Co-borrowers: The fastest way to enhance loan eligibility

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February 2019

Only A Few People Are Eligible To Become Co-Borrowers To A Home Loan And Claim The Tax Benefits On Such A Loan, Provided Other Conditions Are Also Fulfilled

With The Prices Of Houses Rising Significantly Faster Than Salaries, It Has Become Increasingly Difficult For Individuals To Buy A House On Their Own. Consequently, Most People Now Opt For Home Loans. To Enhance The Loan Eligibility, Once Can Opt For A Loan With The Longest Available Tenure Or, Additionally, Get Someone To Join You As A Co-Borrower.

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Persons Who Are Generally Accepted As Co-Borrowers

When It Comes To Adding A Co-Borrower To A Home Loan, Lenders Give First Preference To The Borrower’s Spouse. It Is Presumed That The Income Of Both Individuals Will Be Pooled For The Purpose Of Household Expenses, Including For Paying The Home Loan EMIs. The Second Category Includes Sons, Daughters And Parents. This Is Also Considered As A Relatively Strong Relationship, From A Financial Point Of View. Please Note That In Case You Add Your Parents As Co-Borrowers, Their Age Shall Be Crucial In Determining The Overall Eligibility.

The Lender Will Only Take The Remaining Years Of Their Earning Life Into Account, While Computing The Overall Eligibility. So, In Case Your Parents Have Already Retired, Including Them As Co-Borrowers Will Not Help You, As They Do Not Have Any Income To Help You Service The Home Loan.

Few Lenders Will Be Willing To Let A Daughter Join As A Co-Borrower Because The Dynamics Change Once The Daughter Gets Married And Her Ability To Help You In Servicing The Home Loan Does Not Remain Certain.

Lenders Have To Take This Reality Into Account. In Case A Son Or Daughter Joins You As A Co-Borrower, The Lender Would Insist On Them Being The First Owner Of The Property, To Ensure That The Loan Is Serviced Properly.

Persons Who Are Generally Not Accepted As Co-Borrowers

Brothers And Sisters Of An Applicant Are Generally Not Accepted, As Co-Borrowers For A Joint Home Loan. However, If The Brother/Sister Is Able To Convince The Lender That The Incomes Of The Siblings Are Pooled Together, Then, The Application May Be Considered. This May Be Possible, If The Brothers/Sisters Are Staying Together And Are Past Their General Marriageable Age. However, The Decision Is Made By Lenders On A Case-To-Case Basis.

People Who Are Not Eligible To Be Joint Borrowers For A Home Loan

Banks Generally Do Not Approve Of Friends, Partners Or Unmarried Couples Living Together And Other Relatives, To Join As Co-Applicants To A Home Loan. Lenders Avoid Granting Home Loans In Such Cases Because These Relationships Are Not Considered To Be Strong. However, Lenders May Grant Business Loans To People Who Are Partners In A Business.

Tax Benefits For Joint Borrowers

A Co-Borrower’s Eligibility To Claim Tax Benefits Is Not Automatic. A Co-Borrower May Not Necessarily Be A Co-Owner Of The Property. All The Joint Borrowers Can Claim The Tax Benefits, Only If They Are Also Co-Owners Of The Property And Are Actually Servicing The Home Loan. The Ratio In Which You Can Claim The Tax Benefits For The Home Loan, Shall Be According To The Ratio In Which You Are Servicing The Home Loan. This May Be Different From The Ratio In Which You Own The House Property, As Each Co-Owner May Not Service The Home Loan.

Also Read: Big Opportunity For NRIs To Make Money By Investing In The Indian Realty Market

To Know About Real Estate Property In Ghodbunder Road Thane Visit Ace ConstructionsSales Office In Thane

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Most important clauses for any rental agreement

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Rental Or Lease Agreements, Should Be Framed With The Aim Of Creating A Mutually Beneficial Relationship And Avoiding Disputes Between The Tenant And The Landlord. We Look At The Important Clauses That Such Agreements Should Cover

Vasu Srivastava, An Aspiring Law Student From East Uttar Pradesh, Who Recently Shifted To Delhi For Her Higher Studies, Moved Into A Two-Bedroom Apartment In Dwarka, With Her College Friend. However, After Two Months Of Their Stay, They Started Noticing Problems With The Plumbing And Electrical Wiring In The Apartment.

When Srivastava Raised The Issues With Her Landlord, The Landlord Simply Denied Any Help And Asked Her To Pay For The Plumbing And Wiring Repairs, From Her Own Pocket. Srivastava Had Failed To Read The Fine Print In The Agreement Which Had A Clause That Was Slightly Tweaked To Favour The Landlord.

Real Estate Property In Ghodbunder Road Thane
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Important Clauses For Any Rental Agreement

Dos And Don’ts While Drafting A Rental Agreement

The Rent Agreement, A Document That Seals The Arrangement Between A Landlord And The Tenant, Is A Potent Instrument That Can Be Used And Misused. Shyam Sunder, A Delhi-Based Lawyer Dealing In Property Related Cases, “The Rent Agreement, If Formalised Properly, Helps The Landlord And The Tenant, And Results In A Good Healthy Relationship Between The Two. However, It Should Be Formalised With All The Provisions And Necessary Laws.”

Rent Agreements In The Country Are Often Made On Notarised Stamp Papers. While This Document Becomes A Legal Contract, There Are Chances Of Violation From Either Party. Thus, The Lease Agreement Has To Be Registered At The Local Sub-Registrar’s Office. In The Absence Of Registration, It Can Be Misused By Either Side. Moreover, The Lease Agreement Should Have Sound Clauses And Provisions That Protect The Interests Of Both Parties.

Important Clauses For Tenants

Provisions Relating To Your Tenure Of Stay (Tenancy Period), The Frequency And Date Of Rent Payments, The Time Of Renewal Of Your Lease And The Provisions For Repair And Maintenance, Should Be Clearly Mentioned In The Agreement. In Addition To These, The Roles And Responsibilities Of The Tenant And The Landlord Should Be Defined. “It Is Advisable To Take The Property On Rent, After All Repairs And Maintenance. One Should Also Check The Wiring And Plumbing, Before Occupying The Flat. This Way, The Tenant Will Safeguard Himself From Unnecessary Expenses That May Crop Up In Future,” Advises Ekank Mehra, A Delhi-Based Lawyer.

It Is Also Important To Check On Pending Dues, Such As Electricity And Development Charges Of The Society. For Example, Tinu Sharma, An Executive Working In Gurgaon And Living On Rent, Recently Got A Notice From The Society’s Residents’ Welfare Association (RWA) Over Pending Dues For Two Years Against Development Charges.

In General, The Development Charges Are Paid By The Tenant. Sharma, After Paying The Current And Pending Dues, Got The Amount Deducted From The Rent.

Rental Agreements Should Also Clearly State The Amount/Consideration Paid As Booking Amount (Or Security Deposit) And As Advance, In The Agreement.

The Mention Of Arbitration Clause, Is Also Equally Important. If Your Landlord Is Providing A Furnished Flat, It Is In Your Interest To List The Items, Furniture Or Goods In The House. Any Loss Or Repair Needed, Can Then Be Easily Established Towards The End Of Your Tenancy.

Important Clauses For Landlords

A Landlord’s Biggest Worry Is That The Property Can Be Usurped Or Illegally Occupied By An Errant Tenant. For This Reason, The Rent Agreement Should Be Registered.

It Is Also Important To Sign The Agreement, In Presence Of Two Known Witnesses. Due To Worsening Law And Order Situation In Metros, The Police Often Insist On Verification Of Tenants. Landlords Can Also Ask For A Copy Of Employment Letter From The Tenants’ Employer. However, This Should Not Be A Yardstick Of Anyone’s Character. Landlords Should Insist On Police Verification, For Tenants Who Are Foreign Nationals Or Those Who Are Not Natives Of That City.

How Can Tenants And Landlords Frame The Agreement?

In General, Most Lawyers Who Assist In Framing The Rent Agreement, Have A Ready Template. This Doesn’t Mean That You Cannot Change The Provisions. You Can Also Tailor The Agreement To Suit Your Needs, With Clauses That Are Mutually Acceptable To The Tenant And The Landlord. You Can Also Use The Proposed Draft Tenancy Act 2015 For A Desired Template.

Also Read: What Is Carpet Area, Built-Up Area & Super Built-Up Area?

Read More About Home Decor, Real Estate Blog Thane By Ace Constructions – Property In Thane

To Know About Real Estate Property In Ghodbunder Road ThaneVisit Ace ConstructionsSales Office In Thane

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Big Opportunity For NRIs To Make Money By Investing In The Indian Realty Market

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We Examine The Depreciation Of The Indian Rupee Against The US Dollar And The Present Interest Rate Cycle, To Ascertain Whether This Is A Good Time For NRIs To Put Their Money In Indian Real Estate

The Significant Fall In The Value Of The Indian Rupee In The Last Six Months, May Be A Cause For Considerable Concern, Especially For The Realty Sector In India. A Weak Rupee Against The US Dollar, Makes It Difficult For Developers In The Sector To Import Essential Construction Machinery And Increases Other Input Costs. Moreover, At Its Last Monetary Policy Meet, On October 5, 2018, The Reserve Bank Of India (RBI) Had Refrained From Hiking Key Rates But Indicated That It May Have To Take A Tough Stance Soon. So, Interest Rates Are Expected To Remain In The Upward Trajectory. However, Amidst The Negative Sentiments In The Realty Sector, Opportunities Are Cropping For Non-Resident Indian (NRI) Investors.

“A Depreciating Rupee Creates An Ideal Environment To Invest In Indian Real Estate, As The Cost Of Acquisition Of Property Will Now Be Lesser For NRIs. The Indian Market Currently Offers A Range Of World-Class Developments That Appeal To The Lifestyle And Tastes Of NRIs,” Says Gaurav Sawhney, President – Sales And Marketing, India, Piramal Realty. Experts Point Out That The Indian Economy Is Among The Best-Performing Emerging Markets.

India’s Competitive Advantage In Services, Along With Government Investment In Infrastructure, Will Continue To Generate Domestic Demand And Create Opportunities For Real Estate Investment Across Asset Classes – From Residential And Commercial To Logistics And Hospitality.

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Indian Real Estate Market On A Recovery Path

Housing Sales Have Started Showing Signs Of Recovery In Most Markets And Office Vacancy Levels Are At Record Lows, Indicating That This Is Probably One Of The Best Opportunities To Invest In India’s Real Estate Market. “With The Real Estate (Regulation And Development) Act (RERA) In Place, The Government Has Addressed The Sector’s Biggest Concerns – Transparency And Protection Of Investors. Most Investors Are Aware Of The Stress In The Sector And The Developers’ Need For Cash Flows. Savvy Investors Have Also Been Keeping Track Of The Institutionalisation Of Commercial Space In The Country, Reflecting The Confidence In Occupier Demand And Long-Term Growth,” Explains Aashish Agarwal, Senior Director (Head, Consulting) At Colliers International India.

Stable Economic And Political Outlook, Make Indian Realty Attractive To NRIs

Rohit Poddar, Managing Director, Poddar Housing And Development Ltd, Adds That “India Is The Largest Democracy, With The Largest English-Speaking Population. The Economy Is Growing At Over Seven Per Cent And Hence, Is A Significant Contributor To The World Aggregate GDP Growth Figures. India Is Neither Aligned With The US Or NATO Or China And Given India’s Inherent Attractiveness And Stability As A Market, It Makes Immense Sense For The NRI Community To Not Only Trade With India But Also Actively Invest In The Indian Markets.”

Key Investment Indicators For NRIs Looking To Invest In Indian Properties

– Depreciation Of The Indian Rupee Against The Dollar: NRIs Can Get Indian Properties, By Spending Less Money In Terms Of Dollars.

– High GDP Growth: High GDP Growth Numbers Come From The Underlying Economic Growth Across Several Sectors, Thereby, Translating Into Opportunities For Investors To Make Superior Returns.

– Relatively Stable Indian Economy, In Comparison To Other Emerging Nations: In India Is Vibrant And Flourishing. India Is Least Impacted By The Ongoing Trade War Between The US And China.

– Favourable Regulatory Support: The Government Has Instituted Major Regulatory Reforms, Such As RERA, The Goods And Services Tax (GST), Etc., Which Are Expected To Lead To Robust Long-Term Economic Growth.

Experts Add That While The Rupee Has Weakened, NRIs Should Remember That It Is Not A Volatile Currency And Is Well Regulated, By A Strong Central Bank. India Has Adequate Forex Reserves And The Government Has Also Been Keeping The Fiscal Deficit Under Control. While Real Estate Markets May Demonstrate Volatility, Due To The Forthcoming Elections, Given The Current Pricing Levels In Most Markets, Property Prices Are Unlikely To Fall Any Further.

Also Read: Is 2019 The Best Time To Buy A House?

Read More About Home Decor, Real Estate Blog Thane By Ace Constructions – Property In Thane

To Know About 2 BHK Flats In Kasarwadavali Ghodbunder Road Thane Visit Ace Constructions Sales Office In Thane

Is 2019 The Best Time To Buy A House?

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With Developers Looking To Offload Their Inventory And Offering Various Incentives, Can Home Buyers Expect A Good Deal In 2019? We Examine The Scenario Across Different Segments In Indian Real Estate

The Indian Real Estate Sector Has Witnessed Several Positive Developments Over The Past Few Years, With Schemes Like The Pradhan Mantri Awas Yojana (PMAY), The Granting Of Infrastructure Status To Affordable Housing, 100 Per Cent Tax Exemption On The Profits For Developers Building Affordable Homes, Implementation Of The Real Estate (Regulation And Development) Act, 2016 (RERA) And The Subsidy Schemes For First-Time Buyers Of Residential Properties. The Push Towards Infrastructure Development Also Makes It An Ideal Time To Invest In Real Estate, As The Prices In A Locality Often Increase, After The Completion Of An Infrastructure Project In Its Vicinity.

Mumbai’s Recent Development Plan, For Example, Will Enhance The Infrastructure In The City, Points Out Amit Ruparel, Managing Director, Ruparel Realty. “The Increasing Number Of Metro Lines, Are Closing The Gap Between Distant Places. The Construction Of More Highways And Other Infrastructural Development, Will Facilitate Real Estate Industry, As Well. Owing To The Prolonged Sluggishness In The Industry, Property Prices Have Gone Down Significantly. Hence, Home Buyers Should Certainly Take Advantage Of The Situation,” Ruparel Says.

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Affordable And Mid-Segment Housing In 2019

In The Past Few Years, Many Developers Have Launched Affordable And Mid-Segment Housing Projects. Industry Experts Are Of The View That This Is Where The Demand Exists. According To Pritam Chivukula, Co-Founder And Director, Tridhaatu Realty & Infra Pvt Ltd, “There Has Been A Resurgence In Mumbai’s Residential Property Market, With Increased Sales Happening Mainly In The Affordable And Mid- Segment Of The Market, Towards The Second Half Of 2018. This Provides A Roadmap For 2019, Which Will See Better Conversion Rates And Creation Of More Housing Stock, Catering To These Buyers.”

Aditya Kedia, Managing Director Of Transcon Developers, Adds That The Government’s Decision To Grant Infrastructure Status To ‘Affordable Housing’ And The Lower Goods And Services Tax (GST) Rate On This Segment, Have Brought Relief To Buyers And Increased Housing Demand. “Easily Available Financing Options, Are Further Streamlining The Property Purchase Of Buyers And This Is Expected To Result In An Overall Growth In Real Estate, In 2019,” Says Kedia. Nevertheless, A Majority Of Home Buyers Are Likely To Focus On Ready-To-Move-In Apartments, Where The GST Is Not Applicable.

Will GST On Under-Construction Properties Reduce In 2019?

The Government Has Also Indicated That It Plans To Rationalise The GST Rates Further, Which Will Boost Property Sales And Give Confidence To Developers And End-Users. “The 12 Per Cent GST Rate Levied On Under-Construction Properties, Has Proved To Be A Major Deterrent For Home Buyers. Our Consumer Sentiment Survey Confirms That The Prevailing GST Rate Has Prevented As Many As 49 Per Cent Of Property Seekers From Buying Under-Construction Homes And They, Instead, Preferred Ready-To-Move-In Homes That Were Exempt From This Tax,” Explains Anuj Puri, Chairman, ANAROCK Property Consultants.

Raj Jain, AGM – Operations, New Modern Buildwell Pvt Ltd, Agrees That A Reduction In The GST, Would Bring Major Relief To The Pockets Of End-Users. “The Market Has Corrected Itself Immensely And Many Of The Projects Are Nearing Completion, Giving The End-Users Enough Options To Choose From,” He Points Out.

Second Home Segment To Witness A Revival

With Modern Day Home Buyers Increasingly Exposed To Global Norms Through Their Travels, There Is An Increasing Segment Of Buyers That Is Looking For Uniquely Designed Homes In Tourist Destinations. According To Dhruthi Reddy Kasu, Director, Kasu Assets, “People Appreciate And Value Homes That Are Unique In Design, As It Enables The Home Buyers To Have A Fresh Experience. This Has A Direct Impact On The Second Homes Market, Where More People Want The Opportunity To Have A Getaway With Family And Friends, Away From Their Otherwise Urban Lives.” Punit Agarwal, CEO Of Nirvana Realty, Says That The Second Homes Market Remained Pretty Much Stagnant Over The Past Few Years.

“There Was Muted Response From Buyers, Although Many Projects Were Completed On Time. It Was Only During Dussehra 2018 That The Sector Seemed To Gain Any Ground, As Buyers Once Again Saw The Opportunity To Earn Returns From The Second Homes Segment. This Segment Will, Hopefully, See Better Days After The Lok Sabha Polls,” He Reasons.

HNI Investment In Indian Realty And Returns On Investment

Ramesh Sanghvi, CMD Of Sanghvi Parrsssva, Foresees A Lot Of Investment In Indian Real Estate, From Non-Resident Indians (NRIs) And Foreign Investors, In 2019. “This Is The Right Time To Take A ‘Buy’ Decision, As Buyers Can Secure Discounts And Deals Across All The Segments, As Developers Are Struggling With Excess Inventory. Moreover, Interest Rates On Home Loans Are Likely To Increase, Forcing Investors And End-Users To Take A Call Immediately,” He Elaborates.

With Developers Holding Back On Launching New Projects, The Demand-Supply Gap Is Likely To Increase, Thereby, Giving Good Returns On Investment. Niranjan Hiranandani, Co-Founder And Managing Director Of The Hiranandani Group, Points Out That For Investors, Real Estate Is About Appreciation In Capital Values Or Rental Income, While For Others, It Is An Option For Wealth Creation. “Given The Prevailing Price Points, The First Half Of 2019 Would Be An Apt Time To Buy A Home. This Is A Factor Which Should Be Taken Advantage Of, By The Home Seekers,” He Maintains. Developers Have Also Become More Aware Of What The Buyers Are Looking For. Dhaval Shah, Joint Managing Director Of The Parinee Group, Concludes That Offers Like Fully Furnished Homes, Easy Subvention Schemes And Relatively Easy Availability Of Home Loans, Are Some Of The Reasons Why One Should Not Wait To Make A Real Estate Investment In 2019.

Also Read: Year-End Trends: Technology To Be A Big Factor In Indian Real Estate In 2019

Read More About Home Decor, Real Estate Blog Thane By Ace Constructions – Property In Thane

To Know About 2 BHK Flats In Kasarwadavali Ghodbunder Road Thane Visit Ace Constructions Sales Office In Thane

Year-End Trends: Technology To Be A Big Factor In Indian Real Estate In 2019

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We Examine The Various Ways In Which Technological Advancements Are Likely To Positively Benefit The Various Stakeholders In The Real Estate Sector, In The Coming Year

Various Innovative Technologies Have Made Inroads Into The Real Estate Sector In India, Right From Property Search To Construction And Signing Of Contracts. Leveraging Of These Technologies, Is Likely To Reshape The Future Of The Real Estate Industry In 2019. For A Buyer, The Changes Are Welcoming But For Property Developers And Consultants, These Changes Could Prove Disruptive And Challenging. “The Needs Of Millennial Home Owners, Are Likely To Revolve Around Intelligent Buildings With Advanced Technology. Thus, Buildings With Modern Designs Are Likely To Command A Premium In The Cost-Conscious Indian Property Market. For Developers, The Early Adoption And Investment In Technologies, Will Prove To Be The Best Defence Against Disruptions,” States Surabhi Arora, Senior Associate Director – Research, Colliers International.

Technologies That Facilitate Property Discovery, Map-Based Location Services, Amenities-Based Searches, Dynamic Pricing Models, Marketing, Online Credit Score And EMI Services, Online Agreements, 360-Degree Videos, Online Token Payment Facilities For Property Bookings, Etc., Are Some Of The Developments That Are Likely To Have A Profound Impact On The Real Estate Sector In 2019.

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Technology And The Impact Of Data On Real Estate Transactions

According To Om Ahuja, Chief Operating Officer – Residential Business, K Raheja Corp, The Adoption Of Technology Has Increased The flow Of Data In The Market.

“The Proliferation Of Listing Websites And Mobile Apps, As Well As Online Linkage To financing Sources And E-Signed Documents, Have Streamlined The Process Of Buying, Selling And Marketing Properties,” States Ahuja. Technology Can Also Provide Quicker Methods For Investment Companies, To Decide If A Deal Is Worth Pursuing. “For Example, Automated Valuation Models (AVM) Can Enable Users To Rapidly Create The Revenue And Expense Information Needed To Examine A Deal. Swift Availability And Analysis Of Information Like Popular Areas, Number Of Units Sold And Data On Other Upcoming Projects, Can Help Close Deals Faster.

“Many Service Providers Like Zipserv And CRE Matrix, Provide Crucial Data That Reflects The Recently Transacted Deals In An Area. This Can Guide Home Buyers On The Realistic Market Value Of The Property They Intend To Buy And Help Consumers And Brokers To Close Transactions More Proficiently,” Adds Ahuja. Blockchain-Enabled Transactions And Contracts, Could Be A Game-Changer In The Upcoming Years.

How Technology Helps Real Estate Developers In Construction

In India, The Use Of Newer Construction Technology Is Still At A Nascent Stage But Changes Are Underway. “Builders Of High-Rise Residential And Commercial Structures Have Already Embraced Advanced Technologies In Various Facets Of The Construction Process – Maintaining Ambient Temperature In Different Climates, Ensuring The Vertical Alignment Of Towers Through GPS Positioning, Etc.,” Explains Naveen Mypala, Executive Director, Aliens Group, Hyderabad. Developers Have Also Moved Beyond Mere Photographic Representations Of Their Projects, To 3D Virtual Tours, To Woo Customers. “The Development Of Virtual Reality Has Enabled Customers To Get A Real-Time Experience Of Living In Their To-Be Constructed Homes,” Adds Ahuja.

House Hunting Through The Digital Medium

With The Proliferation Of The Internet And The Rise Of Property Portals And Websites Of Agents And Builders, Today’s Digitally-Savvy Customers Can Short-List Multiple Properties In A Short Period Of Time, As Per Their Requirements. The Real Estate (Regulation And Development) Act (RERA) Also Makes It Mandatory For Projects To Be Registered With The State’s Regulatory Authority And For Information Pertaining To The Project To Be Uploaded On The Authority’s Website. Property Buyers, Hence, Can Cross-Check And Validate Information From Multiple Sources Online, Before Taking A Call On Site Visits Or Final Purchase. Festival-Centric Campaigns Conducted Online, By Real Estate Players, Also Ensure Visibility To Unique Projects Across India. Such Initiatives Assist The Customers To Stay Abreast With The Latest Developments.

Home Automation

Opulent Interiors And Diverse Amenities No Longer Define A Luxury Project, As Home Seekers Now Look For ‘Intelligent’ Homes. Futuristic Flats With Home Automation And IOT (Internet Of Things) Amenities, Are High On Customers’ Priorities. Touch-Enabled Interfaces That Control Lighting, Air-Conditioning And Ventilation, Electronic Appliances, Biometric Locks And Security Systems Integrated With E-Mail And Mobile Apps, Are Some Features That Have Already Become Available In Luxury Projects. These Features Could Well Be On Their Way Into The Affordable Housing Segment, As Well.

“The Home Automation Market In India Consists Of Four Segments – Security, Lighting, A/V And HVAC (Heating, Ventilation And Air-Conditioning). According To Market Research, The Home Automation Sector Is Expected To Exceed Rs 9,000 Crores By 2018. Owing To The Growing Number Of IT Hubs And HNIs (High Net-Worth Individuals), Major Cities Like Hyderabad And Pune Are Emerging As The Top Markets For This Segment,” Adds Mypala.

With Technology, Every Phase Of The Home Buying Process, From Searching, Evaluating And Shortlisting Properties, To Site Visits, Financing And Signing The Agreements, Is Being Made Smoother, Faster And More Secure, With Companies Offering Niche Solutions, In A Trend That Is Only Set To Further Strengthen In The Years To Come.

Also Read: Five Things You Must Do While Buying A House

Read More About Home Decor, Real Estate Blog Thane By Ace Constructions – Property In Thane

To Know About Real Estate Property In Ghodbunder Road Visit Ace Constructions Sales Office In Thane

Five Things You Must Do While Buying a House

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Buying A Home Is Perhaps One Of The Most Crucial Decisions Of One’s Lifetime. Each One Of Us Wants To Ensure That No Stone Is Left Unturned When It Comes To Selecting The Best Property Or The Best Deal While Selecting The Dream Home For Our Loved Ones.

However, The Home Buying Process Has Many Aspects, And Overlooking Even One Might Not Prove To Be A Wise Choice In The Long Run. Find Below A Few Guidelines That Every Prospective Home Buyer Must Follow Before Finalizing The Deal:

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Tip 1: Always Make A Future Plan

What You Must Do: Assess Your Needs

The Story Last Month: Renuka And Ajay, An Recently Married Couple, Decided To Buy A Home In Mumbai. But Due To Lack Of Time And Knowledge They Hit A Roadblock. They Were Searching For The Right Property. Each Weekend They Meticulously Followed Upcoming Project Advertisements. But The More They Saw, The More They Got Confused.

Finally, They Decided To Ask Mitesh Shah, A Friend And A Professional Real Estate Consultant About The Right Location And The Best Time To Buy. Mitesh Advised Them To Invest In A House Early In Life. “The Demand For Homes Is Ever-Rising In Mumbai,” He Said. Ajay Asked Mitesh For A Few Tips To Help Them Start Their Search. Mitesh Said, “But, What Kind Of Home Are You Looking For?”

Renuka, A Software Engineer Like Ajay, Said, “Our Budget Would Roughly Be Around 90 Lac To 1 Crore. And, We Were Looking For A Place From Where Both Of Us Can Travel Easily.” Ajay Nodded And Added, “But, Mitesh We Want A Place That Is Child-Friendly. I Am Thinking Long-Term.”

It Is Imperative That You Assess Your Financial Goals, Current Lifestyle And Long-Term Family Needs. Decide The Amount Of Home Loan Required And Remember You Can Avoid Paying Both Rent And EMI, By Opting For Ready To Move In Flats. Else, Chart Out A Financial Plan So That You Can Balance The Rent And Pre-EMIs Without Straining Your Resources.

Tip 2: Pay Heed To The Locality

What You Must Do: Research About The Future Developmental Plans Of The Locality

Why Thane Was Chosen: After Obtaining A Clear Idea Of Renuka And Ajay’s Future Plan, Mitesh Told Them, “As You Want To Upgrade Your Lifestyle, I Would Suggest You Look At Thane. It Was Recently Awarded As One Of The Most Promising Cities Of India By FIRST Sm@Rt Cities Council And Indicus Analytics (An Economic Research Firm). It Is The First Choice Of Almost All Home Buyers I Meet. Many Well-Known Hospitals, Good Schools And Multiplexes Have Made Life At Thane Very Convenient. Moreover, Thane Is Centrally Located And The Upcoming Metro Rail Line Would Make Traveling Easier.”

While Choosing The Locality, Home Buyers Must Look For The Historic Price Trend (Per Square Feet) Of The Area. This Will Give A Fair Idea About The Expected Gain Of Real Estate Investment. Other Factors To Look For Include Social Infrastructure, Closeness To Nature And Transport Facilities.

Tip 3: Cross-Check Developer’s Credentials

What You Must Do: Enquire About Past/Current Projects

A Prudent Decision: Renuka And Ajay Felt Elated And Thanked Mitesh For His Insights On Mumbai’s Real Estate Prospects. Before They Left, Mitesh Advised, “Remember, Opt For A Renowned And Experienced Developer In That Region Having Good Project Delivery Track Record. That Is By Far The Most Prudent Decision, Financially.”

Home Buyers Must Watch Out For The Quality Of Construction Material Used In The Shortlisted Project. The Developer’s Commitment Of Executing Projects As Per Plan And The Track Record Of Timely Possession Of Flats Are Other Aspects To Be Looked Into. Choose A Developer With Credible Reputation And Goodwill.

Tip 4: Review Proposed Project Layout Plans

What You Must Do: Go Through The Project Plans

Designs For All: Renuka And Ajay Started Looking For Their Dream House At Ghodbunder Road At Thane. Mitesh Had Informed Them That This Area In Particular Had Witnessed Unprecedented Growth In The Last Five Years. With Their Search Horizon Now Narrowed To A Stretch Of 20 Km, They Were Hopeful Of Selecting A Place Soon. Like Any Other Home Buyer They Were Looking For An Aesthetically Designed Project With Great Ventilation, Superb Connectivity And Convenient Amenities For All Age Groups.

Scrutinize The Layout Plans To Ensure If All That Has Been Promised Is Being Included In The Project Layout. Projects With A Plethora Of Amenities Are Preferred By Most Home Buyers. Check If The Amenities Offered Cater To The Needs Of All Your Family Members. Yoga Centers, Walking Pathways, Toddler’s Play Area, Guest Parking, Sports Pavilions, Common Halls, Club House, Etc. Are Some Of The Features Of A Good Residential Project.

Tip 5: Quick Checklist Before The Deed

What You Must Do: Look For Transparent Deals

The Story Today: Renuka And Ajay Plan To Move To Their New Flat In A Few Weeks. Yes, They Have Booked A 2 BHK At Thane’s Ghodbunder Road. The Place They Selected Has An Abundance Of Nature’s Beauty And More Than Meets Their Expectation. The Couple Was Last Seen Celebrating The Good News With Friends And Family.

Home Buyers Must Look For Transparent Dealings. A Representative From Vijay Group And Suraksha Realty, A Leading Thane-Based Real Estate Joint Venture, Stated, “Ask Your Developer If The Project Is Approved By Leading Home Loan Companies. This Would Aid In Getting Quicker Loan Approvals. Also, Insist On Receiving The Occupation Certificate Or Completion Certificate From The Developer After Completion Of The Project.” Among Various Aspects Of Home Buying, The Representative Highlighted The Following:

Before Signing The Sale Deed: Before You Sign The Deed, Peruse Its Clauses To Avoid Any Unpleasant Surprises Later. Besides, Also Double-Check The Following Details:

– Your Name, Address And PAN

– Address (Specification) Of The Property Being Bought

– Clause Of Parking, If Any

The Representative Also Said, “Our Group’s Philosophy To Maintain The Highest Levels Of Clarity Is The Cornerstone Of Our Offerings. We Believe In Forging Long-Term Relationships With Our Customers. Our Current Project, Orovia – The Land Of Prosperity, Launched In January This Year, Has Been Welcomed By Buyers Seeking Unmatched Quality, Central Location And Profitable Investment. It Features An Array Of Thoughtful Amenities, And Offers The Comforts Of An Urban Lifestyle Amidst Serene Riverscapes And Bountiful Nature.”

Also Read: What Is Carpet Area, Built-Up Area & Super Built-Up Area?

Read More About Home Decor, Real Estate Blog Thane By Ace Constructions – Property In Thane

To Buy Property In Thane Visit Ace Constructions Sales Office In Thane

Vastu Tips For Bedroom

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Sometimes, The Smallest Things Can Turn Your Fortunes Around. Vastu Shastra Shows You How Tweaking Your Bedroom Can Enhance Positive Energy And Even Bring Couples Closer To Each Other

Sunaina Mehta, A Homemaker From Mumbai, Had Been Quarreling With Her Husband A Lot. These Were Trivial Issues But They Sometimes Ballooned Into Heated Arguments. Then Sunaina Did Something Unusual – She Rearranged Their Bedroom And Tossed Out A Stack Of Broken CDs And A DVD Player She Had Stored In The Bed Box. Mehta Shares How Marital Bliss Soon Returned To Their Home.

Sunaina’s House Cleaning Was No Random Act. She Had Followed The Laws Of Vastu Shastra While Rearranging Their Bedroom. “I Even Got Rid Of An Oil Painting Of A Weeping Woman On The Wall,” She Says.

“Vastu Shatra Is The Indian Cosmic Science Of Architecture And It Helps Create A Harmonious Environment To Set Up One’s Life For Wealth, Happiness And Harmony. It’s All About Creating A Rhythm And Balance To Ensure A Better Life,” Reveals Mumbai-Based Dr Nitien Parmar, A Vastu Consultant And Author Of Books On The Subject.

Here’s How Vastu Can Help You Optimise Your Bedroom As A Place Of Rest, Relaxation And Rejuvenation.

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Which Direction?

“Ideally, The Bedroom At South-West Brings Good Health And Prosperity For The Home Owner And Enhances Longevity. Avoid A Bedroom In The North-East Or South-East Zone Of The House. In The South-East, It May Result In Quarrels Among The Couple. The Bedroom In The North-East May Cause A Health Issue. The Children‘s Bedroom Is Best In The East Or North-West Zone Of The House,” Says Dr Parmar.

Bed Placement

According To Vastu, Your Bed Should Be Placed With The Head Towards The East Or South.

The Bed In The Guest Room Can Have Its Head Towards The West. Also, It Is Best If Your Bed Is Made Of Wood. Metal Can Create Negative Vibrations. To Encourage Togetherness, A Couple Should Sleep On One Single Mattress And Not Join Two Separate Mattresses.

Mirror, Mirror

Careful Where You Fix Your Dressing Table, Assuming It Has A Mirror.

According To Vastu, Avoid A Mirror In Front Of Your Bed As The Reflection Of One’s Sleeping Body In A Mirror Is Inauspicious.

Banish Devices

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.

“Avoid A Computer In The Bedroom, Or At Least Distance It With A Partition. Computers And Mobile Phones Are High Electro Stress Instruments And The Frequencies From Cell Phones, Computers And TVs Emit Harmful Radiation, Advises Dr Parmar.

What Colour Paint?

Colours Don’t Just Brighten Our World; They Also Affect Our Mood, Health And Happiness.

Ideally, Paint Your Bedroom Off-White, Baby Pink Or Cream. Avoid Dark Colours. The Room Should Be Well-Organised. Keep Your Bedroom Clean And Clutter-Free, Says Dr Snehal Deshpande, An Expert In Classical Vastu And Feng Shui.

Toss Them Out

Also, Do Not Keep Things That Have Not Been Used For Years Such As Clocks, Watches, Electronic Equipment, Broken Artefacts Or Machinery, In Your Bedroom. Clutter Disturbs The Energy Flow And Creates Disharmony In The House, She Explains. “In The Bedroom, Avoid Water Fountains, Aquariums And Paintings Of War Scenes And Single Women.”

Aromatherapy

Smells And Aromas Can Be Very Powerful And Can Uplift The Mood And Spirit. So, Make Sure Your Room Smells Fresh; Keep Aromatic Candles, Diffusers Or Potpourri In Your Bedroom. Use Refreshing Jasmine Or Lavender Fragrances.

Courtesy Desphande, Couples Might Want To Heed This Advice – Keep Two Rose Quartz Hearts In The South-West Corner Of Your Bedroom. It Will Add Happy Energy To Your Life.

More Tips

– Avoid A Round Or Oval-Shaped Bed.

– Bed Should Always Have A Head Rest. Never Keep A Window Open Behind Your Head When Sleeping.

– Avoid A Round Ceiling Above The Bed.

– Never Sleep Under An Overhead Beam.

– Refrain From Hanging Photographs Of Deceased Ancestors On The Wall.

– Do Not Place The Temple In The Bedroom.

– Remove All Broken Or Chipped Items.

– Keep Door Of Attached Toilet Shut When Not In Use.

– Mop The Floor At Least Once A Week With Sea Salt Added To The Water As It Removes Negative Energy.

Also Read: Aromatherapy Tips For A Home That Smells Good

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