How to use your provident fund to finance a home purchase

Although a majority of the salaried individuals have a provident fund account, only a few are aware that they can withdraw from this fund, for various purposes connected with a house

There are various sources from where one can fund the purchase or construction of a house – from borrowing from friends and relatives, to taking a home loan. Salaried people, who are contributing to their provident fund, have an additional avenue to fund their home buying. One can withdraw from the balance in the provident fund account, subject to certain conditions and within certain limits. The withdrawals can be used for various purposes like buying a plot of land or a house (ready-to-move-in or under-construction) or for constructing a house. The scheme also allows you to withdraw your EPF balance to repay your home loan.

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For purchase of a house or plot or for construction of a house

An employee who has completed at least five years of contribution to his provident fund account, can withdraw money for the purchase of a plot and/or construction or purchase of a house. The amount can be withdrawn for the construction of a house on the plot of land owned either by you or by your wife, or jointly by both. The eligible amount of withdrawal would depend on the purpose for which you are withdrawing the money. For purchasing a plot, the amount available for withdrawal shall be restricted to 24 months’ basic salary and dearness allowance (DA). The amount of withdrawal, however, shall in no circumstances exceed the cost of the plot.

In case you want to avail of the withdrawal facility to purchase or construct a house, the availability gets enhanced to 36 months of your basic salary and DA, with the maximum amount again restricted to cost of the house. It is pertinent to note that the property cannot be purchased jointly with anybody else, except your spouse, for withdrawing from the provident fund. In case you withdraw from your provident fund account, the construction should begin within six months and should be completed within 12 months of the last instalment of withdrawal. In case you intend to buy a ready-to-move-in house, the deal for purchase also needs to be completed within six months. The withdrawals for purchase/construction can be made in one or more instalments, depending on the circumstances.

Withdrawal facility for member of a housing society

In addition to the withdrawal facilities available to you individually, you can also avail of the withdrawal facility from your EPF account, if you are a member of a cooperative society or registered housing society. This withdrawal facility can be availed of, for buying land for constructing a residential house from government or any approved government agency. The same facility is also available for the purpose of purchase or construction of a residential house. For being eligible for this facility by virtue of being a member of a society, the society should at least have ten members. The maximum amount of withdrawal permissible under this scheme, is restricted to 90 per cent of the accumulated balance in your EPF account, subject, however, to the cost of asset to be acquired.

The withdrawal facility as a member of a cooperative society cannot be made, unless the member has been contributing to the EPF scheme for a minimum of three years and the aggregate of the accumulation of the member, with his/her spouse, if the spouse is also a member, is a minimum of Rs 20,000 on the date of the application for withdrawal. This facility can be availed by you only once in your lifetime. Under this scheme you can get your instalments of any loan taken for these purposes paid through your EPF account, subject however, to there being sufficient balance in your account.

Withdrawal for addition/improvement of the house owned by self and/or the spouse

You are also entitled to withdraw money from your provident fund account, for making additions or improvements to a residential house that is already owned by you, or your wife, or jointly by both. This withdrawal can only be availed of, after five years from completion of construction of the house. It is not necessary that the house for which you want to carry out the improvements should be the same for which you had availed of the withdrawal facility. This withdrawal for improvement of your house can be availed, even if you have not availed of the withdrawal facility for purchase or construction of this house. The amount that you are eligible to withdraw, for improvement or addition to the existing house, is restricted to 12 months’ basic salary and DA, subject to the cost of such improvement.

You can also avail of the withdrawal facility again, only after 10 years from the first withdrawal for addition/improvement of the existing house, subject to the same eligibility criteria, vis-à-vis the amount. Any amount withdrawn from your EPF account and which is not used for the above specified purposes has to be refunded to the EPF account.

Advances for repayment of housing loan

The provident fund scheme allows you to avail of the withdrawal facility, for repayment of the outstanding balance of a home loan taken by you or your spouse, for any of the above purposes. The amount cannot exceed 36 months’ basic salary and DA. This withdrawal can only be made for repayment of the home loan taken either by the members and/or by the spouse, from specified entities like governments and state governments, registered cooperative societies, state housing board, nationalised banks, public financial institutions, municipal corporations, or any development authority, for purchase of a house. This facility can be taken, after you have completed at least 10 years of contribution to the EPF account.

Also read: Top Reasons Why Should Plan a Home Purchase Early in Life

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10 Furnishing Ideas for Your Master Bedroom

April, 2019

Customising a master bedroom is a great idea and decorating it is a cinch if you know the tricks. Go ahead and decorate your master bedroom in your own style. Make it a space that spells out ‘You’, and a room that helps you unwind completely.

The very first and important step for a great bedroom is having an efficient floor plan. A great floor plan allows great customisation and can accompany various furnishing styles.

Here are 10 different styles in which you can do up your master bedroom for that outstanding look you always wanted. These styles will help you narrow down for the perfect home design.

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1) Cosy, warm hues

Do up your master bedroom interior design in warm hues, and see the difference it makes to your mood. Different shades of red, orange and yellow are great for this. Coordinate your bed linen, bedroom sofa cushions and wall colours with these shades, and make your bedroom a cosy haven.

2) An all-white decor

White walls, white bed linen, white mirror frames, white sofa cushions with just a touch of colour in the right places – try out this look for your master bedroom. An all-white bedroom will not only create a sense of space but will also put you in a tranquil state of mind. All-white bedrooms give wide space and open room to install more elements to your master bedroom.

3) Rustic and homely

Bring in the retro charm to your master bedroom by going rustic while doing up your room. Use wooden or old-fashioned tile flooring, rough stone walls, antique wooden furniture, wooden mirrors, and even a stone fireplace if you can to add a vintage feel to your room. The rustic look gives a cozy feel to the room and is looks great if furnished with artefacts.

4) Colourful richness

Ever considered colourful master bedroom designs, with splashes of different colours thrown around here and there? Throw caution to the winds, and put together colourful bed cushions and pillows, sofa cushions, rugs, walls and wall hangings. This effect is sure to uplift your mood.

5) Bohemian vibes

Go bohemian chic with an overstuffed mattress on a high bed. One of the easiest bedroom interior design ideas is to add a flowery bedspread and matching pillows and complementing them with a comfortable reading sofa and vintage furniture. Add lush linens in vibrant colours to style your bedroom with bright elements.

6) Light and airy

Do up your bedroom walls with light shades, such as cream or white. Get a simple four-poster wooden bed, and add some light, flowy drapes. Match the colours of the bedsheet and pillows with those of the walls, and voila! you have a light and airy bedroom, which will make your spirits soar every time you enter it.

7) Classic

Why not furnish your master bedroom in a classic colour scheme, like red-and-cream, white-and-blue, brown-and-cream? Choose colours for your master bedroom designs depending upon you and your partner’s personalities, and you will end up with a space that is your signature.

8) Offbeat designs

You could use an offbeat colour like aqua, lilac or jade to do up your master bedroom. No, it doesn’t look weird, provided it is done the right way and paired with the right kind of bedroom furniture. Adding leather sofas, wood-clad ceilings or surrounding the fireplace with tiles and stones gives your room an outstanding look.

9) Ultra-low bed

Who says that your bed has to be placed high to look classy? Use an ultra-low bed in your master bedroom, one that is almost level with the floor. Pair it with equally low bedroom furniture and see the difference it makes to the look of the room!

10) French windows

Install French windows on at least one wall of your bedroom, especially if you have a gorgeous view to look out to. These floor-to-ceiling windows will let in ample natural light, to ensure that you use thick drapes for your bedroom. This effect goes best with vintage, wooden or rustic-styled bedrooms.

Doing up a master bedroom is a breeze when you have the right floor plan and furniture layout. It is equally important that you increase the light and ventilation in your bedroom. Coming up with home decor ideas and designing any part of your house will take some time and requires enough filtering before you come up with a proper plan to suit your bedroom, but these suggestions are sure to give you some ideas!

Also read: When old is gold: Add a vintage touch to your home decor

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A guide to choosing great colours for your home

 

 

 

April, 2019

 

 

Here’s how home owners can choose the right wall colours for their homes, based on their personalities and the ambience they want to create

According to therapists, colours tend to have a psychological and physical impact on us. For example, certain colours can raise blood pressure, increase metabolism or even cause eye strain, while other colours have a healing effect and can balance energy levels.

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Red

Red symbolises love, passion and courage. It is a colour that exudes warmth and draws attention. It has a great emotional impact, making it ideal for the living room.

Orange

Nehal Motta, a resident of Mumbai, recently painted the accent wall of her living room in orange, as she felt that it was a cheerful colour. “Orange is the colour of knowledge, loyalty and generosity. It reflects a healthy social environment and revitalises the mind and body,” she justifies.

Yellow

The rest of the walls, in Motta’s living room are painted in yellow. “My living room lacks a strong source of natural light. So, we have used yellow, to give the room a bright look,” she adds. Yellow is one of the most widely-used colours in the world and is ideal for small-sized homes in cities. It exudes warmth, inspiration and joy. Besides sunlight and spirituality, yellow is also associated with wealth, as it is the colour of gold.

Green

“Green represents freshness and abundance. Its soothing quality characterises the power of nature,” says Motta, whose bedroom has a bottle green accent wall. The colour is proven to have a therapeutic effect and is suitable for rooms that focus on wellbeing and rest.

Blue

According to interior designer Sheena Chhabria, blue represents tranquillity, comfort and serenity. “It is the colour of the sky and sea and has a cooling and soothing effect in rooms. It is ideal for bathrooms, because it is associated with water. When used in bedrooms, it induces sleep by calming the mind,” she explains. A shade of Mediterranean blue, helps to blur the room’s boundaries thereby, making it look bigger than its actual size.

Purple

Purple represents sensuality, passion, royalty, luxury and depth of feeling.

Pink

Pink is an emotional colour and connotes sensitivity and a caring nature. Hence, it is ideal for bedrooms, as it gives a peaceful touch and makes it look lively.

Black and white

“White is associated with purity and elegance, while black is associated with negativity and power. If you are not happy with a plain white wall, then, you can opt for different shades of white. You can choose a white shade with a pink tone, blue tone or green tone. This makes the room appear bigger and vibrant. Black can be used to add contrast, to a room that has light-coloured walls,” says Chhabria.

While painting a room, do not use more than three colours for any space, including neutrals. All that is required is a little planning, to find a colour that best suits your room. After all, you want the right mood in a room, as it impacts not just your own feelings, but also that of everyone who enters it.

Tips on painting a large room

1. Bright colours add a positive vibe and make the surrounding more energetic. Younger children, in particular, tend to favour bright colours like yellow, orange and red.

2. Warm colours can make a large room seem cosier, while small bedrooms can be made to appear larger, with cooler shades.

3. Metallic finishes, such as gold, bronze, glitter or pearl red, silver and blue, add a bold look. Non-metallic finishes, which are minimalistic, along with geometric or trendy patterns, exude elegance and give a subtle, artistic feel to a space.

4. Living rooms painted in a triadic scheme (for example, using three distinctly different colours like blue, yellow and red), tend to be very vibrant and energetic and depict youthfulness and freshness.

Painting a small room? Remember this

1. Yellow, pink and lavender, are ideal for small-sized bedrooms.

2. Light yellows, with green and peach or pink accents, and blue and sea green shades, are light yet, bright colours. These colours are a great way to beat the summer heat, while maintaining a cosy feel.

3. You can also paint one wall in a small bedroom with a darker shade, to differentiate it from the other walls in the room. The darker wall will seem to recede, creating an illusion of space.

4. You can also paint the walls using stripes of alternating but similar colours. These stripes can be vertical or horizontal and three to five inches wide.

Also read: Simple solutions to create storage space at home

Source - housing.com

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Simple solutions to create storage space at home

April, 2019

 

 

Every home needs ample storage space to ensure that the décor looks clean. We look at ways in which home owners can create sufficient storage spaces that are stylish and also gives a spacious feel to the interiors

A home should not only have visual appeal but should also have sufficient space, to keep things. For this, it is important to plan storage spaces well and use the existing space wisely, when designing your home décor. In any home, large or small, one can tackle storage issues, with a little creativity.

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Use vertical surfaces for storage

If one lives in a small space, one has to think about how to use every part of the home. “If there is lack of floor space, use the walls, as this space is usually wasted. Many of the items that are not needed on a daily basis, can be stocked here,” says Mikita Laad Gupta, senior designer, Bonito Designs. Opt for vertical furniture, like floor-to-ceiling shelves. Instead of bookshelves on the floor, optimise the space by using shelves on the wall. These can even be visually attractive, with shelves shaped like tree branches.

Tall shelves make the space appear less cramped. “In the kitchen, vertical space can be put to good use, especially to store smaller items. Similarly, baskets can be lined up behind doors, to store things in the kitchen. Vertical cubby holes in the bathrooms wall or niches in the living rooms, can also be used to create storage space at home,” adds Astha Khetan, founder, The House of Things.com.

Make optimum use of space

Every house has spaces that are less noticed, which can be used in a better way. “The space behind the door is an unused space in most homes. In children’s rooms, laundry bags can be hung up on hooks. Similarly, books or toys can be placed in bags and hung on hooks. The space under staircases, can be used for storing shoes, with pull-out shoe racks,” suggests Gupta.

A corridor/passage in the house, depending on where it is, can be used for a wall-mounted bookshelf or shoe rack. In the bedroom, opt for a bed with concealed storage in the headboard and use boxes under the bed to store items. Use a dining table or centre table with sliding drawers, for storing napkins and cutlery.

“Choose furniture pieces that meet your storage requirement and also add to the style quotient of your home. Lofts and alcoves in the room, foyer or even bathroom are ideal spaces to build storage units. In the kitchen, opt for smart solutions within the cabinet, for example, drawer dividers for cutlery, trays and pull-outs for spices. Pegboards can be used on a kitchen wall, to store essential stuff. You can even hang a family photo or your children’s drawings on the board, to add to the visual interest,” states Khetan.

Create space for small items

Some items are difficult to store, even if space is not an issue. “Whenever one plans storage, a lot of small items like jewellery, hair accessories and other knick-knacks, tend to be ignored. Storing them in regular drawers, can lead to a mess and wastage of space. To avoid this, use the walls to store such items in a small space. You can make your own jewellery holder, with a painted cork sheet or a hanger near the dresser, or even use ice cube trays in drawers, to store rubber bands, clips, cufflinks, earrings, etc.,” adds Gupta.

Plastic storage drawers or folding shelf organisers that can be easily moved, can be useful additions to a closet. In a linen closet, use them to stack small clothes like socks, handkerchiefs, lingerie and towels. Use bright and bold-coloured fancy trunks, to store away things in the bedroom, while also a unique décor element.

Creative storage ideas

1. 1. Use glass for making shelves and partitions, as it makes the house appear spacious. Shelves fixed at an eye-level, are good for keeping knick-knacks.
2. 2. Use multi-purpose furniture – for example, a chest which doubles as a center table, a sofa with storage space for books in the armrest, or a dining table bench with storage for cutlery.
3. 3. An openable full-length mirror in the bedroom or bathroom can have concealed storage behind it.
4. 4. The bathroom basin can have storage units under the counter. Use colourful baskets on the bathroom wall, to keep toiletries.
5. 5. Use the space above wardrobes to create a loft, where you can store suitcases. You can stuff extra bed covers or blankets in the empty suitcases.
6. 6. Space underneath the window seating can be used for storage.
7. 7. Homes are often filled with needless items that one has collected over the years. Hence, de-clutter and clean the house regularly.

Also read: Home automation: The next wave of change in the real estate industry

Source - housing.com

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Top Reasons Why Should Plan a Home Purchase Early in Life

 

 

March, 2019

 

 

A home is a not only a place where you nurture your family but also an asset that adds to your portfolio and wealth. However, most first home aspirants are torn by the thought of when to start planning for the purchase. The answer is to start as early as possible.

This is because early planning leads to early execution, which offers a host of benefits. Additionally, at this stage of your life you are likely to have fewer responsibilities to shoulder and can divert your savings to purchase an asset that offers lifetime security and has an appreciating value.

A number of housing projects are added to the real estate market every year, so, for instance if you are looking for property for sale in Thane, you can consider top projects like Ace Square in Ghodbunder Road having 1 and 2 BHK Flats in Thane.

So whether you want to self-occupy the property or rent it out, this makes for a good deal!

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But before you start judging your options, take a look at why you should plan home purchase early in life.

Early planning means sound planning

When you start gathering insights and information regarding a home purchase early on in life, it certainly allows you enough time to plan your finances too. Moreover, this way you can avoid committing financial mistakes and can make meaningful choices regarding the house you wish to buy.

It instils financial discipline

This process brings about financial discipline and helps you curb unnecessary expenses at an early age to work towards your goal. Once you pick up the habit of careful utilisation of your financial resources, saving for a home will not be a far-fetched reality.

Moreover, this will help you prioritise your other goals clearly so that you can fulfill them as well without any stress.

It helps in achieving your goal of buying a home early

An early start means you can buy a home early too, and capitalise on property appreciation for more number of years. Also, with home buying out of the way, you will have more bandwidth to cater to other goals.

With the right planning, you can then set out to complete the home buying process. Now, that you know how planning for a home early in life can prove extremely beneficial for you, here are the benefits that a home offers.

You can earn high investment returns

A real estate property is an asset that adds value to your portfolio. So, whether you buy a budget property or invest in a luxurious villa as your first home, you will always benefit from capital appreciation.

Consider a property with higher resale value by taking into consideration the locality’s potential and the builder’s credentials so that you can earn handsome gains over time.

You can earn passive income if you let it out

Even if you happen to shift to a new city in the future, your property can still earn you returns. If you don’t wish to sell it, you can rent it out and earn rental income instead. This acts as passive income that you can put towards other financial goals.

You can enjoy tax benefits on home loan repayment

You can effectively save taxes by way of home loan repayment, by claiming a tax deduction on both, the interest and principal repayment of your home loan.

Section 80C of the Income Tax Act allows you to claim a deduction for principal repayment of up to Rs. 1.5 lakh and Section 24B allows you to claim a deduction of Rs. 2 lakh for interest payment you make on your home loan during one financial year. In addition, as a first time home buyer you can get an extra deduction of Rs. 50,000 under Section 80EE.

So, put off any delays and start planning your home purchase now. If you have already started and have accumulated the amount for a down payment, initiate your property search right away!

Also read: Housing Societies Ready To Go Green If Govt Offers Tax Sop

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Source - bajajfinserv-homes-and-loans.in

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When old is gold: Add a vintage touch to your home decor

February, 2019

When it comes to home decor, a vintage look is always in style. We look at some simple ways, in which home owners can recreate an old-world charm in modern homes

A ‘vintage décor’ can be defined as an interior design theme that incorporates elements of the past and in particular, the best elements of a particular time. Prachi Chavarkar, co-founder of ArchiLab Designs, explains that a vintage design can be associated with a region (for example, Rajasthan, Maharashtra or Kerala) or even architecture belonging to a particular era, like Indo-Saracenic (or Indo-Gothic or Mughal-Gothic). “In terms of a global look, it can also be British, French or colonial design. Some may also call a local historical look as ethnic but it is a part of vintage décor,” adds Chavarkar.

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Elements of vintage decor

Home owners can remodel their homes based on a vintage theme, by either recreating the style or bringing in old decor elements, such as distressed furniture, a grandfather clock, ceramic tableware or even a sword hanging on the wall, into the design.

“Wall plaster treatment that mimics Greek architecture or red oxide flooring, for example, could instantly give the space an old-world charm. An old metal trunk, placed right at the center of the living area, can add an element of nostalgia and serve as a functional coffee table. Old bamboo rocking chairs, incandescent or industrial lighting, wooden fans, bohemian carpets, are all simple examples of this,” states Sameer AM, founder and CEO, Bonito Designs. Floral soft furnishings or wallpaper, add a vibrant colour to any room. “For fabrics, opt for jute, cotton and recycled fibres with muted floral patterns, to add a soothing feel. These are ideal for a vintage look,” adds Sameer.

Antiques and souvenirs as décor accessories

People often collect old antiques or souvenirs, from the various places they travel to. A home owner may also have inherited many artifacts and antiques. “It is a nice concept to showcase antiques in your space. However, these items should be displayed with a lot of thought and care. When you display numerous pieces from different locations, historical periods, types and materials, one has to be mindful about the order of display. Depending upon the size, scale, material and type, they should be properly framed or placed. Ideally, these should have a showcase or a background/surrounding that complements the items displayed,” Chavarkar suggests.

Colour scheme for a vintage home décor

Vintage-looking furniture, made from old reclaimed wood or wood that looks colour-washed and weathered, are in vogue. Winged chairs or a royal armchair, can be used as accent pieces. The flooring, from designer cement tiles, wooden floor, carpets and area rugs, should have colour schemes that enhance the vintage décor. While designing the home, decide the colour scheme or materials for the vintage theme, based on the size and volume of space and the amount of natural light that is available.

Sonali Puri, a home maker from Delhi, who designed her house on a vintage theme, shares that “I have silver and brass artifacts, which are family heirlooms. I have also been collecting antique curious like jharokha frames, textiles and lithographs for a long time. In my living room, I have framed and put up an old textile tapestry with rich embroidery, as a backdrop. A silver-plated divan that belongs to my grandmother and silver frames, with family photos in black and white, add to the vintage look. I have tried to maintain a balance between the modern and antique. For example, the dining table, which I picked up from Chor Bazaar in Mumbai, has a pedestal of the teakwood and a glass top.”

Dos and don’ts for remodeling a house to add a vintage look

Ideally, the colours in a vintage-themed home, should be shades of blue, pink and peach.

Wallpapers with floral patterns, are ideal for this theme.

For furniture, opt for old designs, like a carved four-poster bed, an ornate dresser or a maharajah chair.

One can have a mix of themes but it should be handled carefully. Mix old pieces with modern design elements, to create a perfect amalgamation.

Also read: How Fire Safe Is Your Home?

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Source - housing.com

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Home automation: The next wave of change in the real estate industry

February, 2019

The real estate industry has been through several transformations, over the past few decades. We look at how home automation could well usher in the next transformation and how it will impact home buyers and developers

A few decades ago, a home seeker would have been content with any home that was available within his/her budget. It is also likely that this home seeker would have worked for years, to accumulate the funds for the house. Home buying then, was a luxury that very few could afford. The availability of home loans and defined EMIs, in the 1980s, augmented the growth of real estate in the country, especially in the metropolitan and tier-1 cities, as it brought home ownership within the reach of most tax-payers.

With increasing consumer demand and growth in the real estate sector, developers began experimenting, by offering value-added lifestyle amenities like swimming pools, club houses, gymnasiums, imported fittings, Italian marble floorings, video door phones and concierge services, to create stronger demand for their products. With time, such amenities soon became a standard part of their offerings and consumers expected these, as a part of their lifestyle quotient.

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Adoption of home automation in Indian real estate

Meanwhile, home automation, a four-decade-old segment, never became a standard part of developers’ offerings to home buyers. One can attribute the slow growth of this segment to various factors like the necessity of wiring for the installation of appliances, unaffordable products, servicing issues and limited functionality. However, the growth of technology has changed all this.

The evolution of smartphones, has completely redefined our lives. It has changed the way we work, shop, bank and connect with people. It has also redefined the home automation segment. Modern developers have started designing products that provide enhanced functionality and are offering services that can easily integrate with existing home automation products. Most of the new age home automation solutions comprise of Wi-Fi enabled wireless products that are based on the ‘plug and play’ model and offer consumers the option to manage the same through their smartphones.

Most of these home automation products provide:

• Ease of management and the ability to control the devices from remote locations.
• 24×7 surveillance facility through motion sensor devices and live feeds.
• Energy savings leading to monetary savings, through planned use of connected appliances.
• Nearly 25 per cent savings in electrical usage over time.

Home automation: What do buyers seek and what are developers offering?

Young home buyers and millennial buyers, nowadays look at investing in projects that are designed to accommodate home automation services. The concept of smart homes, is now far more lucrative, especially among the young home buyers, who want complete control of their homes.

New age home automation products can be configured to provide nearly all conveniences – from controlling the garage door, home entry, playing of music and switching on devices like air-conditioners and water heaters, to ordering food, all chores can be pre-configured or commanded to the liking of the user’s. These automation features can play a very important role, especially in senior citizens’ homes. For example, the system can be voice configured, to call for medical assistance in case of emergencies. Moreover, most of the home automation products can be easily configured with voice-enabled devices like Google Home and Amazon Alexa.

With value offerings that go beyond basic functionalities, many real estate developers are already working towards adding home automation products to their list of standard offerings across projects. With growing technology, soon, one’s home may be able to take care of itself, as well as our daily needs and likings.

Also read: The essential checklist, for building your own house

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Source - housing.com

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