Wednesday 22 June 2016

Married? Jointly Own a Home and Avail These Benefits

A penny saved is a penny earned!


Often we come across facts which could have saved our money or benefitted us in some way when water is way under the bridge. Buying residential projects in Bangalore or any city across the country is one such process where delayed information or lack of information may lead to a feeling of being at a loss when you could have availed certain benefits.

Hence making informed decision is very important for good decision making especially when it is about acquiring immovable assets. From choosing the best financing option to eliminating mediators like brokers from the deal and directly dealing with the developer or seller, knowing where money can be saved helps particularly if you are married and have a family to cater to. Hence, jointly registering the property with your spouse is the smartest thing you can do to enjoy following benefits:

The intangible or emotional benefits of jointly owning a property with your spouse are include increased confidence in each other, letting the patriarchal Indian society know you value your wife as an equal, stronger bonding, higher sense of belongingness among spouses etc. Hence, be it a property in Whitefield Bangalore or anywhere else, it will strengthen the relationship further.

Apart from this there are certain financial benefits also:

Corpus: Two incomes will have a higher chunk of disposable income and hence better share for savings rather than a single income. Therefore building a corpus to make the initial down payment will be quicker and easier. This amount is usually 5% to 20% of the total purchase price of the house. Hence the bigger the corpus, the smaller the EMI’s.

Affordability: In most of the cases, a loan is required to buy a house and a higher loan amount is sanctioned by banks if there are two sources of income. And in case of joint registration couples can get joint home loan hence it becomes feasible to buy a better property of your choice even if it is priced a little higher so that you don’t have to compromise on your aspirations.

Tax Benefit: a joint home loan can also be beneficial to both the borrowers and they can claim a tax deduction of 1.50 lakhs of the principal repayment under section 80C and an amount of 2 lakhs for interest payment under Section 24. This makes it ideal for both the borrowers under the Income Tax Act on proportionate basis in respect of the principal and interest paid during a year.

Stamp Duty: In some of the states of India women pay lesser amount of stamp duty along with other charges and the differences if almost of approximately 1% to 5%. This can save you a lot of money and strengthen your position for this purchase, thereby making it yet easier.

Succession: Single ownership can cause a lot of hassle at a later stage of the demise of the owner. The process of getting the property transferred in the successors name involves a lot of compliances and documentation and the death of the owner might not leave the spouse or the successor in this fine emotional state to go through this lengthy process. This is also why it is better to jointly own a residential property.

Friday 22 April 2016

5 Important Checks For Buying a New Residential Property

Buying a residential property at least once in a lifetime is everybody’s goal which we all need to accomplish sooner or later. As the savings expand to reach the desired amount needed to initiate the process of buying a new home, buyers often get keyed up and make silly mistakes because of lack of guidance. This article will help you take a rational decision for your most important investment:



1. Verify Property Price:

Decide the budget you can shell out for this investment and then search for various option within that limit. Find the price per unit of areas you would prefer to live in and shortlist the ones which match your budget. While you do this, make sure you understand that the kind of locality and amenities offered by a certain project affect the price of the property. Meet developers of the preferred area and ask for a quote and crosscheck this price in journals, property brokers, supplements, property portals online, etc. This will give you a clear idea of how genuinely the developer has prices the project. The residential apartments in Bangalore are easily available for buyers of all income brackets i.e. affordable housing segment, mid-income housing as well as luxury housing category. Therefore, a good research will help you find a suitable option.

2. Location:

Locality is very important and must be surveyed properly before finalizing the decision. Buyers must check the connectivity of the area with the rest of the cities. Hence, it is wise to buy apartments Banashankari, Whitefield, Electronic City, etc. for convenient commuting experience. If the roadways and rest of the infrastructure are not as developed as expected at the time of purchase, it is wise to check if there is any scope of development of infrastructure in this shortlisted area. If there are approved plans about upcoming infrastructure, you can expect development of this area and hence, can consider buying a property here.

3. Date of Possession:

Real estate industry is dynamic and a lot of new trends and changes keep happening which directly the completion of residential projects. For instance, the change in price of the raw material, labor association interferences, availability of funds with the developer, etc. Sometimes this also leads to delay in possession which impedes the plans of buyers who need to make arrangements for accommodation for the buffer period. Thus, it is important to make a realistic assessment of the date of possession based on the developer’s reputation of completing the construction and completions of the townships.

4. Additional Charges:

There are a lot of additional charges included in the total cost, and to understand these you must ask for a detailed break up of all the costs buyer is liable to pay in order to transfer the ownership in her/his name. This will help you make arrangement so of the funds beforehand and keep you prepared. Stamp duty, registration charges, etc. the common one and often the buyer also needs to pay for car parking and additional amenities like clubhouse, swimming pool etc.

5. Builder Buyer Agreement:

This agreement is signed at the time of booking the property while receiving the allotment letter. It is a tri-partite agreement with the developer or builder, bank sanctioning the loan and the buyer. There are times when this agreement is drafted in a biased manner favoring the seller if it is drafter by the seller. This is when it needs to be checked legally and revised before signing to accept the terms and conditions mentioned in it.

Thursday 21 April 2016

Real Estate Boom in Bangalore

The real estate market of Bangalore is one of the most promising across the country. IT industry has been a catalyst in boosting the growth of realty and driving demand and supply by inviting global professionals to this smart city and creating a dynamic scenario.



This metropolitan is considered to have one of the most comfortable habitable conditions because of good physical as well as social infrastructure with best educational institutes, trusted hospitals and medical aid, shopping malls, places of entertainment, retail outlets and other commercial avenues. These reasons boost the immigrants to Bangalore from across the globe leading to a positive change in the sociable environment here because of which the residential real estate market i.e. number of properties to buy in Bangalore have seen remarkable growth. To cater to the demands of this increasing population, several micro markets as well as hypermarkets have emerged and prospered here, for instance, Sarjapur Road, Whitefield, Outer Ring Road (ORR), North Bangalore Market and malls on Mysore Road like the Gopalan Mall which has all the reputed brands to meet your shopping needs and a multiplex for entertainment.

Mysore Road 

It is the State Highway 17 which connects Bangalore and Mysore and is a home to some of the state-of-art townships which are complete cities full of amazing additional facilities to make the life of residents far more interesting and inspire healthy lifestyle. The best aspect of these residential societies is that they well connected to the rest Bangalore and therefore commuting from office to home and from home to other places is easy. It has easy access to NICE road so that commuters can quickly find the desirable bus route so that while they enjoy the suburban beauty, they also remain connected with the city to cater to other needs. The residential projects developed here are extremely scenic with nature adorning the open and technology and urban lifestyle within the personal space of luxury homes. The homes here are still affordable since they are in the initial stages of their project launch and are full of facilities like Tennis, Basketball, Cricket, Skating Rink & Swimming Pool, Meditation pavilion & Sauna, Clubhouse with gym, mini theatre & Indoor Sports, Themed landscaped greens & water bodies. This is why the luxurious apartments in Bangalore are more in demand than the simple flats which only offer basic amenities of electricity and infrastructure.

Whitefield

This is one of the most posh areas of Bangalore and has recently gained confidence of the home buyers owing to the high ROI the residential properties here have. It offers a clean and healthy lifestyle at prices which are a little higher than the Mysore Roads projects but are still affordable. Whitefield is surrounded by micro markets like Mahadevapura, Bellandur, Marathahalli and Krishnaraja Puram. Maximum population in this area is from the educated class and therefore the environment is progressive and growth driven. Moreover, it has extensive bus connectivity at good frequency.

Other than these areas, real has genuinely prospered across Bangalore and adjoining areas because of the IT boom and 2016 seems to be one of the best time to invest in residential properties here as it is a year which is expected to create a win-win for both buyer as well as developer.

Tuesday 19 April 2016

Searching for a Premium Home

“Home is a place where we can most truly be ourselves”

The word home reminds us of several wonderful memoirs we have lived and would love to relive given a chance. After all we spend the most personal time here, living with the people we love the most and knowing them from a different angle. Home is also a place where we understand different facets of our own personality and live for our own selves. It is here, that we learn to love and take care of ourselves, our belongings and most importantly our family.


So, this is indeed the most important place for all of us. However, most of us are not lucky enough to live in the same home all our lives, either because it is a rented accommodation or because work takes us to a different place. So ultimately at some point in time we end up searching for a residential property which provides us maximum comforts and make us feel at home i.e. safe and personal. And if we need one in metropolitans, like Delhi or Bangalore it is not an easy task because of the plethora of options offered.
Some good residential properties expensive and unworthy of the prices they are offered at and some are in a bad locations, we are not able to take our much awaited buying decision. But before getting frustrated about it, I found a wonderful option of luxury apartments in Whitefield, Bangalore which seemed value for money. In fact, it made me feel as if the value of my money is enhanced because of the valuable additional amenities offered here.

Following are some of the important aspects I found about the properties in Whitefield:
Proximity to Work – Whitefield is extremely well connected to most of the corporate areas and rest of the city. Therefore commuting is not a problem with people living here as the roads are good with frequent bus service, metro stations close to it and paid private cabs running for pick and drop.

Healthy Living – Living in the premium properties in Whitefield is surely one of the best things to experience as the townships are beautifully landscaped with sufficient greenery so that you can always breath in fresh air and view from each apartment of projects like Brigade is unique and beautiful. The towers are certified green buildings so the carbon emission is minimal here.

Additional amenities – Facilities include luxurious 2972.897 sq.m. clubhouse with a rooftop swimming pool ; Sky & terrace gardens, a tree grove & landscaped gardens and Tennis, squash, badminton & basketball courts, a cricket pitch & more. These are there to ensure you lead a healthy and active life.

Entertainment – Since Whitefield is well connected to rest of the city it is also easily approachable to the malls and markets to cater to your entertainment needs throughout the weekend or even during the rest of the days.

Kids Centric – Whitefield itself has schools, play schools and educational institutes so that your children do not need to travel far for their growth needs.


Hence, all these aspects make this area a great choice for new home buyers.

Monday 18 April 2016

Good Residential Areas In Bangalore

Bangalore is one of the smartest cities of India and other than being the capital of Karnataka, it has a lot more weight added to its reputation. Owing to the IT growth here, it is the only IT capital of India which is influencing the rest areas and rest of the industries around it to develop at a good pace.


Bangalore being the home of most of reputed multinational companies like ISRO, HCL, Infosys, Wipro etc. invites global professionals here all through the year and this generates demand for all other sectors as well. One of the many industries which is prospering because of this reason is the real estate. So, if you are looking for good areas with good deals of residential projects to move to here is a list for you:

1. Electronic City


It is a good option for those who like elite lifestyles as it is one of the most posh areas in Bangalore. It is located approximately 18 km from Bangalore central via Hosur Road and is spread over about 332 acres of land. It is considered to be the largest Electronic Industrial Park in India. Electronic City has 3 phases which are three zones actually. It has good transport facility by BMTC buses which keep you connected to rest of the city and BIAL ply through the Electronic City. Some of the good residential projects here include Ajmera Infinity, Concorde Manhattans, etc. It also has several reputed entertainment options and food chains mushrooming in this area.

2. Whitefield


This is one of the most popular suburbs of East Bangalore. It has extensive city bus connectivity and the Whitefield railway station only about 3km from the Whitefield bus stop. Whitefield projects - residential as well as commercial, both are developing at a fast pace. Shopping malls like The Forum Value, Phoenix Market City, Park Square Mall and Inorbit Mall are in this area. The two main roads which connect this area are Whitefield road from Krishnarajapura and Whitefield Main Road from Varthur which intersect at Home Farm Junction. Flats for sale in Whitefield are considered to be good investment options as they ROI expected is higher than the other areas.

3. Sarjapur Road


It is located in the south-eastern part of Bangalore and is developing as a real estate hub at a fast pace. Moreover it has good road connectivity to key IT areas like Electronic City, Whitefield, Koramangala, Marathalli etc.

4. Hebbal


It is located in the Northern Bangalore and is known to be a growing residential investment destination of the city. It is famous for the network of flyovers it has that connect the Outer Ring Road and Ballary Road. This flyover covers the length of 5.23 km from end to end over all the loops. The Hebbal Lake area is now open for boating, bird watching and park facilities for entertainment. It is also a good place to live because of the vast educational institutes, hospitals, shopping malls, financial institutions located here which surely add to the riches of this area.

Monday 21 March 2016

Defining Luxury Homes in Bangalore

All of us want to own a luxury home as soon as we start earning a handsome annual income. This is one long term goal for which we work harder and save more for a very long time and then we accumulate sufficient savings to be able to buy a new luxury apartment in Bangalore. This makes it obvious that we demand much more over and above the value of the home which actually enhances the value of our money. This is precisely why buyers have now been demanding stylish exteriors, classy interiors and wonderful additional amenities. But to be labeled as a luxury home, there is more to it.

Space:

A luxury home should have at least three bedrooms with attached washrooms, terraces, front yards and backyards, a spacious hall for guests, and capacious kitchen and comfortable dining space. A comfortable and spacious home is surely the best luxury ever.

Location:

A home well located is a blessing as it is well connected to the rest of the city so that while you enjoy the comforts of your home you also don’t get distant from the places like offices, markets, entertainment centers etc. Hence, luxury also means staying connected to every place so that everything is just a short distance away.

Security:

This is one of the most important aspects of calling your home a luxury abode. Make sure your locality has sufficient security guards and CCTV cameras installed in the vicinity and trespassers are not allowed without verification.

Additional facilities:

Good contemporary townships have Clubhouse with rooftop swimming pool, Basketball, Tennis and Cricket Pitch, Large open green spaces, Children's play area and Senior Citizens court to keep you healthy and active throughout.

Price:

A property in such beautifully landscaped townships is priced around 78 lacs approximately which is good value for money. It is like getting an urban residential property in the price of suburban homes.

Therefore, when you search for premium apartments for sale in Bangalore make sure you consider these outlined criterion. This will ensure you define a lifestyle with all necessary comforts without putting a dent in your pocket!

Monday 21 December 2015

10 Important Things to be Done Immediately After Buying a Home


  1. Keep Property Documents Safely: As soon as you close your deal of property purchase, make 2 to 3 photocopies of your documents and keep them safely with at least one copy in bank locker. If you have got a bank loan issued, get those papers also photocopied so that you have all the details at any given point in time. Also keep tree different sets of these documents in three different places so that you have access to at least one easily if and when you may need them.
  2. Scan Documents: Yet another way to safely store documents is by getting them scanned and keeping them in your bank safe, on e-mail and getting storing then in a DVD. Digitization of always a better option these days as it is more handy and easy to access and use. More over most of the processes have been digitized so a similar medium of storage makes it easier to use information.
  3. List of Original Documents: Now that your deal is done and you are the owner of the house, you should have a list of those documents which claim your ownership, bank loan documents, mortgage papers, Will, etc. which you had used during your deal. This list will help you tally everything you want bank to return or use at a later stage.
  4. Check Original Documents Submitted to Bank: When you process your home loan application, you need submit some original and some photocopies of your papers to bank for approval. Keep a record of all these and make a list of these so that there is no confusion at a later stage when you have to get these originals back.
  5. Watermark Sale Deed: After the registration of your property, you may need to submit these sale deed for various things like electricity meter transfer, property tax, etc. which are your major address proofs so you can’t even avoid them but at the same time there is a risk of your paper being misused for identity theft, or other forgeries. Therefore, you can get your documents watermarked. And premium properties in Bangalore or anywhere else are all the more at risk.
  6. Electricity and Water Meter in Your Name: While completing the formalities of your deed, also find out the NOC format and take the signatures of the previous owner to transfer the electricity meter and water meter in your name. This is one of the most important activity after transfer of ownership of the house.
  7. Transfer Name in Property Tax with Local Municipal Body: Yet another thing is that you just do is get your name in the property tax papers with the local municipal corporation of the government. It does not always come complimentary with property registration so you must check this.
  8. Transfer Society Certificate in Your Name: Most of the societies or townships have society shares. Make sure you get these in your name as soon as possible.
  9. Update All Records with New Address: Update all records of address proof that you have with your new address like driving license, Aadhar Card, Voters Id, etc. so that things get done at once rather than you running around for these remaining things at a later stage. 
  10. Check With Local Property Lawyer: Get your papers checked by a local property lawyer to see if your docket is complete or if you have missed any important document in bank, or anywhere else.