Category Archives: Real Estate

i-ville at Jagatpura: An epitome of luxurious living.

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i-ville @ Jagatpura: An epitome of luxurious living.  

Jaipur, renowned over the world for its architecture and town planning is basically a traditional town with small population and flourishing business was until few years back was cramped into constrictions of ramparts of old city. With the passage of time and its proximity to National Capital initiated a surge in population of city and resultantly the walled city got over-crowded and people had to look for other options to set up their habitats.

The southern stretch of any city is considered to be more posh then the stretches in other direction and Jagatpura is one such location. Situated on the South-Eastern tip of Jaipur, Jagatpura with its own railway station where some passing trains halt and more are in the offing for a halt is in proximity to Sanganer International Airport. Jagatpura has many reputed Universities and Colleges to its credit. It is also site for two Medic Cities promoted by Reliance group and Bombay Hospital. Apart from being an educational and medical hub, Jagatpura with sound and developed infrastructure has attracted many housing projects of repute. Jagatpura is a location having high class urban facilities with rustic surroundings. It is one of the green lungs of Jaipur

It is here that Anukampa Group, one of the pioneer Real-estate groups of Jaipur has launched its new high end residential project, i-ville with loads of features which makes it a inevitable buy for people looking for a serene environment coupled with world class features. It is located opposite to NRI Colony. A housing agglomeration of 175 units in G+9 structure , i-ville, has Studio, 1 BHK,  and 2 BHK flats sized at 427.64 sq. Ft., 699.71 sq. Ft. and 1048 sq. Ft. respectively.

The pre Launch Price will be Rs. 3300 per sq ft. with Rs. 25000 as LPG charges. There will be one time Maintenance deposit of Rs. 250 per sq. ft. along with Electric Substation charge of Rs.60 per sq. ft. PLC charges will be 10% on pool facing and garden facing flats to be charged on BSP. If opting for fully furnished flat, an additional Rs. 350 per sq. ft. will provide with 1 AC in Bedroom or Living room, Bed, Sofa, Dining Table, Geyser, LED, Microwave and Wardrobe.  Fan, Tube lights, Exhaust fan and Modular Kitchen is provided in every flat. An additional Car Parking charge of Rs. 1 lakh for open parking, Rs. 1.5 lakh for basement parking and Rs. 2 lakh for stilt parking is payable.

This price offer is valid till 31st. March 2016 or for first 50 flats whichever is earlier. So avail this attractive offer for a niche world class living in the healthy and green environs of Jagatpura created by ever dependable Anukampa Group.

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Tax benefits on home loan 

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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.

Tax Benefit

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?

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‘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.

Know the terms about your property-Part 2

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In continuation with the previous blog on real estate terminology, this blog briefs you on the terms that will help you understand things better.

Encumbrance Certificate: A report issued by Registrar of Assurances or Sub-Registrar’s office after due verification of the relevant documents certifying that the property in question is free from all encumbrances such as mortgages, leases, easements or restrictions.

Efficiency ratio: Efficiency ratio is expressed as a share of carpet to super areas of the property.

Floor Space Index (FSI): Floor Space Index is the quotient of the ratio of the combined gross floor area of all floors excepting areas specifically exempted under these regulations to the total area of the plot.

Maintenance charges: These are charges taken by the maintenance society towards the maintenance of the property which includes costs of generator sets, security, landscaping, and common areas.

Market value: Valuation process evaluates the market value of the property. Demand and supply forces in the market and factors like type of property, quality and construction, its location, infrastructure and available maintenance are taken into consideration. Market value of the property is the price that the property commands in the open market.

Occupancy Certificate or OC: A certificate issued by the local development authority certifying that all necessary works have been completed as per the sanctioned plans and that the property is fit for occupation. The OC is issued after clearance from the water, electricity, sewerage, fire fighting authorities etc.

Registration charges: The fees associated with getting the legal title registered in your name. This legal process takes place in the sub-registrar’s office in your local court.

Super area: This is as a rule regards to the entire area of the building which includes carpet area, lobbies and corridors, walls, lifts, staircases, basements, and other atrium and utility areas.

Stamp duty: Real Estate Stamp duty is a type of tax accumulation by the Government of India. Stamp duty is established on the agreement value or on the market value whichever is greater.

Sale deed: Sale deed provides the buyer the absolute and undisputed ownership of the property. With this law, the seller transfers his right of property to the buyer. Subsequently, it is executed to the execution of the sale agreement and after compliance of various terms and conditions detailed in the agreement.

Title: The document that provides legal evidence that the person has the right to the possession of the land.

Why pay for property space you cannot use?

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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.

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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.

Benefits of investing in Property

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The market of real estate is booming with every passing day. Today, investing in realty has become a common investment choice.  Many people are investing in properties, rather than opting for any other investment option. Although, there are many opportunities available for making good profit, but the real estate business is flourishing constantly. For this reason, many people prefer to invest in real estate to obtain capital profits and regular cash flows. Since last few years, investing in real estate has becoming a trendsetter in India. Because of its huge benefits, it has become a major investment choice of many people. There are many benefits associated with investing in real estate, such as

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•Leverage: It is one of the major advantages of investing in real estate. It allows you to get a much higher return on your investment. By using leverage on your real estate transaction, you can have a positive impact on your financial statements.

•Appreciation: When the value of property increases over time, as a result of supply, demand, capital improvements, inflation or other factors, it is called appreciation. There are many investors who invest in real estate due to diverse reasons. When looking at the advantages of renting or buying a home, many people prefer to buy a home, as it can increase their net profits through appreciation.

•Tax Benefits: Another big advantage of investing in real estate is tax benefits. There are many tax benefits offered, when you own a property. All HOA dues, repair interests involved in it are tax deductible.

•Capital Growth: The value of property is increasing at a very rapid pace. By investing in real estate, you will not only get benefit of a steady capital growth, but can also earn a good rental income every month. It is a long-term cash flow that strengthens and increases over time.

As compared to any other kind of investment, investing in real estate is the best option that offers huge cash flows and profitable returns. The process of investing in real estate is very straightforward and easy. The only thing you require is sufficient knowledge in the real estate investment field. Apart from all these aspects, it is a more profitable mode of investment, as compared to stocks and shares.

Health at your Home!

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‘Health is a state of complete physical, mental and social well being, and not merely the absence of disease or infirmity.’

In times of supersonic lifestyles, it is critical to give due importance to good health. A healthy lifestyle means a longer life. Which is why it is important to have a home in a place that helps us lead a healthy, wholesome lifestyle. A place that assists you to perform to the best of your ability, in every sphere of your life.

Here are some of the things you can consider while choose a place to reside, so you can maintain a healthy, happy lifestyle – no matter what stage you life you may be in:

Swimming pool: Swimming is a great workout because it keeps your heart rate up but takes some of the impact stress off your body.

Indoor games Room: Games are a good hobby as they can help you relax after work or on weekends and take away stress.

Modern, well-equipped gym: Going to the gym every day puts you in contact with people on a regular basis and enhances your social life as well as the way that you feel about yourself. You will stay fit, in shape and sleep better if you exercise each day.

Kids play area: Don’t underestimate the importance of children’s playtime. It may look like leisure time, but when children are playing house, fighting imaginary dragons or organizing a game of hopscotch, they’re actually developing crucial life skills — and preparing their brains for the challenges of adulthood.

Sports facilities like lawn tennis, cricket practice net, basketball court, etc.:Sports stress on the positive effects of participative learning, the important life skills of goal setting and time management combined with enjoyment; the development of a strong sense of morality; and appreciation of diversity.

Skating ring: Skating is a great way to participate in a fitness activity that benefits both your body and your mind.

Jogging tracks: Jogging is a popular form of physical activity. Regular running builds strong bones, improves cardiovascular fitness and helps to maintain a healthy weight.

Landscaped parks: You may find stress relief and healing when interacting with nature. Plants lower blood pressure, reduce muscle tension related to stress, improve attention and reduce feelings of fear and anger or aggression.

Importance of location while buying a house!

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Whether you are purchasing your home as an investment, a lifestyle upgrade or both, one of the most important decisions you will make is where you want to live. Your home’s location will help determine not only the future value of your investment, but also many aspects of your everyday life.

Here are some factors you should consider carefully when selecting a location.

Geographic Location

The part of the city you choose to live in will have a major impact on your lifestyle. Particularly if you want to stay in your home for a long time, make this decision very carefully, taking into consideration the factors that are most important to you, like proximity the city centre, connectivity, distance from airport / railway station, etc.

Neighbourhood

Within a particular area, different neighbourhoods will have different characteristics. You’ll want to pick the one that is the closest fit to your lifestyle and personality – a place where you’ll feel comfortable and where you are likely to get along with your neighbours. You’ll also want to try to live close to the places you visit frequently, like grocery stores, your job (if you plan to keep that job long-term), and, if you have kids, the schools you want them to attend.

Safety

For most people, safety is a top consideration. You’ll often pay less to live in an area with higher crime, but if you’ll have to live in fear or if you one day become a victim no price discount will be worthwhile. It may also be harder to resell your home or get a good price for it if you decide to sell.

Proximity to Work

The length of your daily commute can have a significant impact on your disposable income, quality of life and how much time you get to spend at home with your family. How long of a commute can you endure? Are you planning to stay at your current job long-term or do you expect to switch jobs in the near future? If you plan to stay at your current job, how close to work do you want to live? If you plan to switch jobs, what are the job prospects in or near the area where you’d like to live?

Proximity to Friends and Family

The best home may not feel very homey if you live too far away from your friends and family to see them on a regular basis. On the other hand, your friends and family might end up moving at some point, so make sure this isn’t your only reason for choosing a location.

Proximity to Leisure Activities

What do you enjoy doing in your free time? If you love to go out to eat, you might not be happy living somewhere with few restaurants. On the other hand, if your favourite thing to do is stay home, you might have more choices available to you when it comes to this aspect of choosing your location.

Visit During the Day and at Night

What a neighbourhood looks like on paper and how you feel when you’re in it is not necessarily the same thing. Sometimes little details can make a big difference. For example, some neighbourhoods have narrow roads, lots of cars parked on the street or distinctive architectural features that may not suit your taste. If these things aren’t what you envisioned in your ideal neighbourhood, you may not want to live there no matter how great the statistics may be.

What are the types of Home Loans available?

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Land Purchase Loans: Land purchase loans are taken to buy a plot of land on which a borrower wishes to construct his house. Most banks offer up to 85 percent of the price of the land. These loans can be availed for residential as well as for investment purposes. Almost all leading banks offer this loan.

Home Purchase Loans: The home purchase loans are the most popular and the most commonly available home loan variants. These loans can be used to finance the purchase of a new residential property or an old house from its previous owners. In this type of loan also, lenders usually finance up to 85 percent of the market value of the house. These loans are provided either on fixed interest rates or floating interest rates or as hybrid loans. All banking institutions and housing finance companies provide this type of loan.

Home Construction Loans: These loans can be availed by those individuals who want to construct a house according to their wishes rather than purchasing an already constructed one. The loan application and approval process for home construction loans are somewhat different from those of the commonly available housing loans. The plot of land on which the borrower wishes to construct the house should have been bought within a year for the cost of the land to be included as a component for calculating the total price of the house. If the plot has been purchased more than a year ago, then the above clause is not applicable. The borrower has to make a rough estimate of the cost that will be incurred for the construction of the house and then apply for the loan with the same amount. The lender then takes over from there and analyses the application to decide whether or not to sanction the loan. The approval or disapproval of the same is intimated by the lender to the applicant. The loan amount may be disbursed at one go or in several installments according to the progress in the construction of the house.

Home Expansion/Extension Loans: Home expansion or extension loans are useful in situations when people want to expand their existing house. Expansion includes alteration in the current structure of the residence to add extra space such as constructing a new room, a floor, a bigger bathroom or enclosing a balcony. Though many banks provide loans for these purposes as part of home expansion loans, some banks lend for the same purposes as part of their home improvement loans. It depends on how a bank has categorizes its loans.

Home Improvement loans: Home improvement loans are availed by individuals who already own a house but lack the funds to renovate it. All kinds of renovations and repair works can be financed using this variant of home loans such as internal and external painting, external repair works, electrical work, waterproofing and construction of underground or overhead water tank etc.

Home Conversion Loans: Those borrowers who have already purchased a house by taking a home loan but now want to buy and move to another house opt for the home conversion loans. Through these loans, they can fund the purchase of the new house by transferring the current loan to the new house. There is no need to repay the loan on the previous home. Though useful, this segment of home loans is accused of being quite expensive.

NRI Home Loans: NRI home loans is a specialized home loan variant which has been developed to assist non-residents in acquiring housing finance to buy residential property in India. These loans are meant exclusively for the non-resident Indians. The formalities of availing this segment of home loans is similar to the regular home loans, which are offered to residents, only the paperwork is a bit elaborate. Almost all public and private sector banks provide NRI home loans.

Balance Transfer Loans: Balance transfer option can be availed when an individual wants to transfer his home loan from one bank to another bank. This is usually done to repay the remaining amount of loan at lower interest rates or when a customer is unhappy with the services provided by his existing lender and wants to switch to another lender.

Stamp Duty Loans: Stamp duty loans are provided to pay off the stamp duty charges on the purchase of a property. The amount from this loan can be used solely for this purpose. This segment of home loans has yet not gained much popularity.

Bridged Loans: Bridge loans are short-term loans, which are meant for people who already own a residential property but are planning to buy a new house. It helps borrowers to fund the purchase of the new house until a buyer is identified for the old house. It is extended for a period of less than two years and requires the mortgage of the new house with the lender.

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

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homeloanHome 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.