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Dream house with affordable housing finance

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Dream house with affordable housing finance

High interest rates and poor affordability kept many people away from buying new homes for some time now. But, things are about to change. Your dream of buying a home may soon come true. The recent Union Budget has accorded an infrastructure status to affordable housing. This means government incentives, tax reliefs, and institutional funding for home developers. Additionally, Finance Minister Arun Jaitley also announced that the National Housing Bank would refinance loans worth Rs. 20,000 crore in 2017-2018.

All these measures are also expected to lower interest rates as well. This is in addition to the interest subsidy of up to 4% on home loans that Prime Minister Modi announced at the beginning of this year. So does this motivate you to buy your own house yet? If funds are an issue, fret no more! Affordable housing finance schemes offered in the country will make funds readily available for you to purchase your dream house.

Read on to find out more about housing loans.
Resident Indian

A resident of India is eligible for a home loan starting at a minimum of Rs. 1 lakh. For property loans up to Rs. 20 lakhs, 85% of the total cost is eligible for a loan. For loan amounts between Rs. 20 lakhs and Rs. 75 lakhs, the loan to property cost ratio typically stands at 80%. Any loan exceeding Rs. 75 lakhs will be authorized only 75% of total property cost. You can repay your housing loan over a comfortable time frame in Equated Monthly Installments (EMI). Salaried employees have maximum loan tenure of 30 years. Self-employed applicants get a loan for 20 years.

The housing loan can be availed on a new house purchase or construction. It can also be availed to extend, repair or renovate an existing property. For the purchase of a residential plot, loans up to 75% of total plot value are available with a maximum loan term of 15 years.

NRIs and PIOs

Just like Indian residents, Non Resident Indians and Persons of Indian Origin can also apply for housing loans for a minimum of Rs. 1 lakh. The loan to property value ratio for NRIs and PIOs remains the same as that of resident Indians. However, the loan term available is shorter. An applicant under this category with a professional qualification is eligible for a loan for a period of 20 years. All others have a loan period of 15 years.

Pensioners

Age should not be a hindrance to your dreams. Hence, even retired people with a stable pension income are eligible for housing loans. Before retirement, a person over 50 years can apply for a loan. For this, at least 30% of the total loan must be paid out of retirement benefits. The remaining can be repaid from the pension income. Loan term under this category is for 15 years or until the person turns 70, whichever comes first.

You can apply for a loan even after retirement if you receive a stable pension income. However, a guarantor will be required. Also, commutation of any part of the pension will not be allowed until the loan is repaid. The loan must be settled in full before the applicant turns 70 years of age.

Women

Compared to their male counterparts, women are entitled to lower rates of interest on home loans. A woman needs to be an applicant or a co-applicant on a loan to enjoy the benefits.

Don’t wait to own your home

Your home is more than just a roof over your head. It is a symbol of your dreams and aspirations. With housing finance made much more affordable and accessible, this would be the most opportune moment for you to make your dream a reality.

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

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NTR Housing Scheme In Full Swing: Chief Minister N. Chandrababu Naidu

On Thursday, Andhra Pradesh Chief Minister N. Chandrababu Naidu said with the estimated expense of Rs. 5,556.74 crore, the construction of more than 2,44,164 houses, out of the proposed 3,03,044, has been commenced under the NTR Housing Scheme 2017.

While addressing the second day of the Collectors’ Conference he also said the construction of the remaining houses will begin soon. He mentioned that Prakasam and the Kurnool districts are ahead of the schedule in the urban housing scheme. Also, the works are in full swing in the Nellore and the Guntur districts under the rural housing scheme.

According to Naidu, the government will complete 2.5 lakh houses by January next year and another lot of two lakh houses by June.

By October 2, 2018, the state government intends to finish the construction of all the houses and plans to celebrate with massive house warming ceremony with local public representatives. This will help them set an example for housing schemes in other states.

Also Read: Raunak Group Presents Apna Pehla Ghar Campaign

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A Mumbai Suburbs’ Swift Transformation From Industrial To A Residential Zone: Wadala

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A Mumbai Suburbs’ swift transformation from industrial to a residential zone: Wadala

An industrial zone primarily, Wadala has undergone a drastic transformation in the past decade. Now an upcoming residential area, this Mumbai suburb is one of the seven islands to form the modern Mumbai. It is located on the Harbour line of Mumbai’s railway network.

Due to its proximity to BKC, large scale land development was inevitable, thus fueling the real estate market. Wadala is bordered by Dadar on the West, Matunga on the Northwest and Sewri on the South. Nestled between south Mumbai and the suburbs, Wadala enjoys strong connectivity by road and rail to most parts of Mumbai.

It has a number of flyovers like the Anik Panjrapol Link Road, Elevated road and Santacruz flyover. Thane, CST and Chembur are connected via the Eastern Highway while the Western Highway connects the locality to Bandra and Borivali. Wadala has the biggest bus depot in Mumbai. Furthermore, the multiple infrastructure initiatives like the monorail, Truck Terminal and the expansion of Highway are in various stages of development.

All this has given rise to residential demand and pushed the property value over the last few years. One of the most populated areas in Mumbai, Wadala has a large number of old temples, churches and dargahs, university campuses, schools, reputed hospitals and is also home to a former world’s largest IMAX dome theater. There are many stores, showrooms and malls around Wadala like the R Mall, High Street Phoenix and Palladium Mall.

Ramesh Nair, COO – business and international director, JLL India says, “A decade ago, property prices at Wadala were as low as Rs 2,800 per sq. ft. and it rose to Rs 14,000 a few years ago.”  As the infrastructure plans are on their way, so are the renowned developers like Ajmera, Dosti Group and Lodha Group among others.

Wadala at present offers one of the highest returns on real estate investments in the region. All the above-mentioned developers have their luxury projects in the area.

Ajmera I-Land introduces Aeon, Zeon and Treon towers with 2, 3 and 4 BHK plush homes. Conceptualized by renowned Singapore based Architects Space Matrix, these spaces with top-of-the-line lifestyle amenities exude exemplary class and finesse. The first residential floor begins at 110 feet from the ground level and offers several modern lifestyle amenities like kid’s pool, swimming pool, gymnasium, club house, open space and landscaped gardens, yoga room, kid’s play area and senior citizen corner.

Dosti Ambrosia is a 36-storey tower nestled in the 18 Acre Township of Dosti Acres. The architecture of the project was undertaken by renowned Hafeez Contractor in the 2 and 3 BHK apartments. It offers an exclusive rooftop swimming pool with 40,000 sq. ft. of landscaped gardens. You will find all modern conveniences like Gymnasium, Tennis Court, Indoor Badminton Court, Yoga and Meditation Room, Elderly Corner, Banquet Hall, Indoor Games, Indoor Badminton Court, Guest Rooms, Restaurant, Grand Entrance Lobby, Kids Play Area, 2 Club Houses and an Amphitheatre.

New Cuffe Parade by Lodha Group offers its residents all the comforts of a world-class lifestyle. The 2 and 3 BHK homes are spread in over 23 acres of land with 15 acres of stunning landscape and 75,000 sq. ft. of the club house. It includes 11 swimming pools, an organic farm, cricket pitch and multiple themed gardens. The buildings are designed by the world renowned WOHA in Singapore and the landscape was planned by Sitetectonix in Singapore.

Also Read: Mumbai to get Building Taller than Burj Khalifa, Road Bigger than Marine Drive

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Rajasthan Government May Hike The Affordable Housing Prices

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Rajasthan Government May Hike The Affordable Housing Prices

The prices of homes under the ambitious Mukhyamantri Jan Awas Yojana are expected to be increased by the state government.

According to the sources in the empowered committee meeting to be held on Monday, a proposal to increase the cost of a low-income group (LIG) and economic weaker section (EWS) houses will be proposed. Urban development and housing (UDH) minister Srichand Kriplani will chair the meeting. The LIG and EWS houses, presently are being constructed on government lands by private builders. These homes are sold at a fixed rate of Rs 1,250 per sq feet; out of which 1000 rupees per sq ft is given by Urban Improvement Trust (UIT), development authorities and local bodies to the builders.

According to provision 4(A) and 4(B), the developers are supposed to build EWS and LIG houses on government land. Seventy-five percent of such government land can be used in building EWS and LIG houses, while the remaining 25% can be sold by the developers. However, since the rates provided by the government are less the developers are not showing interest to construct houses under these categories. Sources said, “In Jaipur, not a single developer has shown interest in constructing houses under this model. The JDA has invited expression of interest (EOI) several times.”

The UDH is leaving no stone unturned to attract the builders in order to achieve the target of constructing 10 lakh houses by 2019. The sources mentioned, “As per the new proposal, the department has proposed to provide Rs 1,600 per sq feet rate to the developers. The land rates have increased subsequently over the period of time; this is why increasing rates has become a need of the hour.”

Sources further added, “The developers are constructing G+3 buildings at present. However, it is not cost-effective. It has been proposed to construct G+2 buildings for LIG and EWS category.”

Also Read: The Impact Of Regulations On The Real Estate Market

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