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Parsvnath Greens in Dera Bassi, Mohali - Chandigarh

September 22, 2015, 9:36 pm
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Parsnath green Derabassi(Molali)----Visted the site ,project stand completed since long,having plots over 700.Iwill be great ful if for information required as under .Iam interested to buy a plot

(a)Till date not a singhle house has been constructed.
(b)Is there some problem,pretaing to this project.
(c)Project now coming up adjustant to Pransnath Green,like Bella Homes having a good start.
(d)There is no progressin comercial,multistory apart from the free hold plots
2.In view of above I will be gratful if Iaprised information above or any other hidden factor which is pulling this project down.
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Water leakage in Tank

September 23, 2015, 12:36 am
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Hi,

When the water tank leakage is damaging the interior wall, is it better to replace the tank with Syntex or repairing it will solve this problem?

To repair is there a special material available to stop it.
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Have you been discriminated against for buying/renting a property?

September 23, 2015, 1:34 am
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Have you or anyone you know been discriminated on the grounds of eating habits or religion, when buying/renting or selling? I have heard cases of discrimination based on marital status as well..bachelor tenants not finding apartments to rent and lease.

Why does this discrimination exist? Is this backed by reason or plain prejudice?

Let's discuss ways in which we could look at abolishing these practises. Do share your personal experience with the dark side of real estate?
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Home Loan Interest Rates Vs Housing Prices

September 23, 2015, 1:52 am
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I was going through the speech by Raghuram Rajan, the governor of the Reserve Bank of India (RBI). He said, "Housing Prices should fall down instead of lowering down the interest rates on Housing Finance. What is the use if Unsold Properties are still there and housing loans are offered on lowered interests."As per his statement he doesn't want to burst the demand-supply bubble in Real Estate. What if the interest rates lower down and Demand goes down because of rising House Prices?

I see a few pros in lowering/reducing the Housing Prices and not interest rates:
1. There are many unsold Properties and are increasing, why to create new if they going to remain unsold if no one is buying them.
2. Reducing the Housing prices may reduce the inflation and will help in reducing the housing loan interests.

But are there any predictions or Pros if even without reducing the housing prices RBI works on reducing the housing loan interests? Will this really help/ruin the real estate demand supply curve?
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Paying commission to broker everytime rent agreement is renewed - Is there an out?

September 23, 2015, 2:25 am
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I've been living in the same apartment for 3 years. Everytime my rent agreement expires, the broker clinches a month's rent from me.

Can't the landlord pick up this tab or we split it? There has got to be some way out of this.

FYI, this is a Mumbai phenomenon.
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Discussing Real Estate's Underbelly - Freely and Openly

September 23, 2015, 2:53 am
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Every industry has its deep-dark secrets. Its lesser known practises that cannot be spoken about in broad daylight. Here, at Closed-door Conversations - we speak freely.

We kick this off with asking some of our moderators - what is that one issue that you've been afraid to talk about in Real Estate? Speak here!

I've been paying commission to my broker everytime my rent agreement is renewed. How to break this vicious circle? Discuss here

What are some of the ways you've faced discrimination in being able to buy/rent a flat? Based on food/religion or other. Discuss here

Why are builders the most at risk in today's world? Discuss here

You have a question of your own? Start a thread in this forum or simply click here to ask!
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Is Being a Builder the most Dangerous Profession in the World?

September 23, 2015, 3:04 am
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We've heard about ties with the underworld, money exchanged beneath the table, running away with the buyer's money, battling legal cases and what not..

What's the risk involved in this profession? Is the builder really devil or a ham being sandwiched between red tape and consumer?
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Celestial Project in Bhandup, Mumbai

September 23, 2015, 9:05 am
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Hi

I am thinking about booking 2BHK in celestial project in Bhandup (W) , anyone can give me suggestion about this builder , they have promised that project will be completed by July 2017.

thanks
SG
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Coimbatore - Where to invest in an apartment : Budget is 46 lacs

September 23, 2015, 9:09 am
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Looking to invest 46 lacs in Coimbatore apartment , what area is better for getting good rental income ? I have seen so far saravanampatti , vadavalli , nanjundapuram, trichy road
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Gunthewari Issue : Problem in Selling Property

September 23, 2015, 10:42 am
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Hi All,

I want to sell my flat and for that I approached to one broker. But after showing flat to many clients he said like every one refuses to buy the flat because I have not done gunthewari of my flat. Because no bank or Finance company is giving loan to flat like this. But when I consult with other people they are saying as i am paying PMC tax then there is no need of gunthewari.
As Gunthewari is closed in 2008, I can not do Gunthewari of my flat.
What should i do in this case. Please help.

Thanks in advance
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Any Difference Between Home Loan and Housing Loan?

September 24, 2015, 3:14 am
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When searching online, it gave comparison with mortgage and not each other.
SBI/HDFC offers home loan, LIC has housing loan. Are they different? How does mortgage fall into all this?!

First time glad that the community does not judge stupid questions from anonymous people. :D
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APR Update - RBI Likely to cut repo rate by 25 bps on September 29

September 24, 2015, 3:24 am
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News Update on Repo Rate Correction!

The Reserve Bank of India (RBI) is likely to cut interest rates for the fourth time this year at a policy review next week, as falling energy prices have cooled inflation and the economy has slowed, a Reuters poll showed.

Several government policy makers and business leaders have advocated a cut in interest rates to boost economic growth, but the central bank’s priority is to ensure a sustainable reduction in inflation.

Forty-five of 51 economists polled this week predicted the repo rate will be cut by 25 basis points to 7%, a four-year low, at the policy review on 29 September.

A month back, economists gave only a 60% chance of it happening.

Since then, consumer inflation sank to a record low of 3.66% in August, over two percentage points lower than the central bank’s January 2016 target, while annual economic growth slowed to 7% in the quarter ending June.

Abhishek Upadhyay, economist at ICICI Securities predicted a cut as recent data suggested inflation would comfortably undershoot a target of 6% in January.

“But, given the long lags in monetary policy transmission, further accommodation will be contingent on achieving the medium-term inflation target of 5% for January 2017,” Upadhyay said.

Inflation in India has typically stayed stubbornly high, but a steep fall in global commodity and oil prices has brought it under control, even though there are abiding concerns that weak monsoon rains could lead to a spike food prices.

Twenty-seven out of 37 analysts surveyed said the inflation outlook would determine the RBI’s stance.

Only seven economists said it would depend on how well commercial banks pass on the benefits of lower rates to their borrowers. Two economists said the likely timing of an expected rise in US interest rates would be crucial to the RBI’s decision-making.

Slackening global demand and concerns over economic growth abroad, particularly in China, were key reasons the Federal Reserve stood pat this month, but the US central bank is expected to raise rates for the first time in nearly a decade in December.

The poll also showed that while the RBI could cut rates on Tuesday, its tone in the policy statement was unlikely to change from the cautious note struck in August, when it spoke of the risk of latent food inflation and a need to anchor medium-term inflation.

If the RBI does cut interest rates this month, economists expect another reduction of 25 basis points by the end of the poll horizon in 2016, taking the repo rate to 6.75%.

The cash reserve ratio (CRR), currently at 4%, is not expected to be changed any time over the next year.

Economists were divided on whether the central bank will shift its focus to the medium-term inflation target of 4% by March 2018, or stick with the short-term goal of 6% by early next year at the coming meeting

Reuters
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Noida / Greater Noida / Noida Expressway: Investment Options in Subvention Scheme

September 24, 2015, 3:27 am
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Dear friends,

I am interested in putting in some funds in a 1 / 2 BHK in NOIDA / GNOIDA / NE.....in subvention scheme option.

I did try to search if a thread meeting my requirement exists but inability to find one has made me make this thread.

Valuable, detailed inputs would be extremely welcome and I thank you in advance for the same. Will really help me.

I have a budget of 10 lacs and don't mind splitting the funds in two apartments just so that risks get divided / minimized.

Thanks and regard to all!
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Mortgage Loans - The Know-How

September 24, 2015, 3:29 am
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Well, one of the most secured loans for both, the bank and the applicant, a mortgage loan is when property is used as collateral. To be precise, the loan is secured on the borrower’s property. The borrower (mortgagor) gives a lien to the lender (mortgagee) on the property that expires on the full payment of the mortgage.

How it goes about?
Mortgage loans are usually availed for large real estate purchases by individuals and companies alike, with a shortcoming of cash. In a way it is the borrowing of cash from a bank. Like any other loan, banks also consider the credibility of the borrower and the possibility of an untoward financial crunch in future. Hence, such loans are not always that easy to secure.

Selecting Wisely
Borrowers should be wise enough to assess their best chances of availing and paying off a loan given their financial conditions. There are several types of loans which are characterized by term dates which usually span from 5 to 30 years and some over zealous institutions offering a term up to 50 years. The other important aspect is the interest rate which can be either fixed or variable and the amount of payment to be made per period. One thing to understand is that such loans are subject to the prevailing market demand and hence everything pertaining to them can change to suit the market. So the interest rates may dip down or scale up from time to time.

Refinancing
A very prevalent term, refinancing occurs in a situation when the borrower, who had earlier signed up at a higher interest rate, wants to review the agreement and pay according to the newly dipped rates. There are boulders to jump over, but yes, it is manageable.

Reverse mortgage.
Ideally for older people, a reverse mortgage allows the borrower to be able to borrow against the equity of his or her hose. With such agreements the borrower receives money from the lender till the occupancy of the property and doesn’t have to pay as long as the house is occupied and he or she lives. It however becomes mandatory to keep the property in good repair. Repayment of the loan occurs in the scenario of moving out of the house, sale of the property or the death of the borrower.

Significance of Mortgages
To be precise mortgages enable borrowers with a cash crunch to go in for large purchases that are generally out of their reach. They enable them to pay upfront. The significance lies in the fact that mortgages make it possible for people to fulfill their dreams of owing their ideal dream homes.

Risks Involved
Well, in these kind of agreements, the lenders risk the fact that the borrower may not be able to pay and borrowers risk the fact that failure to pay would end up in a total loss of the asset mortgaged. Any failure to repay, allows the bank to legally foreclose the loan and put the property on auction.

Like any other loan, mortgages are also directly related to an individual's overall capacity to return the borrowed amount.
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Home Loan Rates - Interest Rates With effect from 08.06.2015

September 24, 2015, 3:41 am
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Found this on the SBI website. Thought it would be helpful for you guys.

Attachment 68927

Best,
CarpeDiem

Attached Images
 
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Documents Required for Home Loan - A to Z Guide

September 24, 2015, 3:55 am
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Well, securing a home loan has become easy in present times with competition enabling better and best packages to prospective borrows. Given below are a few handy tips for loan seekers.

Minimum age - 18 - 21 Years
Maximum age - 58 to 65 (salaried / public limited - government employees / Self employed)

Documents Required:
Completed application form with one passport size photograph (Self attested) along with the following documents:

Proof of Identity (PI) (any of the following)
  • Passport
  • Election / Voter's ID
  • Driving Licence
  • PAN Card
  • Aadhaar Card

Proof of Present Residential Address (PRA) (any one)
  • Passport
  • Election/Voter’s ID
  • Permanent driving licence
  • Society outgoing bill (only from registered societies)
  • Electricity/water/telephone bill
  • Gas bill (pipeline connection only)
  • Property tax bill
  • Domicile certificate with address issued by Municipal Corporation

Proof of age (any one)
  • Passport
  • Permanent driving licence
  • PAN Card

Financial/Income documents required for Resident Indian
All the documents mentioned below need to be self attested

Salaried Individuals
  • Latest 3 months' salary slips showing statutory deductions and
  • Bank statements for last 3 months showing last 3 salary credits

Self-employed IndividualsAcknowledged IT returns for last 2 years (including e-acknowledgment)P&L account, balance sheet certified/ audited by a CA and computation of income for last 2 years with all annexures and auditor's reportPrimary bank account statements for last 6 monthsFor Partners of the partnership firm, additionally Partnership Deed is requiredFor Directors of the Private Limited companies additionally required:
(Shareholding Pattern or Memorandum and Articles of Association duly attested by a CA - List of Directors)

Consultant / Self-employed Professional
  • Acknowledged IT returns for last 2 years (including e-acknowledgment)
  • P&L account, balance sheet certified/ audited by a CA and computation of income for last 2 years with all annexures and auditor’s report
  • Primary bank account statements for last 6 months

Financial/Income documents required for Non Resident Indian (NRI)
All documents need to be self attested

Salaried
  • Copy of valid Indian passport showing Visa stamps or copy of foreign passport/equivalent documents
  • Copy of valid Visa/work permit/equivalent documents supporting the NRI status of the applicant account holder
  • Latest contract copy evidencing salary/salary certificate/wage slips
  • Overseas bank account statements for last 3 months showing salary credits
  • 3 months NRE/NRO account statements
  • Local bureau report of the country where customer is based

Individuals Working in Merchant Navy
  • Latest contract copy. If on ‘home port’ for more than 6 months this year, future contract copy is required
  • Latest Continuous Discharge Certificate (CDC) for 3 years’ employment proof
  • Copy of passport for proof of identity
  • Primary bank account statements for last 3 months
  • Local bureau report of the country where customer is based (applicable if country of residence is other than India)

Self -employed Individuals
  • Trade licence or equivalent document
  • 6 months overseas bank account statements and NRE/NRO account statements
  • Computation of income, P&L account and balance sheet for last 3 years certified by a CA/CPA or any other relevant authority as the case may be (or equivalent company accounts)
  • Passport copy with valid Visa stamp
  • Brief profile of the applicant and business in the specified format
  • Local bureau report of the country where customer is based

While the documents mentioned above are mandatory and the general requirements, banks may demand additional paper work or assurances from time to time or in case to case.
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EMI Calculation - Do it Yourself!

September 24, 2015, 4:06 am
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Found this life-saving article in Indian Express about EMI Calculation! Phew. Read through.

You can simply rely on a Microsoft Excel for calculating your EMIs or use a mathematical formula.


USING EXCEL
The Excel spreadsheet is one of the simplest ways for calculating the EMI. In Excel, the function for calculating the EMI is PMT and not EMI. You need three variables. These are rate of interest (rate), number of periods (NPER), and lastly the value of the loan or present value (pv).

The formula which you can use in excel is:
=PMT(rate,nper,pv).

To understand this formula better, let us take an example of Jitin Sharma, 30, a Delhi-based financial analyst who bought a car for Rs 11 lakh for which he made a down payment of Rs 6 lakh. For the rest of the amount of Rs 5 lakh, he opted for a loan from a nationalised bank at the interest rate of 10 per cent per annum for 4 years.
It must be noted that the rate used in the formula should be the monthly rate, which is 10%/12=0.83% or 0.0083.

The number of periods represents the number of EMIs.
=PMT(0.0083, 4*12, 5,00,000)= 12,672

The result will come in negative or red, which indicates the cash outflow of the borrower.
Let’s take another example. Suppose you are paying a quarterly instalment for a loan of Rs 10 lakh at 10 per cent interest rate per annum for 20 years. In such a case, instead of 12, you should divide the rate by four and multiply the number of years by four. The equated quarterly instalment for the given figures will be =PMT(10%/4, 20*4, 10,00,000).

USING MATHEMATICAL FORMULA

It is not always possible to access the Excel spreadsheet everywhere. In such a case, you can use your mathematical mind or an electronic calculator to know how much the EMI comes to. The mathematical formula for calculating EMIs is:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 10%, then the rate of interest will be 10/(12 x 100)], and N is the number of monthly instalments. When you use the above formula, you will get the same result that you will get in the Excel spreadsheet.
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Kitchen Design Tips: Your Life-savior Guide to a Better Kitchen

September 24, 2015, 4:52 am
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1. Eliminate wasted steps. Think about how and where you use items. Store breakfast foods and bowls near the breakfast table. Keep wraps and plastic containers in one handy spot near a work surface for wrapping leftovers. Locate dishware and flatware near the dishwasher to ease the process of unloading.

2. Design wide walkways. Paths throughout a kitchen should be at least 36 inches wide. Paths within the cooking zone should be 42 inches wide for a one-cook kitchen and 48 inches wide for a two-cook configuration. When planning, adjust kitchen islands and peninsulas accordingly.

3. Direct traffic. For kid-friendly kitchen designs, keep the cooktop out of traffic areas so children don't catch handles and cause spills when running through. Also, make the refrigerator accessible to both passersby and people working in cooking and cleanup areas.

4. Stay clear of corners. To make cabinet and appliance doors fully functional, plan space for the door's clearance and swing direction in your kitchen design. Keep appliances away from corners, and make sure doors won't bang into each other if open at the same time.

5. Find the right height for the microwave. The correct height and location for a microwave oven may vary depending on the chef or the kid-friendly character of the kitchen. For adults, 15 inches above countertop level is a good microwave height. For kids, a below-countertop setup may be safer and more suitable.


6. Determine the island's function. When it comes to kitchen islands, form follows function. If you want to cook and eat on kitchen islands, plan enough space so the cooktop is safely separated from the dining area.

7. Plan landing space. When designing your kitchen, allow 15 inches of countertop on each side of a cooktop and refrigerator. Landing space is also important near the microwave.

8. Consider the countertops. Chefs who like to cook require more counter space -- ideally between the range and sink -- than those who cook infrequently or who prepare simple meals. In addition, incorporating two countertop heights makes baking easier and helps kids who are involved in meal preparations.

9. Double up. A second microwave oven and a mini refrigerator or refrigerator drawer positioned at the edge of the kitchen work center can keep snackers out of the cook's way. Add a snack bar with stools for an after-school spot for the kids.

10. Arrange the range. Place a shelf beside or behind the range to keep cooking oils, utensils, and spices handy. Place S-hooks on the side of the range hood to hang frequently used pots and pans.


11. Fill it up. Tired of lugging water-filled pots from the sink to the cooktop? A swing-out tap -- also called a pot-filler -- installed near the cooktop fills pots near where you heat them. Or you can install an extra-long hose attachment on your main faucet to fill pots on the cooktop.

12. Be sharp when storing knives. Hang knives on a magnetic strip tacked to the backsplash. This makes it easy to spot the right knife for a job and keeps dangerous items out of children's reach.

13. Make recycling easy. Equip a cabinet with separate containers for glass, plastic, and metal. A spare drawer could hold old newspapers.

14. Think short. Put kids' favorite dishes and snack foods on shelves they can reach.

15. Add a message center. Establish a message center near the kitchen telephone. Put a bulletin board, chalkboard, or whiteboard on the wall, and store a calendar, notebook, and writing utensils in a nearby drawer.


16. Plug it in. Install multiple outlets along the backsplash and on the island so you'll have electricity wherever you need it.

17. Cut cleaning time. Careful design decisions make cleaning easier. Glass refrigerator shelves catch spills that wire shelves let through. Flush-set or undermount sinks don't have a crumb-catching rim to worry about. Matte finishes don't show dirt as much as glossy ones do.

18. Break up cabinetry blocks. Avoid boring, heavy blocks of doors and drawers by adding interesting details such as glass doors and display shelving. Or try wine storage or windows.

19. Use light colors in a small kitchen. Dark color schemes shrink an already small space and make it less inviting. Use soft shades on kitchen cabinets and natural light to visually expand a small room.

20. Find a focal point. Splashy tile, fancy floors, sizable range hoods, bright kitchen cabinets, and busy countertop patterns give the eye too much to look at. Pick one focal point in your kitchen design and complement that area with a few other quieter, eye-catching details.

- Better Homes & Gardens
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10 Interior Design Tricks that'll Transform Your Home

September 24, 2015, 4:57 am
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Whether you’ve just moved or are looking for a quick, little home pick-me-up, or perhaps something more significant, there are some well-known interior design tricks that designers employ that you too can easily do with minimal effort and cost. Sometimes the smallest things make the greatest impact. It could be the addition of a mirror, a painting, a lamp or even a plant. Maybe you want to soften your walls, brighten a room, or add some warmth to your living space. Take a look at these clever design tips and see how they can inspire you!


1. Paint smaller rooms in softer, lighter colors to help make the room feel larger.

The living room above is a great example of how to maximize a small living space. A room of this size has the tendency to seem cramped, but the large windows, light colored walls and ample use of mirrors not only reflect the natural light pouring in from the doors and the windows but the use of mirrors also gives the optical illusion of space, making the room seem larger than it actually is. Conversely, darker colors will make a room feel smaller. Even with the abundance of natural light and the strategic placement of the mirrors, this room in a darker shade would have a more boxed-in feel to it.


2. Use decorative mirrors to add instant light to your living space.

As seen above, mirrors can also be used to make a small space feel larger. For larger rooms, or any room with a more limited amount of natural light, mirrors placed directly across from the windows, will add instant light. Decorative mirrors can also be used in lieu of art to fill empty wall space. Large or small, mirrors add light and dimension to your living space.


3. Mix it up. Mix up patterns and textures. Mix up old and new, expensive and inexpensive.

There’s nothing wrong with placing family heirlooms alongside your modern couch. All good interior decorators will tell you that the most important aspect to decorating your home is that it reflects who you are, your personality and your style. The antique Chippendale desk that was your grandfather’s tells a story. It tells the story of your past. The modern couch you fell in love with and simply had to purchase also tells a story, your present story, and there is no reason why the present and past can’t co-exist beautifully together. The same can be said for art. Now you might not want to place a painting by Salvador Dali on the same wall next to a Monet, but there’s no reason why they can’t be in the same room together. With fabrics whether it be furniture, rugs or pillows, varied colors and patterns can bring warmth and texture into your living space.


4. Slip into something a little more comfortable!

Slip covers often get a bad rap but they are truly wonderful things. They can serve as a means of changing your furniture’s look to reflect the seasons. These easily removed coverings allow you to have a sophisticated look without constantly worrying about people dirtying or spilling on your furniture. Slip covers are ideal for rooms used frequently by children. Above the white slip-covered couches gives the air of a casual, comfortable, easy yet sophisticated elegance.


5. Wicker baskets

Wicker baskets are an economical and elegant way to add storage to any room. Baskets can be used to store and display books, architectural and decor magazines, toys, towels and blankets to name a few. Place a couple of small wicker baskets on the counter-tops in your kitchen to beautifully display and store your fruit and vegetables.


6. Use what you already have to decorate.


We all have items in our possession, probably packed up in boxes somewhere and haven’t given them a second glance. Your home needs some accessories. Instead of running to the store, take a good look at what you already have. Trays, wooden, acrylic, metal or silver can be placed on top of luggage racks, tea carts, trunks, bedside tables and coffee tables for extra texture and dimension. Arrange candles on them, frames or pile books on top of them. Plates can be hung to create wonderful wall art. Art from children’s books can be framed and hung in nurseries, children’s rooms or their bathrooms. You will be amazed at what you can do with what you already have!


7. Add a hanging pot holder to your kitchen.

Kitchens are meant to be warm and inviting. We spend much of our time in them whether it be for preparing meals, serving meals or entertaining. A hanging pot rack is useful elegance. Kitchens are meant to feel as though they are in constant use and a hanging pot rack certainly makes one feel this way. In addition to looking so wonderful, (there are many sizes and styles available) additional cupboard space below is now freed up to store other items. Seldom has anyone complained of having too much storage.


8. Go green.

Add plants to your living space. Add them to every room, small or large, few or many. Plants are an inexpensive means to accessorizing your space and adding color and texture. Not only are plants beautiful but many can clean household air and balance humidity. They can absorb pollutants and remove harmful gases from the air. No home should be without these wonderful greens!


9. Paint or wallpaper your bookcases.

This instant pop of color will brighten and re-energize any room! It’s amazing how something so simple as a coat of colorful paint can instantly energize and transform your space. This built-in bookcase would be simple and ordinary without the bright blue interior. Perhaps the simplest and most inexpensive way to transform a boring space is to apply a coat of paint somewhere unexpected. Bookcases are an ideal place to start because you don’t need to paint a large area. Other fun places to add a pop of color include painting fireplace mantels, the insides of closets, hallways and ceilings.


10. Use area rugs to soften hardwood floors.

Throw rugs give warmth and can add great texture, color and personality to your living space. Hardwood floors are beautiful and easy to maintain but they lack the comfort that carpeted floors offer, especially in the cooler months. Area rugs can add fun and functionality to your living space. Use several of varying patterns and fabrics together to showcase your character. Or add several rugs of the same pattern and fabric, or different textures but the same color. The possibilities are endless. You can change your area rugs to reflect the seasons using warmer tones and fabrics for cooler months and lighter ones for the warmer days of the year. There are many lovely cotton, washable area rugs which are ideal for those homes with children. There really is no reason why a home with young children cannot also be a stylish one.

- Sourced from Fresh Homes
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Bank Of India Home Loan - How to Apply Guide

September 24, 2015, 5:07 am
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Bank of India provides loans to purchase a plot for construction of a house, to purchase/construct house/flat, as well as for renovation/ repair/alteration/addition to house/flat.

Eligibility:
Salaried employees, Professionals, Self-employed persons. Requests are also considered from NRIs, PIOs, HUF, and Prop. Firm, Partnership firms and corporate companies.

Purpose:
To purchase/construct house/flat/ renovate/extend/repair existing house/flat/ purchase a plot of land for construction of house/take over of home loan from other banks/FIs (subject to conditions).

Quantum of Loan
For constrcution/purchase of a house/flat - Rs 300 Lakhs (Rs 500 Lakhs in major metros viz Mumbai, Kolkata, New Delhi and Chennai)Repairs/renovation/extension to house/flat –Rs.50 lacsPurchase of a plot - Rs.300 lacsLoan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lacs is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any.Loan for installation of Solar PVs at Home Loan ROI, as per limit fixed by the Bank
Note: Minimum Home Loan :- For Metro/Urban Centres :-Rs. 1 Lac


Processing Charges

Individuals
For all loan amounts - @0.25% of loan amount Min.Rs.1, 000 and Max. Rs.20,000/-(Plus S.T)

For Partnership firms & Corporate Borrowers 
Processing charges will be double that of individuals. 

For Rural areas 
Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers from rural areas from the Rural Branches. Legal Expenses/Valuation Charges/Stamp Paper Charges etc., At actuals.

PROCESSING CHARGES WAIVED FROM 11.09.2015 TO 31.12.2015


Margin:

1st House
  • For loan up to 20 Lacs - 15%
  • For loan up to 75 Lacs - 20%
  • For loan above 75 Lacs - 25%

2nd House or subsequent home
  • For loan up to 20 Lacs - 20%
  • For loan up to 75 Lacs - 20%
  • For loan above 75 Lacs - 25%

Where cost of house exceeds Rs.10 lacs – Margin is calculated on pure cost of the house/flat excluding stamp duty, Registration and other documentation charge. 

For houses with cost not exceeding Rs.10 Lacs – expenses towards stamp duty, registration and other documentation charge can be included in the project cost.

Repayment (Can be customised)
Highly flexible - maximum 30 yrs. including moratorium period upto 36 months (max.) in monthly installments, including Bank’s approved projects. Loan to be normally repaid before date of retirement in case of salaried persons and before attaining 70 years of age in case of others. Repayment upto 70 years also allowed to salaried employees having assured post retirement income

Eligible Quantum of Loan/ EMI
Calculation of quantum of loan is related to Income/repayment capacity of proponent/borrower 

Salaried
72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.

Self Employed/Professionals etc.
6 times of Gross annual income based on I-T Returns

HUF/Proprietorship /Partnership Firm/ Company
6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account

In case of Individuals 

Net Take Home pay(NTH)/income (net of all deductions including EMI of Proposed loan) is stipulated as under :-
  • Gross Monthly Income up to Rs.1 Lacs NTH Minimum – 40% 
  • Gross Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30% 
  • Gross Monthly Income over Rs.5 Lacs NTH Minimum – 25%

In case of HUF/Proprietorship/ Partnership firm/Company:
DSCR should be minimum 1.5.

Rate of Interest (Floating ROI- linked bank’s base rate , p.a. at monthly rests)
  • FOR LIMITS UPTO RS.75 LACS : Base Rate - 09.95%
  • FOR LIMITS Rs.75 Lacs & above : 0.25% above Base Rate presently 10.20%
  • RATE OF INTEREST AT BASE RATE PRESENTLY 9.95% IRRESPECTIVE OF LIMIT FROM 11.09.2015 to 31.12.2015

Security
Mortgage/Equitable Mortgage (1st charge) on land/flat/house. Third Party guarantee (if mortgage could not be created before or at the time of disbursement).

Special Features
  • Free Personal Accident Insurance cover for the borrower (covering accidental death as well as permanent total disablement) as per terms of insurance policy covering loan outstanding as on the date of accident(Renewal at the discretion of the Bank).
  • Life Insurance cover to housing loan borrowers , at affordable premium against risk of death during tenure of loan under Group Insurance Scheme in tie up with Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own expenses & option.
  • Loan furnishing the house/flat at a rate of interest as applicable to housing loan under the scheme
  • Loan for installation of Solar PVs at home loan ROI

Other Features:
  • Interest on Daily Reducing Balance Basis
  • No Pre-Payment Charges on Floating Rate Loans
  • Facility for step up/ step down EMIs
  • Inclusion of notional rental income in case of 2nd House and also Employees staying in Staff Quarters;
  • Inclusion of Income of Close relatives for enhanced loan
  • Tax Benefit on Interest and Installments repaid in Home Loans
  • Facility for 100% loan irrespective of stage of construction OR Bridge Loan subject to conditions:

It may be noted that the above is subject to change at the bank's discretion from time to time.
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