How to apply for home loan?

Posted on January 28, 2015 by Anukampa

Now that you are well aware of the types of loans and EMI options and have decided on the one that’s best suited for you, let us take a look at the procedure to apply for a loan. It is fairly simple and quick:

Step 1: Submission of loan application form with relevant documents.

Step 2: Verification of the respective property and its supporting documents. This step takes 5 to 7 working days.

Step 3: Around the 7th day, the loan is sanctioned, if all criteria are met and documents are in place.

Step 4: Original property documents to be submitted, followed by which the loan agreement is signed.

Step 5: The loan cheque is disbursed in 10 to 15 working days.

The important documents to be submitted for approving the home loan are:

•Identity proof

•Residential proof

•Properly filled loan application form

•Photograph

•Sale agreement

•Last 6 months bank statement

•For business applicants documents describing the type of business, and IT returns.

•For salaried applicants last 3 month’s salary slips and From 16A.

Costs incurred while applying:

For a Home Loan, the basic registration charges, transfer charges and stamp duty costs are added to the cost of the home.

Some other charges include:

•Processing charge or booking fee – paid to the lender when you apply for the loan. It could be fixed or a percentage of the loan amount.

•Pre-payment penalty – if the loan is repaid before the agreed duration, some lenders may charge a penalty, up to 2% of the amount pre-paid.

•Miscellaneous costs – there could be a documentation or legal fee, also known as “application fee”.

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.

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.

How are Built-up and Super Built-up Areas calculated?

Posted on December 2, 2014 by Anukampa

In our blog last week, we defined the calculation of the carpet area of a property, which is essentially the area between the walls of a property.

Built-up Area or BUA consists of this carpet area along with the area covered by walls (thickness of external walls, internal walls and columns) and additional areas mandated by the authority such as flowerbeds, dry balcony etc. It is typically 10-20% more than the carpet area and is also sometimes known as the plinth area.

Super Built-up Area or SBUA consists of BUA and the proportionate area under the common spaces of a building. This includes area covered by common amenities, such as the area of lift shafts, lobby, and corridor, proportionately divided among all flats using those amenities. The common usable areas, such as a swimming pool, garden and clubhouse, may also be included in it.

Image: Anukampa Platina Terraces

To calculate the cost of a property, per square foot rate quoted by the developer is typically applied on the super built-up area. This is the reason super built-up area is also sometimes referred to as the saleable area.

A builder can place anywhere from 65%-85% of the super built-up area as carpet area. That means, if the price is quoted as Rs.1000 per sq. ft. super built-up area, the carpet area could be anywhere from Rs.650 per sq. ft. to Rs.850 per sq. ft. If this break up is not mentioned in the agreement, demand that the vendor/ builder mentions it in the sale deed.

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.

Invest in Jaipur, invest in the future.

Posted on November 18, 2014 by Anukampa

The Pink City of Jaipur is being viewed by experts as the closest alternative to Gurgaon! The city, while imbibing all the benefits of a big city, also shuns the drawbacks of big cities like pollution, traffic jams and land saturation.

The city is expected to emerge as one of the ten mega-cities of India’s Future.

It has already become a favourite of national and international IT firms and even the major Indian and international MNCs are setting up their feet here.

Prestigious projects including, Mahindra’s 3,000 Acre SEZ, Anil Ambani’s Mega City Development Plans and Hero Honda’s INR 700 Crore plant are in the city’s developmental pipeline!

Several international hospitality chains including Marriott, Radisson, and Hilton have already established themselves here.

What more, by also becoming a major centre of educational excellence and the setting up of schools, colleges and universities of national repute, it has become a perfect platform to grow and nurture talent for the collective growth of the city.

The Advantage

Jaipur is very strategically located at a 4-hour drive from Delhi on the Delhi-Mumbai Highway. With an efficient transport network that offers connectivity via all means of transportation, and the development of the metro link, it serves as the perfect destination to set up shop with both national and international operations.

With the positive development and rich future potential, Jaipur is seeing a massive boom in the real estate sector, which is collectively benefitting the builders and investors of the region. This presents you with the perfect opportunity to invest in property, and watch your investment grow manifold.

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.

Anukampa Group: A Glimpse – What We Think about Your Residencies

Posted on January 27, 2014 by Anukampa

Anukampa Group needs no introduction. The group is referred to be one of the pioneers and the oldest groups of the Rajasthan Real Estate. The group was established in 1978 by Mr. Gopal Prasad Gupta and has emerged as a Real Estate Giant since. The group has proved itself to be the synonym of Trust and Quality and has created incredible landmarks such as Malls, villas, Group Housing, Townships, Hotels, and condominiums. With over 50lac sq. Feet of construction in 53+ completed projects and 8000 happy customers, the group follows Strict QSS procedures where every individual associated with the group is committed towards delivering the best quality, Standard, and Services.

Focus - Anukampa Implies the simple idea of being “compassionate”, Hence customer satisfaction is the Prime Focus for Anukampa Group. The group endeavours to delight its customers by providing them Real Estate solutions and services, Keeping the fact in mind “Every Indian lives his life dreaming to build his own home” Anukampa not only share his dream but also help them to achieve.

Vision - Anukampa knows what importance a home holds in an individual’s life that’s why they always strive to build the best of quality construction, keeping prices affordable, clarifies its vision to be the leading Real estate Group in Rajasthan and spreading smiles with every square feet build.

Mission - To build a legacy of trust in the business of Real Estate, including land development & marketing. The group is committed to incorporate all the likes and dislikes of its customers to ensure that the provided solution suits the best and satisfies the needs, while maintaining the highest standards of Excellence.

Values - To maximize customer and shareholder value through world class construction practices, continuously striving for excellence in construction and services we provide. To lead by example through a commitment that empowers the organisation at every level to strive for the highest levels of quality, customer care and stakeholder value.

Team - The group is led by our Chairman Mr. Gopal Prasad Gupta. He has been one of the pioneers of the Real Estate in Rajasthan and has been the part of this business for over 40 years now. He has held the chairmanship of Rajasthan Builders association for the longest term, and is currently serving as The Chairman of CREDAI Rajasthan, Mr. Gupta has been an active participant into the structuring of the real-estate sector, he has played major roles in planning and execution of building bylaws. He passed the lineage and legacy to our Managing Director Mr. Prashant Gupta who has been recognized and rewarded with the “young Entrepreneur award” at the Rajasthan real estate awards 2012 for his innovative creations and the proven record of creating real estate milestones in Jaipur. The Team Anukampa is a blend of experience which comes with practice and age and the zest of youth which brings in the creativity and new ideas.

The Projects - Some of the crown Jewles of Anukampa, have become Landmarks of Jaipur City. Our first project a residential colony named “vidhyut Nagar” on Ajmer road has become one of the posh colonies of the city today. Our Project “Hanging gardens” holds the award for being the “Largest vertical township in Rajasthan”. The accolades continued with “Genesis” being the “tallest building of Rajasthan” and “Grandeur” being awarded for its quality and technological excellence.

THE HANGING GARDEN - The project is a magnificent residential paradise and surrenders you to the enchanting natural brilliance. Hanging Garden features 2, 3 bedrooms, with over 600 flats and 200+ families living in it, Hanging Garden is a project that introduced Jaipur to vertical living.

Jaisinghpura, Ajmer Road, Jaipur, Rajasthan ANUKAMPA GENESIS - With over 150000 square feet of construction in 150 flats. Anukampa Genesis stands 16 floors and holds the award and recognition of being the “Tallest building of Rajasthan” The project has a lot to offer with its specially designed studio apartments. The project was completed within a record time of 2 years and now is home to 150 happy families.

GRANDEUR - Grandeur is perfect example of technological advancement and construction quality. The ultra high end residential apartment has won several awards and recognition at different fronts for its unmatched construction quality and use of first world technology.

Swage Farm, Opp. Shyam Nagar, New Sanganer Road, Jaipur, Rajasthan CELEBRITY HOMES - The project has western style villas to offer great comfort, privacy and joy of having his own bungalow at a very effective cost. The project is almost sold out and more than 50 families residing in their villas right now.

Jaisinghpura, Ajmer Road, Jaipur, Rajasthan ANUKAMPA PLATINA - “Anukampa Platina” is located on 200 ft. Wide road near the Iskcon Temple road in upcoming residential hub of Jaipur called Mansarovar Extension. The project is ground +13 stories of splendor and is divided into 8 blocks. The project consists one premium NRI block which is designed and developed as per the living needs of NRI customers. Platina is just 3 kms away from Asia’s largest residential colony Called Mansarovar.

ATLANTIS - Our high end super luxury apartment project is located at the heart of city on Bhagwan Das Road, between The Civil Lines and the state assembly on a 100 feet wide road. The project redefines luxury with “personal lift” that opens in your Apartment, imported marble, high end electrical and bathroom fittings. Each of the 18 Apartments of the project take luxury to a new level.

Bhawani Singh Road, C-scheme, Jaipur, Rajasthan OMEGA - located in the lap of nature. Omega has more than 700000 Sq. feet of constructed area and a total of 208 flats. Apart from the vertical township the project also offers plots and land, catering the need of each and everyone, a step ahead with comfort and happiness. Anukampa Omega is “Generation next home”.

Jaisinghpura, Ajmer Road, Jaipur, Rajasthan TULIP - Tulip a Residential apartment in Jaipur, away from couching pollution of traffic. At tulip you can expect your home to be harmonious, blend of the city beat and your idea of a heaven, Based at one of the upcoming prime locations of Jaipur called Jagatpura.

Mahal Road, Jagatpura, Jaipur, Rajasthan ROYAL CELEBRITY - Royal celebrity is truly an estate created by nature. The project an unparallel serene view natural settings and is surrounded by abundant greenery. It is Minutes away from all major development and huge future potential. Royal celebrity is also close to special economic zone (SEZ).

Jaisinghpura, Ajmer Road, Jaipur, Rajasthan

Anukampa Group Blog

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