How to choose a home loan wisely

Although it has become quite easy to avail a home loan in India, one should be careful while choosing the best one thereby saving money on the interest rates. With a lot of important features like lowest fixed and floating interest rates, availability of prepayment option, special concession for women and senior citizens etc it is easier for individuals to save money.

With a number of private financing institutions and banks offering flexible interest rates with various budget options, it has become quite simple to apply for a home loan. With every year these banks come up with new schemes, so it is advisable to consider your options. We give you a few ways below to save your money while availing a loan.

Check the percentage of loan offered- Banks offer varying percentage of the total outlay require to purchase a home, so if you have one bank offering you 80%, check for one which will give you 85%. This will help you reduce the amount of down payment, however, keep in mind that consequently your EMI would go up.

Analyze the interest rates and prepayment charges – Check for loans that offer you free processing or lesser EMI, lesser prepayment charges to save your money. In case of floating interest rates, banks cannot charge a prepayment penalty to borrowers.

Consider the process and time involved – Loan disbursement process is quite long a tedious job involving multiple documents related to income and property. Research a little and decide on a bank that has a simpler process and offers you a better deal.

  Check for Special Concessions or offers- Many banks offer you special concessions or offers like lower interest rates for women, or senior citizens, EMI holiday etc. check if your bank has any such offers and avail them to get maximum benefit. 

How to decorate your home using mirrors

Mirrors can add a lot of depth to the décor of your home, they are a relatively inexpensive and easy way in which to transform the look of your walls, and whats more they make your home look bigger.

So here we tell you how to use mirrors.

Mirror as art work- use a collection of small or differently sized mirrors, hung in a asymmetric or haphazard manner to make it look artsy. You can even use huge a single, dramatic, statement piece to add the glam quotient to your wall.

Brighten up your living room- Since most of us end up living in cramped spaces due to the ever increasing property prices, any ideas that make your rooms look bigger are a boon. Install big mirrors opposite to windows to reflect more light and make the room appear brighter and larger.

Mirror cabinets for the kitchen- Use a mirror instead of tiles for your kitchen wall against the sink or the platform to open up a small area. You can also use mirrors as a sliding door for your cabinets so that they do not look like one.

Create optical illusion in the hallway- Hallways are largely ignored by us as we don’t actually spend time there, however, adding mirrors to the space will open up the area so that you don't feel confined within it. Drawers and cabinets with mirror doors in the hallway can make the home look lively and colorful, as they would reflect everything around it

A statement mirror at the dining area- Using a statement mirror with a beautiful frame adds to the look of the room while highlighting the main attraction- food. 

Feng Shui for the Kitchen

 Food is an essential element for our survival, so naturally kitchens are one of the most important aspects of a home, so much so that it is considered part of the Feng Shui trinity- of the bedroom, the bathroom and the kitchen because of its utmost importance to your health and well being.  Here we have a few tips for good Feng Shui of kitchen.

·         Bright and Happy- Kitchens are one of the most active areas of our homes, so bring in bright colors through paint, lighting or nature.

·       Get Organized- Kitchens are sort of like magnets for everything to land so you need to create specific places for everything

·         Clear Clutter on the Refrigerator Door- We generally display a lot of magnets and lists on the refrigerator, but it is advisable to keep it a bit cleaner, more organized and less cluttered.

·         Organize all the drawers and shelves-  Reduce clutter in the shelves and drawers, a good way to do this is to use the 1 year rule- if you haven’t used it in the last one year, you won’t be using it in the future.

·         Clear the counter- Do not stack a load of utensils on the counter, keep it clean and clear so that you can start working straight away.

·         Make it Safe- Ensure that all knives, scissors are kept safely in their designated places. Do not place any flammable items near the stove. Also, try to reduce number of pots and pans hanging overhead and store them in your newly cleared cupboards.

Six hacks to make your room look bigger

In an age where property prices are soaring, the possibility of finding a big spacious home within your budget is quite difficult. So, naturally you end up with small homes and rooms. But, don’t worry we present to you 6 hacks that are sure to help your small room look larger.

·         Paint or wallpaper your ceiling- While you are probably aware that color’s play a huge role in determining how cozy or airy your room looks, painting or wallpapering your ceiling gives more height to your room and draws the eye upwards.

·         Use hidden storage space and multipurpose items- Try and incorporate furniture that serves dual purpose like a sofa-cum-bed or a kitchen counter than doubles up as a dining table as these will help in maximum utilization of space. Use items which have storage space like trunks as coffee tables etc to reduce clutter.

·         Hang shelves near the ceiling- Get shelves made near the ceiling and display your collection of knick knacks, books etc there. These will again help in drawing eye to ceiling making the room look more spacious, you can even add shelves for storage in your bedroom reducing clutter.

·         Use mirrors and glass where possible- pacing a mirror in front of a window or behind a chest or big table to create an illusion of space and light.

·         Use varying shades of same color- try and incorporate the color you have used on your walls in your furniture as well; this creates uniformity and opens up the space. It’s not necessary to buy new furniture; you can just create accents of the same color by pillow covers and throws.

·         Get statement furniture that fills the room- Get one big statement piece of furniture that fills the room rather than scattered pieces that create clutter and serve the same need. In the same vein, opt for one big, dramatic art piece instead of a number of small pieces that cover up the whole wall.

Buying a Home While You are Young Makes Sense

Buying a home in your twenties might seem like a real tough decision, but if you think carefully it is a wise one. Waiting till you are in your 30’s is generally the norm, however if you consider it, it is also more difficult because you have more responsibility and more financial burdens.

While you may not be able to buy a home right your first job, but planning for the same will help you achieve the dream in the next 4-5 years. Since this is the time when you do not have to take case of any debts or have any long term financial obligations you can plan and invest with a focus on building a corpus for a home.

Since a home loan is huge financial commitment requiring discipline for a long term, it is advisable to try and make up as much in your own savings as possible so as to reduce the amount of debt you have to take.

Some key factors that your prospective buyers should bear in mind are:

·         Location- The most crucial element of your purchase. In case you have a job that entails a lot of travel or you have plans of moving elsewhere, it makes sense to buy or construct property in an areas where someone you trust can lookout for you in your absence. Also essential is the security and social infrastructure of the area keeping in mind your future needs.

·         Space Requirements- Keep in mind your future requirements and buy a home that will suffice as your family grows, don’t just focus on the number of rooms but also on storage space as more members need more storage space.

·         Comfort Zone- Make sure to buy space that makes you comfortable. Things like low roof, inadequate kitchen space, high counters, and lack of sunlight are some things that may not be noticed in the first go but are sure to bother you with time. Incorporate as many elements as you can within your budget.

·         Credit History- Ensure that you are not defaulting on any loans like auto loans or credit loans which will reflect poorly on credit score.

·         Budget- This is probably the most important aspect of your purchase, do not borrow more than you can repay under the assumption that you would be able to repay with you salary hikes, with time your expenses are also going to rise. Also keep in mind that everything need not be done in the first go, you can keep adding improvements as your budget permits.

Vaastu Tips for Your Living Room

Whether you own a contemporary home or a traditional one, a living rooms is an essential part of it since man being a social animal needs space to socialize and spend time with friends and family. Since the living room is such an integral part of your home life, it is imperative that the vaastu of this space is correct. Below are a few tips that we bring you to get you living room’s vaastu in order.

• The living room should always be in the East of North direction. In case you have a south facing home, then your living room can be in the South East corner.
• If you have a small prayer or pooja room, then its best to have it in the North-East as god presides in this direction.
• if you love socializing and do not want your guests to leave in a hurry then make you have your living room located in the South West direction.
• The floor and the ceiling of the living area should slope towards North or East.
• Make sure to keep furniture, articles and heavy things in West or South side. If you are unable to do so then use a base of 1-3 inches height to keep furniture in North or North-East.
• Place the TV in South-East corner; otherwise it will break down often.
• Keep telephone in East, South-East or North, and not in South-West or North-West.
• Place air cooler and air conditioner in West, North-West or East and never in South-East.
• You can have portraits of Gods or some beautiful paintings in the North-East wall or corner. Don’t hang paintings that are negative in nature like war, crime, weeping, etc.
• Use white, light yellow, blue or green colors for living room walls. Avoid red or black for living room walls.

How to find a good real estate agent?

Property buying is a big decision involving lot of time, money and patience. For first time buyers this is even more formidable as they don’t have the requisite knowledge. Hiring a property agent helps you in dealing with most of the headaches involved while getting you the property you desire, so here is a guide in deciding the right agent for you.

Well-versed with the market: The key to getting a good bargain is an agent who is aware of all the rules and regulations of the city and state along with the latest property developments. The trick to identify a good agent is to list out your needs and if he is able to give you a variety of recommendations. A good agent would have a god network of builders, developers and owners and thus would be able to offer you a wide number of options.

Fluent with realty terms: For first time buyers realty terms in property buying become challenging, the terms are difficult and confusing; here is where a good agent steps in, guiding you through all the legal terms, their meaning and implication.

Proficient in legal and financial terms: You should hire someone who can help you understand legal implications like clearances, permits and registrations required along with the financial aspects like the extra costs involved, home availability etc. The agent should also be aware of the structural sufficiency norms and the legality of the property.

References: The best way to ensure that you have a good agent is to check with his previous clients. Ask the agent to give you some references and then speak to these clients about how happy they were with his services and would they recommend him.

Select an agent with a good reputation. Keep up with your own research on the do’s and don’ts as well. Be clear about your requirements and do not back down on them, once you are clear you can keep looking till the time you find the right fit.  

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

The Extra Costs of Real Estate

Most people while buying a home do not have a complete idea of the costs involved, most advertisements and brochures do not include the entire cost involved and when confronted with these extra expenses consumers get stressed as these costs are quite substantial.

So, it’s quite important to research regarding all the costs involved and prepare the resources and contingency funds in case of a shortfall.

Stamp duty and registration fee:

Post purchase your apartment needs to be registered in your name to completed the ownership process. For this you need to pay stamp duty and registration fee to the government. The stamp duty is in the range of 5-7% of the property value whereas the registration fee is about 1-2%. Thus, together these charges will add an additional 6-9% to the total cost of your property.

Preferential location charges (PLC):

In case you have bought an apartment in a highrise or a residential complex, then the builder can charge you for preferential location like the top floors or ground floors or an apartment overlooking a water body, or a garden. The charges vary from city to city and also depend on how luxurious the complex is. It can range from Rs 50-500 per square feet, adding quite a significant cost.

Interest-free maintenance deposit:

Interest free maintenance will be charged by the builder at the time of possession; this fee is for the maintenance and repair of the facilities inside the complex and ranges from Rs 50-100 per square feet. Clubhouse membership is another similar charge over and above the price of the apartment that has to be paid, ranging between Rs 50,000- 3 lakh the charge is generally compulsory.

Car park:

Depending on whether your car parking space is covered or uncovered and the whether the complex is premium or normal, the charge can vary from Rs 1 Lakh- 5 Lakh.

Service tax:

Service tax is paid by the builder to the government; generally this cost is passed on by the builder to the buyer, assuming that the service component is about 25% of the total cost, at 14.5% of this the actual cost to the buyer comes to about 3.5%. 

Value-added tax (VAT):

Builders have to VAT (Value Added Tax) to the government on buildings under construction, this tax is charged on the construction material.

Brokerage fee:

In case you have bought the apartment through a real estate agent then you will have to pay a brokerage fee. The fee generally ranges from 0.5-2% of the cost of the apartment.

As you can see there are a lot of costs involved while buying a home and it is advisable to research properly before you consider purchasing property.

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.