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Home loans that you don’t know
Home Loans
I was searching the internet to find a topic for writing a blog and I landed upon the home loan types. To my surprise I was not aware that, there are these many home loans in India so I thought why not I share this information with the viewers as it might help them in anyway; I am sure about it
HOME LOAN TYPES
HOME PURCHASE LOAN:
This is most common loan that everyone is aware of. If you are planning to buy a new home or flat, then, this is the loan for you. Interest rate for this loan is either fixed or floating type. Going for fixed rate of interest is bit costly as the interest rate will be bit higher compared to floating rate of interest?
HOME EXPANSION LOAN:
You can get this loan, if you are planning to add a room to your house or if you want to build additional floor. That is good news isn’t? Maybe you are planning to rent your house in the first floor but you don’t have one, then you can go for this loan and in due course add an extra income. This loan will come in handy if your family expands and you need more space for living.
REFINANCE HOME LOANS:
When the rate of interest is higher for a home loan and you want to switch to another loan, then this is the best option. Another reason one can go for refinance is when one wants to reduce the risk from an adjustable-rate by switching to a fixed-rate loan. A mortgage refinance has the same costs as a mortgage, such as loan application fees, loan origination fees, and appraisal fees that must be taken into consideration. Though homeowners will have to pay these costs upfront, in the long run a refinance with a lower interest rate is likely to save more money. Overall, when refinancing for a lower interest rate, the main deciding factor is if savings on interest will be greater than the total refinance costs and prepayment penalties.
Many financial advisors suggest that homeowners look for at least a two-percentage point reduction in their mortgage prior to refinancing. Homeowners can also use online mortgage calculators to get a better estimate of how much they can save by refinancing. However, online mortgage calculators usually do not take into account all the costs incurred with a mortgage refinance.
HOME CONSTRUCTION LOAN:
If you have a land and planning to build a house then you need to apply for this loan. The repayment period and the processing fee and other charges are little different from home loans. If one wants to include the land cost in the total construction cost then the land has to be bought within a year. If the land is bought more than a year ago then his clause will not be applicable.
HOME CONVERSION LOAN:
One morning you wake up and decide that you need a better home with all the luxuries and you want to sell the existing home and move on, then this loan will help you to make the switch. You need not apply for new loan; your exiting loan will be transferred without the prepayment hassles. Decide on the new home you are planning to buy; analyse the extra amount you are going to pay for the new home, how much remains you have to payoff for the old home.
PROPERTY LOANS:
A scenario arises where you need cash to fulfill some commitment, and then you can mortgage residential or commercial property. But you have to sign a declaration that the fund will not be used for illegal activities and for other fraudulent purpose. The loan amount depends upon the income eligibility and bank norms, which change from time to time.
NRI HOME LOANS:
Extending the arm to the NRI the banks are providing home loans to them. The process is bit elaborate.
BRIDGE LOAN:
A bridge loan is availed to fill the short temporary financial gap. When you plan to buy a new house and need time to sell off the old house, this loan comes in handy. The interest rate is usually higher and time period is usually one year. Bridge loans are bit risky as you may not know when you may be able to sell the old house and in a blink you might start paying for two mortgage loans. It also has prepayment charges if closed earlier
So next time you think about loans take a good look at these home loans; pick up your mobile and call your favourite banks or browse the net to apply for this loan.
Happy House Hunting!!!
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MUST HAVE DOCUMENTS BEFORE BUYING A PROPERTY
Buying a house is like completing a huge responsibility and if it comes as smooth as it can then, it is cherry on the top of the ice-cream. Every step you move into buying a house, you feel the heat and keeps you awake at night. But when you are armed with all the information and document and you are aware of the basic real estate terms, then you can land up in the safe zone.
DOCUMENTS NEEDED TO BUY A FLAT
Builders may promote flats without getting approvals and may get the approval in due course. Check whether he has got all the approvals.
1 TITLE DEED, MOTHER DEEDS OR PARENT DOCUMENT:
Get this document and check it for his right to sell the property. If he has any minor children, or if is an ancestral property then you may face problem in the future. He should have a No objection certificate to sell the property on behalf of the minors.
2 GOVERNMENT APPROVED PLAN:
Make sure that the builder has got the approval for building the flat. If he has started the constructions then make sure that the approval building layout is same and there is no deviation in the house or flats. If there is deviation then it will create problems in the future
3 PROPERTY TAX RECEIPTS:
Get the copy of the property tax paid by the owner. If it is ambiguous, then enquire this issue with the corporation office or the municipal office. The property tax should be updated till date and for at least 10 years.
4 SALE AGREEMENTS:
Get the sale agreement between yourself and builder
5 COMMENCEMENT CERTIFICATE:
Usually given by the municipal or corporation authority for the commencement of the construction of the property; it is mandatory for builder to have one, if not, it is illegal.
6 NO ENCUMBRANCE CERTIFICATE:
It is a certificate to make sure that the property which he is going to sell you as a flat is not mortgaged for loan.
7 COMPLETION CERTIFICATE:
It is document given by the municipality or corporation to make sure that the construction is complete and without any deviation.
8 OCCUPATION CERTIFICATE:
It is issued by the municipal and corporation that you have legal electricity connections, water supply and sewage connections for you flat.
9 NO OBJECTION CERTIFICATE: by the land owner for change in electricity bill
Remember for getting loan from the bank you have to produce another set of document. These are:
Main applicant
1 Two passport size photograph, PAN card and employee ID
2 Residential proof address: Ration card, Adhaar card, voter ID
3 Last four months salary slip. Some banks ask for 6 months salary slip
4 Appointment letter from the present organisation and relieving order if your present employment is less those 3 years
5 Form 16 for last two years
6 Bank statements for past 6 months
7 One cheque from salary account as processing fee
Co-Applicant:
Two passport size photo and PAN card details
DOCUMENTS NEEDED FOR BUYING A PLOT
Planning to buy a plot to build a house of your choice is a good idea. The documents that are needed are
1 Mother document
2 Sale deed
3 Encumbrance certificate
4 Tax receipt tax paid by the owner of the land
5 Plan layout and
6 Sale agreements between you and the seller
Hope this blog helps you and do share with us your suggestions
Happy House hunting!!! ♠
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Congestion pricing for Chennaiites soon?
Article taken from THE HINDU
The Chennai Corporation is all out to tackle one of the city’s chronic irritants — traffic jams.
On Friday, the Corporation, at its council meeting, passed a resolution for a study to analyse various means through which clogging on the city’s roads can be reduced.
An array of traffic control solutions such as congestion pricing, a bus rapid transit system, public bicycle-sharing and inter-modal integration may soon be implemented, based on models in China and Singapore.
A team of seven Corporation engineers will visit Guangzhou, Shenzhen, Hong Kong and Singapore to study traffic solutions adopted in these cities.
The engineers are: R. Jayaraman, D. Rajasekhar, S. Rajendran, S. Sudhakar, A.S. Murugan, R. Manoharan and R. Srinivasan.
The study, which will cost Rs. 20 lakh, is expected to produce practical solutions, which will then be implemented to ensure traffic management in the city is on par with other international metropolises.
The engineers will be assisted by the Institute for Transportation and Development Policy as well as a few other non-governmental organisations.
Many of the 354 km of bus routes and 5,563 km of interior roads are likely to be covered under the new proposal, which will primarily involve congestion pricing.
Congestion pricing involves a surcharge for users of transport when the system is in excessive demand, such as during peak hours.
It could involve charges for those using private vehicles on crowded roads and is aimed at reducing the number of vehicles on such roads in order to ease congestion.
“Congestion pricing models have been successful in cities such as Singapore and London. While Singapore has electronic road pricing, Hong Kong has a very good inter-modal transport integration system. Every city has various options, and all of them are trying them in various degrees,” said Raj Cherubal of CitiConnect.
“In the 1960s, London started congestion pricing. Though it was opposed at first, one mayor finally managed to implement it,” said a senior traffic expert.
“In Chennai, such efforts require a lot of determination and political will by the government. Engineers were not able to implement the loop-buried vehicle activated signal on Arcot Road two decades ago, as the devices were damaged by road cuts,” he said.
He added, “Bus bays are a simple concept, but still, they have not been implemented properly. It is very difficult to implement anything here, but we have to try and experiment with various solutions for better traffic management. A lot of research has to be done before implementing any solution, including congestion pricing.”
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TN to get 6 more industrial parks soon
Article taken from Time of India
Industrial Park
Industries minister P Thangamani on Friday said six new industrial parks will be established across the state spread over 8,000 acres. He told the assembly that these parks would come up in Sriperumbudur, Cheyyar, Tuticorin, Madurai, Oragadam and Tindivanam.
The minister said the new park in Sriperumbudur will generate direct employment for 3,000 persons and indirect jobs to 20,000 persons. This park would be spread over 1,780 acres. “Many MNCs have evinced an interest to establish units in their park,” the minister said.
The Cheyyar industrial complex would entail an expansion on 2,300 acres of land while in the case of Tuticorin it would be 1,179 acres under Phase II for the Thoothukudi industrial complex. In case of the Madurai industrial park, the government is in the process of acquiring 1,478 acres and 720 acres of land in the Tindivanam industrial park. Land extending 616 acres will be added to the Oragadum industrial growth centre under Phase II of the project.
In addition, SIPCOT (State industries Promotion Corporation of Tamil Nadu) is also in the midst of preparing a comprehensive plan for Sriperumbudur with the help of consultants to upgrade basic social infrastructure and also housing facilities for employees in the region. “The government has issued orders for 100 acres of land each to be allotted by SIPCOT for setting up separate industrial parks for investors from countries like Japan, Korea, Finland, Germany and France to attract more foreign investment,” Thangamani said. The allotment would be made after acquisition of lands in the Sriperumbudur industrial park expansion (Vallam-Vadagal scheme).
In addition, SIPCOT has identified another 25,000 acres to develop the industrially backward southern districts. “It is proposed to create a land bank of 20,000 acres to fulfill the Tamil Nadu Vision 2023 document,” the minister said.
SIPCOT is exploring the possibility of establishing a water treatment plant to meet the present water requirements of 10 MGD (million gallons per day) for industrial park requirement either through a public private partnership model or with Chennai Metro Water.
TIDCO (Tamil Nadu Industrial Development Corporation) is also in the process of constructing bio park Phase II that will provide an additional lab space of 6.13 lakh square feet for bio technology, pharmaceuticals, nano technology and other research and development activities at a cost of Rs 150 crore at Taramani, Chennai and is also planning a LNG (liquefied natural gas) import terminal at an estimated cost of Rs 4,320 crore near Ennore.
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After gold is real estate the next asset class?
An article from economic times we wanted to share
Over the last few years, the Indian retail investors have drifted away from the equity market investments to safer asset classes such as gold and real estate.
However, the recent fall in the gold price has raised questions whether the returns given by these relatively safer investments are likely to sustain. While the gold price has fallen 20% from the peak, are the real estate prices also likely to correct is the question asked by the most.
Unfortunately the correlation cannot be verified as there is no long term real estate index data in India that will help with any reliable conclusion.
However, an analysis done by Karvy’s research team on 20 years data of the Hong Kong real estate index and gold price showed that the prices of both have 81% correlation. Similar holds true for the Indian data in 2012-13.
According to the experts the reason for this is that the correction in the gold price makes people sell their real estate investments and invest in the yellow metal.
Although this cannot be used as a certain conclusion, if you are looking to buy a house and were not able to do it earlier due to high real estate prices, you can hope this theory to hold true.
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8 Sure Ways to Keep Your Home Cool This Summer
Sun rays in the living room
Come summer and you feel the heat. This is the start of the gruelling timeline where the sun will heat up the environment like a burning furnace. For those who live in the concrete jungle called cities; it is sticky and sweaty time. Unfortunate are those who live in a house with an open terrace for their house will heat up like an oven.
But the scorching summer will pass away with little impact, if you can carry out some of the ideas which we are going to discuss.
Vanquish the culprit:
Houses with open terrace just pass on the heat inside the house and makes living unbearable. What you can do is; wet the terrace with the water in the evening time to reduce the heat. It works well. Try it.
If you are ready to spend some money, then you can buy gunny bags equal to the size of the terrace. Fill it with saw dust and then wet it water and place it in the roof. What will happen is that, the saw dust will absorb the water for long time. This will keep your house cool.
If you love plants, then you can have a garden in the roof surface with potted plants and small herbs. This will keep the environment green and roof surface cool. Growing medicinal plants will be useful for you since you can use for treating small ailments.
Grow indoor plants:
An indoor plant removes stale air and keeps the house cool. Plants like Begonia, Dracaena, Aloe Vera, Hyacinthus suits any type of home. Keep the plants near the window regulate temperature
Use blinds or thick curtain:
Avoid using black curtains as they absorb heat and do no radiate them. Using blinds will keep the heat away more effectively
Energy efficient Bulbs:
Fluorescent bulbs are best bet and will save money and energy. They produce less heat than the normal incandescent bulb. People tend to use yellow bulbs in the bathroom and kitchen. Please avoid it and change t CFL.
Good ventilation:
During the evening time open the door and widows of all the rooms. The point is the temperature in the evening will be less outside and hot inside the house. Let some cool air flow inside the house.
You can paint the roof with white color. White colors reflect all the heat absorbed and keep the temperature low and nice.
Table fan or ceiling fan:
When it comes to the choice, do go for table fans as it circulates cooler. Ceiling fans suck in hot air and circulates them in the house. It is bad for health. In humid climate you cannot stay in the house as it is sticky and hot.
Grow plants around the house:
City life has taught us to decorate the house beautiful inside but when it comes to area outside the house, we care less. Growing shade tree or plants will create a micro-environment which will keep you house much cooler. Plants have the ability to enrich the environment with oxygen. If you are planning to build a house do not hesitate to allot space for plants.
When couples are working:
In a typical city life nuclear family, both the couple work and children go to school. The house is locked. It is better to leave the window open. Closing all the doors and window will make the air hot, stuffy inside the house.
If you have any other ideas please share it with us
Happy summer!!
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Chennai Metro rising – will it ease road congestion?
Chennai Metro Rail
News taken from Business line http://www.thehindubusinessline.com/industry-and-economy/logistics/chennai-metro-rising-will-it-ease-road-congestion/article4614479.ece?ref=wl_industry-and-economy
The first train for the Chennai Metro Rail getting ready at the Alstom facility in Brazil.
Sriram Amarnath, a software engineer, has just returned to Chennai from the US after a gap of nearly five years. He was upset to see the congestion outside the airport due to the construction work being undertaken for the Chennai Metro Rail project.
But as he moves into the city, he is awed by the magnitude and pace of construction of the Rs 14,000-crore project, which will help decongest the city roads and take care of the growing demand for public transport.
With the city’s current population of over 50 lakh, expected to reach 1.2 crore by 2026, Chennai is struggling to keep pace with the ever-increasing traffic demand.
In the past, every household used to have a vehicle. But today, every member of the household has a vehicle, putting enormous pressure on roads.
INTEGRATED SYSTEM
Further, over 3,200 buses move nearly 52 lakh people every day. All efforts of the Government to meet the increasing demand seem to be falling short.
Thus, the Chennai Metro could become an important public transport system in the future.
It is going to be part of an integrated multi-modal transport system, along with the planned Mono Rail project, which is still in the drawing-board stage. This is in addition to the strengthening of the sub-urban rail service, the Mass Rapid Transit System, and the Metropolitan Transport System.
The Tamil Nadu Government gave its in-principle approval for the Chennai Metro’s initial corridors in October 2007 and the Centre gave its nod in January 2009. The project envisages creation of two initial corridors under the proposed phase-1 with a total of 45.1 km. The corridor from Washermenpet to Airport will be 23.1 km and the other corridor from Chennai Central to St Thomas Mount will be 22-km long.
About 14 km of Corridor-1 from Washermanpet to Saidapet and 9.7 km of Corridor-2 from Chennai Central to Anna Nagar 2nd Avenue will be underground and the remaining portion will be elevated, says information available on the Chennai Metro Web site.
Huge tunnel-boring machines, including some Chinese-made, are continuously drilling the city’s hard soil to enable air-conditioned trains to criss-cross the city underground in the next two to three years.
As on March 31, nearly 10 per cent of the tunnelling work for the project has been completed. Out of the total 27,220 metres, tunnelling work of 2,731 metres has been completed.
Projects worth over Rs 10,000 crore have been awarded to various companies from countries like India, Russia, Germany, Japan, France and UK.
Share of public transport
The Tamil Nadu Government’s plan is to increase the share of the public transport system to 46 per cent from the present seven per cent by 2026. The Chennai Metro project will play a huge role in this change.
Consider this data. The project is expected to remove around 13 lakh passengers from the road by 2026. Every year, it will save around 100 deaths happening due to road accidents and another 500 non-fatal accidents.
And, for a passenger travelling from the Koyambdeu market to Alandur, the journey time will come down to 16 minutes from over an hour, currently.Similarly, it will take just 40 minutes to reach the airport from Washermenpet in North Chennai, against nearly two hours by road, and an hour by rail.
The Chennai Metro is following the example of the Delhi Metro Ltd, which, incidentally, is the primary consultant for the project in the first phase.
According to the plan, the first metro train should start plying in 2015. Incidentally, the train, which is getting ready at Alstom’s manufacturing plant in Sao Paulo, Brazil, is expected to arrive in the city in June.
Meanwhile, out of total plinth track of 10,577 track metre between Vadapalani and Koyambedu, work on about 9,800 track metre has been completed. A total of 1,586 joints for welding of tracks have been done, the Chennai Metro said. Interestingly, the metro will go up to the airport. Sriram, who is leaving for the US in two weeks, hopes that he will return to the city in three to four years to take the metro and reach his home in the heart of the city.
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OMR cheapest, The Report Says
OMR
Old Mahabalipuram Road favours home owners most because of moderate property prices and high rental values. While Tambaram and Medavakkam have low property prices and rental values, Porur and Kolathur make a strong case for renting because of low rental values. Chetpet is the least affordable locality with high property prices and rental values. OMR and Tambaram offer a better lifestyle because of larger residential spaces.
At 6.85 sq. ft per Rs. 1 lakh, Chetpet is the costliest locality while OMR is the cheapest at 28.9 sq. ft per Rs. 1 lakh. These are some of the findings of a new report on Chennai’s real estate market conducted by ArthaYantra.com, an integrated personal financial services company.
Based on average property prices, a professional needs to save for four years to afford the down payment for a house in Medavakkam, Tambaram or OMR, compared to seven years for a house in Ashok Nagar, eight for T. Nagar, 10 for Anna Nagar or Adyar, and 10 years for Chetpet.
Other key findings include Chennai’s rise of 209 per cent in index value from 2007, with Kolathur scoring the highest rise, followed by Chetpet and Ashok Nagar.
The report attempts to provide a quantitative and merit-based answer to the question of buying vs. renting a home, says a press release, and analyses the costs of both options across 13 locations ranging from Adyar and OMR to Anna Nagar, Chetpet, T. Nagar and Tambaram. The research considered three important factors: rental value, property price and gross income.
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Chennai Corporation to build five bridges
An article from times of India
CHENNAI: The Chennai Corporation will build five bridges at a cost of around 13 crore in different parts of the city in 2013-14. The residents and commuters in Bojaraja Nagar in north Chennai will finally get their long-pending demand of a vehicle subway to replace the railway level-crossing near Mint. It will make entering and leaving Srinivasapuram and Mint easier for more than 6,000 families.
The subway was decided upon in mid-2011, but was delayed due to metrowater work. There have been a number of accidents at the railway crossing.
A bridge will be built across Buckingham Canal connecting Murugesan Nagar in Thoraipakkam to Pandiyan Salai in Neelankarai. This will come as a relief to thousands of IT professionals who reside in south Chennai by giving them another route to reach East Coast Road. Many commuters exit Old Mahabalipuram Road at different points to escape traffic during peak hours.
“I try taking the right at Sholinganallur junction instead of the one at Thiruvanmiyur because traffic inches along. This new bridge will give me another route,” said D Sandeep, a senior executive with an IT company.
The box culvert, which is a precast concrete structure that is assembled to form a bridge, at Padi Pudu Nagar Road, which stretches across the Padi Kuppam canal, will be demolished and reconstructed. Two more bridges will be constructed in the same way. One will connect R K Link Road, also known as Korattur North Station Road, to Jawaharlal Nehru Road in Baba Nagar. The other will be built at Narayanapuram across the Keelkattalai Tank Surplus Course at Pallikaranai.
Post your comments
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Elevated corridor along OMR to be country’s longest
A article from times of India which we wanted to share.
CHENNAI: To facilitate a smooth ride for thousands of people hitting the IT corridor everyday, the Tamil Nadu government has announced an elevated corridor along the 45km Old Mahabalipuram Road. It would be the country’s longest such corridor, much longer than the Hyderabad airport-city link which is 11.6km.
Chief minister J Jayalalithaa said the government would soon prepare a detailed project report. The announcement comes at a time when the 19km Chennai Port-Maduravoyal elevated corridor, being built by NHAI, is stalled because of the objections raised by the state government.
Jayalalithaa made a slew of announcements in the assembly on road infrastructure development, including on multi-level vehicle parking at Siruseri, rail over- bridges and road widening projects estimated to cost 2,000 crore.
The elevated corridor would be built in two phases, from Taramani to Siruseri and Siruseri to Mammallapuram. “This is to decongest the chaotic traffic emanating from the large number of IT firms, multi-storied buildings and educational institutions along this road. 5 crore will be allocated for the detailed project report,” she said. The IT corridor was initiated by Jayalalithaa during her earlier tenure.
The 45km long stretch starts at Madhya Kailash Temple junction on Sardar Patel Road and ends on East Coast Road, parallel to the Old Mahabalipuram Road. The prestigious TIDEL park is also located on this road.
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