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.

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.

Buying a house was never this easy!

Posted on August 14, 2015 by Anukampa

The festive season is buzzing and people find it to be the perfect time to buy a house. Earlier, it was really difficult to buy a house but now a days the real estate companies and the banks offer many schemes for the people who have a dream to buy their own house. To let your dreams come true at affordable prices, developers have brought in the most advertised, and probably the most innovative, and of interest, the subvention scheme. Though these schemes have been in existence for few years, but a larger population wasn’t aware about this. Now the developers are advertising it to attract buyers.

How does this scheme works?

There are three parties-the buyer, the banker and the developer. The buyer books the property by paying 5-30% money upfront. The bank in the form of loan pays the rest of the amount to the buyer. The bank disburses the loan to the developer as construction progresses. The most important aspect is that the developer bears the interest cost till possession or for a fixed period mentioned in the buyer-seller agreement. The subvention scheme is preferable for those who stay on rent as they will not have to bear the burden of both the loan equated monthly installments (EMIs) and the rent while their house is under construction. It is an added advantage for the customer as the developer is bearing the interest cost till the construction is on. This is an incentive for the buyers at a time when project delays are so common.

How it benefits to the developer?

In view of tight liquidity with banks, when they are not willing to lend directly to developers, such schemes provide the builders an access to the funds, and that too at a low rate. It also helps buyers, who do not want to commit a big sum upfront as the project might take up more time than the committed period.

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.

Important points to remember by Tenant before signing a lease

Posted on June 30, 2015 by Anukampa

Landlords typically want all adults who will live in the rental unit, including both members of a couple, to sign the lease or rental agreement. Doing this makes everyone who signs responsible for all terms, including the full amount of the rent.

The landlord isn’t the only one who benefits when everyone signs on the dotted line. If you have roommates, you’ll want them to understand that they are bound by the landlord’s rules on guests, noise, pets, and so on, and that one roommate’s serious transgression can result in the ouster of everyone.

Before signing, be sure of the following:

•Establish a good relationship

Being polite and professional is the best way to develop a relationship with a prospective landlord and to create a successful rental negotiation. The way you conduct yourself during a property visit and in phone conversations is a reflection of you as a tenant.

•Think of your first visit as an inspection

Before signing a lease, make sure you really put it to the test. It’s important that your new home meets all of your criteria for function, safety and comfort.

The goal of the inspection is to identify all potential issues before signing the lease so that you can address these with the landlord.

•Document any existing damage prior to moving in

Once the landlord has given you the option to rent the apartment, make sure to document any pre-existing damage before signing a lease. If there is anything that the landlord did not agree to fix from your initial visit inspection such as stained carpeting, broken blinds or missing tiles in the shower, make sure this damage is documented in your lease as pre-existing.

•Know what’s included

Some rental properties include utilities, cable and parking within the monthly rental cost, while other properties do not. This can impact your monthly budget and make an otherwise affordable apartment, not so affordable.

•What’s Your Out Clause?

It’s important that you read the lease termination section of your lease agreement carefully so you understand the implications of breaking your lease early and your obligation of notice when you choose to move out at the end of a lease term.

•Get It In Writing and Read Every Word

Before sealing the deal and signing your name on the dotted line, be sure that your lease agreement incorporates all the points you’ve discussed with the landlord around any improvements that have been guaranteed, any pre-existing conditions and any revisions to policies that may be set forth in the standard lease agreement.

Make sure you sign the lease or rental agreement at the same time as the landlord and that you get a copy then and there. This assures both sides that no changes can be made after only one party has signed.

Points to remember by landlord before renting out your property- Part1

Posted on June 25, 2015 by Anukampa

Renting your house out can be a fun and profitable venture. But just like any business endeavor, becoming a landlord carries some risks. You’re entrusting a major asset—your home—to people who you likely don’t know well, and who are not nearly as invested in its maintenance as you are.

You should typically have all adults who will live in the rental unit, including both members of a couple, to sign the lease or rental agreement. Doing this makes everyone who signs responsible for all terms, including the full amount of the rent.

Further, check this list before renting out the property-

1. State of the property

Before you decide to rent your property you must ensure that your property complies with certain minimum standards under the law (e.g. free from damp, in good structural repair, hot and cold water, adequate means of heating and ventilation, appliances in good working order, electrical wiring, gas, pipes in good repair).

If your property looks like it has been well looked after and respected it is likely that your tenants will treat it with respect and at the end of their lease (or tenancy under the Residential Tenancies Act 2004) the property will be in a reasonable good condition.

2. Get your paperwork ready beyond the lease agreement

There are a number of forms you’ll need to have on hand before renting your house out. These include rental applications, credit check authorisation forms, any disclosures your state requires, move in checklists, move out forms, and various notices to tenants.

3. Run a background check

A background check will give you a detailed report of the tenant’s past. Several companies offer investigative services for a fee, and will provide you with an eviction history, criminal history, credit history, and various public records. You can also get their background checked for any criminal records from your local police station.

4. Tenancy deposit scheme

For your peace of mind, your estate agent is able to hold the tenant’s deposit (usually 2 months’ rent), which can be used at the end of the tenancy to pay for any damage to the property. The deposit will be registered with a recognised deposit protection scheme, in accordance with The Housing Act legislation, within 30 days. This will ensure that any disputes between you and your tenant or agent will be easier to resolve.

5. Terminating rental agreements and evictions

Landlords typically must begin terminating a lease by providing written notice, and can generally do so only if the renter has violated the law or the lease agreement. As long as the agreement itself is legal, violations such as failure to pay the rent or keeping a pet despite a no-pets clause are generally grounds for termination. Depending on the circumstances and the state’s laws, a notice of termination may simply inform the tenant they have a limited time to move out or present them a deadline to remedy lease violations, such as paying owed rent.

Why to have a landscaped garden?

Posted on May 28, 2015 by Anukampa

Nothing is more rewarding than to hear the chirps of the birds and the gush of the tree leaves whenever the wind blows. Imagine this scene right outside your building—complete with the greenest plants, colourful flowers, and rich soil. A landscaped garden gives you more than enough reasons to feel inspired and nurture nature. Your garden becomes a haven both for you and for your plants.

Beauty and appeal—these are the top advantages of having a landscaped garden. You can enjoy the vibrant hues and well-trimmed grass, as well as the orderly plant box and relax in your yard.

Here is a list of the key advantages of landscaping your garden:

Save energy: Shrubs, bushes, hedges, and trees can protect your home during extreme climates. It can shield you from the freezing winds in winters and it they can also absorb the heat of the sun in the summer months. You can save on costs and energy as you do not have to totally depend on your home’s air conditioning system.
Environmental benefits: Plants in the garden can reduce air pollution because of its ability to absorb carbon dioxide and provide more oxygen in the environment. This offers a safer and healthier environment for you and your children to live and play in. It can also help in lessening noise pollution as it can help in blocking out noise.
Increase the value of your property: Buildings with a well-landscaped garden can add more value to your home. With today’s cities growing as concrete jungles, great value is attached to open spaces, green landscapes and natural beauty.

Living in a healthy, peaceful, and abundant neighborhood is truly a dream come true for a lot of people. Having a landscaped garden in your society allows you to live that dream!

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