest paid with EMI’s starts with the financial year the construction is over, the deduction for pre-construction interest can be claimed from the same year. However, it shall not be more than Rs. 2 lakhs for the house used as residence, divided in five equal instalments.

Why switch Home loans with another lender?

Posted on February 12, 2016 by Anukampa

‘Home Sweet Home’ is what every one wishes to own one during life span. Owning a house can be a tedious and a life time achievement for some but it may be a regular buy for others.

Presently, it has become easier for aspirants to own a house, thanks to easy loan facility availability and easy repayment options coupled with rock-bottom interest rates. Interest rate has become the bone of contention amongst housing loan companies and banks. With stiff competitions in the offing, the beneficiary is the loan seeker who is being wooed by financial institutions with cropped interest rates, zero or very nominal processing fees or longer tenure for repayment with attractive EMIs. To expand their customer base, these institutions have resorted to customer snatching practices with offering lower interest rates and a plethora of other services. There can be many pros and cons of switching Home loans with another lender; here we shall give a level platform for both aspects:

Does loyalty pay:

Yes, it pays because the shifting client saves time and money on credit checks, authentications, revaluations, paper work and lot of other formalities besides initiating everything afresh. No, because one might miss a very attractive offer which is in the offing. It will be better to first have a tough negotiation with existing loan-giver before shifting to another one if the deal happens to be that attractive.

Time factor:

Tenure of loan is an important factor while deciding loan shift. If the existing loan is to expire in a short period, then it will not be feasible to shift as like interest time also plays an important role in cost effectiveness. Yes, it will be favourable for an aspirant who has recently started paying EMIs as switching loans to a better package will be very cost effective.

Switching costs:

Home loans when switched might become costly in comparison to the present depending on offered package. The factors of Stamp duty, processing fees, legal costs and expenses of fresh documentations should be in for consideration. Another factor up for consideration is pre-payment penalty charged by present lender. If these factors are favourable then it will be a wise decision to shift loans to another lender subject to other conditions being favourable too.

Keep an eye on CIBIL ratings:

A person who has presently taken a loan from some banking or financial institution should always keep a sharp eye on his CIBIL ratings. Generally, the worth for CIBIL ratings gains importance only when a fresh loan or loan switch is contemplated. Don’t be under an impression that CIBIL ratings will not alter once approval to loan is given and further when payment is smooth. There may be many other factors which might alter ratings. The potential lender will certainly consider CIBIL ratings while considering a switch over borrower.

Decision is yours:

A borrower of home loans is a wise person in his own esteem. He knows the benefits and inadequacies of whether to continue with present loan or switch loan to a new lender. Continuing with present lender has the benefit of acquaintance which might be of help even if there is a negative twist to CIBIL scores because, here, personal touch gets a priority over data facts. On the other hand one may rue over loss of a jackpot opportunity if the shift of loan is not affected.

Grihapravesh…towards new beginnings.

Posted on January 25, 2016 by Anukampa

For some, this New Year has brought a lot of new beginnings in their life. January being a season of marriage has witnessed a lot of couples settling down and start a new life.

In our country, Griha Pravesh of a new home is considered to be one of the most auspicious rituals before entering into a newly built house. Once the house is ready, the family moves in on an auspicious day that is determined by the astrological charts. We congratulate everyone who has moved into their new homes.

Like marriage, for many people, owning a home is the fulfillment of their dream. As marriage showcases stability, prosperity and fertility in one’s life so does owning a house. As one moves ahead in the journey of life, having a stable home is an obvious need.

On this note it is very important for a newly wed couple to own a house that is built with the pillars of love and affection. Another benefit of owning a home is that it gives you complete control and freedom. You get the complete freedom of choosing which things to be placed where. Which wall to be hammered. And of course, it saves you from the hassle of shifting from one apartment to another. Considering the future aspect, your children will have a more secure surrounding to grow and cherish fond memories in their own home.

When starting a new family, the feeling of owning a home is a feeling of pride. It helps you in bringing steadiness in terms of giving security, luxury and comfort to you and your family desired for.

Therefore, in this phase of life when starting afresh, owning a home can play a vital role in bringing you and your family on a concrete ground.

Create your own Terrace Garden

Posted on January 14, 2016 by Anukampa

Gardens always have a special place in our lifestyles. But with cities growing upwards and spaces squeezing around, it’s difficult to have a garden of your own.

But if you have a terrace or an extended balcony in your house, a private terrace garden is easy to make! Terrace gardens not only add a touch of green to your home but also give you an opportunity to conserve the environment while showcasing your creativity! Growing plants also has a therapeutic value, which helps you relax.

Where the roof is strong enough to support the weight of top soil, it’s a great idea to add a lawn. The sight of a lawn outside the living room / bedroom in a modern apartment can be very striking and at the same time, relaxing.

Alternatively, you can use other hard landscaping materials like tiles and bricks to create a landscaped area and then plant your favourite plants in pots along the landscaping.

Add some colour by planting seasonal flowering plants. You can also match the flower plantation with the interiors of the room that leads to the terrace. This garden will offer you ample opportunity to showcase your creativity.

One thing to keep in mind is the drainage system. It should be such that when you water the plants, the floor or surrounding area does not become messy.

Having a garden in an apartment also calls for some responsibility. Like, while trimming your plants, watering them or performing other beautification and maintenance works, you should not disturb neighbouring houses or spill the shreds over to another balcony or down below in the common area.

Balcony gardens with a variety of potted and submerged greenery are a quiet oasis, showing how well nature can be adapted above ground. And if you are an organic freak, you may also want to pant some vegetables and fruits in it.

So, if you have a terrace or a reasonably sized balcony, don’t let this opportunity pass, to imbibe nature into your lifestyle!

Real Estate Terminology 5

Posted on January 3, 2016 by Anukampa

We have been talking about Property Terms, giving you insight on the terminology that sometimes get difficult to comprehend. Read on further to know more such terms.

Facilities management

The co-ordination of many specialist disciplines to create the optimum working environment for staff.

Fail rent

The rent determined by a rent officer (or, on appeal, by a rent assessment committee) under a regulated tenancy and registered.

FERA

An act to regulate certain payments dealing in foreign exchange, securities, the import & export of currency and acquisition of immovable property by foreigners. Under Section 31 (1) of the Foreign Exchange Regulation Act (FERA) of 1973, it is mandatory for foreign corporations, which are not incorporated in India to obtain permission from the Reserve Bank Of India (RBI) to acquire, hold, transfer or dispose off in any manner (expect by way of lease for a period not exceeding five years) any immovable property in India.

Fire certificate

A certificate covering matters of safety required under the legislation for hotels, boarding houses, factories, offices shops and railway premises, excluding those buildings containing less than a minimum number of employees.

Fitouts

Relate to the interior permanent furnishings required in a property including HVAC ducting, fire protection system implementation, establishment of workstations and telephone/computer cabling among others, in order to make the property fit for usage.

Flatted factory

An industrial building of more than one storey, usually with two or more goods lifts, and constructed or converted for multiple occupation. The building is subdivided into small, separately occupied units which are used for manufacturing, assembly and associated storage.

Freehold

Freehold property can be defined as any estate which is “free from hold” of any entity besides the owner.

Frontage(line)

The full length of a plot of land or a building measured alongside the road on to which the plot or building fronts. In the case of contiguous buildings, individual frontages are usually measured to the middle of any parting wall.

Come back to continue reading about more Real Estate terms

Welcome Winters!

Posted on December 18, 2015 by Anukampa

With the inception of winters, the weather becomes gloomy and sad. Even a small window can brighten up your place. Get a perfect decor for your home in winters and brighten up your days.

Mirror Magic
If you don’t have enough space to add new lights, add a few mirrors adjacent to your lights. Mirrors create the illusion of more lighting sources, and doubles the amount of light that bounces around your apartment.

Wireless lights
Though candles are a great way to add light and style to your living area, consider more safer options like LED candles and battery operated lights. Not only are they safer from fire hazards, they can also be placed anywhere.

Don’t overdo
Now that you have new lamps, string lights and mirrors around the house, take some time to consider the proper placement of each piece to maximise the effect. Also don’t put all the lighting in one room and neglect other places. Put at least one light source near each corner of larger rooms.

Sticking to lighter shades
To keep your apartment as bright as possible, stick to light-coloured lamp shades. Darker lamp shades will filter out a considerable amount of light and may leave you sitting in the dark.

String/Fairy lights
These might remind you of the festive season, but they work well when it comes to adding more light to your house and also look pretty as a home decor idea. Simply string them around the window or adorn your book shelve with it. For a classier look, go for white ones rather than coloured.

Proper lighting not only provides enough light to your home during the dark hours but also adds up to your efforts of home decor.

Stay close to nature!

Posted on December 13, 2015 by Anukampa

If you love the green colour and have space, then you should explore this idea.

Balcony gardens can be intimate, manageable, useful, and absolutely stunning. But they can be complicated or simple depending on your choices and time to manage it.

Having an open garden in front of your home is a dream most of us have. With the apartment culture on rise, a personal garden seems a distant dream but balcony gardens are one arena that you can explore.

The most basic need of a balcony garden is space. Make sure you have space enough to have a few planters without making it look cluttered.

Since balconies differ in the climate from the ground and each balcony is situated in a different direction, you need to determine the environment of your balcony before selecting the kind of plants that can survive that weather condition.

Once you are sure of the weather conditions, choose a variety of plants mixing the seasonal and annual ones, so that your garden stays green always. You can also consider plants that require the structural support of trellises or cages to add variety and beauty.

Make sure the containers you plan to use are compatible with the growth habits of your plants and have adequate drainage as well.

Use different combinations of container and plant sizes to create visual interest. Reduce visual clutter by choosing containers that blend in with the surroundings.

If you have a variety, layer plants, with taller plants in the back and smaller ones in the front. You can also try vertical gardening. Hanging baskets and trellises can be used to maximize space and can really take your balcony garden to the next level.

Adding a little creativity and dedicating few minutes each day can really bring the blossom of a garden to your home. But before starting off, make sure your society and building management allows them.

Own a home!

Posted on December 6, 2015 by Anukampa

Getting a home or buying a home of your own is one of the most important aspects of life. It not only defines your well-being but also gives you security for life!

Having a place of one’s own is important in terms of security and investment for the future. With changing times and economy, it has not only become easy to buy a home but also the age at which you purchase your first home has decreased.

Here are some of the benefits of having your own home.

1. At the most basic level, having your own home gives you a sense of security and ownership. Not only do you have a place to reside but you also own it and would own it for the rest of your life. Isn’t that a great feeling?

2. Property rates would only increase with time. We have seen a surge in the property rates in the last two decades and it is only going to move upwards. With the lands getting scarce and the demands increasing, we only know what happens to its prices.

3. With changing times, we have also seen an upward trend in the salaries, so affordability is not an issue combined with the fact that home loans are no longer a terrifying aspect.

4. Staying on rent cannot be a permanent option. In fact, the amount that you shell out every month on your rent can be your EMI towards your home loan repayment, which in the end, will help you own a house and not leave you homeless. Also the interest on home loans are lower than any other loan, so it’s better to take a loan and buy property.

5. Advantage of tax breaks. Under the present tax rules, you can get a tax break on interest repayments for home loans to the extent of Rs 150,000 and on principal payments up to Rs 100,000 per annum.

6. Property works as a good investment and an asset. We have always seen homes becoming a rewarding investment and property rates are only likely to rise with urbanisation and economic development.

These reasons not only sum up the need of a home but also make it look beneficial for the future.

Benefits of living in a gated community

Posted on July 23, 2015 by Anukampa

A Gated Community is a residential housing property, with a controlled and protected environment. It is built and developed to resemble a small township or neighbourhood, and is becoming an extremely popular option, among property buyers.

With the assurance of top quality, round the clock security system and protection from pollution and noise from the outside, the Gated community experience also pledges to keep your home environment calm, peaceful and safe.

Few of the benefits of living in a gated community are:

Feeling of Association

In a community, people live by associating with one another. The feeling of association is a common human feeling. This helps in establishing peace and harmony within a community. Without a feeling of association there will be chaos and disharmony in the society or community. Hence, this point plays an important role in making it lively and vibrant.

Security

The primary benefit of staying in a gated community is the security element. They are more difficult to access in comparison to standard communities and hence a reduced level of criminal activity is observed. Vehicles as well as pedestrians have to pass through gates often guarded by uniformed security officers. Often, residents and visitors use separate lanes to enter the community. While residents use issued computer cards to get access, the visitor’s authorization is verified via telephone.

Privacy

This is another benefit to living in a gated community. Because of the gates or walls surrounding the neighbourhood, it gives a more private, secluded feel to the neighbourhood. Residents don’t have to worry about people coming and going into a neighbourhood that is not their own.

Surroundings

The surroundings of a gated community are another reason why living in a gated community is so popular. It’s typically quieter living in a gated community. Since you are enclosed from the outside neighbourhoods and areas, you generally don’t hear a lot of traffic or noise. The landscaping is usually well designed and taken care of since most gated communities have a groundskeeper that cares for the lawns, trees and bushes.

Sense of community

The reason why many people choose to live in a gated community is that there is often a real sense of community when living in a gated neighbourhood. The kids all play together and the adults often get together for neighbourhood socials. Often times there is community pool and events are planned around the different holidays. People are often neighbourly and willing to help out their fellow community members.

Sense of togetherness

A gated community fosters a sense of togetherness. There is a feeling of unity and the neighbors tend to look out for each other and stand by each other at times of need. They also come together to fight for common causes, which is not usually seen in case of standard neighborhoods.

Exclusive amenities

Several gated communities have exclusive amenities and resources for themselves. Recreation rooms, swimming pools and private parks are facilities, which the old and the young residing in the community can indulge in. Often, community centers or events, which aim at involving group activities are organized to promote the families to come together and get to know each other.

These are a few of the reasons why living in a gated community is a good idea and works for many people looking to buy a home. There may be different types of gated communities such as those for the retired or those with young families. But with any gated community, there is a sense of security, privacy and exclusivity for it’s residents.

Advantages of having a garden in your apartment

Posted on July 8, 2015 by Anukampa

A touch of greenery amidst all the concrete is very appealing to the eye. In case of apartments, you can always go for small hanging gardens, which will add a spark to your balcony.

In addition to the common benefits of serving as a great place to relax, exercise or simply soak in the sun from the comfort of your home or even serve as a great space for hosting barbeque parties, here are some of the more commonly overlooked advantages.

1. Experience

The most important factor, which contributes to the overall look and feel of any home is the experience. To be specific, a visual experience is something, which lasts longer in the minds of people. Aesthetics are essential to any home and gardens probably top the list of things, which provide a visual long lasting impact on any person, as they are closely associated with natural fauna.

Not just a visual, but a mental experience also comes into play by the mood it creates. After a long and tiring day through the concrete jungle, returning home to the sight of that green is only second to that of returning home to your family and/or pet

2. Access to Fresh Produce

The vegetables and fruits we buy from the marketplace are prone to have remnant pesticides, which can be harmful to your health. A garden, on the other hand, can be a source of fresh produce, which is safe to consume. It might take a lot more effort to maintain the produce gardens though, but it sure is worth the rewards. You literally reap what you sow, in this case.

3. Impact on the Environment

The very word ‘garden’ instantly forces you to think of the environment. It doesn’t matter how big or small the garden is, it is sure to create an environmental impression.Plants absorb greenhouse gases through photosynthesis. They reduce the glares from buildings and absorb unwanted noises. It also helps in conserving energy. Pollution can also be minimized to a certain extent.

Gardening is also a way to provide habitat for different life forms. This attracts birds and insects, which are always an added pleasant sight in your garden.

4. Value of Medicinal Plants and In-house Gardening

In addition to growing fruits &vegetables or that rare botanical collection, many gardeners are known to grow medicinal plants, whose benefits are aplenty. Aloe Vera, for example, is a common home grown medicinal plant and is very helpful when it comes to healing, reducing risks of infections and also poor appetite.

If you are planning on growing plants within the four walls of your house, there are some amazing plants like peace lily and snake plant, which are very forgiving.

A healthy and peaceful surrounding is all one wants and having a landscaped garden is truly something to die for. There is no disadvantage, which would overrule the advantage though. Any home will surely look complete, beautiful and more with nature with the addition of a well-maintained garden.

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