Five Steps to your Home Loan

Raising funds for your realty investment is a key task so here’s some sound advice to facilitate the process

The housing finance industry today is on a growth trajectory especially with the various initiatives such as the Smart Cities and Housing for All undertaken by the government. Rising disposable incomes, stable property prices and various fiscal incentives are some of the other factors fuelling the housing finance growth. Further encouragement to home buyers has been the recently softened home loan interest rates. The most crucial step for a consumer while applying for home loan is to choose a trusted housing finance company and also self-appraise his/her financial portfolio/income. Additionally, the consumer should also keep in mind factors like interest rates, repayment period, LTV and loan eligibility criteria.

However, let’s look at 5 important things that one needs to keep in mind while applying for a home loan:

The right home loan

There are various kinds of home loan schemes available in the market. For a first time borrower, the process of understanding and choosing the right home loan can be quite overwhelming. Considering that a home loan is probably the longest financial commitment for most of us, one needs to take his time and read through the fine print carefully before going ahead. Illustratively few options are loan for purchase of ready property, loan for purchase of under-construction property, loan for self-construction, loan for purchase of plot, loan for renovation/ extension on existing property, loan against existing property, etc.

Equated Monthly Installment (EMI)

The main factor that influences home loans from a borrower’s point of view is probably the EMI. Your EMI is the monthly outflow of money that will go towards repaying your loan. As a golden rule never let your EMI exceed 40-45% of your net monthly income. Further there are options of part pre-payment on home loans without any prepayment charges, in case of your income enhancement in the coming years.

The right kind of interest rate

Home loans typically come with two types of interest rates i.e. fixed and floating. A fixed rate of interest (ROI) is when the interest rate on your home loan remains constant for a period of 3-5 years (depends on the scheme offered by a financial institution) and in certain cases throughout the tenure of the loan.

A floating rate of interest is when the interest rate on your home loan varies depending on the movement of cost of funds for the financial institution, the rate actually increases or decreases with the movement in cost of funds.

Fixed ROI will be higher than that of a floating ROI and should be opted with caution keeping in mind your judgment of the interest rate scenario. There are also options available to switch between a fixed and floating ROI anytime during your tenure, but one needs to check on the switching charges that banks may charges.

Charges and penalties

As such there should be no extra charges except for the processing fees, legal verification charges in some cases, stamp duty on the home loan amount and certain switching charges if you were to change your EMI or transfer your loan to another bank or NBFC.

However, there will be a certain penalty if you default on your payment along with an added interest in some cases. One should be aware of all the charges that are being charged by the financial Institution.

There may be some additional cost for releasing your property documents for photocopying purposes if required, during the tenure of the loan. Suggestively you should ask for a schedule of charges from the company for your records.

Legal and technical clearance of the property

Every bank/ NBFC will get a legal and technical clearance of the property that you intend to purchase. This is very important not only from the banks perspective but also from your perspective as an end user who will put in equity to the property and also will be liable for the loan being sought, hence it is important for you to check with the company on such clearance.



Check out Buy Property around Mumbai and Thane by Squarefeet Group

Squarefeet Group

Satyam Building, 2nd Floor, M G Road,
Opposite Navpada Telephone Exchange, Above Punjab National Bank,
Naupada, Thane West - 400601
Maharashtra, India

+(91)-22-25452903, 66543333

info@squarefeetgroup.in

Get ready for the rains

Things to keep in mind to prepare your home for the monsoons

With sweltering summers coming to an end, monsoons are the most anticipated season of the year, a breather and respite from the unbearable wave of heat and the scorching sun. Although monsoons are a pleasant change, it brings along a host of problems in your home, both from a physical damage and health point of view.

In fact, the onset of monsoons brings along diseases and infections which can lead to severe gastroenteritis, diarrhoea, vomiting, food poisoning and other illnesses. Especially with rains being just around the corner, one can follow some basic tips to have a stress-free monsoon.

Eliminate Clutter

One of the key things to keep in mind is to declutter your home. While carpets are fancy and decorative items, it is better to roll them up during this season. Moreover, since the moisture content in the air is high, drying these carpets also consumes a lot of time and energy. Instead, store them safely in a dry place and use them later on

Tackle Germs

Disinfect your bed sheets, pillowcases and upholstery with new-age UV sanitizers, which provide a non-chemical approach to cleaning, ensuring all traces of dust mites are wiped clean. Clean and vacuum regularly, using a vacuum cleaner with 5-stage air filtration, which allows deep cleaning in hard-to-reach places such as carpets, space below the beds, windows and grills and other crevices

Clean Air

Since a lot of people end up spending a major chunk of their time indoors, they often complain of damp smells in the rooms, which can cause discomfort and many health issues. Instead of opting for an air conditioner which recirculates the same air in the house, one can install an air purifier with a high efficiency particulate air filtration (HEPA) filter, as it can trap small particles and pollutants such as mold, smoke, house dust and pet dander and also remove foul odour, thereby significantly improving air quality during monsoons.

 Fix Leakages

Find and fix any leaks in your house, especially plumbing fixtures, as mold grows on any organic material that’s been wet for more than 72 hours, triggering respiratory illness and allergies. If you find moisture, fix the problem immediately. Also, it is important to remember not to allow any kind of water to stagnate inside the house, as it can become a breeding ground for mosquitoes

Healthy Water

The fact is that boiling water is effective towards water-borne bacteria and virus but it has no effect on chlorine content and cysts, nor does it remove turbidity, organic and inorganic impurities. Also, water needs to be boiled for minimum 20 minutes on-roll for it to effectively deactivate the disease-causing micro-organisms.

Since the chances of water contamination is high during monsoons, choose a water purifier that has the ability to remove the new-age contaminants. There are range of superior and customized water solutions available in the market that are equipped with patented mineral cartridge and biotron technology which magnetizes and de-clusters water molecules and provides healthy drinking water.

With these simple tips and tricks for home care, one can definitely enjoy the pleasant monsoons and safeguard the health of your near and dear ones.



Check out Buy Property around Mumbai and Thane by Squarefeet Group

Squarefeet Group

Satyam Building, 2nd Floor, M G Road,
Opposite Navpada Telephone Exchange, Above Punjab National Bank,
Naupada, Thane West - 400601
Maharashtra, India

+(91)-22-25452903, 66543333

info@squarefeetgroup.in

THANE: Mapping the Growth Tale

Consistent buyer demand for properties in Thane has been well-received by the developer community, who have launched a number of new projects in the region. In the last two decades, this suburban region has transformed very rapidly and is now dominated by high-rise buildings.

MAKING A PROPERTY INVESTMENT : Shirin Sudhakar acquired a ready-to-move-in 2-BHK house for an all-inclusive cost of around Rs 22 lakh last year. Having paid back the bank loan taken to fund this acquisition in 2010, Shirin decided to in-vest around Rs 80 lakh in another 2.5 BHK apartment in Thane near the Eastern Ex-press Highway.

Thane has both, affordable and luxury housing units to offer, thus diversifying the options for buyers. Due to the infra-structure development, the area boasts of the best residential townships, hospitals, schools and social infrastructure, thus making it one of the fastest developing districts for affordable, premium and luxury housing.

Moreover, the increasing cost of construction and continuous demand for properties has outstripped the supply in the area. Being the only affordable haven around Mumbai with a developed infra-structure, housing demand tends to in-crease for properties priced below Rs 70 lakh.

Property experts are also of the view that 2-BHK apartments are being pre-ferred, especially if they are priced below Rs 50 lakh. According to Magicbricks data, there are over 19,000 properties available for sale in Thane. More than 400 new projects are under-construction. The most available property types in the locality are 1, 2 and 3-BHK units. There are modem amenities available in these residential complexes such as club house, coffee lounge and restaurants, private terrace gardens, barbecue pits, a dance studio, including others.

A Harikesh, senior vice-president, sales and marketing, Tata Housing Development Company Limited, recently said that Mum-bai will always remain a preferred destination for property buyers. In fact, due to the robust connectivity, the Thane-Kalyan belt has immense market opportunity. The area is accessible to the island city and of-fers properties that fit a buyer's pocket too.


GOOD CONNECTIVITY TO THE SUBURBS : Moreover, the suburbs beyond Thane are growing gradually as they have infrastruc-ture as well as the connectivity edge. Till a few years ago, the place used to be an industrial belt. Today, one can easily reach Navi Mumbai via Dombivali through the pipeline road. The area is directly linked to Chhatrapati Shivaji Terminus (CST) and is well-connected to Thane, Kalyan, Dombivali, Panvel and Navi Mum-bai via the state transport and local bus network.

The government has also proposed a monorail on the Thane-Kalyan-Badlapur corridor, which will further help to im-prove the connectivity in the city, adds Harikesh.

DO HIGH-STOREY BUILDINGS : Most recently, the area has received the clearance from the municipal corporation for residential towers that will have more than 27 storeys. Presently, the height of several projects in Majiwada, Manpada and even Kolshet, has reached 92m and developers say there is a huge market for projects that can go higher. Structures in Thane can go much higher since there is no restriction on the maximum number of storeys in the Development Control Regu-lations (DCR).

"The approval will help increase the number of residential units in Thane. Pro-jects in areas like Pokhran Road, Manpada and Majiwada, are likely to benefit from this move as per our initial feasibility esti-mates," mentions Jitendra Mehta, secre-tary of MCHI-CREDAI Thane unit.

Besides these, government policy re-forms have also boosted consumer senti-ments towards first-home and end-user purchases. It is further expected that there will be a further acceleration in Thane's real estate market in the coming times. Therefore, home-buyers can consider Thane as the next investment destination!



Check out 1BHK and 2BHK Flats in Ghodbunder Road, Thane by Squarefeet Group

Squarefeet Group

Satyam Building, 2nd Floor, M G Road,
Opposite Navpada Telephone Exchange, Above Punjab National Bank,
Naupada, Thane West - 400601
Maharashtra, India

+(91)-22-25452903, 66543333

info@squarefeetgroup.in

Ready Possession Properties or Under Construction Properties: Which one is better to buy?

It is obvious for you to taken every decision meticulously while buying a home for you and your family. For you, as a first home buyer, there will always be two options before you. However, confusion arises whether to go for a property under construction or to opt for ready possession property.

Each of these options has its own pros and cons and it is extremely important to be aware about the advantages and disadvantages of Under construction and Ready to move property.

Advantages of Under Construction Property:

Payment can be made slowly & conveniently:

The exciting part of Under construction properties is that it is affordable for most of the people through a home loan. Here, ‘affordable’ is in the sense that from payment perspective, your life is easy. You make a down-payment which is generally 20% of the property price and then start making the monthly EMI’s each month and this is how a lot of people are able to own the house easily. Later after few years, a lot of people feel comfortable as their salaries go up, but the EMI’s value is very much the same. Without taking home loan also, one can pay the money in parts as it can be construction linked payment.

Liberty to Choose:

While buying an Under construction property, one has a freedom to choose. New Projects are coming up in various locations like Ghodbunder Road, Thane. So the choice in terms of location or which floor you want are generally high. Example: If you are not happy with 12th floor, you can pay more and take the 3rd floor, but in case of ready-to-move-in apartments, if 12th is available, then that’s all you have. There you have no choice left!

Scope of Price Increase:

Under Construction properties are generally in the outer area’s of the city and hence the price appreciation due to its obvious future development is good. Though it's not true in certain places. It’s better for you to look at the location and do some ground work. It is heard that soon Metro services will be launched in Ghodbunder area i.e 4-5 years from now. It will be stretched from Ghodbunder to Ghatkopar. Under Construction Property Projects have more potential for price increase compared to ready to move in apartments?

 Disadvantages of Under Construction Property:

Delay in Project:

Delay in the Project for several reasons is one of the top most issue with under construction properties.

You may not get what you see:

The biggest issue - You may not get your flat as same as what you’ve seen as a sample one.

So concluding the disadvantages of Under construction Property, if you still decide to go for Under Construction Residential Property Projects at Ghodbunder Road or you still want to know more about ready possession property.. Read More...

Advantages of Ready Possession Properties:

Relief from Rent

People who are usually paying high rents would like to move in a readymade property than under construction as they want immediate relief of paying high rents and travels costs. This can get by moving in ready to move properties.

You buy what you see

You exactly know what you’ve seen when you go for ready-to-move-in properties. So you can be sure of that there is no chances of getting duped at least in those things which you can feel and experience. You can also do some groundwork from the neighbours in these kind of properties for better understanding of services provided.

Know your surroundings

The big beneficial factor of ready-to-move-in properties are you know who your neighbours are. For that matter which kind of community you will belong to and if you would like to be with them or not. This you would surely will never experience under construction properties.

Disadvantages of Ready Possession Properties:

Tedious process of legal documentation

In case of ready to move in property there’s a lot of legal work and documentation required. The sole reason is there are no ‘fresh documentations’ but a lot of ‘transfer of ownership’ documents which requires time.

Relatively Costlier than under construction homes

For this, in some cases, ready to move in property 20-25% higher than the under construction homes. It also depends on the locality and surroundings.

Limitations to choose your flat

As elaborated earlier, it generally happens that you won’t get your flat on the desired floor or position whatsoever matter. So this is one drawback you might face in Ready to move in flats.



Check out Properties in Thane by Squarefeet Group

Squarefeet Group

Satyam Building, 2nd Floor, M G Road,
Opposite Navpada Telephone Exchange, Above Punjab National Bank,
Naupada, Thane West - 400601
Maharashtra, India

+(91)-22-25452903, 66543333

info@squarefeetgroup.in