Looking for a home loan? Here is how to zero in on the correct lender

Now that you have decided on your dream home that fits your budget, it’s time to start thinking of the financial aspects, specifically identifying the lender who will provide the loan for the purchase. Eligibility criteria, interest rate, processing fee and other factors will are the key to determine your lender.

Loan amount and eligibility

The amount of loan you are expected to get depends on your monthly income and the value of the property. Usually, the loan amount is 80-85% of the property value. However, it could be more in some cases. The RBI, through a notification last year, allowed a loan-to-value ratio (LTV) of up to 90% for home loans worth Rs 30 lakh or less. Whether you get a home loan at all or not depends on your occupation, disposable income and number of dependents.

Interest rate

The rate of interest on the loan is one of the major factors in determining the amount of loan to be taken. Research about interest rates on offer and select the most competitive one. You also need to determine if the rates are fixed or floating. While for short term loans fixed rates are better, it makes more sense to opt for floating for long term loans.

Processing charges and prepayment

The processing fee is the charge banks deduct for processing the loan. This can range anywhere from 0.25%-2% of the loan amount. The lenders will also set terms and conditions pertaining to prepayment. Like settlement and foreclosing the outstanding amount, transferring the balance to another lender's account, prepaying a part of or the full amount of the home loan, and other things.

Responsiveness to change in rates

The chances of getting a fair deal are higher with lenders who cut their interest rates as per cut in the repo rate.

Turnaround time

The time taken to sanction and pay out home loan differs for every bank. Make sure to select a lender with strong systems and great after-sales service. 

How to Protect Your Garden This Summer

With the temperature hitting 48 degrees it’s not just who are wilting in the sweltering heat but the plants too. In the rising temperature gardening enthusiasts have arrived at ways to keep their garden blooming. Here we share some of the tips just for you.

• Measure your Watering Session-While there is a norm to water your garden thrice a day in summers, it makes more sense to water your plants well in the evening, this ensures that they have enough water to last them till the next morning, if the soil is moist then you just need to sprinkle the water.

• Keep the Plants healthy- while watering is essential, keeping plants healthy is also equally important. Cover the top layer of the soil with decaying leaves and mulch, bark and compost which provide extra fertilizers for the soil enhancing growth and also help retain the moisture during daytime. Additionally, covering the soil with small pebbles can protect the plants from losing moisture.

• Add a splash of color-If your garden is looking tired and wilted then make sure to add plants that bloom in summer, giving some color and life to your garden. Shrub roses, adeniums and desert roses are excellent picks for the summer season which gives a dull garden a new lease of life.

• Green shades and Regular trimming- Cover your plants in green shades and give them trimming weekly; this allows you to avoid drying and helps in the healthy growth. Covering the plants in sweltering afternoons helps them to stay fresh. Remove covers in the early morning and evening sun to allow them to get adequate sunlight and fresh air.

Provident Sunworth- Amazing Indoors, Spectacular Outdoors

Imagine the freedom of not having to rush to work 2 hours earlier just to beat traffic and reach on time, imagine having clean air to breath and greenery to behold from your window, imagine sunlight filtering through your windows lighting up your home and now imagine that all of this is available to you right in the city. Its difficult right, you are not sure how it’s a possible to have a home in the city and not deal with all of this unless you have truckloads of money.

Well, Provident Housing the subsidiary of Purvankara Group has launched Purva Sunworth, a residential project that will make every imagination of yours a reality. Located at Mysore road near NICE junction the property offers great connectivity to Electronic City, Tumkur Road, Bannerghatta Road etc reducing your travel woes. Any time saved from travelling is a gift, and if you get to do something, anything even if it’s totally useless, but just for yourself, that’s pure bliss.

Spread over an area of 59 acres, the project has almost 75% wide open spaces and greenery, so prepare yourself to enjoy cool clean air and give some respite to your dust choked lungs. Also the apartments are designed in a manner that you get sunlight in each apartment till actual sundown, so you get loads of vitamin D and savings too.

Time is such a precious thing in today’s time that any time saved is an actual earning, apart from commute the other area where living here will save you time is the facilities available like ATM’s grocery store, car wash, crèche etc which help you a lot in dealing with most of the mundane every day stuff easily and without any stress, so you get to be happy and free, and what do you do with all this new found free time, you spend doing any number of the fun things included in the project like swimming, gymming, pampering yourself at the salon and loads of other stuff.

Lodha Luxuria Priva- Reside in True Luxury

Lodha Luxuria Priva is an epitome of lavish living, planned and designed to cater to the jet setting elite the complex is a one of a kind project. Offering beautifully designed 2BHK and 3BHK apartments housed in 29 storey towers, the project is located at Thane West, a bustling hub of Mumbai. The location of the project is very good as it is surrounded by a fantastic network of roads like Eastern Highway, National Highway -4, National Highway – 3, etc.

Comprising of beautiful 3 and 2 bedroom luxury apartments, the complex also boasts of an al fresco restaurant and landscaped gardens. The apartments have been designed with a contemporary and spacious design to freedom and movement.  Due to the well thought out design, the apartments have plenty of ventilation and sunlight, a rare occurrence in a city like Mumbai. All the homes are equipped with the most modern amenities like air conditioners, Italian marble flooring, private elevators etc. Also on offer are vast storage spaces, sun decks and a separate puja room.

The complex has huge clubhouse, party cabana and starlit pavilion along with yoga garden, reflexology path etc to allow you to have a relaxing and leisurely time. However, these are not the only features that make Lodha Luxuria Priva spectacular, the builders have included many facilities that are unique and lavish allowing you to experience a lifestyle fit for royalty. The complex has a fleet of BMW’s for transport of residents, apart from that there are dance lessons to be had from the renowned Sandip Soparrkar Ballroom Studio. If dance isn’t your cup of tea, then you can learn guitar, violin or drums at the Furtados School of Music. However, if its fitness that gets you happy then the project has a gym by the legendary heavy weight champion Evander Hollyfield or Ramona Braganza.

For more details about the project, You can call us at 925-0005-154

Reduce Cost to Build–Tips to Save Money on Construction

Building a home is a mammoth task, there are a million questions and doubts, the plot, material, design, labor and underlying all these concerns is the cost. After all no one wants to pay more than necessary to build their home, so here we have a few tips to keep your construction budget within reason, without compromising on your dream home.

• Purchase a large plot with a friend or family member that can be divided into two smaller plots. Some of the most attractive properties may be much bigger than what you require or can afford, yet the seller may not be willing to divide a large plot. So if you can share the cost with someone else you may be able to pick up a great building site for a reasonable price.
• Try and buy a plot that is near to a road or main area that will help in sourcing raw material easily and the transportation cost will also not be too high.
• Purchase low-maintenance building materials like fly ash bricks, vinyl flooring and metal roofing, for example. Even if they are fairly more expensive at installation, they will break even in the long term as you won't be required to repair, replace, or repaint.
• While supervising yourself may seem like a good option, it is advisable to hire a contractor. The experience of a well-qualified contractor is priceless to the construction process. Additionally they have established relationships with suppliers and subcontractors that would prove to be very useful.
• Try to gather supplies like broken pieces of stones or bricks for the top portion of your house from demolition locations as it will save a lot of cost.
• Try to maintain the depth of your at around 32 feet or less, this will save the requirement of specially designed roofs.

Want to Go Green? We Tell You How. .

Go green seems to be the mantra these days and rightly so. With the evidence of global warming in ever shortening winters and never ending summers right in front of us, it is time that we individually start looking for ways to minimize our carbon footprint and create a more a environment friendly atmosphere.

Due to the concern towards environment becoming a global phenomenon, it is relatively easier to adopt eco friendly living. There are a lot of ways to make your home green from construction to design to décor you can adopt a number of green methods. While, this might seem expensive and tiresome the truth is that the expense today will result in savings for a long time and in many cases the methods are cheaper than traditional practices. SO without further ado we present to you a list of things that make your home green.

• Green Construction- Use fly ash brick, or autoclaved aerated concrete for construction, particle boards for flooring and insulite for roofing these are eco-friendly reduce costs over time. Install skylights where possible to allow natural light into your home reducing energy consumption.
• Bamboo is better- Try Bamboo flooring instead of traditional hardwood as Bamboo is the fastest growing plant on earth; it is also very sturdy and durable.
• Replace bulbs with CFL’s- You can save 66% of energy by replacing incandescent bulbs with CFL’s and you save almost 200 Kg’s of greenhouse gases.
• Keep your Fridge in shade- Placed directly in front of sunlight makes your refrigerator work harder to keep cool. Move your fridge to the shade to make it work optimally.
• Get low flow faucets and flushes and low energy appliances- low flow faucets and flushes reduce more than 30% wastage of water, low energy appliances or ‘Star-Rated’ appliances use 10-15% less electricity.
• Use microwave and energy efficient cookware- Microwave’s use 50% less energy than ovens, using energy efficient utensils like silicone, ceramic and glass reduce cooking temperature required.
• Recyle, Reuse- Recycle and reuse or upcyle old plastic bottles, glass bulbs, tires to make decorative items, furniture and accessories.
• Keep homes scented naturally- Use essential oils or natural potpourri instead of aerosol room sprays to freshen up your home.

So there it is a few ways to a greener home. However, these are not the only things you can do with a bit of conscious effort you can find many other ways to make your home energy efficient.  

Color Me Happy

Red in passion, green with envy, blue with gloom, blushing in pink, white with fear, black with anger. There is a color for every mood so no wonder that color therapy as a science would find takers.

Color therapy, a sort of alternative medicine that is low on risk and high results, based on the chakras found in our body color therapy advocates usage of colors to help you lead happier and relaxed life. Colors affect us deeply, and its effects are remarkably obvious. Applying carefully planned and considered principles of Color Therapy on your office or your home will benefit you in the long term.

The first step in incorporating color therapy to your life is to analyze the space you are in, what color it is? How you or your family behave in that area? Do you like the color of that room or would like to change it? If so, then to what color? Once you find answers to these questions, you can start by thinking what effect do you want to bring about in that particular room and which color will help you achieve that. For e.g red, yellow, orange are colors that help you stimulate appetite, aid digestion and create a warm sociable environment, so either of these colors can be used in the dining room. Yellows works really well with areas where you would be writing, thinking reading etc as it promotes productivity and stimulates the mind, yellow also works at entryways and living rooms, however keep in mind that too much yellow maybe induce hyperactivity. So, to counterbalance it you can include a little blue in the room.

Blue brings peace and tranquility, a little too much though and you are looking to tiredness and gloom. Green is a color that is great everywhere, use a splash of it in every room, you don’t need to splurge on painting everything green, just get a bunch of plants and you are done.

Color therapy is a great way to enhance your life; however it is not necessary that you paint every room in a different hue. You can include accessories, cushion covers, curtains, paintings etc in the color of your choice to bring the same benefits. 

Gaur Sports Wood- A Blissful, Healthy Lifestyle Awaits

Gaur Sports Wood in Noida, a township that is going to provide you with a lifestyle that is unique and plush at the same time. The architecture of the project is contemporary and chic, inspired by international living spaces. Comprising of 3BHK and 4BHK luxurious apartments, the project is a statement in style and lavishness. Also, the location of the project is very advantageous as it is close FNG- Faridabad -Noida -Ghaziabad corridor and NH – 24; it is at a distance of 4 minutes from proposed Golf course. Whereas, FNG- Faridabad -Noida -Ghaziabad corridor and NH – 24 are located in close proximity of the project

Gaur Group has achieved a great name in the real estate on the back of their previous successful projects like Gaur City 1 and Gaur Saundaryam. They have always emphasized on building homes that are stylish and spacious at the same time without comprising on quality or engineering. Additionally the group has always tried to incorporate a variety of amenities in their projects to allow residents a happy stress free and joyful life. Following on the same principles Gaur Sports Wood has been built as an ultra premium residential project with spacious and well designed living spaces and a host of facilities.

The project is a gold rated green building that has many environment friendly initiatives incorporated like reflective glass used to ensure better heat absorption and to allow natural light to come in thereby reducing the energy consumption, along with rain water harvesting. The project also has a landscaped garden and overlooks a 35 meter wide green belt, so there is greenery wherever residents choose to look. The project also has variety of other facilities to keep the residents here entertained, relaxed and healthy. In keeping with their name the project has a plethora of sporting facilities like jogging track, swimming pool, tennis court, cricket pitch, badminton court, basketball hoop and a well maintained golf course right next door.  

For more details about the project, You can call us at 925-0005-154

Capital Gains Tax on Sale of Property

Selling a house is long and tedious and the fact that you have to pay taxes on the money you make is adding insult to injury. But try as we might we have to go through the rigmarole of paying taxes on profits earned after selling of property.

The profits after selling of property are called Capital Gains; Capital Gains are of two types

1. Short Term Capital Gains- If you sell your property within three years of buying it, the profits are short terms capital gains.
2. Long Term Capital Gains- Any property sold after three years of acquiring it earns you long term capital gains.

You will be taxed on the profit (capital gains) you make – which is the amount that you earn after subtracting cost of buying (and repairing / improving) the property from the sale value.

The Income Tax Act allows you a few exemptions under the section 54 under the following conditions.

•  The profits (capital gains) are used to purchase/construct a new house.
•   The new house is bought one year prior or two years post the sale of the old house.
• The new house is constructed within three years of the sale of the old house.
• Only one house is purchased or constructed.
• The new house is not sold within three years of possession.
• If the new house costs less than the sale proceeds, then the exemption applies in proportion. The remaining money is to be reinvested under 54EC within 6 months.

Capital Gains Account Scheme

If construction of a house immediately following the sale of the old one is not possible, then you can invest the capital gains in a public sector bank under the CGAS, the scheme has a three year lock-in period within which you are bound to start construction on your property, otherwise you would be taxed at the long term capital gains tax rate. There are two types of accounts under the scheme.

Bonds

Another option is to invest in bonds from the Rural Electrification Corporation or the National Highways Authority of India. These bonds also have a lock-in period of three years during which any transfer or loan against them will be taxed as capital gains tax, additionally the bonds have a maximum cap of Rs 50 lac as investment. 

Affordable Property Markets in India

Making money is all about taking the right chance at the right time, investing in property is fraught with huge risks as the capital involved is significant. Infrastructural development and commercial growth spell good returns on property. Here we list down some cities that offer a wide range of investable options at relatively lower price points while giving great opportunity for capital appreciation and health returns in future.

•          Hyderabad-With its thriving IT/ITeS industry, booming economy real estate is picking up in Hyderabad, the city is one of the most affordable in the country witnessed stable land prices due to political upheavals. However, with stability in politics and governance Hyderabad is sure to see an upswing.

•          Pune- The relatively lesser known neighbor of Mumbai, Pune is a powerhouse of economic development with its manufacturing and services industry. The city has seen a continuous appreciation in real estate prices. Additionally, with well developed infrastructure and safe environment it is considered one of the best cities to live in.

•          Kochi-Kochi is on the way to becoming a metropolis, with focus on infrastructural development and impetus on growth of IT/ITeS industry  the real estate sector in Kochi is seeing significant growth. Many affordable housing projects have been started in Kochi and are seeing rising demand from the mid-income groups.

•          Ahmedabad- Ahmedabad is a leading example of fast-paced and planned development. Rapid infrastructural development in the shape of bullet trains, smart cities, a stable government and huge investments have ensure that Ahmedabad is a hub for real estate investment and development.

•          Ghaziabad- Once the black sheep of the NCR suburbs, Ghaziabad has come a long way on the development ladder. Well connected to Delhi via the metro and highways, Ghaziabad has become the go to destination for property developers. With the widening of the MH-24 and extension of the metro line, Ghaziabad is sure to see further growth.

             For more details about the project, You can call us at 925-0005-154