TOP 5 TIPS TO GET THE LOWEST HOME LOAN INTEREST RATE

December 2017

When the loan is of a high amount, like home loans usually are, even the slightest drop in your loan’s interest rate can make all the difference. So here’s what you can do to ensure that a home loan is offered to you at a low rate of interest.

The interest rate is the make or break factor when you’re selecting a loan. If it’s too high, the source of finance becomes entirely unaffordable. Since you’re looking for aid, you don’t want to end up increasing your financial burden in the long run. So, it is imperative that you focus your energy on securing the lowest interest rate possible when taking a Home Loan.

These 5 tactics will help you get an interest rate that is close to what you have in mind.

Leverage your credit score

Having spent all that time ensuring that your credit score is impeccable comes in handy when you’re looking to negotiate your home loan interest. The more stable your credit history, the higher your chances are of getting a Home Loan Interest Rate that is affordable. If your credit score needs work, clear your debts and avoid taking on more debt before you apply for a home loan. Even small things such as avoiding making purchases via a credit card will help.

Choose a shorter tenor

This may seem counterproductive, but hear us out. While it is true that when you have a long tenor your EMIs are low. However, the gross interest paid by you is higher. So, if you can pool in your finances, it is worth opting for a short tenor to keep the interest rate low.

Credits : http://www.freepik.com

Take advantage of seasonal offers

Instead of jumping the gun, wait it out for a few weeks if possible. This way, you have time to evaluate all lenders thoroughly and pick a home loan that is ideal for you. But more importantly, this gives you a chance to take advantage of seasonal offers. Many financial institutions extend offers or discounts during festive seasons or as limited-period promotions. If you manage to time your application right, you’ll be able to get a significantly lower rate of interest on your home loan. So, if your credit needs are even slightly flexible, it is worth considering this tactic.

Lower your debt-to-income ratio

As the name suggests, your debt-to-income ratio is a measure of all your debts pitted against your income. Like your credit score, this ratio is also extremely important to maintain. As a thumb rule, ensure that your debts are far lower than your income to assure yourself a good interest rate. But, if your debt component seems high, take measures to clear as much of it as possible. Whether it is an outstanding education loan or a car loan, it is worth the effort to make a few large payments to tip the scales in your favour. With a lower debt to income ratio, you can convince your lender to give you a lower interest rate and find that repaying your home loan is easier than you imagined.

Don’t be scared to negotiate

If you have steady employment and your financial history is in order, don’t hesitate to verbally negotiate with your lender. You’ll be surprised at how it can help you shave off a few thousand rupees from your monthly EMIs. As long as you’re confident and you meet all the eligibility criteria, this is worth a shot. You have nothing to lose and you may be able to walk away with a better deal than you had anticipated!

With these 5 solutions up your sleeve, lowering your home loan interest rate is no longer a daunting, almost impossible task. For a home loan that truly puts your interests first, take a look at Bajaj Finserv’s Home Loan. It offers flexibility and is incredibly affordable too. Moreover, from 23rd November 2017 to 29th November 2017, you get a rate of interest of just 8.3% if your home loan’s value is above Rs.30 lakh.

RESIDENTIAL PROJECT NEAR YEOOR HILLS THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 – 55

Source – MSN.COM

BENEFITS OF BUYING A HOME IN THE WIFE’S NAME

With several states in India offering benefits for women property buyers to boost their empowerment, we examine why it makes financial sense to register a property in a woman’s name

There are several benefits to buying a property in a woman’s name, either as the sole owner or as a joint owner, with governments and banks offering several sops.

“Aspiring home buyers can seek certain benefits including tax exemptions if a home is bought in a woman’s name. Such offers can also attract more women buyers to the realty sector,” points out Ashok Mohanani, CMD, Ekta World. Encouraging women to register assets in their name, also boosts women’s empowerment, he adds.

Credits : www.freepik.com

Tax benefits

Experts explain that some of the obvious tax benefits of buying a home in the wife’s name, include an extra deduction of interest up to Rs 1.5 lakh every financial year, if the house is self-occupied. If a husband and wife are the joint owners of a property and if the wife has a separate source of income, then they can both claim tax deductions individually. The tax benefit will depend on the ownership share of each co-owner.

Discount on stamp duty charges

Several state governments in north India are now offering a partial waiver on stamp duty, for buyers registering properties in a woman’s name – either as a sole owner or as a joint owner.

“You can save 1%-2% on stamp duty, if the property is in a lady’s name. In Delhi, the stamp duty rate is 4% for women, compared to 6% for men. Moreover, if you are undergoing some financial setback and have some debts to repay, the property held in your wife’s name, does not come under the cover for your loss,” points out Sushil Raheja, CEO of Raheja Homes Builders & Developers..

Stamp duty charges for Women Vs Men

State/UT	For Women	For Men
Delhi	4%	6%
Haryanat	4% in rural areas and 6% in urban areas	6% in rural areas and 8% in urban areas
Rajasthan	4%*	5%

* As 1% rebate over normal rate

Discount on home loan interest rates

Many banks like SBI, ICICI and HDFC Bank, offer discounted rates on home loans for women borrowers. The prevailing interest rates for women borrowers are as mentioned below:

Interest rate for woman borrower Vs others

Bank	Interest for Women borrower	Interest Rate for others
SBI	8.35 – 8.85%	8.4 – 8.95%
ICICI	8.35 – 8.7%	8.4 – 8.85%
HDFC Ltd	8.35 – 9.05%	8.4 – 9.05%

Note: For amount < Rs 1 Cr

Things to keep in mind when buying a home in the wife’s name

Experts maintain that it is a good idea to buy a home in the name of one’s wife or in co-ownership. However, the wife can enjoy the tax benefit, only if she has a separate and genuine source of income. Moreover, if there is any legal dispute on the property, then both, the husband and wife, will be involved in the case. Therefore, home buyers should evaluate all possibilities, before making a final decision.

LUXURIOUS PROPERTIES IN THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 - 55

Source - HOUSING.COM

 

LUXURY HOME PRICES IN DELHI & BENGALURU DECLINE, MUMBAI RECORDS MARGINAL RISE : REPORT

Mumbai : The declining trend that engulfed luxury home prices across key Indian metros earlier this year has further intensified amid a global pattern of weakening prices, showed the Knight Frank Prime Global Cities Index Q3 2017.

The index that tracks the movement in luxury residential prices across 41 international cities, every quarter, rose by 4.2% in the year to September 2017. However, at least 19 of these cities saw a decline in annual growth.

While Delhi with 3.1% decline and Bengaluru with 0.8% drop recorded sharper negative growth, prices for luxury homes in Mumbai saw a marginal increase of 0.6% between September 2016 and September 2017, albeit on a declining trend.

Reflecting on the dismal performances all the three metros featured on the price index slid from their positions in the previous quarter. Delhi saw the biggest drop in rankings as it slipped from the 31st to the 36th position.

"Prime residential markets have been under immense pressure particularly since the event of demonetisation. While the move had an adverse impact on the overall residential market, luxury homes sales were worst hit. The quintessential wealthy investors known to take interests in such projects are missing courtesy better returns from other investment avenues," said Samantak Das, Chief Economist and National Director - Research, Knight Frank India.

According to him, among the top three Indian cities the growth in price in this genre has been slowly tapering. While Mumbai maintained positive growth, albeit at an abysmally low rate, Delhi and Bengaluru witnessed negative growth.

"We foresee the trend to continue for at least 8- 12 months in this end-user driven market," Das added.

Among global cities, Guangzhou continued to top the index with a staggering 36.3% price surge in luxury homes but the overall narrative for China was of a slower growth. While the annual prime price growth in Shanghai slipped from 19.7% last quarter to 14.9%, the rate of price growth decline in Beijing nearly halved from 15% to 7.2%, courtesy government enforced cooling measures.

However, the Asia Pacific dominated the ten rankings, with Seoul's 11.2%, Sydney's 11%) and Melbourne's 10.4% rise.

Among luxury residential properties in Europe, Madrid, Paris and Berlin recorded robust growth. But other key markets such as Zurich, Vienna, Geneva and London ended the 12-month period witnessing a sharp price decline, the report said.

RESIDENTIAL PROJECTS WAGHBIL THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 - 55

 

Source: MAGICBRICKS.COM

COLOUR THERAPY FOR YOUR HOME

Colours have a profound effect on individuals and can affect us on a physical, emotional, mental and spiritual level. We look at how you can choose the right colours for your home, to create a positive and happy environment

Colour or chroma therapy is an alternative method of healing, through the use of colours. When we gaze at colours, different energies are absorbed, as each colour has its own frequency and vibration. “We are constantly surrounded by a free flow of colours, through nature, the clothes that we wear and the space where we live or work. At different stages of our lives, we feel attracted to or repelled by different colours, depending on our emotional and mental needs,” says Amisha Mehta, an artist and colour therapist.

“If we do not receive a balance of the seven colours in the spectrum, our metabolism can be affected. For example, the lack of natural sunlight, can cause lethargy, tiredness and depression. There is no such thing as a good or bad colour. While a colour can have beneficial qualities, the same colour can also have a detrimental effect on us. Usually, too much of any colour will tip the scale. Thus, one must be careful while designing a home’s interiors and choose colours that aid the well-being and harmony of all the members residing in the house. Colours should be clear, bright or light. Muddy or dirty colours, reflect the negative aspect of that colour. There is nothing wrong with deeper rich tones, if they are also not murky in appearance,” suggests Mehta.

Credits : www.freepik.com/

The importance of colours in Vastu Shastra

The sun is the source of light and helps to sustain life on our planet. There is a direct relationship between the sun and the science of Vastu Shastra, as each direction has one color that influences it in a positive way, points out Mumbai-based Jayshree Dhamani, a Vastu and astrology expert. “Sunlight appears to be gold in colour but it contains seven different colours – violet, indigo, blue, green, yellow, orange and red. Each colour has a different wavelength. Suitable colours in the right direction, enhances the health and prosperity of the home’s inhabitants. If the wrong colours are used, then, it creates stress and conflicts in the minds of the inmates,” Dhamani adds.

How to select the right colours for your décor

It is better to choose warm colours in rooms where there is a lot of activity, such as the living room and dining room. For example, instead of red, one can use shades of burgundy, wine, terracotta, etc., as they are not overpowering.“A colour scheme that focusses on only one or two colours, can cause an imbalance in energy. It is not only the wall colour that has an impact, but also the colour of furnishings, paintings, plants and lights. So, the home should have a variety of colours,” says Mehta.

Yellow is the colour that is closest to sunshine and is regarded as cheerful colour. So, try and incorporate it in some way at home. People who are depressed, can add a dash of orange colour to their room, to develop optimism. “Someone who has tensions, body pains and sleeplessness, can opt for blue-coloured walls or curtains, to get relief. Similarly, people who do meditation and spiritual practices, can use violet colour in the room for calmness. One can also use lamps of different shades, to add specific colours to a room, as and when needed,” adds Dhamani.

Ideal colours for different areas of the house

• Ceilings should always be white or in off-white colour, as it reflects light.
• Natural shades like green (which symbolises life and growth), yellow (stability), orange (cheerfulness) and blue (aids concentration), are recommended for children’s rooms.
• For the temple area, it is best to use purple or lavender, as it is associated with spirituality, peace and wisdom.
• Orange evokes excitement and enthusiasm and is apt for an exercise room.
• Avoid excessive use of black and grey, as it can give a depressing feel.
• Red helps in increasing appetite. So, add subtle touches of red on the dining table, with red flowers or red table linen.
• Bedrooms should be done up in soothing colours, such as pink, peach, light yellow, green and other light colours.
• The colour pink is associated with romance. Similarly, red is the colour of passion but avoid too much of it in the bedroom, as it leads to aggression.

Vastu guide to choosing colours for different directions

Direction	Ruling Planet	Colour
East	Sun	White
West	Saturn	Blue
North	Mercury	Green
South	Mars	Coral red
South-west	Rahu	Green, pink
South-east	Venus	White, silver
North-west	Moon	White
North-east	Jupiter	Golden yellow

LUXURIOUS PROPERTIES IN THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 - 55

Source - HOUSING.COM

RIGHT TIME FOR NRIS TO INVEST IN PROPERTY

With renewed transparency and accountability in the real estate market, investing in Tricity realty could prove good value for money for NRIs. The market sentiment too is upbeat with lucrative property rates, attractive finance schemes from banks and offers and discounts from developers.

As the festive season begins, real estate developers in the Tricity region have high hopes from the Non-Resident Indian (NRI) investors to bring a boom in the market and put it back on the fast track. Their aspirations and expectations rise from the fact that most NRIs visit India around this time of the year. The realtors expect that with improving infrastructure, low property prices, cut in stamp duty by Punjab government and economic and political stability, its an ideal time for NRIs to put their money in Tricity real estate.

In earlier years, the opaque nature of the realty business, with its lack of information and no due diligence, did not inspire much confidence in the Punjabi diaspora. However, with some of the key policy changes in the past one year, like the Real Estate Regulation Act (RERA), demonetisation, the Goods and Services Tax (GST), NRIs will now be more confident in making an investment decision. Also, to simplify the purchasing processes, several rules and regulations have been amended. In addition, lenient FEMA policies and relaxation of laws by the RBI regarding property buying by NRIs, are likely to boost their participation.

"With tight regulations, greater transparency, more affordability and enhanced price stability, NRIs will find interesting investment opportunities in areas like Zirakpur and Mohali, as long as they have a long-term view and are discerning about which project to invest in," says Col Inderjit Kumar, Head, Sales and Marketing, JLPL.

Credits : www.freepik.com/

In the past also, NRIs have invested a sizeable amount in real estate, and their participation brought about strength in the market. Ramesh Sharma, a real estate agent, shares, "With almost no option within Chandigarh, Panchkula and Mohali to buy property, periphery areas surrounding Zirakpur, Patiala Road, New Chandigarh and Mohali are preferred by NRIs, especially from Punjab--who seek higher security, greener surroundings, luxurious lifestyle and proximity to educational, health and recreational set-ups. Villas, apartments and penthouses are what they eye at. Though, the market has been somewhat slow till last year, the real estate scenario is expected to take a high stride starting with the festive season."

Raman Singla, GM, SBP Group, says, "Punjabis form a major part of NRIs. With the starting of international flights from Mohali, NRIs are now keen on buying property in Chandigarh periphery as their travel would be easy. Property is at a decent pricing right now, compared to the past years. NRIs go by the brand value of the project, showing interest mostly in projects approved by the government."

Umang Jindal, Director, Homeland Heights, says, "There are several factors that make Mohali and surrounding areas an attractive hotspot for NRI buyers. Prominent amongst them is well developed infrastructure, easy access to the airport, and presence of premier health institutes and entertainment centres. Also, these areas are strategically located adjoining Chandigarh and have direct connectivity to Delhi, most areas of Punjab and even the hills of Himachal Pradesh."

NRIs are also aware that residential inventory has piled up and they are currently very well-placed to find good bargains in these markets, as most developers are offering discounts and other attractive schemes. However, once the economy begins to grow, housing demand is again going to rise and it will lead to price escalation. So, for NRIs who are waiting on the edge, this is the right time to invest. Once the primary residence is secured, with surplus funds they can also invest in rental income-generating apartments or commercial properties as well. However, they should we wary of projects by unknown developers who have no existing track record. NRIs should strictly follow a check-list of points to verify, such as the RERA registration of developer, his track record and brand visibility, the soundness of the identified location in terms of civic and social infrastructure and amenities in the project.

RESIDENTIAL PROJECTS WAGHBIL THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 - 55

 

Source: CONTENT.MAGICBRICKS.COM

THE GIST OF GST

Post GST's implementation on July 1, there have been a few apprehensions that end-consumers are currently harbouring. The quintessential question therefore is: how severely would you be affected by GST in your real estate dealings? We seek some answers...

There is a lot of confusion in the minds of the home-buyers and developers about the implementation of GST that came into effect from July 1, 2017. People are not sure whether they would be benefited by the new tax system or would have to shell out more money. We bring some clarity with regards to this.

“The real estate sector is currently burdened with indirect taxes on multiple counts such as service tax, Value Added Tax (VAT), stamp duty, registration charges, etc. People were confused and weren't aware w.r.t which taxes were going to be subsumedto be continued under the GST regime. However, with various initiatives undertaken by the government, it is now made abundantly clear that stamp duty and registration charges shall continue and Service TaxVAT would be subsumed in the GST regime and replaced with CGST + SGST (of specific state). With the increase in the indirect tax rate on construction services (read: 12 per cent), the government has issued a press release cautioning developers against resorting to extraction of additional GST on account of the increased tax rate without due regard to GST credits,“ says Amit Kumar Sarkar, partner and head indirect tax, BDO India.

BENEFITS OF GST:

The biggest game-changer under GST is the introduction of the Input Tax Credit (ITC), whereby credits of input taxes paid at each stage of production or service delivery, can be availed in the succeeding stages of value addition.Anuj Puri, chairman ANAROCK Property Consultants Pvt Ltd explains, “To ensure that manufacturers, developers and service providers pass on the benefit to the final customer, the government has included an anti-profiteering clause in the GST bill under section 171 of the GST law.This clause clearly states that it is mandatory to pass on the benefit of the tax reduction (due to the input tax credits) to the final customer.“

SOME IMPORTANT BENEFITS OF GST ARE:

It would help eliminate the cascading tax structure; It would ease compliances; It will create a uniform tax rate and structure; It would help in reducing additional tax burdens (on consumers).

GST MISCONCEPTION AND FACTS:

While there has been a lot of speculation doing the rounds when it comes to GST, Samir Jasuja, founder and CEO, PropEquity clarifies and says, “Let's clear the misconceptions one by one:

Myth 1: Property prices will rise with GST getting applicable on each construction-related material and service:

FACT: Property prices will not rise. The developers can take the input tax credits for the materials used for construction and the services paid. The government has asked the developers to pass on the benefits of the lower tax under the GST regime to the buyers as well, which in turn, will marginally reduce property prices. The government has also passed the anti-profiteering rule, which would prevent any increase in property prices.

Myth 2: EMIs on property buying will shoot up due to GST:

FACT: No, EMIs on property may remain the same or marginally reduce as the overall property price is expected to drop.

Myth 3: Resale property will also get costlier:

FACT: No, it will not get costlier. The impact of GST on resale proper ties is likely to be less.

Myth 4: No input credit will be allowed if you purchase an office.

FACT: The input tax cred it will be allowed for an office space if the purchase is made before the property gets the Completion Certificate (CC) or prior to the first occupancy.“

Shubika Bilkha, business head, Real Estate Management Institute explains, “GST has been levied on the renting of residential proper ties and an 18 per cent tax will be applicable for leasing commercial properties. Experts have clarified that the threshold limit for the applicability of GST has been increased from Rs 10 lakh to Rs 20 lakh. Hence, some of the landlords that came within the purview of the service tax regime may not be included under the tax net of GST.“

INDIA VERSUS THE REST:

Experts point out that a uniform tax structure in markets such as Indonesia, Thailand, among others, has been a catalyst to increase investments. It is important to remember that when buyers purchase properties, they focus on the value, their individual needsrequirements and potential appreciation of the asset, over taxation slabs. Bilkha shares how, “With the introduction of RERA and GST, the real estate sector is metamorphosing into a transparen nt, tightly controlled and regulated industry. All these measures will, in the long run, create stable businesses, as well as contribute towards reducing the trust deficit between the consumers and the developers.“

HOW WOULD GST BRING IN HOLISTIC GROWTH IN THE REALTY MARKET?

The reduced cost of construc tion will bring in more liquidity for the developer; The developers can take the in put tax credit for raw materials like cement and steel. This would bring down the total amount paid in taxes and avoid double taxation on the same product; Free flow of credits will further boost the margin of the develop er; GST will reduce inflated taxes and bring in more transparency and help in improving trust among the buyers.

GST PERKS FOR THE HOME-BUYERS:

Possible reduction of property prices with additional credits flowing to the developers; A variety of products would be available from other states, as the GST regime promotes inter state procurements.

2 BHK SPACIOUS APARTMENTS IN THANE Contact PRESTIGE RESIDENCY sales office to Know More @ 022 25985951 - 55

 

Source: EPAPERBETA.TIMESOFINDIA.COM

Prescon Realtors & Infrastructures Private Limited

   

201, Prestige Precinct, Near Nitin Casting, Almeida Road, Panchpakhadi

Thane West - 400601

Phone: 91-22-25985951-55

Email: prescon@prescon.in