Monthly Archives: January 2016

Grihapravesh…towards new beginnings.

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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.

Home Coming

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.

How to apply for a Home Loan

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Buying a home is one of the biggest decisions you’ll take in your life. It is usually a good idea to take a home loan for a section of the payment. In the beginning, the process may look bothersome, as it involves many criteria and stages, but it is a safe and easy way to own a home.

To begin with, you’ll need to give a formal application for the home loan to your bank. The application form will requires certain basic information about you such as your income, employment, educational details, details about the property, estimated costs and current means of financing the property. Though the requirements may vary slightly from bank to bank, all banks will require supporting documents to validate your information.

Home Loan Application

The following is a list of documents you should keep handy while applying for a loan:

  • Income proof
  • Age proof
  • Identity proof
  • Address proof
  • Employment details
  • Proof of educational qualifications
  • Details about the property if finalised
  • Bank statements

In addition to this, you will need to pay a ‘processing fee’ to the bank for the home loan application. The fee varies from bank to bank and is non-refundable. It is charged as a small percentage of the total loan amount. The fees is used by the bank to start and maintain the home loan process including completing various formalities during the entire period.

Once you have submitted the required documents and paid up the processing fee, the banks will begin evaluating and processing your application for the loan, based on your requirements.

Create your own Terrace Garden

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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.

Terrace Garden

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

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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