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Apartments for sale - Important things to be consider when taking Home loan

Aug 28

Home Loan Tips for first time Buyer

With the popularity and easy availability of the loan, everybody is bound with that for one thing or the other. The most common loan is a home loan, millennial are just waiting to get a job and the moment they get, they achieve the most longed dream – of getting a luxury villa.

With this excitement, sometimes we forget to look into the details of the things, which can become one of the biggest reasons for loan rejection.I can understand getting a loan is a little confusing with so much of different banks and again hundreds of policy in each bank and then a rejection after that can fuse anybody’s mind.

Hence, here I have listed some of the important things to consider about both banks as well as themselves, when one’s are planning to get a home loan.

>Consider your part:

Taking a home loan is not just a part of the bank, but also you should consider yourself too. Let’s say you research all about the bank to get the loan from but you forgot to keep your eligibility criteria clear, then chances of getting the loan will turn to less.

1. Income:

Banks always prefer a client with a regular income over a self employed man. The reason is the more the stability of income is there, the less risk to the bank regarding returning of money. If you are working in a reputed company then the chances become higher. The bank usually gives loans of 50/60 times of your salary.

2. Down payment:

The bank only gives 80-90% LTV (loan to value ratio) remaining amount you should arrange. So, save the down payment amount before applying for the loan.

3. Existing Loan:

Before giving loan, bank checks all of your expenses. One of it is existing loans. It feels that if you are already paying loans for other things then, you may feel difficult to pay to them.

4. Age:

Banks expect you to have a long tenure to repay the loan, hence your retirement age should not be close. A middle age person is most preferable. As they have a previous job experience, so the job is safe and at the same time they do have a long time to pay the loans.

5. CIBIL Score:

CIBIL, Credit Information Bureau (India) Limited create a report called CIR (Credit Information Report) and based on that they assign score to the people according to their past loan history and credit card repayments. The score is assigned between 300 to 900 and are called the CIBIL Trans Union Score. To get your home loan sanctioned, you need to have around 700 to 750 CIBIL score.

>Check with banks which provide Home Loan:

Now when you are done with the above things, you can shift your concentration to the banks. This is very important that you compare all the banks and policies and read the entire document very carefully before going for any option.

1. Rate of interest:

There are 2 types of Interest Fixed and Floating. Fixed Interest rates will be the same in the entire tenure. But the Floating Interest rates vary with the market rate. So, decide which one you want to go prior to taking any decision.

2. Fees & Charges:

There are many fees and charges involved in home loans, the main are listed below.

  • Processing fee

The processing fee for a home loan is a one time fee taken by the banks for processing the loan. It differs from bank to bank; so, one should check all the bank’s fees on home loans. Usually the fee varies from 0.5% to 1.00% of the total loan amount.

  • Annual Fees

Home loan ongoing fees are charged every year for administering your loan, which is called as annual fees. Do check for all the fees related to the loan.

  • Penal Charges

Penal Charges is the penalty charge which one need to pay if they are failing to pay the EMI on time.

3. Loan Tenure:

The loan tenure is the duration within which one can clear their bank loan debt. The more the tenure time, the more the interest amount one needs to pay. Check how much you can pay in a month and then decide on a most convenient tenure for which you can avail a home loan.

4. Documents required:

There are certain documents which are required by the bank to proceed with the loan. Such documents are KYC documents, income proof, bank statements, etc. One should make every document ready before applying for a housing loan.

5. Your approximate EMIs:

The EMI is the monthly instalments, one need to pay to clear the home loan. It is mainly depends on the interest rate, loan amount, tenure duration etc.

6. Easy Foreclosure/prepayment options:

Check what is the procedure and fees involved if you want to clear your debt before the time. The above are the basic things which one should definitely consider, if they are planning to buy Villa or apartments for sale with a loan. So, do go for it with more preparation and 100% assurance for getting the most accurate loan possible.

Affordable Housing Top booming real estate destinations in India

Aug 20

Affordable Housing: Top booming real estate destinations in India

Affordable housing has become the hot discussion in the Indian real estate. Today, real estate developers all across India are in all-action towards developing affordable homes in almost all the cities. The Pradhan Mantri Awas Yojana (PMAY) scheme acts as an active drive for real estate developers to take this “Housing for All” segment a further momentum.

Most importantly, developers are making sure that these affordable homes are affordable for the Low Income Group (LIG) & Economically Weaker Section (EWS) people. Focusing on these segments makes, these homes affordable for people who never dreamt of owning a home. Similarly, the middle class & upper middle-class people find these homes budget-friendly which aren’t super-expensive. The rapid increase in the affordable housing projects in India is huge because of its exceptionally high demand. That way, this set a beginning for a plethora of affordable properties at an affordable price to come up in the future. Furthermore, cities like Chennai, Hyderabad, Bangalore, Kolkata, Mumbai and Ahmedabad are expected to launch as many affordable homes in the upcoming years in real estate.

Here are some of the top best booming real estate destinations in India

 

Hyderabad

Hyderabad witnessing so much of betterment in all aspects of real estate market such as the economic and infrastructural growth that increased demand for both residential & commercial property sectors. With a growing workforce and establishments of IT/ITES tech parks around the city gives a thrust for the development of quite a lot of affordable properties in the city. The number of MNC companies constantly rising in this locations building high demand for retail, residential and commercial properties. In addition, several affordable homes in  Kompally, Bachupally, Kukatpally, Miyapur, Sianikpuri, and Manikonda have launched in the recent times.

Bangalore

Similar to Hyderabad city, Bangalore is also one of the metro cities in India that is encountered as the emerging hotspot for commercial spaces which is to increase demand for affordable housing spaces as well. In the same way as all popular cities, Bangalore has witnessed so many IT developments in the past decade which are now happening to drive the residential real estate sector at rapid speed, which is unimaginable. Furthermore, locations like Hoskote, Bengur, Kengeri, and Varthur are proof for one of the most coveted hotspots in India for its affordable residential home options.

Chennai

Just like Hyderabad and Bangalore cities, Chennai is also a pulsating location that has been thriving successfully in real estate with more infrastructural developments happened and happening in the popular IT Corridor of Chennai, OMR. Chennai isn’t just about the MNC IT/ITES sector; it is an industrially succeeded city of India where numerous chemical industries have established in Porur. It isn’t uncommon why people fly over from various places to the city for their career growth.

Other than this, Chennai focuses on major healthcare centres having built & brought up in all these years of incredible development that has happened so far. Usually, there is a demand for regular apartments & villas in OMR. In addition, come the affordable homes as well. The fast development of transportation and other infrastructural developments bring demand for affordable housing projects in Kelambakkam, Guduvancheri, Urapakkam, Siruseri and so many other locations in Chennai city. The recent metro train transportation launch has set the expectations high and also the upcoming metro is further enhancing the value of real estate in Chennai. The value every sq ft home buyers buy in this city is expected to value high in the future.

Kolkata

Kolkata is renowned for its high-end residential projects and city is constantly emerging with new advancements in the world of housing. It’s no wonder why it is one of the top affordable hotspots of India. Locations like New Town and Sonarpur are now flooded with more affordable apartments. Sonarpur stands high because of its proximity to the Garia metro line. The price in these two locations is expected to be less compared to other areas in Kolkata.

Navi Mumbai

Navi Mumbai is justifying till this date as a booming real estate hotspot in India as it is driving the industry to unbelievable growth in the future. Since the proposal of International Airport has been a game-changing twist in this region as it will be closest to the new airport in Panvel. Furthermore, the location is expected to at least launch a few thousands of affordable homes in the upcoming years. While it is the new township of the state, it isn’t less in providing the best education in almost all the streams. Having poured its efforts in educations and workforce, Navi Mumbai is never less among the most coveted locations in India when it comes to affordable housing projects.

Ahmedabad

The growth in better connectivity and rapid infrastructural growth in and out the city with abundant job opportunities states a considerable demand in properties in Ahmedabad. Locations like Gota, Vaishno Devi circle, South Bhopal are offering budget-friendly homes for home buyers. Ahmedabad is now expected to provide the lower-end home buyers with a reason to dream of owning a home by developing best affordable homes without shelling out their pocket.

 

Apartments in Chennai, Pallavaram Hospitals in Pallavaram

Aug 18

Apartments in Chennai, Pallavaram: Hospitals in Pallavaram

Apartments in Chennai, Pallavaram have its own numerous numbers of perk. As it is outside the city and in a developing stage, you can get an affordable house very easily within one’s budget. The Galleria Residences in one of such project, which is located in the region surround by all the possible need of the residents. One of the most important needs is a hospitals in their neighbourhood.

No one wants to live in a place where the call for an emergency is far from their house. And hence, the hospitals, maternity centers and dental clinics should be present near your house to access it immediately in case of any emergency.

So, here we have listed the hospitals and dental clinics within the 10 min range (by vehicle) from your Galleria Residences apartments in Chennai, Pallavaram.

 

1. Government Primary Health Center Hospital

Address: P.V. Vaithiyaligam Road, Kamatchi Nagar, Old Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open 24 hours

2. 24 Hours Medicals and Hospital

 Address: Rajaji Nagar, Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open 24 hours

3. Pallavaram Municipal Hospital

Address: Thiripura Sundari Colony, Pallavaram, Chennai, Tamil Nadu 600043

4. Kavitha Ortho & Multispeciality Hospital

Address: 144, Radha Nagar Main Road, Railway Colony, Doctors Colony, Chromepet, Chennai, Tamil Nadu 600044 Hours: Open 24 hours Phone: 094440 09700

5. Urban Primary Health Centre, Zamin Pallavaram

Address: Station Border Rd, Thiripura Sundari Colony, Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open 24 hours Phone: 044 2266 0689

6. Chennai Home Health Care

Address: 2/128, rahavanagar Ch 91, 2nd Main Rd, Madipakkam Phone: 099405 81843

 

Women & Children Healthcare:

7. PCMC Hospital (Pallavaram Childrens Hospitals)

Address: 3, First St, Mallikka Nagar, Zamin Pallavaram, Bharathi Nagar, Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open 24 hours Phone: 044 2266 0707 Others: Bed – 20, Ambulance – 1

8. Sugam Child Care Centre

Address: Latheef Colony Street, 107, Dharga Rd, Thiruvalluvar Nagar, Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open 24 hours Phone: 097909 72841

9. VayuShri Fertility and Women’s Center

Address: 41, Dharga Rd, Chitra Township, Pallavaram, St.Thomas Mount-cum-Pallavaram, Tamil Nadu 600043 Hours: 9:00 AM – 1:00 PM & 5:30 PM – 8:30 PM Phone: 077085 55635

10. BM Silver Jubilee Multispeciality Clinics

Feature: Gynaecology /Obstetrics Clinic Address: 41, Dharga Rd, Thiruvalluvar Nagar, Pallavaram, Tamil Nadu 600043 Hours: Open 24 hours Phone: 044 4355 9539 Others: Ambulance, ICU/general beds, Pharmacy, Canteen

11. Dr.Murthy’s Clinic

Address: 21, Bharathi Nagar 2nd St, Zamin Pallavaram, Bharathi Nagar, Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open ⋅ Closes 2PM Phone: 044 2266 0809

 

Dentist:

1. Getwell Speciality Clinic

Address: 171A, PV Vaithiyalingam Rd, P G Manickam Nagar, Tirumurugan Nagar, Old Pallavaram, Chennai, Tamil Nadu 600117 Hours: Open 24 hours Phone: 044 2266 2086 Others: attached with lab and pharmacy

2. Sangeetha Dental Clinic

Address: 63, Bharathi Nagar Main Rd, Mallikka Nagar, Bharathi Nagar, Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open ⋅ Closes 1PM ⋅ Reopens 5:30PM Phone: 044 3301 1390

3. Charan Multispeciality Dental Clinic

Address: no.1, 3rd St, Latheef Colony, Dargah Colony, Pallavaram, Chennai, Tamil Nadu 600043 Hours: Open ⋅ Closes 1PM ⋅ Reopens 5PM Phone: 098845 52755

4. Clue & Cure Dentistry

Address: No 126/5 , Thiruthani Nagar, Pallava Garden, Zamin Pallavaram, Old Pallavaram, Chennai, Tamil Nadu 600117 Hours: Open ⋅ Closes 2PM ⋅ Reopens 5PM Phone: 096772 67085

5. HS DENTAL CENTRE

Address: No 31, Salamon street, Camp road, East tambaram, Chennai, Tamil Nadu 600045 Phone: 091760 88602

6. Sri Kumaran Dental Clinic

Address: No. 7/2 1st, Raghava Nagar, Madipakkam, Tamil Nadu 600091 Hours: Closes 10PM

7. Sri Venkateshwara Dental Clinic

Address: N 2/139,Trunk road, Iyyappanthangal, Chennai, Tamil Nadu 600056 Hours: Closes 9:30PM Phone: 098406 33183

8. RAJ DENTAL CARE

Address: 27, Dharga Rd, Phase I, Thiruvalluvar Nagar, Pallavaram, Chennai, Tamil Nadu 600043 Phone: 094860 80215

gated community apartments in chennai - 8 Step guide of Home Loan Process in India

Aug 16

8 Step guide of Home Loan Process in India

Buying a house is the dream of many people and now it has become very easy to achieve it with the easy availability of home loans. So, the people rather of wasting their money in a rent house, they are investing in EMI and owning their dream luxury apartments in Chennai in the starting period of the career itself.

Here I am providing a Step-by-Step of Home loan process:

Home Loan Process to buy the Apartments For Sale

1. Choose Bank you want to go with:

First, you go for an extensive research on the different types of banks providing the Home Loan. Check its eligibility criteria, different EMI options, compare the interest rates and offers of different banks to get the bank of your choice.

2. Fill the Loan Application Form & Attach The Documents:

After selecting a particular bank, complete the Application form and attach the entire document required for it. Keep the entire legal document related to property ready from your builder.

3. Pay the Processing Fees:

Typically the processing fees are between 0.25 percent and 1.0 percent of the loan amount. This non-refundable fees need to be paid with the loan application to open and maintain the applicant’s loan account.

4. Bank Investigation:

After submission of the application form & processing fees, this is the important step in the home loan process where the bank will investigate whether to approve the loan or not. They will investigate and verify all the personal and property details provided by you.

Then the bank will evaluate your repayment capacity. It is a crucial stage and totally depends on how much the bank is convinced with your capacity of repaying the debt and if they feel that you will be able to return the loan in time, then they will sanction the home loan.

5. Offer Letter:

After all the verification procedure, the bank will sanction your loan against the Property (Flats, Villa or Plots in Chennai) and will send you an offer letter which will include information related to the tentative principal amount, type of interest rate (fixed or floating), the rate of interest applicable, Loan tenure, mode of payment, special Scheme (if any) and other terms and conditions.

You need to sign the acceptance letter, and give a copy of it to the bank for records.

6. Legal and Valuation check:

This is a property valuation, and verification stage in which the bank will technical valuate the property by the original property documents and NOC handed over by you to the bank. Legal checks on the property are also undertaken.

7. Registration and Signing:

Once all the verification process got over the bank will prepare a legal stamp paper loan document by their lawyer. You need to sign and submit the agreement to the bank. A post dated cheque also should be submitted with the agreement letter to the bank.

8. Disbursement:

Finally, you should submit the NOC / Tripartite agreement and demand note from the builder for loan disbursement. After you sign the papers and everything is legally clear the bank will issue DD / Banker’s Cheque for property registration.

The above stated steps are based on the common Home loan process, and it may differ from bank to bank.

Also read: 7 Tips to Determine the Right Home Loan Amount to Borrow