The Complete Guide to Home Loan Process in India

Buying a home has become a lot easier than it was a decade ago. Areas that were unaffordable for a mid-segment homebuyer now host a multitude of affordable housing options. The government has also announced several initiatives to make dream home a reality, especially for the middle class buyers.

A majority of the homebuyers seek home loans to fund their purchase which is why the government has also taken initiatives for reducing interest rates on home loans. The recent announcement of new income slabs for home loan interest subsidy has made dream homes 2.4 lacs cheaper.

The Complete Guide to Home Loan Process in India

The Complete Guide to Home Loan Process in India

So this is the perfect time to buy your dream home. However, as a smart buyer, you should be well versed with the complete home loan procedure to get a better understanding.

Step 1- Home Loan Application

The procedure begins when you send a formal home loan application to the bank. Bank will ask for your personal details in order to scrutinize your financial standing and loan eligibility. For this, you will have to submit a set of documents including identity proof, age proof, address proof, income proof, employment details, details of existing properties, etc. [Read more…]

Bangalore Real Estate: Invest In These 5 Localities for Best Returns

People who want to invest in real-estate are always trying to find new and developing areas of a city. Investments in these areas have an advantage that they are affordable but after a period of time they turn into an asset that gives good, favorable returns. Bangalore, the Silicon City of India, has always been the investors’ paradise. It is the start-up capital in IT, Aerospace and other industries. The job market is driving the residential market as well. Bangalore builders are offering better quality homes and with more amenities and on time too as compared to other cities.

Bangalore Real Estate: Invest In These 5 Localities for Best Returns

Bangalore Real Estate: Invest In These 5 Localities for Best Returns

The outer areas of metro cities are best locations where home buyers can get better homes at affordable prices. Good and reputed developers are also driven to these areas.

North Bangalore, South-east and East Bangalore real estate are good for investments as many infrastructure projects are planned here. Localities such as Thanisandra, Hennur Road, Outer Ring Road and Yelahanka are good areas to focus on. In south Bangalore, prospective areas are Varthur and Whitefield to buy and invest. Metro connectivity to these areas is in the third phase of construction. Once operational will change the face of real estate market. [Read more…]

All You Need to Know About Married Women’s Property Act

The government, time and again, announces several acts and reforms to protect the interests of women of our country. Married Women’s Property (MWP) Act is one such step taken by the government to protect the properties of women against creditors.

Under MWP Act, all properties belonging to a woman will be insulated and protected from tax proceedings and other court attachments that the husband has run up. It also states that any debt of a married woman, before or after the marriage, will be the liability of her husband. This is also applicable on life insurance policies provided that the husband has endorsed the policy through MWP Act.

All You Need to Know About Married Women's Property Act

All You Need to Know About Married Women’s Property Act

Let us try to understand this with an example-

A family consisting of husband, wife and children lives in Noida. They have a family business and have taken several bank loans and institutional credits. The banks lend the amount against the assets of the business along with the personal guarantee of the owner that is the husband. Now, in case of untimely death of the husband, banks start the process of recovering its loans by liquidating the assets of the business. Since there is also personal guarantee of the owner, they attach properties belonging to the guarantor which is the husband. They will also attach the life insurance of the guarantor which means that all claims went to the bank and not to the surviving members of the family. [Read more…]

Top 10 Reasons Why Noida is the Best City to Have a Dream Home In

When Delhi started saturating with properties and prices touched the sky, Noida came to the rescue of many homebuyers. With developing infrastructure and affordable properties, it was no less than a boon for the mid-segment buyers. And now, Noida takes pride in its excellent infrastructure and an assortment of amenities that can put even megacities to shame. The lifestyle in Noida is no less than Delhi or Gurgaon. This ever-developing city is riding therealty wave of NCR.

Top 10 Reasons Why Noida is the Best City to Have a Dream Home In

Top 10 Reasons Why Noida is the Best City to Have a Dream Home In

Listed below are 10 reasons why Noida is emerging as the first choice of home buyers-

1- Pricing

Competitive pricing is one of the most attractive features of buying a house in Noida. Whether for end use or investment, there is a price to suit all budgets and pockets. Since the circle rate is low here, developers are in a position to offer the property on lesser price compared to Delhi. [Read more…]

Bathtub vs Shower: Which is Right for Your Home?

It is an inherent fact that a good bath not only refreshes our body but our mind and soul too. An incredible bath has the power to wash out all our worldly stress and give us an ethereal experience. For ages, Indian bathrooms have been equipped by only the bare minimum tools required for a bath, a mug and a bucket. Although, since globalization, the bathing tools in our bathrooms have been rapidly changing and evolving.

Bathtub vs Shower: Which is Right for Your Home?

Bathtub vs Shower: Which is Right for Your Home?

Since the 90’s, because of its ease of installation and spatial advantage, showers became a standard in bathrooms all across our nation. However, as increasingly, India picks up the pace with the developed world, further modernization of our homes including our bathrooms sound imminent. And this brings us to our point of argument here, Bathtub vs Shower: Which is right for your home? [Read more…]

Co-Owning a Property? Here is All You Need to Know

Ashish wanted to buy a home in Bangalore. Though he wanted it in central inner-city location, all property prices were exceeding his budget, and he did not want to shift to the far-off suburbs. So, he decided to co-own the property with his college friend Gaurav, who was also looking for a similar property. Both of them were aware of the importance of legalising their agreement and so they hired a lawyer to discuss the terms. They were surprised with the legalities involved in a co-owning agreement.

Co-Owning a Property? Here is All You Need to Know

Co-Owning a Property? Here is All You Need to Know

So, if you are also thinking of pooling in your funds for a joint ownership, this is what you should learn from Ashish and Gaurav.

What is Joint Ownership?

Joint ownership, also known as co-ownership, is when two or more people have rights over the same property. All co-owners hold title to the property, according to the agreement. Majorly, there are two types of co-ownership- Joint Tenancy and Tenants-in-common. In case of joint tenancy, all parties have equal rights over the property and it provides rights to ownership of the property for the co-owners who outlive other co-owners. When one co-owner dies, his rights are automatically passed on to other co-owners equally. Whereas in case of tenants-in-common agreement, the shares of co-owners are not specifically mentioned. And unlike joint tenancy, the deceased person’s share passes on to whomever that person named in his or her will. [Read more…]

This Valentine’s Day, Turn Your Home into A Love Nest

In this fast paced world where there is no time to sit back and relax, keeping the love and intimacy alive in your relationship looks like too much of a task. It’s not just the work pressure or financials or kids’ responsibilities that have turned you into a boring couple; the environment you live in also affects your mood and relationship. It is extremely important to connect with your better half but this doesn’t mean you have to go outtodinner, or take a vacation. A healthy and sweet relationship is about togetherness, about spending some meaningful time with each other.

This Valentine’s Day, Turn Your Home into A Love Nest

This Valentine’s Day, Turn Your Home into A Love Nest

This Valentine’s Day, let’s create a home that encourages you to spend quality time with your better half and keeps the spark alive-

Celebrate Your Relationship

Whether you are just a honeymoon couple or you have spent a decade together, a relationship grows with every moment and you would have millions of memories. The home you live in is your love nest and some parts of it should speak of the love between you and your better half. Use symbols of togetherness to adorn your house, they will also keep your cool in tough times. A framed picture, a painting you both love, a memorabilia- anything can make your house more loving. [Read more…]

Your First Home Will Now Cost Rs 2.4 Lacs Less

2017 is surely the best year to make your dream home a reality.

After a favourable Union Budget, here is another good news for the first-time homebuyers. Government has announced changes in the home loan interest subsidy slabs to spur the real estate market.

Your First Home Will Now Cost Rs 2.4 Lacs Less

Your First Home Will Now Cost Rs 2.4 Lacs Less

As per the new slabs, if you earn Rs 18 lac per annum, your first house will cost you Rs 2.4 lacs less as you will get subsidy on a part of your home loan interest from the government. This subsidy was earlier available to only those earning up to Rs 6 lac per annum. This progressive change in slabs will encourage more middle-class individuals to buy their dream home. [Read more…]

Can You Get An Unsecured Home Loan?

When you think of financing a home through loan, you know that it is going to be a traditional mortgage loan which is secured by your own property. An unsecured home loan is like a dream come true for many of us. However, this dream has still not turned into a reality in India.

What is an unsecured loan?

As the name suggests, an unsecured loan is one that is not secured by any collateral. In case of home loan, the property itself acts as a collateral. It is a cushion for the lending institution as the last resort in case if you fail to make the home loan repayment. Hence, home loan cannot be an unsecured loan. Other form of borrowings like personal loans, credit cards etc., come in the category of unsecured loans.

Can You Get An Unsecured Home Loan?

Can You Get An Unsecured Home Loan?

Usually, unsecured loans have slightly higher rate of interest and shorter tenure, thus making your EMIs bigger. This is because the banks want to make up for the risk taken by them. [Read more…]

Home Décor Trends That Will Rule 2017

With the dawn of a new year, everyone wants to do something new and different, it could be new resolutions or shedding a few pounds, taking up a new hobby or completely revamping their living space for renewed inspiration. So what’s new this year, as the year has just begun the new trends are asking for lush colors, plush textures and modernistic takes on traditional designs that make a perfect environment to create a ‘new you’.

Home Décor Trends That Will Rule 2017

Home Décor Trends That Will Rule 2017

Some things which were so much in vogue last season are just so outdated or way too overdone; things which were ancient/antique have suddenly become very happening. Nothing stays forever, change is inevitable. Each year brings something new in home décor, and those who to keep up with the trends would not like to miss out. [Read more…]