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Quick Guide to Home Insurance India

November 10, 2011 at 6:04 am · Filed under Commercial Property, India Real Estate, Indian Properties, Indian Real Estate, Properties, Real esate, Real estate trends, Residential Property ·Tagged boiler insurance, commercial policy, disaster management, fire insurance, flood insurance, Home Insurance Policy, Indian Properties, Indian Real Estate, named perils, open perils

Diwali, the festival of lights turned out to be a disaster for my friend whose beautiful home was turned into a gloomy place when fire broke out in his house due to short circuit. Till the time the fire was put out, the entire household things in his apartment turned into ash. This incident left him with a major setback and created a big hole in his pocket as home was not insured.

So, is home insurance important for us to save from such disasters or natural calamities that not only have an effect on our physical and emotional state but monetarily also shake us to our roots.

Most of us still have not realized the advantages of buying home insurance, but such risks force us to think and understand the importance of home insurance.

Though it’s not possible for us to protect our dream home and our family against each and every probable risks, but we can surely adapt measures that will assist us in having a support system that can help us sail through unexpected events that can completely blow apart our life and dreams.

What is Home Insurance policy?

Home Insurance policy safe guards our interests against most risks to our home or commercial property, which include fire, theft and natural calamities.

This policy comprises of specific kinds of insurance like fire insurance, flood insurance, earthquake, home insurance or boiler insurance. Normally a said property is insured under two heads – one is called as open perils and the other one is known as named perils.

Open perils offers protection against all the damages except the ones that are excluded in the policy taken. Damages caused by earthquakes, floods, nuclear incidents, acts of terrorism and war etc. are normally excluded under open peril policies.

Whereas under named perils the actual cause of the loss has to be specified in the home insurance policy. Damages caused by events like fire, lightning, explosion and theft are insured under named perils.

Eligibility criteria for home insurance policy

Everyone should take up a home insurance policy as it forms an essential part for securing our life, irrelevant of the fact that whether you own a house or not. These insurance policies are normally issued for a period of one year maximum and have to be renewed every year.

There are varied home insurance policies available in the market that you can choose as per your own requirement. If you own a house then you can get complete property insured where as if you are staying in a particular property as a tenant then you can just get your belongings insured.

Most insurance companies have higher limit on the per square foot cost for offering insurance to a particular property or a house. The maximum per square foot limit of insuring a house or a property is also determined on the basis of the location and construction type.

Apart from this, you also have an option of a comprehensive cover and insure a range of risks involved. If you choose a different policy for a range of risks involved, then you can go ahead pick up the heads that want to insured.

What damages are covered by Home Insurance policy in India?

A home insurance policy is normally considered as a very wide-ranging insurance product because it not only covers the house in question but also its contents, its inhabitants along with their third party liabilities. The insurance covers offered by the companies can be segregated under various heads or classes.

Fire & allied Perils offer you a cover against the damages that caused by fire and its associated perils that might be caused due to:

Natural calamities including lightning, earthquake, landslide, rockslide, flood, inundation, storm, tempest, typhoon, hurricane, tornado, or cyclone.
Man-made calamities including domestic gas explosions, overflow and bursting of water tank or pipes, damage caused by aircrafts, riots, strikes, malicious or terrorist acts.

Burglary and housebreaking perils offer protection against the financial damages incurred by you as result of a burglary. Under this peril you can even claim a cover for the damages caused by falling trees, electric poles or lampposts, collapsing aerials or satellite dishes, as well as damage encountered by civic authorities while fighting fire.
Jewellery and valuable perils provide cover against damages suffered due to the loss of any valuable items including jewelry, gold, silver, and other precious metal items, watches, clocks, photographic equipment, video cameras, telescopes, microscopes, music instruments, and sports equipment.
Plate glass perils offer cover for damages incurred by breakage of fixed glass and sanitary fittings, comprising cost of frame, lettering, painting etc.
Breakdown of domestic appliances perils offer cover against damages caused due to the breakdown of domestic appliances, like refrigerators, washing machines, air-conditioners which might arise because of accidental electrical or mechanical breakdown.
Breakdown of electronic equipment perils provide cover for the damages suffered due to the loss or breakdown of electronic equipment by accident or disaster.
Increased Living Expenses perils cover damages suffered because of the fire at your home and its allied perils, making it unhabitable.

How to file a claim under home insurance policy?

You can follow simple steps to file a claim under the home insurance policy taken –

In case burglary has taken place at your home then you should immediately call police and handover the list of the items stolen along with their approximate value.
Update your concerned insurance company at the earliest about the damages incurred.
As soon as you notify the company about the damages, a surveyor appointed who will visit your place for an on-site inspection. During the inspection you should provide all required documents to the surveyor in order to make the process easy and less time consuming.
Once the surveyor finishes off the inspection, you need to file your claim at the insurance company.
The surveyor will submit his on-site inspection report to the company and when it is approved the company will release the insured amount.

The claim form submitted by you should be duly filled and signed as per the company norms and it should also carry a letter which states your ownership on the contents and belongings in question. Apart from this there is a list of documents that you need to submit with the claim form:

Copy of FIR from the police in case of burglary.
Fire brigade report in case of fire.
Seismological report in case of earthquake.
Meteorological department’s report in case of flood.
Estimate of the repairs.
Rent agreement if in case you do not own the property.

Your home is one of the most beautiful and cherished possession for you and your loved ones. You should spend a little to save your dream home from all the calamities.
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Transfer your home loan to get relieved from your loan burden

August 12, 2011 at 7:15 am · Filed under Builder, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, Loans, Marketing, Properties, Prospecting, Real esate, Real estate trends, Residential Property, Selling ·Tagged banks, emi, financial institution, home loan, Indian Properties, Interest Rates, real estate India, residential property

Interest rates for home loans have experienced a dramatic rise since last year, escalating the EMIs on home loans, specifically for home buyers who choose floating interest rates. As expected, most of them are taken aback by the effect increasing interest rates on their monthly expenditure. Furthermore, many financial institutions are thinking to further toughening the home loan interest rates in the coming months.

Financial connoisseurs always advise that the home loan seekers should always keep their EMIs within manageable limits. This means that if you are going for a bigger home loan amount then you can pre-pay the loan, bargain with the bank to offer you better interest rates or even try and stretch the loan duration so that you can maintain your monthly expenses.

CHANGE THE FINANCIAL INSTITUTION

You can opt for home loan refinancing or balance transfer by changing to another financial institution or bank in order to get a better deal. Home loan seekers normally have complains about the banks being unfair to them as they raise the floating home loan interest rates in the tough interest rate situation, but are not keen to reduce the interest rates when the rates have toned down. However, many loan seekers are not interested in changing their financial institution or the lender.

The home loan borrowers who have taken loans before June 2008 have seen interest rates rising to 12-13%. “Many borrowers who have taken loans prior to June 2008 would have seen their rates touch 12%-13% now. These borrowers should specially go for the option of changing their financial lending vendor.

The financial institutions are also keen to take over the existing home loans by proposing a lower interest rate to lure borrowers. Although the balance transfer will surely decrease your EMI installments but there is no one-size-fits-all key for everyone. To understand whether changing the lender will help you out or not you need to analyze the complete situation and calculate the exact benefits that you will derive from it before deciding anything.

DO THE BASIC WORK

First step in this process is to do a research on home loan interest rates applied by other financial institutions or banks. The rates are available on the web portals of all financial institutions or banks. This research work will actually help you out in getting the best deal, i.e., you can get a better picture about the bank that is willing to charge a significantly lesser interest rate after taking over your home loan.

Transferring the balance can only be beneficial for you if the interest rate difference is at least 1.75 to 2.00% points.

Though, a home loan is a long duration debt, so even half-a-percentage point would make a lot of difference in the long run. For that reason, the duration left for the original loan will play an important part in deciding whether to change the financial institution or not. The bigger the loan tenure is remaining, the more will be your total savings. If you just have 3-4 years left to repay your loan then changing the lender will not make any difference for you but if the remaining tenure is around 13-14 years then switching the financial institution will be helpful in the long run.

CHARGES AND FINES

You also need to consider the pre-payment fee that is payable in name of the existing financial institution.

Most of the financial institutions do away with this fee if the prepayment is made by the borrower’s own account. Hence, you will be charged with a penalty in case of balance transfer for the existing home loan.

Normally, most of the financial institutions or banks levy around 2% of the remaining home loan amount as pre-payment penalty. This can turn out to be a considerable amount especially when the remaining home loan amount is sizeable. It could turn out to be a significant amount, particularly if the outstanding balance is huge. Though it is a one-time payment, but you need to check the impact it will be making on your total savings in order to calculate the actual benefit attained.

Though, many home loan seekers are not aware that the financial institution or the bank which is taking over the loan also finances the prepayment penalty cost. So the fear of paying a huge amount as the penalty should not restrain you from going for a balance transfer.

Along with this you also need to take into account the processing fees that the new vendor will be charging you for refinancing the home loan. Most financial institutions or banks levy 0.5% of the total home loan amount as processing fee.

COST-BENEFIT EVALUATION

If you have decided to change your home loan vendor then the first thing you need to do is to evaluate your total savings during the complete duration of the home loan period. In simple words, you need to calculate savings on interest expenditure subtracting processing fee that you need to pay to the new opted financial institution along with the prepayment penalty.

THE PROCESS

The process to change the financial institution or the bank is moderately easy. The home loan seeker needs to comply with the norms laid by the new bank for credit-worthiness and repayment capacity.

Once you meet the conditions laid down by the new bank, the property-related papers will be handed over to the new lending financial institution by the old one prior to the outstanding payment is made in the name of the latter.

The borrower’s role in the transfer process is limited but you should all the loan and property-related documents in place. If in case, the previous financial institution fails to give some original documents to the new bank then you should always have photocopies of the same available with you.

Hence if at any point of time you feel that you are wedged with your current home loan provider in spite of economical options existing in the market, then you can surely consider the option of switching over the financial institution or the bank.

Calculate all the fees and penalties, bargain with other financial institutions and you can lucratively cut down your EMI installments regardless of the increasing home loan interest rate situation.
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Home Vaastu Tips

August 4, 2011 at 10:41 am · Filed under Commercial Property, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Properties, Real esate, Real estate trends, Residential Property, Vaastu ·Tagged air, commercial property, earth, fire, five elements, Indian Properties, Indian Real Estate, Paanchbhoota, residential property, space, vaastu shastra, water

Home is the most important place for any human being on this earth. It is most wanted peace of place that man looks forward to coming back after whatever struggle he has gone through the day. The science of Vaastu Shastra is the science that helps in creating a balance and harmony between man and nature which is based on the vast powers of the five elements, i.e., fire, water, earth, air and space.
Especially in India since we have known this science for ages we should strive to imbibe the principle of this science both in residential and commercial properties. As we all know that construction imbibes the five element of Vaastu i.e fire, water, earth, air and space, and they can be used in each and every facet of planning, construction and doing the interiors.

The five Elements which are also known as the Paanchbhootas are deeply rooted in almost every material that is being used by Vaastu Shastra in the world to cure the difficulties faced by the inhabitants dwelling which can either be home or office. The Vaastu implies some changes in exterior and interior structural patterns to cure the problems as it always have an impact on the people dwelling in that place.
All the four directions North, East, South and West indicates the consequence of their planets on the residents. Peace, growth and success of a family is based on the fact how all the five elements of Vaastu and all the four directions of the universe are encapsulated while constructing a house.
Directions and their rulers

North-East direction or the Eshan corner is governed by Sadasiva or God Himself. Hence this direction is given utmost important thus it should always be kept neat, open and highly receptive so that it is always in welcome mode.
East direction is governed by Indra, the chief of the gods, who is also known as the Giver of Pleasures. This direction also signifies the realm of the rising Sun projecting ultra-violet rays which are considered important for having good health in numerous ways.
South-East Direction or Agneya is the territory the Lord of fire so it is the storehouse of energy.
South Direction is the habitat of Yama who is the God of Death.
South-West Direction or Nairitya is the dwelling of Putna demoness.
West Direction is the house of Varuna who is the God of Ocean. It is also considered as the direction of the setting Sun which usually gives out infra-red radiation.
North-West Direction or Vayavva is the habitat of air/wind, the invisible, but the most effectual blessing for all things in requirement of motion/movement for their effectiveness.
North Direction is the territory of Kuber who is the God of Wealth.

Home Vaastu principles can be used at all places in home starting from main entrance, home drawing, windows, water source, electricity source, stairs, bedrooms, drawing room, kitchen, doors so that each and every section of the home should be well organized as per the science of Vaastu.
Fate of residents can also be affected by slopes of floor and elevation of home. Before constructing a home one should first do a check for the place that has been selected for building a home as it carries utmost importance in Vaastu. One should consider all factors such as where the plot is located, is it placed next to road, where it has road thrust, what is there in the neighborhood any pole, heavy tree or tower.
All things create an impact on the human beings residing at a certain place so in order to live happily one take care of the basic Vaastu principles to grow and attain success in life.

Abide by these simple Vaastu Principles while constructing your house and lead a good life:

South-East corner of the room should be reserved for all electrical/heat generating appliances.
Kitchen, toilets and prayer room should never be constructed next to one another.
Kitchen should not directly fall in line with the main door.
Do away with broken mirrors, and watches and electrical gadgets that are out of order or are of no use in the home.
Preferably the North East wall of the home should be used for putting mirrors, sinks, wash-basins and taps.
The doors of the almirah should always open towards the north or the east direction so they should be placed the south or the west direction.
If possible then place the toilet seat along the North-South axis. The North-west or the South east corner of the home can be used for making the septic tank.
There should not be a garbage dump, street-light pole, or boulders in front of the main gate or door.
The main door of the house should not be in line with the main door of another house.
The number of doors and windows should be more in number on the ground floor then on the upper floor.
Place the image of Goddess Gaja Laxmi at the main door as it is considered auspicious.
The North-East corner of the home is considered as its face so it should always be kept neat and clean.
Add a pinch of sea salt along with the disinfectant in the water that is used to clean the floor.
Study table of children should always face the North or the East direction.
Never sit or sleep under a beam.
Never use paintings depicting war, crime, violence, unrest, agony or distress to decorate the home.
The front door of the home should be constructed in a manner so that no shadow falls on it.
Plant a tulsi or basil plant in front of the house.
Never place a cactus in the home. A cactus can be planted outside the boundary.
Rain water or drainage should flow should always be in towards North-East or East-North direction.
Always use new material for constructing a home; except when renovating the home.
Room for the elderly members of the family should always be made in the South-West corner of the home.
The height of the building should always reduce from the South West direction to the North East direction.
Walls along the South West direction should be thicker as compared to walls along the North East direction.
Bhumi-pujan ceremony should be carried out before starting the construction of a new home and Griha-pravesh ceremony should be done before shifting into it.
Never build a toilet or prayer room under a staircase.
Never dig a well in the middle of a home or a plot as it is considered very inauspicious.

However In Modern times not everybody builds his /her house , people are purchasing ready to move in Villas and Apartments in which everything cannot be to ones Vaastu calculations So do choose the flat of your house according to the best possible options available by consulting a Vaastu expert if you do believe in Vaastu, The expert can help you out by giving ideas of how best to make use of the space and the direction that you have in your Villa or Apartment.
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Feng Shui décor in your home main door is important

August 3, 2011 at 9:01 am · Filed under India Real Estate, Indian Properties, Indian Real Estate, Properties, Real esate, Real estate trends, Residential Property, Vaastu ·Tagged chi, feng shui, Indian Properties, Indian Real Estate, positive energy, real estate trends, yin yang

Feng Shui is an archaic science and art that was developed over a period of 3,000 years ago in China. It is a convoluted body of knowledge that brings to light how to create a balance between the energies of a given space to ensure good health and fortune for people residing in it.

Feng denotes wind and shui denotes water. As per the Chinese culture wind and water play a very important role in people’s life to attain good health, therefore good feng shui signifies good fortune, where as bad feng shui indicates bad luck, or ill fortune.

Thus feng shui plays a very important role in your entry way as the main door is believed to be a mouth of ‘chi’ i.e., positive energy as it comes into your home through the main door only. So the color, shape, pattern of the main door should be as per the direction of the main door. The material used to build the main door and the color play a vital role as wrong color or material would mess up the positive energy entering your house.

As indicated by the to feng shui principles, the entrance hall should be the first place that you harmonize as the Chi enters your home through the main door and thus eventually all the things and goods transiting through this door gathers the same positive energy which will you and your life and surroundings with it.

The main door offers the first impression of the people residing in the house and also conveys their personalities and likings. The main entrance should always have a name plate with the name of the head of the family on the right hand side, which will There should always be a name plate of the head of the home on the right side of the main door, which will ask for positive vibrations for the family and signifies the reputation and persona of the head of the family and the family upbringing.

Feng shui decoration is not a rocket science but it’s just about creating a balance and prosperity, with the paramount significance placed on yin and yang and ‘chi’ positive energy. ‘Chi’ or the positive energy is your life force, so creating balance within your home, work, and personal life will assist you in each and every aspect of life, ranging from finances to love life, children education and travel. That’s why the feng shui décor importance cannot be ignored.

FENG SHUI SUGGESTIONS FOR YOUR MAIN ENTRANCE

• Main door should not be south, southeast or southwest facing as these are the directions of death, denoting a negative energy direction that brings all kind of bad luck.

• Main door should be well illuminated as the darkness invites negative energy.

• Main door should not be made from rotten or cracked wood board as it will bring ill luck for you.

• Main door should not be split up as it upsets family harmony and relationships.

• There should not be any staircase opposite the main door as this confuses the positive energy.

• Main door should be made colorful as it calls for positive energy. Each and every color has different energy level and light frequency.

• Main door platform level should never be built lower than the floor level of other rooms.

• Main door should also not be opposite to a lift, tree, electrical pole, hospital, prison, cemetery, grave yard or a temple.

• Main door should not be build just opposite the pooja room.

• Main door that is constructed opposite the toilet, bathroom or staircase exhausts all your health and wealth energy of the family and can even affect your children’s education and memory.

• You should not build a wall just at the entrance of the hall or going out, as it causes obstacles and hurdles in business and career.

• You should not construct a bathroom or toilet just above the main door as it brings in negative energy in your home.

• You should not build any beam above the main door or entrance as it will suppress your wealth luck and positive energy.

• In feng shui, the mirror is of great importance as it has the potential to enhance and strengthen all the things reflected in it. If you have build a feng shui harmonized main door then the mirror will toughen positive energy. A pakau mirror always repels negative energy from entering your home.

• You should ensure that there are no obstacles in the flow of chi from the entrance to the back of your home. You can even opt for twisty path for the flow of chi rather than having a direct line of flow. Main door entrance ways off the street or may be through your garden to the front door will decide the worth of the chi or positive energy flowing in your home.

• Just above the main door entrance you should place a copper Swastika, a painting of flowers, Ganesha and welcoming pictures to pull positive energy towards your home.
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The Green Code for Buildings

July 29, 2011 at 12:18 pm · Filed under Builder, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, legal, Properties, Real esate, Real estate trends, Residential Property, Selling ·Tagged biodiversity, ecosystem, Energy Conservation Building Code, energy efficient, green building, Green Rating for Integrated Habitat Assessment, Indian Green Building Council, Indian Properties, Indian Real Estate, Leadership in Energy and Environmental Design, Ministry of New and Renewable Energy, National Building Code, natural resources, United States Green Building Code

Green building is the exercise of enhancing the effectiveness along with which any of the buildings and their sites utilizes energy, water and materials, and decreasing building effects on the health of human body and the environment during the complete life cycle of the building. Green building concepts are not just confide till the building walls but have extended its arms to site planning, community and land use planning issues as well.

Human growth and development has a significant effect on the natural environment around. The factors that are responsible for the consumption of natural resources include manufacturing, design, construction and operation of the buildings in which we live and work.

There are some rating systems founded on prevailing national and international “building codes” like regular codes such as the Energy Conservation Building Code (ECBC) and the National Building Code. One of the rating systems is the Leadership in Energy and Environmental Design (LEED). This rating system was created by the United States Green Building Code (USGBC) and now conformed by the Indian Green Building Council (IGBC).

In India, the organization called TERI has built its own independent rating system called the Green Rating for Integrated Habitat Assessment (GRIHA). This rating system has been supported by the Ministry of New and Renewable Energy, Government of India.

All these rating systems assist in evaluating the green proportion of buildings with nationally/ internationally admissible standards. Normally there are ratings scales to decide whether the constructed building should be given a 5 star rating for saving the environment, or lesser such ratings.

The ECBC, as developed by the BEE under the Ministry of Power, facilitates in converting an air-conditioned building energy efficient. Although, it doesn’t help out in categorizing a building as green as there are lot many factors involved other than power conservation which should be taken into account. Factors like water and waste management, renewable energy applications, low embodied energy materials usage also need to taken into consideration prior to name any building “green”.

Environmental Advantages

Enhance and protect biodiversity and ecosystems
Enhance air and water quality
Decreases waste streams
Conserve and restore natural resources

Economic Advantages

Reduce operating costs
Improve occupant productivity
Enhance asset value and profits
Optimize life-cycle economic performance

Social Advantages

Enhance occupant health and comfort
Improve indoor air quality
Minimize strain on local utility infrastructure
Improve overall quality of life

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Design your homes eco-friendly ways

July 27, 2011 at 10:17 am · Filed under Builder, India Real Estate, Indian Properties, Indian Real Estate, Properties, Real esate, Real estate trends, Reality Firms, Residential Property ·Tagged bamboo, eco-friendly homes, eco-friendly houses, eco-friendly paints, Indian Properties, Indian Real Estate, recycled wood

Now a days numerous economical options are there for you to go green with your homes and contribute your bit for the environment.

One of the best ways to go green is to recycle or restore your old furniture. You should look out for recycled wood and moldings. You can even give your old wood a new look and feel by repainting old cabinets, moldings, doors and floorboards.
Cork and bamboo are good alternative eco-friendly flooring option or you can even use reclaimed wood floors. When you are on a look out for new furniture, you should seek low volatile compounds (VOC’s) and furniture made out from recycled material.
Use eco-friendly paints for your walls. You should buy paints with low VOC’s as they are free of toxic materials and can be easily cleaned and give the same color effect to the place.
Use eco-friendly wall cover. Some of the options for natural wallpaper are natural non-vinyl products like bamboo or grass-cloth. These are made from eco-friendly fibers that are colored with non-toxic dyes and water-based inks.
You have endless options for eco-friendly floorings, starting from reclaimed wooden floors, cork flooring, stone floors, bamboo, recycled glass, linoleum to recycled metal. These materials can be utilized to create innovative ultra modern country feel to a contemporary minimalist one.
You should avoid using polyester or foam filling options. You can use natural fibers made of wool, cotton that can turn out to be awesome alternative options for soft and comfortable cushions, bedding, and pillows.
Lower head showers should be used in the bathrooms in order to reduce the water as well as electricity consumption. You can use timber and rubber floorings to add more class to the bathroom.
You can use natural fabrics, such as cotton and linen as eco-friendly substitute to deck up your furniture. You can also find bamboo based fabric as well as organic cotton and wool options for upholstery, pillows and drapes. Nowadays a lot of upholstery manufacturers are offering a wide range of designs in additional fabric choices made from recycled cotton and hemp.
These days’ markets are loaded with wide range of antiques or artifacts made from recycled products. You can choose from a range of vases, lamps, throws, cushions, curtains, blinds made of eco-friendly materials.
You should right curtains that will help you make your dream home energy efficient. You can select a curtain with a light colored lining during summers as it will deflect the sun’s rays and will keep your home cooler while a curtain with a dark lining can be used in winters as they absorb any external heat and lock in the warmth.
You should also assure that the design of your home should be done in way that it allows maximum natural light. You can use grills or skylights on the rooftop that will help you minimize your dependency on the artificial light and help you save energy.
You can also use plants to decorate your home as they not only beautify the interiors but also freshen up the environment.

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Supreme Court defends Greater Noida land judgment

July 15, 2011 at 4:57 am · Filed under Builder, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, legal, Loans, Marketing, NCR Region, Pre-owned homes, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Referal, Repatriation, Residential Property, Selling ·Tagged Ajnara, Allahabad High Court, Amrapali, Greater Noida Authority, Gulshan Builders, Indian Properties, Indian Real Estate, Land Acquisition Act, land use, Mahagun, Panchsheel, residential property, shahberi village, SJP Infracon, Supertech, Supreme Court

The morning of 6th July 2011 brought new ray of hope for the famers of Shahberi village as the Supreme Court defended the judgment for cancellation of huge area of land allotted by Greater Noida Authority (GNA) to real estate developers. This decision of the Court has shattered the dreams of the developers of earning huge revenues as they had launched or were planning to launch new projects in the area.
A bench including Justices G S Singhvi and A K Ganguly sternly condemns GNA for granting approval to developers for illegally changing the land use from industrial to residential purpose and enforced a cost of Rs 10 lakh on the same. The bench also stated that the money will be spent to help poor litigants to fight their cause in Supreme Court.
The Bench rejected the pleas raised by the developers and the Greater Noida Authority and further added that the judgment given by the Allahabad High Court regarding cancellation of the possession of agricultural land in Shahberi village was right. The HC in its order had said that it was misuse of executive power and the purpose behind it was to deceive people as result it was indefensible under the Land Acquisition Act.
The developers who have been asked to abandon their projects include Amrapali, Ajnara, Supertech, Mahagun, Panchsheel, SJP Infracon and Gulshan Builders. The Greater Noida Authority has allotted 4 lakh square meters of land to these builders.
What killed the case of Greater Noida Authority was the transfer of the land in Shahberi village to these developers ahead of the Uttar Pradesh Government’s approval to its request to alter the land use from industrial to residential purpose.
The U.P. Government had purchased the land in Shahberi village for industrial purpose to plan future developments in Greater Noida. Taking into consideration the Collector’s report which shows that 185 farmers, who are the original owners of the acquired land, would be left homeless due to this land acquisition by the GNA, the bench repetitively asked the Authority to be sympathetic and understand the grief of the peasants.
What annoyed the bench was the transfer of the acquired land to builders that is barefaced violation of Land Acquisition Act and expecting an adverse judgment from the Allahabad High Court. It also stated that the authorities have to act only in public interest only where as in the current scenario the Greater Noida Authority was serving private interest and deceiving the purpose of public interest.
The developers reasoned the ruling by stating that they had no trace regarding the transfer of acquired land in their name without obtaining clearance before the change of land use from industrial to residential and wanted to defend the interest of thousands of investors and customers who have already put in their money in these housing projects.
On this plea, the Supreme Court said that it was the developers who were behind the scene when the Greater Noida Authority transferred the acquired land for residential purposes without approval.
A great model of land aggregation where all the parties i.e the govt authorities, the developer, the farmers and the home seekers would have benefited went wrong due to the greed and mishandling of the government officials.
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Home Loan Pre-conditions for purchasing a land to build for residential purpose

June 22, 2011 at 5:26 pm · Filed under Banks, Brokergae, Builder, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, Loans, Marketing, NRI Related, Pre-owned homes, problem, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Realtor, Referal, Repatriation, Residential Property, Selling ·Tagged agricultural land, apartment, bank, financial institution, home loan, Income Tax Act, Indian Properties, Indian Real Estate, interest rate, land loan, land records, land revenue receipts, layout, loan-to-value ratio, no encumbrance certificate, NRI, plot, property ownership, property title, residential property, Rserve Bank of India, tax benefits, tax receipts

Majority of financial institutions lend home loan to borrowers who are planning to buy a patch of land to build their dream home. Banks grant land loans to salaried and self-employed people and even to NRIs. These loans empower you to buy a residential piece of land.
WHAT KIND OF LAND CAN BE BOUGHT?
Banks do not offer land loans on an agricultural land. As per the guidelines laid down by the Reserve Bank of India, a land loan is specifically given for buying lands for residential means only. Few lenders have fixed set of norms under which the land should be located within certain municipal limits. Apart from this some financial institutions add on a number of restrictive clauses that demand the purchaser to start the construction process on the purchased land within a duration of six months to a year.
IS IT FITTING FOR YOU?
There are a lot of factors that affect a person’s choice of building his dream home on his own. One such factor is the price. Buying a piece of land and then constructing the house on it can some time turn out to be a less costly affair. Also, one can set the pace of construction as per wish to suit his financial conditions. Constructing the home oneself facilitates the owner to put into action his all creative ideas in design and color schemes. Apart from this one also has a liberty to put off main operating cost, enhancements and addition to a future date.
HOW DIFFERENT IS A LAND LOAN FROM A HOME LOAN?
The interest rate for a land loan is on a par as compared with the interest rate of a home loan. One cannot ask for income tax deductions on the interest rate paid for a land loan. But if a borrower converts the land loan into a home loan to get financial support for the construction purpose of the residential property, then surely he can get all the tax benefits available under the Income Tax Act. Apart from this, once a completion certificate is obtained from the appropriate authority, the interest rate paid on the loan is entitled for IT benefits.
DOWN PAYMENT
Borrowers who are looking forward to get a land loan have to pay a higher down payment amount. The loan-to-value ratio for land loan in the case of down payment often goes as high as 70%. Normally, an individual who opts to take a home loan has to pay for only 20% of the cost of property.
DOCUMENTS REQUIRED
It is always advisable to appoint a legal expert to check and verify all the legal documents of the plot in concern. Apart from this, one should also verify the layout drawing of the site as approved by the town planning authority, and no encumbrance certificate of the land. Other property documents that need to be validated comprise of original documents pertaining to ownership of land, revenue receipts, land records and tax receipts.
DOCUMENTS REQUIRED WHILE APPLYING FOR A LAND LOAN
Before the borrower applies for the land loan, he should have some documents in place which include original site ownership documents, tax receipts for taxes paid by the owner, layout drawing, revenue receipts , no objection certificate from society for sale and transfer of land, and no encumbrance certificate for the land.
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Borrow the correct amount of home loan to purchase your home

June 21, 2011 at 5:43 pm · Filed under Banks, Broker, Finance, Growth Investing, India Real Estate, Indian Properties, Indian Real Estate, Investing, lawyer, legal, Loans, Marketing, Properties, Prospecting, Real esate, Real estate trends, Reality Firms, Referal, Repatriation, Residential Property, Selling ·Tagged bank, emi, financial institution, home loan, Indian Properties, Indian Real Estate, interest rate

Banks are pursuing potential borrowers with their teaser interest rates and exclusive offers. The real estate scenario today is experiencing development of new projects all over the country and builders are engaged in pushing their completed projects at good prices.
BORROWING CORRECT AMOUNT
In the current economic scenario, most of the people who are buying homes are young, salaried IT employees, professionals, entrepreneurs and self-employed businessmen. Real estate has always been considered as lucrative and prudent investment option. The present generation has bought down the age of purchasing homes. The average age now is 28 -34.It is not like 20 years ago when most of the home buyers belonged to the age group of late 40s, who used all their savings to purchase a property. Today, the times have changed, the young generation is well traveled and more dynamic , and they are also being helped by the different financial institutions that have made home loans a far easier process than in the olden days.
The important thing to remember for taking a loan is not to extend the finances beyond a certain limit . The real estate market has product for every pocket i.e from economic affordable housing to ultra luxurious lifestyle condominiums and bungalows. The thing to remember is A bigger amount of home loan means that the borrower will have to pay higher amount as EMIs.
The banks are ready to give home loans of about 50% to 55% of the borrower total monthly take home salary after doing their own due diligence of the clients credit worthiness. Individuals of today are intelligent enough to understand their monthly expenses of their household. Market experience shows that not more than 30% -35% of your monthly income ( whether individual or combined) should form part of your EMI. As you move along in life various other needs keep cropping up like education and upbringing of children , medical expenses etc plus the inflation factor is always there.
STAY AWAY FROM DEBT CON
One needs to keep in mind also that when interest rates increase, the home loan borrowers who have opted for loan have to pay increase EMI installments. If one has not been prudent enough while taking a loan and has taken a bigger amount of loan then in some cases one has to make drastic changes in their day-to-day life and can even have to do away with their current lifestyle, luxuries, periodic investments and saving for emergencies. As mentioned above The amount given by the banks or the financial institutions as home loan results in an EMI and if EMI becomes more than 40 % of the borrower’s total monthly take home salary. The thumb rule suggests that it becomes hard for the home loan borrower to pay back to the financial institution. When borrowers are not able to pay back their EMIs, they end up taking some more loans to repay their previous loan. This taking of more loan to repay the previous loans is not advisale as it might drag a borrower into a vicious circle of debt trap
So the mantra which really everybody of today generation knows is to borrow right and tight. In today’s market scenario there are home options for every pocket.
And yes do remember “OLD is GOLD”, so do not hesitate to take advice of your elders and well wishers,. You will not loose anything, on the contrary will only gain from their experience.
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