How to apply for a Home Loan

Posted on January 14, 2016 by Anukampa

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.

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.

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.

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.

What you should know if you’re dealing with property brokers.

Posted on April 16, 2015 by Anukampa

With the current land prices, man force and raw material management involved, building an independent house is a distant dream for many. Hence people prefer to go to a property broker to find a house of their choice that also fits in their budget.

Here again there are many scrupulous brokers taking the buyers for a ride with indirect charges, fake registration titles and many untold sufferings till they are able to take possession of the flats. Thus, it is always recommended to either deal with the builder itself or be well informed of the buying process before approaching a broker.

Here are few points that every buyer must remember when buying a property through a broker:

Verification of the documents- It is always preferable, before getting in to a deal. Verification is necessary of the land records, legal clearances (whether the plot on which the building stands is non-agricultural (N/A) and has a clear title.), whether the building is in the name of the builder, whether a co-operative housing society has been formed and if yes whether the conveyance of the plot and building in favour of the society has been completed by the builder, the current rate (Rs./sq. foot) of the area, whether the rate offered to the buyer matches with the area rate and the basis – built up or super built up. Check what is included in “super built up” and what amenities will be included.

Construction Quality Check- Have a check on the quality of the construction and ensure that the layout / development has been approved by the Development Authority; most importantly ensure that all documents are legal.

Method Of Payment- It is better that you don not pay the broker a bulk amount in advance. Stagger the payment, and make final payment while occupying the house. This way you can reduce the risk to a great extend. Banks do due diligence before giving away a loan, but, in case there is a problem, they don’t take the risk.

Rules and Regulations- The point of worry for any investor is that in the absence of regulations, brokers are breaking rules with impunity and taking customers for granted. This is the biggest reason for loss of confidence among customers, they be investors or end users.

What is Vaastu Shastra? Why should my building be Vaastu compliant?

Posted on March 4, 2015 by Anukampa

Vaastu Shastra is an ancient science, which helps one to get the natural benefits freely offered by the five basic elements of the universe in which we all live. These basic elements are Akash (Sky), Prithvi (Earth), Paani (Water), Agni (Fire), and Vayu (Wind). Vaastu Shastra can be applied by keeping in harmony with these basic five elements of nature.

Sometimes, one might feel that the wheel of family life is not moving smoothly and there is lack of peace, harmony, affection and well being in one’s family. One should always choose a house that is Vaastu Shastra compliant, to expect good results and well-being gradually and steadily.

Vaastu Shastra is the traditional Indian system of architecture and design of Vedic origin. Vaastu means the dwelling of humans and Gods. Many Vaastu rules are derived from ‘Vaastu Purusha Mandala’, which is depicted as a man lying with his head pointing northeast, in a grid of usually 64 squares. The different directions and sectors are assigned to different Gods and Guardians. It aims at providing guidelines for proper construction. Vaastu orientates, places and dictates the proportions of every detail in building lines, skylines, elongations, levels, slopes, water (underground and overhead), kitchen, bedrooms, toilets, staircase, heights of ceilings and roofs, entrances, loci of doors and windows, compound walls and so on. Vaastu is affected with positive power of three elements: the earth, the water, the fire (the sun).

Vaastu Shastra cannot be directly linked with prosperity. It only suggests ways in which we can live in tune with the laws of nature so that we can be healthy and peaceful and work efficiently. The ancient texts of Vaastu Shastra have probably claimed to bring prosperity, as an indirect consequence of being able to perform well at home and work.

Benefits of investing in Property

Posted on February 18, 2015 by Anukampa

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

•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.

Importance of location while buying a house!

Posted on February 4, 2015 by Anukampa

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 is Pre-EMI interest? What mode should I choose to pay my home loan?

Posted on January 21, 2015 by Anukampa

Pre-EMI is the interest portion on the disbursed loan amount that you pay until the full disbursal is done. i.e., your home loan behaves like an interest-only loan on the disbursed amount until the completion of construction. Your EMI payments start after the pre-EMI phase. Until then, your money does not reduce even a paisa of the outstanding loan amount.

Now you may wonder which is a better course to take while making loan repayments – EMI or Pre-EMIs?

The selection of full EMI repayment mode is deemed as beneficial in the longer run as borrower of the loan starts paying the principal amount from day one itself. So, in this case the total outstanding principal amount by the time the property is taken possession of, is reduced manifolds. However, in case project completion gets delayed, loan borrower may end up paying more than the principal loan amount even before getting possession of the property.

So, in all EMI mode can result in hefty payouts on the part of the borrower as he pays the interest amount during the loan tenure in addition to the term before the final disbursement of the loan. However, Pre-EMI may turn out to be a better loan repayment mode in case the homebuyer wishes to sell the property soon after getting the possession.

Things you should know about Pre-EMI home loan repayment mode:

Though pre-EMIs seem to be less burdensome at first as only the interest component on the loan amount disbursed is required to be paid until the final loan amount disbursement, it results in more number of payouts. In contrast, opting of full EMI mode results in lower tenure with the decrease in principal amount.

Pre-EMI interest amount paid when the property was under-construction does not qualifies for tax deduction with respect to the principal amount repaid. However, loan repayment either in pre-EMI mode or EMI in taxation terms is treated without much difference and in fact tax deductions are only allowed on the interest paid post the completion of the project. The interest amount paid is divided into five equal proportions and allowed for tax deduction once the project is completed.

Thus, before choosing the mode of home loan repayment, you must consider your purpose of buying the property, expected time for project completion and taxation factors.

What is Agreement to Sell, and when should it be executed?

Posted on December 31, 2014 by Anukampa

It is an Agreement executed between the Buyer and Seller at the time of purchase. It is different from the Sale Deed. Generally, the Sale Deed is signed after the transaction is deemed to have been completed, i.e. before handing over the premises to the purchaser / at the time of registry.

An agreement to sell is an important document in the process of sale and purchase of property. This agreement contains the terms and conditions agreed upon between the parties, and bind them. An agreement to sell is the basic document on which a conveyance deed is drafted.

It is always advisable to have an agreement to sell in writing. It precedes the execution of a sale deed. This agreement is signed and executed by the seller and buyer on a non-judicial stamp paper. It has legal value and if need be can be produced as evidence in a court. The agreement specifies the procedures to be followed leading to the execution of the conveyance or sale deed. It records the understanding reached between the parties, and is binding on both.

The main clauses in an agreement to sell are:

Names of parties with age, their residential addresses, date and place of execution of the agreement, competence of parties to enter into the agreement, their rights and liabilities, brief narration with details of documents on how the seller got the property, exact location and description of the property, consideration amount, and mode and time of payment, timelines for various acts to be completed and responsibilities, production and inspection of title deeds, period of completion of transaction, expenses to be met and who will meet the cost of transfer, penalty and forfeiture clauses in case of default, conditions for delivery of possession, declaration by the seller that the property is not subject to any government acquisition.

The execution of an agreement to sell needs to be witnessed by two persons capable of entering into contract. It is advisable that the witnesses be from the sides of both parties – one from the purchaser’s side and one from the seller’s side.

The agreement is a pre-requirement for sale of property. Generally, the purchaser pays some token amount as advance earnest money to the seller, which is acknowledged by the seller in the agreement itself. An agreement to sell is required to avail finance from a bank. It also binds the parties to perform their parts of the agreement as agreed upon. It pens down the intent of the parties on paper and makes them legally obligated.

Why invest in Mansarovar Extension?

Posted on November 5, 2014 by Anukampa

Mansarovar, Jaipur is not only the largest residential colony of Asia, but is also one of the fastest growing areas of the Pink City.

Located in the south-west of Jaipur, the entire region is very well planned with parallel roads crossing at regular intervals. The colony enjoys all the comforts of the city life with fine markets, malls, restaurants, hospitals and educational institutes along with the peace and tranquility of being away from the hustle-bustle of a hectic city life. For residents, it offers the perfect lifestyle equipped with modern amenities, while for investors, it provides a good opportunity to grow and prosper through their investment in this fast developing area of the capital city of Rajasthan. Mansarovar is easily accessible from the major point of the city. It is located at distance of about 7 km from the city centre. The closest railway station is 4.5 kms away, while the International Airport of Jaipur is at a distance of 10 km from this region.

The Mansarovar Extension is coming up to be a bigger, better and more promising extension of this well-planned colony of Jaipur. It is dotted with modern-day amenities in open spaces with a confortable proximity to the city centre and all major markets and utility areas.

Mansarovar Extension is also home to two of the most sought after residential projects of the city – Anukampa Platina and Anukampa Platina Terraces, located opposite each other, and are all set to give the people of this city, a taste of the international high life!

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