Tag: realtechnirman

Prime Home Loan Tips First Time Home Buyers Must Know

Will this winter be a much special one in your life? And that is because of your plan to buy a flat in Rajarhat during this very season?

 

While this is one thumbs-up endeavor, say one thing. As a first-time purchaser, are you aware of the ‘exact route’ to take & get best deals for first time home buyers?

 

Not much of an idea? Stress not as the following information guarantee to enlighten you. So, take a deep breath & learn the:

 

Top Points For First Time Home Loaners

 

#1 Talk to Yourself

 

Sounding strange? But this is quite much essential before you step inside any bank or lending firm.

Right after the decision of buying a home, plunge into a detailed analysis of own financial status, ascertaining 

Whether you can-

 

  1. Take the ‘EMI pressure’, which, at the minimum, accounts to Rs 632 per lakh (as per market value on 5th December 2021) – while maintaining all of the monthly essential expenses

2. Put forward 10-25% of the apartment or house’s total cost as a down payment -& yes, best if without taking any other loan for that. As an example, if your desired flat’s price is Rs 30 lakhs, then it’s good if you approach the home loan process; only after having Rs 6-7 lakhs in hand

3. Get a working family member (spouse/sibling or parent, a maximum of 3 persons are allowed) as a co-loaner, since that increases the slab of loan you can be eligible for

4. Clear all pending credit card payments & overdraft transactions & thereby enhance own repute in eyes of the lender

5. & If You Have A Credit Utilization Ratio (Ratio of Your Taken Credit Amount to the Maximum Credit You Can Get) below 30%

Point No-s 4&5 also helps you to maintain a FOIR or Fixed Obligations To Income Ratio within the expected range of 50-60% & therefore strengthen the possibility of your required loan’s quick approval. Remember the lower your FOIR is higher is the approval scope.

 

#2 Get Powered Up By PMAY 

 

As an inherent inspiration to the ‘own home’ dream, the Pradhan Mantri Awas Yojna or PMAY ranks high amidst all the first time home buyer benefits in the country. 

As per this program if, as a future & first-time owner, You:

 ♦ Are having an annual income of

 ♦ Rs 3lakhs

 ♦ OR

 ♦ That within the range of Rs 3lakhs – Rs 6lakhs

 ♦ Do not have another well-built or ‘Pucca’ house as a registered property

 ♦ And are not availing benefits from any other central government scheme;

 ♦ You can gain an interest concession of 6.50% on a maximum home loan of Rs 6 lakhs for a tenure of 20 years.

PMAY stays valid till 31st March 2022. So waste no more time to apply!

 

#3 Avoid As A Ground Rules

 

A

Loan tenure of 30 years, with the best range being 15-20 years.

It’s true that the lowest EMI scheme of Rs 632/lakh is available for the 30-year phase only, but

Notice that this ultimately makes you end up paying an interest amount of more than Rs 1,27,000;

While, if you opt for a bit higher plan of Rs 871 per lakh over a 15 years period, you pay a legible interest of Rs 56,780.

B

The Flexible EMI policy (altering your monthly repayment amounts throughout the loan tenure)- it may reduce the installments in the beginning years, but, as per pro realtors of Flats in Rajarhat, the plan makes your EMIs become overwhelming in the long run

 

Points noted? Now to choose the perfect home, right?

Then think no more to ring Team Realtech & explore homes curated for every need & dream.

Ready when you are!













3 Top Advantages For Women Home Buyers In India

A recent survey of the Post COVID real estate market in India reveals:

Of around the 4000 survey participants,

♦ 82% of women expressed interest in purchasing home for end-use

♦ To 70% of them, the on-going time is ideal to invest in a property

♦ Around 31% are stimulated by the security a home or flat offers as a physical asset

(Ref: www.livemint.com )

Is your feminine instinct connecting perfectly with these survey participants? And so is getting boosted the cherished dream of your own apartment in Kolkata ?

So why keep that dream locked up any more? Simply gear yourself up to live it – especially when there are prevailing distinctive advantages of women property purchasers in our country.

What are those? It’s time for a crisp knowledge trip:

 

3 Prime Perks For Indian Women home buyers

 

#1 Power of PMAY

 

Launched in 2015, the Pradhan Mantri Awas Yojana or PMAY indeed authorizes you & every alike woman desiring to purchase/possess a house or flat – irrespective of any age, class or marital status discrimination.

As per the scheme,

♦ Each female PMAY applicant will receive a subsidy of up to Rs 2.67 lakh on home loan interest, while buying own first house

♦ A house bought under the Yojana must be registered in the name of at least one lady family member

 

#2 Kudos To CLSS

 

Government’s Credit-Linked Subsidy Scheme or CLSS essentially champions women home buyers subsidies in India by one real-time broad program:

»Economically Weaker Section (EWS) scheme highlights 6.5% subsidy over home loan up to Rs 6 lakhs for women annually earning less than or equal to Rs 3 lakhs

»Low Income Group (LIG) plan empowers women with an annual income of less than or equal to Rs 6 lakhs by offering same perk as the EWS scheme

»Middle Income Group 1 or MIG-I strategy champions women earning an annual income of Rs 12 lakhs (& not more) via 4% subsidy on home loan up to Rs 9 lakhs

»Middle Income Group 2 or MIG-II plan serves women with an annual income not exceeding Rs 18 lakhs with 3% of subsidy over home loan up to Rs 12 lakhs

CLSS’s primary aim remains to inspire widows & single working women to become property owners & thus securing their own future.

 

#3 Best of Banking Initiatives

 

One prime reason for your feminine zeal to get set for buying an Apartment in Kolkata.

More like complimenting the afore-mentioned government schemes, reputed banking bodies like SBI, HDFC, IDBI etc offer to ladies applying for home loan –

»Rebate on interest rate varying between 0.05% and 0.1%. On a monthly basis, this may result in saving only a few hundred upon the EMI; but, if calculated over the entire tenure of 25-30 years, you get to save more than 1 lakh on the entire EMI amount

»Significant tax deduction over loan repayment, which generally extends to a maximum of Rs 1.5 lakhs on the principal & up to Rs 2 lakhs over the interest slabs

»Exciting add-on benefits like gold coins, holiday packages & credit cards to appeal to each ambitious dame

And as an icing on this cookie, SBI brings forward its own special Her Ghar scheme – a program totally devoted in assisting the country’s home buying women fraternity.

 

Smoother is the road to your dream Apartment in Kolkata, ain’t it? Then make the move to connect with Team Realtech & be the proud maiden possessor of a sweetest home!

Ring us when you are ready.

 

 

5 Fine Ways To Celebrate A Safe & Happy Diwali

It’s time to gain the blessings of Goddess Kali, Lord Ganpati & Goddess Laxmi; it’s time pamper own taste buds with ‘Mithai-s’ & ‘Gulab Jamun-s’ & it’s time to deck up your Kolkata apartment with those fairly light strips & decorative tea lights

 

And why? Because Diwali is coming!

 

But, this year the spirit of celebration won’t be full-fledged, right? For the pandemic is persisting.

Just like this fact is true, there also stay

 

5 Top Tips For A Safer & Joyful Diwali

 

#1) Highlight The Hygiene

 

A must, if you want to have a safe diwali in real-time.

 

Request every visiting guest & neighbor to keep their mask on & arrange the furniture in your living room or hall in a style, which allows in keeping a minimum distance between everyone seated.

 

Let not one particular space get crowded & plan for seating arrangements in the dining area & balcony as well.

 

Yes, you may have to hire some chairs, but isn’t it better than cutting-off dear ones from the Diwali party guest list?

Also, keep a bottle of sanitizer handy at each seating zone & apply it on own hands, every time you go to check on guests there – thereby making them conscious of using it.

 

One more thing:

♦Try serving food & drinks by only disposable cups, dishes, glasses & cutlery & keep ample extras to use, thus ruling out the possibility of one guest using another’s used dish/cup & getting contaminated.

 

#2 Decorate With A Desi Flavor

 

Smoke from flavored candles & gas from the led strips are prone to affect people with breathing problems & lung ailments & thus making them vulnerable to the Corona Virus.

 

Surely you can’t remember who amongst the guests is having such an issue.

Therefore, it’s better to avoid the electrical & fancy light decors & switch to mud-made Diyas & cotton wicks to light them up.

 

No gas, no smoke – but only pure beauty to enkindle your Apartment in Kolkata. Along with a flood of appreciation from guests!

 

Simply Google for our Desi Diyas & get amazed by the unique designs & pattern options you will get to choose from.

 

#3 Crackers …But Eco-Friendly Ones

 

Just like the electric lighting, fire-crackers too are harmful – not only for people with problems but also for all of us.

 

The carbon & vapor particles released from the bursting of crackers essentially act as a triggering agent of asthma & bronchitis – even in perfectly healthy people. And this, concerning the present pandemic, can result dangerous.

 

Therein, try making a shift to Seed Crackers, which may not bring you the mirth of bursting crackers, but promise to cater the joy of growing plants!

 

#4 If Participating In Group Activities

 

Be cautious to:

»Wear a mask always (no excuse for pictures, please)

»Maintain at least a 1-meter distance, whether making Rangoli with others or bursting crackers in housing society’s grounds

»Carry, not a sanitizer, but paper soaps & water in place of fire-crackers. Alcohol can’t get in contact with fire, remember?

 

#5 Gift Health

 

Clothes, perfumes, sweets, jewelry – you have given them a lot & every year.

 

This year take a different approach & present a near one with health insurance. Attempt to get especially for one or more senior family members, who can’t get one for them.

 

Trust, it will make you the best gift-giver ever!

 

Easy to pursue guidelines for deepavali safety, isn’t so? Then wait no more to make the necessary preparations for them.

And, if planning for becoming a home-owner this Diwali, do remember we are only a click away.

A Heartiest Diwali To You & Family From Team Realtech.

 

Fixed OR Floating: A Sneak Peek Into Home Loan Interest Rates

Buying your desired flat in Rajarhat can become one tiring & complex process – if not having the required awareness about the entire structure of the housing loan scheme.

And, one prime aspect to learn in this context is about:

Kind of interest rate suiting your need

In the Indian market, two options come up to this end,

♦ The Fixed Interest Rate and Floating Interest Rate

Now, as for

 

Which Home Loan Interest Rate Will Be Ideal For You

 

learn that

 

A Fixed Rate of Interest:

 

♦ Remains constant throughout your loan tenure, regardless of market price fluctuations or changes in Repo Rate

♦ Is perfect to pursue when the EMI scheme is comfortable for you

♦ Helps you to plan a long-term budget for daily & essential expenses after taking a home loan, as you get to know the exact laps of EMI for the entire period

 

But Be Aware –

 

◉As unchangeable even when the market rate is higher, fixed interest rates are generally 1.5% to 2% higher than their floating counterparts

◉ Once opting for a fixed rate, you cannot avail any benefit of decreased interest rates – as & when such a market situation crops up

◉ When the market prices are higher than the conventional level, approval for a fixed rate of interest can become difficult; since banks will doubt your capacity of repayment at a higher rate

 

One Spoiler Alert

 

Some fixed-rate home loans stay fixed only for certain periods.

Basing on the loan tenure, it can be that your fixed interest rate stays valid for certain years & automatically converts into a floating interest rate loan thereafter.

When that happens, know that the fixed-rate might get revised affecting the EMIs in the long run. Henceforth, as a ground-rule, give a thorough reading to all the T&Cs while getting a home loan to buy flat in Rajarhat.

 

As For The Floating Rate of Interest

 

pursue it, when you

 

◉ Are confused about interest rate fluctuations & prefer to go with the market trend

◉ Wish to save on the overall interest rate shortly; since floating-rate loans are marginally lower than fixed-rate loans, thus reducing your loan cost

◉ Have a backup plan of repaying the loan before the designated tenure & desire to avoid prepayment penalties. The RBI has banned all sorts of prepayment fees in case of the floating interest rate.

 

However, Realize That

 

As completely dependent on the market’s flow, floating interest rates are-

Highly unpredictable, possible to increase to an extent that it would become slightly uncomfortable for a borrower to pay their EMIs.

This unpredictability also goes to affect financial institutions, which end up charging higher premiums than the conventional benchmark

 

Which One To Go For?

 

The answer to this question solely depends on your financial health & whether predictability or unpredictability is your taste. Still, some factors can help you make a decision:

• Calculate cautiously the EMIs of 2-3 loan schemes you have shortlisted – basing upon both the fixed & floating rates 

• Weigh that with own monthly income range & acknowledge the gap

• Can follow the expert advice of Fixed Rate for the 40s & Floating for those in their 20s

• Split own loan between fixed & floating by a 60:40 ratio

 

We wish you find the apt home loan as per current interest rates & experience the smoothest home buying journey.

As for picking a suitable flat in Rajarhat, connect to Team Realtech anytime & from anywhere.

Waiting to serve you.