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Tough times need innovative ideas along with informed and well thought of decisions. The Pandemic apart from causing massive loss of lives has also put many households in financially difficult state- unsustainable for some. Indian job loss figure is close to 13-14 crore. For those who have lost their jobs or earnings, it is important to take stock and realign their strategy.
It is normally advisable to take a Home loan for buying properties for various reasons. As a resultant, most buyers use this option as can be seen from the data; about Rs 13 lakh crore of housing loans was outstanding as on January 31, 2020. Of this, majority are salaried people. Sadly, many have lost their jobs since the scourge of Covid commenced. Its extremely important to save one’s Life and Livelihood -Jaan & Jahan. So, what are the Options? In such trying times, it is not the best option to liquidate the loaned properties, as it would generally result in 10-12% loss on your investments. Hence, this should be the last option. So what are the other options available?
Like all Good times move on, so do bad times. It is extremely important to maintain one’s sanity and take decisions as suitable for you. For a particular individual, there may be some other ways also, so try and analyse your fund state and take a decision you feel is good for you.
Wish you were Beer. Bars are the ultimate evening destination. Ambience of the Bar is a “Make or Break” for success of a Bar. Want it Vibrant, Smoggy, Drooling, Spanky or what? As with most commercial space, some of the 7 Ps of Marketing matter here too. Depending on the Place, ie, whether it is a High end Hotel or a Country side Bar, it needs to be designed. For that clientele, it should exude luxury, style, and comfort and be inviting, spacious, and serviceable, with desired seating space etc.
If you are also planning to revamp your Bar, do let us know, we will give you an experience unparalleled. Lets do it together.
We discussed and analysed the most common / popular flooring options in Part I. It may not be necessary that the decision of the majority is the right one. So why not explore other options and see what suits our needs better. Most of these are neither run of the mill option, nor advised as a general option for all purposes. These are better used at specific place and space.
There are still more options, about which your designer may be able to guide you. We endeavored to cover the relevant and reasonable amount of information so that we are able to take Informed Decision while deciding on the the Floor which will Floor you for times to come.
Making or renovating a house or a commercial space is a long drawn process, involving somewhat infinitude decisions. One of the multitudes of questions that perplex most to be homeowners / commercial space buyers, happens to be about the kind of flooring they need to settle for. The market is flooded with an overwhelming variety of options, which makes it even more difficult to choose the right flooring option for your space. In this Part, we shall be discussing the four most sought after flooring materials and their pros and cons so you can take a well-informed decision.
Points to ponder:
Why & why not:
The climatic and weather conditions, are instrumental in deciding our flooring options to a great deal. In Scandinavian or Siberian region any floor which gives a psychological warm feeling may be more suitable; wooden / carpet flooring could be a preferred option. In Sub Saharan deserts or Middle East, marble or stone may be preferred. There are many other options, which your designer may guide you to use. We shall be covering other options in Part II.
There are other not that popular options too, which your designer my guide you to use. So, if you were wondering which is better tiles or marble flooring or wooden for your residential building services, then make a decision based on these factors above and your daily lifestyle.
Making or renovating a house or a commercial space is a long drawn process, involving somewhat infinitude decisions. One of the multitudes of questions that perplex most to be homeowners / commercial space buyers, happens to be about the kind of flooring they need to settle for. The market is flooded with an overwhelming variety of options, which makes it even more difficult to choose the right flooring option for your space. So, here is a breakdown of the popular options, with details of four most sought after flooring materials and their pros and cons so you can take a well-informed decision.
Points to ponder:
Why & why not:
There are other not that popular options too, which your designer my guide you to use. So, if you were wondering which is better tiles or marble flooring or wooden for your residential building services, then make a decision based on these factors above and your daily lifestyle.
In the good old days, one did not have the luxuries available due to modernisation, ie, automation and availability of numerous devices to make our lives more comfortable and enjoyable, specially after a day’s hard work. It was so easy to decide the plan for your interiors for bedroom. With the availability of mind boggling options, many at exorbitant costs, it makes wise sense to take the help of specialists to design your bedroom, ensuring every penny is well utilised. Planning to do it all on your own reminds me of the old adage -’Penny wise pound foolish’.
Let us consider what all ingredients are there in a bedroom of today, which are required to be planned for. The first and foremost is the Bed & the side table, their size, location & what fits to the size of the bedroom. Thereafter come numerous items listed one by one.
Bedside lights, Electrical & power points, for routine and heavy appliances; No and amount of lights, Cove lights, Night lights, their luminosity, location and more.
All lights and electrical equipment today can be automated. Does it suit you- the idea & the cost?
How to handle the curtain rods, ie with false ceiling, or rods, type of drapes suitable for you, blinds, sheers etc.
Handling of walls by texture paint, wall moulding, panelling, wall papers etc.
Furniture like chaise, lounge chair with foot stool etc.
TV Unit, whether wall mount, free standing like a console table or a mix or something with a storage.
AC & Room heater location, their power supply arrangements; what if for some reason water drips from the AC- how to handle it?
Do you want a Nook with a mini bar or a coffee maker? Space for your laptop/ Ipad and associated seating?
Handling the Windows, doors & head side of the bed.
Wardrobe- gents & ladies as also overhead storage, shoe storage etc
Painting / decoratives /furnishings.
As is evident from the above, if not Herculean, it surely is a Good designer’s task to handle all aspects and reach at an optimal solution;- economically, aesthetically, functionally & in terms of maintenance. Some consider Designing cost as a drain. However, you actually save on costs by using the services of a Good Interior Designer in interiors for bedroom. As experts, apart from ensuring a beautiful end state of the space, Designers economically optimise the material usage and guide you, along with suitable advise on reducing costs. So, if you want to get best value for money and a dream space, go ahead and get your bedroom designed to your taste & as per your cost.
Drawing room are generally the Show window of a house. We want it to be aesthetically designed, while giving a comfortable homely feel. A Drawing room needs numerous aspects to be cohesively considered and located in the right place and size so as to give it an elegant look. There are numerous elements which need to be cohesively aestheticised to bring out your dream.
Going through the above text we can visualise that it would be a very sound decision to utilize the Services of Specialists to do up our Drawing room. Lets join hands to fructify your Dream Drawing room.
A huge diaspora of Indians settled abroad, for various reasons ranging from house for parents, to investment option; invest in Residential properties in India. The procedures, taxation etc for a NRI are different from those applicable to a Resident Indian.
Compared to most foreign markets, Indian real estate offers better investment opportunity for Non Resident Indians (NRIs). NRIs who do not have enough funds, could buy properties in India, by taking home loans. Obviously, the home loan rules are different for NRIs and resident Indians. So it is better to know the rules before delving into it. Hence, it is important to know the crucial differences. Normally, the rates are a bit higher and the eligibility a bit lower, when compared to that for a Resident Indian. It is always advisable to get the loan approval first and then decide on the property you want to buy.
The IT Act & FEMA has laid down criteria to be categorized as a NRIs. NRI is legally defined under the Income Tax Act, 1961 and the Foreign Exchange Management Act, 1999 (FEMA) for applicability of respective laws. NRI is defined under FEMA as a person resident outside India who is either a citizen of India or is a Person of Indian Origin (PIO). The income generated in India is taxable in India & those earned abroad, are not taxed in India.
Qualifying Criteria for Home Loan.Coming to Home loans- a NRI can apply for it, provided he meets the eligibility criteria. Age should be above 18 years; banks decide the upper limit. 60 yrs is the upper limit in most cases. The loan tenure could be even 5 years, to max up to 30 years. Normally, one should have had a work experience of at least 2 years abroad. The loan amount depends on the repayment capabilities. Most of these vary from Bank to Bank, including the Interest rates and the processing fees.
Documentation. Some of the documents which you need to furnish are, Full passport along with work visa copy; Employer ID Card; Passport photos; Work Permit; Employment Contract; Residence proof abroad; Salary slips; PAN Card; loan application form duly filled and so on. Again, it depends on the Bank.
Repayment of Loan. Options for repayment could be transfer money through bank; have an ECS Mandate; issue PD(Post Dated) cheques etc. Ideally, the cheque / transfer should be from the Loanee’s account.
Power of Attorney (PoA). For document signature and processing etc, the NRI can execute a PoA, which is generally valid for 30 days. It ceases in case of the Principal’s demise. The POA needs to be duly stamped as per applicable stamp duty in India and duly notarized within 3 months of NRIs arrival in India.
Finances & Applicability of Taxes. As the NRI earns in Forex, there will be variation in his earnings in Rupee terms, which should be kept in mind for repaying loan. His earnings abroad would continue t be taxed as per that country’s law and his investment in property, as also loan repayment would be subject to Indian Taxation laws. NRIs are eligible to tax deduction on interest paid and loan repayment on home loan if he is NRI as per the income tax definition and files income tax returns in India. Eligibility of deduction etc under various sections hold good. So owning a property needs considering all the above, to come to the real cost of ownership for the property.
Home Loan from Foreign Banks. Being a NRI in countries which have banks in India, could be used to advantage. Most Western countries have much lower Interest rates for loans. It could therefore be extremely valuable to exploit this option too.
Being a NRI gives you the added advantage of choosing the option of buying a property in India, or the country of residence. In case one has friends and relatives who could look after your property in India, investing in Real Estate is always a good option in India. Suffice to say that the Indian population density is high and everyone wishes to own a house. Hence, for quite some time to come, investment in property in India will be a viable fruitful option. Why miss it if you are a NRI?
Predicting resolution from Corona virus and effects of it on any sector, is as hazardous a guess as any. Many experts of Real Estate Sector are advocating that the rates are likely to go up as Loans would become cheaper etc. There is another set of analyst who expect that the rates may inch upwards.
If we analyse it, many aspects emerge. Lets deal with them one by one.
To sum up, even though the government has extended the benefits offered under Section 80EEA till March 2021 and may be further extended to support the Real Estate Sector, there may not be any quantum shift in the current scenario. There would be some fluctuations, but any drastic chane may not be coming.
We have always professed, Vastu Shastra is a Science, which helps you in deciding the layout and placing of various spaces and items in it. It should be treated as an aide & not a hindrance. In case of Bedrooms too, we should take informed decisions to orient, locate and place the various furniture & furnishings in a manner that it enables healthy and comfortable living.
Bedroom being one of the most private spaces, positive ambiance, which gives good vibes is of utmost importance. Right from the entrance to the Bed, the furniture, paintings, furnishings, clutter, circulation space, all play a role in deciding your state of mind, which in turn affects your mental well being, resultant behaviour and performance.
Master Bedroom & Other Bedrooms. As per Vastu, best direction of entrance to the house is from the North East. Hence, if you see logically, the South West Corner becomes the farthest place in the house, which ideally should be the location of the Master Bedroom. However, if your entrance is from South South East, the Master bedroom could be in the North West.
South East or North East should be avoided. India is in the Northern hemisphere, where Sun always moves from the Southern Side- Dakshinayan. Hence, a bedroom in the Southern side gives ample sunlight throughout the year. It is therefor good to have the daughter’s room too in the Southeast. Northeast is also suitable for children.
Wall Color- a light colour like off white, baby pink or light cream are ideal. There should not be a beam running over the bed. Bedroom should preferably not have your Temple, except due to space constraints. The attached Toilet should be kept clean and without any foul smell. Its door should be kept shut to avoid negative energy entering the bedroom.
Anything that disturbs the calm of the bedroom has no place here. Hence, no television. If you must have one, make sure it is placed at a reasonable distance from your bed. “The TV screen should not work as a mirror opposite the bed.
Entrance & Bed. Although most people living in flats do not have much option, it is better not to have the entrance to the bedroom from the Head end side of the bed. Nor should the bed be so placed that it is visible from the main entrance of the flat. The head side of the bed should not have a window behind it. Most of us understand the Gravitational field of earth. Direction of your head while sleeping, should therefore be South, West or East, in that Priority. Metal Beds are heavy and not very conducive. Unnecessary weight adds to the negativity. Couples’ beds should have a single mattress (double bed size), as the partition in the mattress hinders your comfort as also, zones them into two beds.
Circulation Space & Clutter. Ideally, 3 ft of space all around the bed is good, however, some compromise could be made, specially on the sides where there is less movement. To achieve a better and open feeling, reduce clutter. The bulky huge teak almirah gifted to your mom by her dad, is best avoided in the bedroom. Too many small furniture spread around, which affect free movement in the bedroom adds to your stress and should be done away with; however beautiful / treasured they may be. Find some other suitable place for them. Some aroma candle etc which emanate good smell is also advisable.
Paintings, Photos, Mirrors, TV, PCs, Mobile. Paintings / picture depicting happiness is recommended. It is always nice to have your beautiful moments in frames in your bedrooms. Wedding pics for younger couples is very suitable. Those depicting fights, war, blood etc are a strict No no. Mirrors in the bedroom should be so placed that they do not reflect your image while lying / sleeping in the bed. TV is best avoided in the bedroom; remember its the Idiot Box – causes addiction. PCs & laptops need to be avoided. Mobiles & PCs cause high electronic stress. The radiations are inimical. Photos of deceased ancestors are also a No.
Lights. The bedroom should have options for having bright light, eg for dressing up; subdued light for relaxing and some minor source of night light, like foot lights, when one is sleeping. However, light exactly above the Bed is best avoided.
Storage. It is normal for bedrooms to have storage for clothes, shoes etc. Ease of use should decide their placing. We need to get over our traditional mindset of keeping anything and everything for ever. Storing old broken Cassettes / CDs, watches, batteries, clocks or dresses and shoes one has not used for ages, add to the negative energy and are a definite discard. Discard all chipped and semi broken items. Reduce the clutter in your cupboards. It adds to your anxiety and feeling of being disorganized. As a Thumb rule, if you do not use a dress / shoe for 2 to 3 years, give it to someone who would use it and bless you.
What Vastu aims is, at your mind. Anything and everything which adds to the peace of mind is generally good Vastu. If the home atmosphere is harmonious, the inhabitants will be happy and resultantly, successful.
With the Internet becoming a predominant part of our lives, most of us having access to Pinterest, websites, and Do-It-Yourself TV shows, feel we are best suited to do the Interiors for our Spaces. Ideas are easy to get, however, the Information Overload and alignment of these inputs in a usable manner is pretty tough call. Many also assume that creating luxury interior design will be at a huge extra cost. In fact, the opposite is true. We as your interior designers, save you money.
We ensure that our interior designing costs are paid back many times over, with savings made on your project. Our economic optimization of products, coupled with our relationship with the suppliers and by using our in-house team, we get you more than Value for Money. We work out a detailed Schedule of Works at the beginning of the project, which gives you a very fair Estimate of timelines and prevents costly mistakes in execution, as also, continuous increase in cost by putting across items which are sounded as important / mandatory. Our planning is meticulous.
We make budget estimate & compile Schedule of Works with a breakdown of prices for each element of the project; an essential and complex calculation that can be done only by professionals.
We work on all sizes and budgets of spaces. We give you a mood board, floor plan, furniture layout, electrical & plumbing layout if needed, work schedule, budget estimate and if you want, a 3D visualization of the space. After this presentation and upon approval, we plan and execute the project together.
To crystallize a project, we carry out detailed interactions with you to understand the inhabitants, their habits, behaviors & needs etc, E.g.
Based on it, we suggest Economically Optimal Options/ Solutions. If your taste clashes with your family’s (or your spouse’s) tastes, we propose compromises and give a solution that satisfies both parties. Our designer will then work on your space based on your requirements and lifestyle. We are your saviors.
We are an exception that apart from having our own in-house Team of Architect, Interior Designer and skilled manpower, we also have our own Modular & Designer Furniture & Furnishing Manufacturing Unit, which gives you quality, economy & guaranty.
We handle the project from start to finish. You do not have to search for any type of Contractor or Service Provider. We are a ONE STOP SHOP. We have our in house team of architects, top interior designers and specialist workmen like electricians, plumbers, masons, carpenters and other skilled manpower. We also have tie ups with Best Firms in Intruder Alarm Systems, uPVC, ceramics, construction materials and other input materials. For items we don’t make, we help you shop, with assured discounts.
We pay particular attention to lighting plans to ensure they work with furniture layouts and room designs. On a complex renovation, the untrained eye can overlook a simple decision such as where to put a plug socket. It’s too late at the end of a project to realize you can’t place your INR 50000/ Porta Romana table lamp where you want it, because the lead does not reach the power supply. We work backward from the envisaged interior finish, and plan everything meticulously, starting from the furniture plans and go back to basics.
Our Team comprises Extremely Professional & Educated Architects & Interior Designers, suitably supported by highly Skilled and vastly experienced manpower. They are trained to handle interior projects and their challenges and problems, thus eliminating the danger of trial and error—and expensive mistakes you have to redo. Creativity, imagination and artistic flair are their traits. It is because of this training and experience that the team can have a ‘magic touch’ on a project that pulls everything together. They work on hundreds of little details such as choosing what type of lighting switch plates, positioning of electrical outlets, specifying the trim detail of a headboard, and many more.
Above all, we believe in “Building Relationships. Business Happens”.
There has been a lot of positive development on Upgrading the Railways. The current Passenger Train tracks are severely & adversely affected by Speed Limits due to their Quality & vintage. Repairs / up gradation may cost as much as laying new tracks.
The existing Railway Stations are also constrained for space, accessibility, parking space and are quite unorganized.
Is there a requirement of having a complete new set up of Train lines, maybe spread over a period of 10-15 years, wherein the existing Routes & Stations gradually get replaced by freshly laid next generation tracks, with State of the art Stations coming up. PPP is good option. If DLF can lay Mono Rail, what is wrong in Pvt players in Railways?
The existing lines could be used for Freight, with Freight Stations being developed close to the Bigger / existing Towns / Cities. Imagine the Infrastructure & Job Creation, as also effect on GDP by efficiently speeding up transportation.
If we can have completely new airports at fresh locations, in major cities like Hyderabad & Bangalore, why can’t we have new Railway Stations? It is neither too difficult nor impossible.
A small country like Nigeria shifted its Capital, we can surely take this on.
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/11/rail-freight-corridor-or-passenger.html
Once you book a property with a Developer / Builder, it is deemed as acquisition. When you sell your real estate for a profit, you have to pay capital gains tax on the profit earned. The capital gains tax could be Sort Term Capital Gain (held for less than 3 years) OR Long Term Capital Gain (held for 3 years or more). In case of ancestral property, date of initial acquisition is taken.
In case the property is held for less than 3 years, you pay tax on the profit as per your Tax slab. It is deemed as normal income like salary.
In case you sell after 3 years, it is Long Term Capital Gain, taxed at 20%.
To cater for inflation, Indexation is done. So, if a property was bought in 2000, for Rs 10 lac & sold in 2013 for Rs 30 lac, the taxation will be as below:
|Cost of property||
10, 00, 000
|Year of property purchase||
50, 00, 000
|Year of sale||
|Cost inflation index (CII) in year 2000||
|Cost inflation index (CII) in year 2013||
Indexed Purchase Price = (2000000 x 852) / 389 = 43,80,462
Capital Gain = 50,00,000- 43,80,462 = 619537
Tax (20% of Capital gain) = 123,907
A capital asset means property of any kind. A right to obtain conveyance of immovable property is “property”. Hence, if the booking agreement and allotment terms and conditions of the builder gave a right to obtain conveyance on the said property, the property after fulfilling certain conditions, that itself becomes “an asset” under the Income-tax Act. The issue which arises w.r.t. transfer of rights in the property under construction as well as in case of transfer of property (after taking the possession) is – whether the gain on transfer is short-term or long-term? The date which decides the nature of capital gain is “The date of acquisition” In this regard, there can be various views. To qualify the investment in case of builder flats, the date is the date of allotment of the residential flat and the payment of installment is a follow up action. However, you will need to pay Service Tax on 25% of the Cost of flat. In case of ready to move in Flats, the Registration date is taken into account.
The cost of property includes Brokerage paid, cost of improvement etc, which is also Indexed. So if you paid 1% as brokerage, say 20000/ & spent 3 lac on house improvement over 3 years, these could be included in COST & reduced from profits (duly indexed).
If you reinvest the accrued amount in ONE Residential property of equal or greater value, or in Govt Specified Bonds, the tax could be saved.
You could go to my blog https://colonelzbricklogic.blogspot.com/ Or contact Biraj@colonelzinfracon.com; 9818744711, for specific advice. We don’t charge for routine advice. Costs, if any, depend on the case.
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/11/real-estate-purchase-sale-taxation.html
The current applicability is excellent in the interest of the weaker section. However, its implementation is pathetic. A Co is expected to pay PF & ESI even for a casual lab employed for a day. Is it practically possible? So who is benefited? Both, the Employer, who circumvents this utilizing the Financial Brains of his CAs etc, (apart from bribing a small percentage of due amt) & the PF/ESI Regulators from Labor Commissioners to the Inspectors & below.
Government is expected to provide Pension, welfare, medical support etc. How does the Govt. do this without Generating the Revenue? So the Subsidy comes in, burdening the Government, whereas the Employers & Enforcement Staff enjoys.
It is a very simple recommendation, which can be implemented as easily as Income Tax.
The Finance Minister will get a much Bigger Kitty from the above than what he is getting as of now.
Col Biraj Sahay (Retd)
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/10/making-honest-business-possible.html
We have started with Financial Planning to macro manage your ASSETS & diversification into-
We take an hour or so of discussion with you and give you a revert on the Detailed Suitable Financial State for you. We do the follow ups also.
We guarantee minimum 10% growth advantage from your current exposure.
Our consultancy costs Rs 2500/ + tax.
We also help in IT returns, cost of which is separate.
Remember, Jayalalitha did not file in 1992-93 & went to jail in 2014. Dont take it casually.
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/10/your-money-tree.html
We have been getting inquiring about minor / low cost works with respect to house improvement like civil / wood / sanitary / flooring work etc. We do undertake such works, with min budget of around a lac, in NCR.
Anyone needing help could contact me
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/10/worriylessly-upgrade-your-house-in-ncr.html
Being in Construction Business, one often got enquiries for High End Living Homes, with STRONG STRUCTURE. We embarked upon a Project using best stuff like Lafarge Cement, Jindal Steel, etc. It has all facilities like 100% Power Back up, water 24×7, covered parking, high end lifts, gated community, great exterior & Interior.
This Central Gurgaon area has 3000+ sft carpet area floors only. Our Floors comprise 3/4 large BR, 3 large toilets + 1 Pdr room, 3 big Dressers, Big Dining + family lounge, Large Drawing room, Huge Kitchen, Study room, Pooja room & 3 huge balconies + Sr Qr.
My contact – Col Biraj Sahay -9818744711; Biraj@colonelzinfracon.com / firstname.lastname@example.org
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/10/luxury-living-with-added-safety-security.html
Written by Col Biraj Sahay
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/04/expectations-post-elections-from-real.html
One is often pained to meet unsuspecting Friends (specially Faujis), taken for a ride by some Builder or the other including some very high ranking people.
Anyone needing help in my friend Circle, pl feel free to contact. Its Your money, don’t donate to a Cheater Builder.
Reference Link:- https://colonelzbricklogic.blogspot.com/2014/10/buying-house.html
“Home is a place you grow up wanting to leave, and grow old wanting to get back to.”
John Ed Pearce
Purchasing a home, while being very exciting, is also an extremely tedious experience. There are truck loads of options in the market, but not much information about them. To help you tide over your delusions & worries, we have created a 10 point checklist to rate the properties you are interested in, so as to help you take an informed decision.
Check It Before You Cheque It!
Before you decide to invest all your Green (or should I say Pink) Bucks, take a step back and get informed. Check the following before taking your Call.
Credentials of the builder– Make sure you do some research on the builder. Find out about a previous/old project done by the builder and pay a visit. You are likely to get similar Property & Services. Talk to the residents, get a feedback on the following:
Amenities– State of maintenance & upkeep of Club, Sports facilities, Banquet halls, lawns, pathways, etc.
Maintenance & Security- While visiting the old project judge the security and over all cleanliness of the society. Find out how efficient is their waste disposal system.
Air & Lighting- Better ventilated property is more naturally lit & reduces electricity bills.
Price– Its Basic Price (BSP) & allied costs like Maintenance etc. Compare it with Similar Quality societies nearby.
Dwarka Expressway property buyers are stuck as road construction is stuck due to litigation. Avoid options where a road is to come up in the next 6 months, because it may not come up in the next 10 years.
Reference Link:- https://colonelzbricklogic.blogspot.com/2015/01/check-it-before-you-cheque-it.html
“A house is not a home unless it contains food and fire for the mind as well as the body.”
We have all dreamy of a perfect home where we’d like to experience life with our loved ones. Big or small we all have our own ideas of a dream home. But sadly, not always can we afford the home we dream of and that’s where the banks come in; helping us finance the home we want. But, do they actually help us? Let me help you find the best loan for YOU!
Costs related to a Home loan:
Right Loan Provider – Factors to Consider:- Six factors for selecting right home loan provider:
In case of any further queries, we would love to hear from you.
Reference Link:- https://colonelzbricklogic.blogspot.com/2015/02/houseis-not-home-unless-it-contains.html
Most of us would have come across lucrative advertisements talking of 11-12% Guaranteed returns on your investments in Real Estate – mostly in Commercial Property like Offices / Shops etc. When Banks etc are giving you just 6-8% returns, why is The Builder ready to give so much more. Its simple Finance. read more
Deteriorating Environmental conditions pan India entails we MUST focus more on Environment Friendly Buildings & Infra development. We are a country of 1.5 billion people and counting , in which 32% of population lives in urban areas.India’s increase in commercial energy consumption in the last four decades has been 700% and is growing. Energy consumption in India will grow upto 3 times of current consumption by 2030. There is a shortage of about 250 million liters of water per day, if we only consider the major Indian cities. The crisis is approaching, lest we stem it. Green building construction presents a solution for sustainable growth.
What is Green Building? Green building, or sustainable design, is the practice of increasing the efficiency with which buildings and their sites use energy, water, and materials, while reducing the negative impacts of the building on human health and the environment over the entire life cycle of the building. Green building concepts extend beyond the walls of buildings and should include siting, design, construction, operation, maintenance, renovation, and demolition; as also, community and land use planning as well.
There are numerous ways to make your buildings more Eco friendly. We list a few below
Sustainable Site Selection:
Easy availability of public transport/ Mass Transit system and conveniences helps cut down energy consumption for transportation. Rehabilitation of sites damaged by environmental contamination is a better option than any new piece of land where large amount of energy and resource is needed to make the land worthy of building on, thus saving large amount of energy.
It is very important to protect the existing Flora & Fauna, the soil and natural features. Avoid hard paving on the site to preserve top soil and ease rain water harvesting. There should be minimum storm water runoff.
Sustainable Building Components / Material
Material which can be recycled, have low toxicity, nil / low harmful air emissions, as also, have a long shelf life are better. Planning the Building’s structure and dimension can reduce the construction costs. Construction and demolition material can be reused and recycled for landfills. Proper planning for managing materials through deconstruction, demolition and construction is done.
Using renewable materials like bamboo flooring, wool carpets, straw board, cotton ball insulation (made from denim scrap) is good. Locally available materials must be given priority; Saves transportation costs. Alternative materials that can be generated from waste with lesser energy is used over conventional building materials, e.g. alternative materials for timber, like MDF board, Mica Laminates and Veneers on composite boards should be used instead of natural timber.
Industrial waste based bricks and blocks, aerated lightweight BPC concrete blocks, can be used for masonry structures and Fly ash, for bricks, outdoor paving and in concrete.
Indian Govt is giving numerous subsidies, including sharing of Solar energy generated in the Grid so that excess energy generated during day can be bartered for energy at night, thus being economically efficient, as also environment friendly.
Installation of water efficient or low flow equipment in kitchens and bathrooms to reduce water consumption is very important. Newly designed Vapor generating taps save 80% water while being as efficient.
1billion square foot building area has been certified as green by leading green building rating system LEED-INDIA.
There are two established Green Building rating system in India.
Some Green Building Projects in India
Invariably, our storages in toilets & wet areas get spoilt over a period of a couple of years. This is the problems with storage in toilets. So what is the remedy? For some time, a solution in the form of WPC is being used successfully. The material is ideal to be used in areas where some water splash on your storages / cabinets are likely. These are a good substitute. Please don’t use it as a water proof material, but as a water resistant material. While fabricating, one must understand that the hinges etc are of metals & would need extra care to prevent them from rust & resultant decay.
You would be aware of the saying, “Time spent on Reconnaissance is never wasted”. To arrive at the final design for your house / any other building, one MUST go through guidelines to make a house or do a detailed research on the type of Home or Space you are planning. Whether it is Residence, office or commercial space, the most important Factor is : read more
Hiring a place may seem very simple for the Landlord, as also the Tenant. Sometimes these become very unnerving if you miss out on some important aspects that need to be considered before moving into the house / letting out your house. Taking the paperwork lightly may have serious implications for both the parties. Apart from checking out the exteriors and interiors, the legal check on various aspects is equally essential.
Tenants Points to be considered:
Property Owner / Landlord. Rented Property generates additional income by way of lease or rent. But if leased to a wrong person, could cause numerous problems. It requires substantial care and a lot of aspects have to be kept in mind while selecting the right paying guests (PG) or purchasers on rent (rent party):
Wishing you a Happy Letting out / in. You may make lifelong friends with your Tenants / Landlord. Happy Safe homes is what is important.
In the era of Flat / Apartment living, not many go for own house construction. However, some of us still prefer Independent houses, if affordable. It is also a suitable option when friends / family want to have a common building as home.Go through this blog section if you are planning to make a house. read more
It has become a recurring phenomenon of Builders & Infrastructure Companies defaulting for various reasons.read more
With the Real Estate market hotting up in around 2003-4, unscrupulous builders in connivance with corrupt bankers came up with various lucrative schemes to entice the unsuspecting Common Man – The Home Buyers, into various loan schemes, wherein the Builder was given money from Financial Institutions on behalf of the buyers, with little Liability of the Builder.
A very good meaning scheme, this became one of the worst Financing means. Under the subvention scheme, a Tripartite Agreement is signed between The Home Buyer, Developer / Builder & the Financial Institution / Bank. The buyer books the property by paying a fixed % of the cost, which varies from 5 to 20 percent, upfront. The rest amount is paid by the bank as loan to the buyer, and disbursed to the developer, generally, as a construction progress linked plan. . The Builder is required to pay the EMIs till the Possession is given to the Buyer.
The problem was that the Builders often Bought out The Bank Staff & got much more funds released than what was justified as per the State of Construction.
The Buyer feels good that he doesn’t have to pay EMIs till possession. However, the Cunning Developers already priced it in & charged much higher rates for Flats sold on Subvention Scheme, thus, the Buyer indirectly paid for his EMIs.
Real Estate Developers need funds for development. In open Market, a Builder doesn’t get money easily and when he gets it, the Rate of Interest goes even as high as 24% per annum, whereas, the Bank loans to Home Buyers is at a cost of about 8-10% varying with Banks & periods. Hence, they started such schemes by often Buying Over the Banking community. It was still a Win-Win situation, BUT, instead of utilizing the funds on the same project, they started expanding on to new projects in the hope of greater returns.
The Karma caught on and the Real Estate Market witnessed a Major Slump. Most projects got stalled. The Builders stopped paying EMIs. The Banks started hounding the Home Buyers.
The stockpile of Bad Loans and Failed Projects, finally forced The National Housing Bank (NHB) in July 2019 to convey to The Housing Finances companies to stop offering The Subvention Schemes. However, as expected, CREDAI, (Confederation of Real Estate Developers’ Associations of India Est – 1999 for policy advocacy in favour of housing and real estate. through developers) wants it to be withdrawn, as the mendacious, fraudulent acts of Developers was being hit.
We support the ban and expect that RERAs come up with better and more thought over means & methods to protect the Interest of the Common Man- the Home Buyers.
With the growth in Real Estate as an Industry, the number of Fly by night operators became unmanageable. The main sufferers became the Ignorant & Innocent common man- The Home Buyers. To prevent loaning with the same Asset Class as the Collateral, the Govt came up with one of the Internationally common practice of CERSAI.
What Is CERSAI, and why is it Relevant to a Home Buyer?
Central Registry of Secularization Asset Reconstruction and Security Interest (CERSAI) is the Central Online Registry on the security interest. As brought out above, it aims at preventing frauds in lending against Equitable Mortgages, so that people don’t take multiple loans on the same asset from different banks.
Legal problems are bound to happen when the same property gets linked to two loans from two different banks at the same time. It was quite common earlier, as there was no way to check whether a property has been mortgaged. To obviate these these issues, CERSAI was introduced to the real estate industry.
What is the Purpose of CERSAI?
CESAI was introduced in March 2011 to make mortgage transactions more transparent. CERSAI, is a licensed company, wherein,51% of the equity is owned by the government, and the rest is owned equally by National Housing Bank and 10 other public sector banks.
CERSAI’s mandate was to maintain a Central Registry of Equitable Mortgages. It contains data on the equitable mortgage taken on a property and the details of the Financial Institutions that extended the loan and the Details of the Borrower. CERSAI also allowed lenders to register transactions of secularization and asset reconstruction.The ledger of CERSAI therefore, contains the details of the borrower and lender.
It is Mandatory for All Financial Institutes to register all Loaning Information in CERSAI. The registration should be completed in 30 days in order to attend to the security interests. In January 2016, the mandate was extended further to start registration of security interests created on movable and intangible assets such as accounts receivables, book debt, and hypothetical as well as to start registration of all other types of mortgages used in India.
Register in CERSAI
Residential Construction Services also are under CERSAI, where the mortgage is involved. One can register using their website. There is an “entity registration” form available on the site. A digital signature is the access to the CERSAI portal. Once the form is filled, it has to be downloaded and signed by the authorized personnel and sent to the prescribed CERSAI address along with the necessary documents. Once the process is completed, a tab on the progress online can be kept.
“What is the CERSAI charges for home loan?”The registration fee keeps changing from time to time. If you want to take a loan from a bank, you will have to pay a charge that would include the upfront or processing charges. The CERSAI registration charge and processing fee was clubbed from 1st January 2014. The cost is the same across all lenders in the country. The loan amount will ultimately determine the registration fee.
Loans that are above 5.00 Lacks will have to pay Rs. 500 + GST. Loans that are below 5 Lacks will have to pay Rs. 250 + service tax. If there is a delay in making updates regarding the transactions with CERSAI, it could result in a penalty.
CERSAI and Credit Information Bureau India Limited (CIBIL) have joined hands to make the borrowing and lending process more streamlined. Lenders will be able to make lending decisions better because of this tie-up. It benefits both parties, ie the Borrower & Lender.