1.The rates of luxurious homes in London has sky rocketted by 31% as compared to last Year Feb,2006.
2.So prospective buyers for home just decide what you want in your life and go ahead to buy it and enjoy your life.
Monday 19 March, 2007
Saturday 17 March, 2007
FOOLS BUILD HOUSES AND WISE MEN LIVE IN IT:DICHOTOMY
1.This is the dichotomy of life that whether to buid one's house or stay in a rented accomodation.The pros and cons of both are as listed below:
PRO's
2.Owner of own house gives an inherent happiness,no future rents and can maintain/construct as per one's wishes and fancies.
3.No tension from landlord and no frequent shifting of luggage.
CON's
4.No bulk saving required to buy a house.
5.No tension for maintaining the house.
6.Suits life style of an individual with transferable job
OUTCOME
7.As a retiree I will always prefer to have my own house as the pleasure of seeing the plants grow and maintaining one's house give immense satisfaction and of course emotional attachment occurs to house and to quote here that when I bought my huge palatial house in a large city my parents were not ready to move into new house due to attachment with the old house.It took me days of reasoning with them to shift to new house.
PRO's
2.Owner of own house gives an inherent happiness,no future rents and can maintain/construct as per one's wishes and fancies.
3.No tension from landlord and no frequent shifting of luggage.
CON's
4.No bulk saving required to buy a house.
5.No tension for maintaining the house.
6.Suits life style of an individual with transferable job
OUTCOME
7.As a retiree I will always prefer to have my own house as the pleasure of seeing the plants grow and maintaining one's house give immense satisfaction and of course emotional attachment occurs to house and to quote here that when I bought my huge palatial house in a large city my parents were not ready to move into new house due to attachment with the old house.It took me days of reasoning with them to shift to new house.
Friday 16 March, 2007
DOCUMENTS FOR LOAN APPLICATION
1.Pay slip.
2.Title deed of property.
3.Certificate from employer.
4.Proof of residence.
5.Salary bank account.
6.Details of dependents.
7.Other loans.
8.Two guarantors.
2.Title deed of property.
3.Certificate from employer.
4.Proof of residence.
5.Salary bank account.
6.Details of dependents.
7.Other loans.
8.Two guarantors.
CHOICE OF HOME LOAN:FIXED OR FLOATING RATE OF INTEREST
1.In likely era of increasing rate of interest in future ,it is better to go for fixed rate of interest.
2.In likely era of decreasing rate of interest in future, it is better to go for floating rate of interest.
3.Fixed Rate of interest is always higher than floating rate of interest.
4.For ease of mental tension and better financial planning go for fixed rate of interest.
2.In likely era of decreasing rate of interest in future, it is better to go for floating rate of interest.
3.Fixed Rate of interest is always higher than floating rate of interest.
4.For ease of mental tension and better financial planning go for fixed rate of interest.
TAX REBATE AVAILABLE FOR HOUSING-INDIAN TAX STRUCTURE
1.U/S 24(2) of upto Rs 150,000/- of interest paid.
2.Upto Rs 10,0000/- maximum as principal U/s 80(cumulative of all savings under said section).
3. Don’t forget to send form 12(c) in time to get tax rebate at source
2.Upto Rs 10,0000/- maximum as principal U/s 80(cumulative of all savings under said section).
3. Don’t forget to send form 12(c) in time to get tax rebate at source
POINTS TO KEEP IN MIND FOR HOUSE LOAN
1.Hidden cost.
2.Advance EMI.
3.Processing fee.
4.Reducing balance.
5.Step up/down plan.
6.Floating interest rates.
2.Advance EMI.
3.Processing fee.
4.Reducing balance.
5.Step up/down plan.
6.Floating interest rates.
HOW TO IMPROVE LOAN REPAYMENT CAPACITY
1.Reduce Provident fund subscription.
2.Avoid further loans.
3.Use credit card sparingly.
2.Avoid further loans.
3.Use credit card sparingly.
HOW REPAYMENT CAPACITY CALCULATED FOR HOME/FLAT/HOUSE LOAN
1.Double income family.
2.No of dependents.
3.Status of employer.
4.Age.
5.Qualifications, designations, scope to rise.
6.Other loan obligations.
7.Saving capacity.
2.No of dependents.
3.Status of employer.
4.Age.
5.Qualifications, designations, scope to rise.
6.Other loan obligations.
7.Saving capacity.
RAISING LOAN FOR DREAM HOUSE
1.Savings.
2.Relatives.
3.Provident Fund withdrawal.
4.Parents.
5.Housing finance corporations.
6.Sale of assets like shares,fixed deposits and investment in mutual fund schemes.
2.Relatives.
3.Provident Fund withdrawal.
4.Parents.
5.Housing finance corporations.
6.Sale of assets like shares,fixed deposits and investment in mutual fund schemes.
ALERT:COMMON FRUADS IN SALE/PUCHASE OF HOUSE/FLAT
1.Residential property on agricultural land.
2.Residential property on notified land.
3.Alteration in layout plans.
4.Delay in handing possession.
5.Double sale of flats.
So be careful else your dream house may become nightmare.
2.Residential property on notified land.
3.Alteration in layout plans.
4.Delay in handing possession.
5.Double sale of flats.
So be careful else your dream house may become nightmare.
DOCUMENTS FOR HOUSE/FLAT PURCHASE
1.Chain of Conveyance.
2.ULCRA Clearance Certificate.
3.7/12 Extract.
4.Index –II.
5.Title Cert.
6.Non Agricultural Permission.
7.Income Tax Clearance of Seller.
8.Development Agreement.
9.Approved Building Plan.
10.Commencement Cert.
11.Completion Cert.
2.ULCRA Clearance Certificate.
3.7/12 Extract.
4.Index –II.
5.Title Cert.
6.Non Agricultural Permission.
7.Income Tax Clearance of Seller.
8.Development Agreement.
9.Approved Building Plan.
10.Commencement Cert.
11.Completion Cert.
PTS TO KEEP IN MIND WHILE BUYING A FLAT
1.Builder reputation.
2.Documentation required.
3.Likely Cost escalation.
4.Actual size of flat.
5.Added expenditure.
6.Housing Finance Corporations inspection.
7.Previous clients of the society and their satisfaction level.
8.Society Secretary.
9. Monthly Bills.
10.Ambitions.
2.Documentation required.
3.Likely Cost escalation.
4.Actual size of flat.
5.Added expenditure.
6.Housing Finance Corporations inspection.
7.Previous clients of the society and their satisfaction level.
8.Society Secretary.
9. Monthly Bills.
10.Ambitions.
FACTORS TO CONSIDER BEFORE BUYING A HOUSE
1.Likely Appreciation.
2.Proximity to Military areas/railway track/airport.
3.Master plan-express highways.
4.Climate.
5.How far is your home town and does you intend staying with in the proximity of your relatives or far from them.
6.Suburbs choice for cost factor and serene atmosphere.
2.Proximity to Military areas/railway track/airport.
3.Master plan-express highways.
4.Climate.
5.How far is your home town and does you intend staying with in the proximity of your relatives or far from them.
6.Suburbs choice for cost factor and serene atmosphere.
ADVANTAGES SUBURBS HOUSE
1.Parks.
2.Playgrounds.
3.Clubs.
4.Laidback Lifestyle.
5.Wide roads.
6.Expressways.
7.Greenery.
8.Comparative rate less for acquisition.
2.Playgrounds.
3.Clubs.
4.Laidback Lifestyle.
5.Wide roads.
6.Expressways.
7.Greenery.
8.Comparative rate less for acquisition.
Thursday 15 March, 2007
ADVANTAGES OF EARLY INVESTMENT IN PROPERTY
1.Earlier repayment of loans due to longer life span.
2.Easy monthly installment(EMI) quantum reduces due to Promotions, dearness increments to cater for inflation and increase in pay due to implementation of Pay Commission for central govt employees
3.Appreciation in land prices.
4.Optimum utilisation of Tax benefits available .
5.Sanction for bigger loans available due to long repayment period i.e longer life span.
6.Rent income available to offset EMI.
7.Marital harmony due to development of nuclear families.
8.Emotional satisfaction.
2.Easy monthly installment(EMI) quantum reduces due to Promotions, dearness increments to cater for inflation and increase in pay due to implementation of Pay Commission for central govt employees
3.Appreciation in land prices.
4.Optimum utilisation of Tax benefits available .
5.Sanction for bigger loans available due to long repayment period i.e longer life span.
6.Rent income available to offset EMI.
7.Marital harmony due to development of nuclear families.
8.Emotional satisfaction.
REASONS FOR ACQUIRING HOUSE-JUST DO IT
1.Salaries will rise and thus acquisition price for land/house will also rise.
2.Land prices are spiralling upwards as prime land is limited and its price is going up.
3.Land cannot be manufactured as availability of land in a region is fixed.
4.Suburbs no longer inaccessible due to better transportation system, thus house can be bought in suburbs to suit one's pocket.
5.Multiple home loan agencies has led to availabilty of cheap loan.
2.Land prices are spiralling upwards as prime land is limited and its price is going up.
3.Land cannot be manufactured as availability of land in a region is fixed.
4.Suburbs no longer inaccessible due to better transportation system, thus house can be bought in suburbs to suit one's pocket.
5.Multiple home loan agencies has led to availabilty of cheap loan.
RECENT DEVELOPMENTS IN INDIA FOR BUYING A HOUSE
1.Information Technology and globalisation has made available more money in pocket of an average individual to acquire house.
2.Opening markets and liberalisation has led to acquiring house easier for an individual.
3.Multi National Companies coming in hoardes to India and thus easy availability of money and appreciation in property prices.
4.Globalisation-cheap labour availability in developing countries including India.
5.Availabilty of cheap home loans with tax incentives has made acquiring house easier.
2.Opening markets and liberalisation has led to acquiring house easier for an individual.
3.Multi National Companies coming in hoardes to India and thus easy availability of money and appreciation in property prices.
4.Globalisation-cheap labour availability in developing countries including India.
5.Availabilty of cheap home loans with tax incentives has made acquiring house easier.
DISADVANTAGES OF A FLAT
1.Less privacy.
2.No scope for expansion/modification as per laws of society.
3.Maintenance charges likely to be high in posh colonies as per norms of society.
2.No scope for expansion/modification as per laws of society.
3.Maintenance charges likely to be high in posh colonies as per norms of society.
ADVANTAGES OF A FLAT
1.Less time/involvement in acquiring flat.
2.More affordable as compared to independent house.
3.Buyer’s market so flat available at competitive rates and availabilty of flats in multiple sizes and every pocket to fit as per individual buyer profile.
4.Facilities-swimming pool, club, EPABX, security, gymnasium, jogging track available in a society/group of flats.
5.Social interactions better.
6.Better social security in old age.
2.More affordable as compared to independent house.
3.Buyer’s market so flat available at competitive rates and availabilty of flats in multiple sizes and every pocket to fit as per individual buyer profile.
4.Facilities-swimming pool, club, EPABX, security, gymnasium, jogging track available in a society/group of flats.
5.Social interactions better.
6.Better social security in old age.
DISADVANTAGES OF LAND ACQUISITION
1.Encroachment/ eviction problems if land left unattended.
2.Laws to construct house in specified time-frame else penalties may be levied.
3.Building needs supervision during construction to prevent being cheated.
2.Laws to construct house in specified time-frame else penalties may be levied.
3.Building needs supervision during construction to prevent being cheated.
ADVANTAGES OF BUYING LAND
1.Capital appreciation more by virtue of land appreciation.
2.Land allows building independent house as per one's specification and thus more space for oneself and family.
3.Building house at convenient time as per availability of time.
4.Privacy is maintained by virtue of own house built on personal land.
5.One can use best material while constructing house as per one's specification.
6.No worry for escalation of land price and maintenance charges.
2.Land allows building independent house as per one's specification and thus more space for oneself and family.
3.Building house at convenient time as per availability of time.
4.Privacy is maintained by virtue of own house built on personal land.
5.One can use best material while constructing house as per one's specification.
6.No worry for escalation of land price and maintenance charges.
DILEMMA-HOUSE BUYERS
1.Land or flat.
2.When to buy?
3.Where to buy?
4.Which are the points to be kept in mind for taking home loans?
2.When to buy?
3.Where to buy?
4.Which are the points to be kept in mind for taking home loans?
QUOTE FOR HOME BUYERS
Long did I cherish a desire
not for wealth, nor fame
but a tiny house,
tucked away
in a corner of the earth
where I could be alone
with my thoughts…
Rabindranath Tagore
not for wealth, nor fame
but a tiny house,
tucked away
in a corner of the earth
where I could be alone
with my thoughts…
Rabindranath Tagore
AIM BLOG-HOUSE-BUYER-TIPS.BLOGSPOT.COM
1.The aim of this blog is to ensure dissemination of correct information for the house buyers in order to enable them to take a correct decision for acquisition of house which is the most important decision in any individuals life.
2.The correct acquisition of house/property leads to changing the course of life of any individual along with his family as he has taken a major step in his life to attain his financial goals.
2.The correct acquisition of house/property leads to changing the course of life of any individual along with his family as he has taken a major step in his life to attain his financial goals.
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