Your dream home is just a few steps away

Home loans help you realize your dreams of buying the house you have always wanted and also help save tax. A home loan is an essential part of any home buying endeavour. The key to getting your home loan in a smooth way is being familiar with the entire home loan process.

Beginning the home loan process

The process of getting a home loan starts with a formal application for the loan. The application form requires certain basic information about you which includes your personal, residential, income, employment, educational details, and details about the property, estimated costs and current means of financing the property. The requirements often vary bank to bank.

The application form must be supported with valid documents to substantiate the facts. Generally the banks ask to submit the following documents.

• Income proof
• Age proof
• Identity proof
• Address proof
• Employment details
• Proof of educational qualifications
• Details about the property if finalized
• Bank statements

The purpose of the entire exercise is to ascertain the suitability of the applicant for a home loan. The income documents and bank statements provide vital clues to the bank regarding your financial health.

The concept of processing fee

An important thing to note about home loans is the processing fee. Banks charge a processing fee for every home loan application. This fee is non refundable. The processing fee also varies from bank to bank and is generally from 0.25% to 0.50% of the loan amount. This fee is used by the bank to start and maintain the home loan process including completing the various formalities during the entire period.

Although there are a few points that should always be kept in mind

Additional charges to be kept in mind

When you are applying for a home loan, you need to be educated about the various charges that the lenders add to the current scheme. The additional charges fall under the amount sanctioned in your name and not on the amount you take home.

Read the fine print of the agreement

Even if the home loan agreement is a bulky document, read it carefully.

Never Leave a Doubt

Applying for a home loan might seem easy but it comes with its own set of complications. So, never leave a doubt in your head which may lead to complications later on.

Real Estate scenario in 2014

Outlook Time to match demand with relevant supply:  India’s gripping urbanization growth story has been fascinating global investors so far, an underlying truth gradually emerged in 2013 - economic growth, the consumption story and property prices may not rise consistently, and there could be intermittent hurdles or growth risks. The presently cautious market sentiment is likely to continue, as headwinds to growth will prevail till the first half of 2014. However, the second half is likely to witness gradual revival in absorption. Residential real estate capital values will increase in a subdued range of 10-12% year-on-year pan-India for the whole year. Affordability will drive growth in 2014. An emerging economy is never short of opportunities, and it is time that the Indian residential real estate industry realizes where the opportunity lies. To date, the shortage of homes in India stands at around 19 million units, and 95% of this housing shortage is in the economically-weaker section (EWS) and low-income group (LIG) categories. In India, housing for EWS is defined by the Technical Group on Estimation of Housing Shortage as having a carpet area of 21-27 square meters; LIG housing includes units of 28-60 square meter carpet area. By the government's definition, EWS housing falls in the range of INR 4-10 lakh. This means that development of affordable housing will have to penetrate into the deeper suburbs of our cities, where such price points are feasible. The TATA Shubh Griha project (popularly known as Nano homes; completed in 2011) in Boisar near Mumbai was a splendid example of successful identification and auctioning of such opportunities. The project had 1,300 units, which received applications from 3,500 households. A recommendation to the government by the technical group to incentivize such projects by subsidized land, tax rebates, grants per supply of dwellings, etc. could help developers in improving the feasibility of such projects. Redevelopment activity to increase With scarce availability of land in the urban agglomeration, redevelopment will emerge as another growth driver in a scenario the cost-and-time-intensive complexities with regards to land acquisition brought forth by the LARR 2013 amendments. Indian cities present an exceptional opportunity for developers in this respect -- as per the latest available census data on households, only 50% of the residential units are in good condition, while the remaining are either merely livable or in dilapidated condition.

So, the 2013 may have been the year when both the developers as well as the lenders were waiting for policies like the REIT to roll out as well as other cost & benefit analysis. However, the direction in which the market is heading to, added with the new funding sources being cleared by the government, it seems the turnaround of the financial fortunes is just ahead in 2014.

The fall of rupee is attracting more NRIs to Indian realty market

The sharp dip of the rupees’ against the US dollar has increased the temptations of non-resident Indians (NRI) to buy property. Realtors are expecting an increase of 35% in business inquiries

from the expatriates this year, reveals the Associated Chamber of Commerce and Industry of India (Assocham) recent findings.

Releasing the Assocham paper on 'Falling rupee sparks property boom from NRIs', D S Rawat, secretary general Assocham said, "With the rupee riding low against the dollar, Indian residents are looking to accelerate investment plans back home". The rupee has fallen by about 34% against the US dollar since August 2011 and crossed 65 against the dollar.

According to a survey conducted by Assocham has upon nearly 1250 real estate developers in Delhi-NCR, Dera Basi, Mohali near Chandigarh, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Pune,Dehradun, Chennai etc. favorable exchange rates have facilitated the interest for buying property among NRIs.

Most of the real estate developer are saying that  the NRI traffic is primarily coming from the UAE/Gulf region, US, Singapore, Australia, UK, Canada, South-Africa etc. and the demand is more for high end properties and commercial buildings.

Latest in the World of Real Estate - Real Estate in a sluggish economy

In spite of the sluggish economy and the falling value of the rupee, the real estate sector has been surprisingly expanding its scope of operations. This is primarily due to the factor that over the last 10 years or so, the Indian realty sector has consistently channelized the FDI and the NRI investment pools. In the falling economy the Indian government has resorted to various reformative reforms for the stakeholders in the recent past.

Earlier this year, keeping in mind the needs of the residential real estate sector the RBI had reduced the rates for external commercial borrowing. Following the cue, the World bank has also recently sanctioned a fund of $100 million for affordable residential properties, that is to be implemented over the period of the next 5 years. The Indian government is also contemplating to relax the FDI norms aiming to attract large quantities of foreign investment in this falling economic situation, to keep the realty sector afloat.

Currently, with an increase in the demand for residential properties all over the country, coupled with relaxed norms, favorable regulatory policies and imminent avenues of funding the real estate sector has its hands full.  The sector looks to be maturing, consequently indicating growth and opportunities for all its sub sectors. However, the final outcome is still in question, though the major players in the sector are hopeful that the real estate market in India will benefit from the transparency and streamlining of the investments, due to be facilitated by the ratification of the regulatory bill by the Rajya Sabha. 

Merlin Group: We care for your home

Vastu Shastra is the science of house construction. The term “Vastu” meaning a dwelling place was initially used to refer to the homes of gods and human beings. Be it a plot, commercial complex, showroom, residential house or spiritual place like temple, Vastu tips are religiously followed while building each and every edifice. The structure of a house forms one of the important considerations in Vastu shastra. If the house construction is weak, vastu is also weak, and if house construction is strong, vastu also works strong.

When we buy a house we become very cautious about whether the house has been constructed according to Vastu. If not then it would become very difficult for the family to live peacefully in the house. There are many Vastu tips that need to be followed while constructing as well as furnishing a house. When it comes to residential Vastu, each and every aspect of a house is taken into consideration. There is not even a single aspect in a house that is overlooked by Vastu Shastra, be it the master bedroom and kids' room to the bathroom and even the garage. For instance, best direction for master bedroom construction is southwest, while for other rooms; central, southern and central west directions are appropriate. Then, for prayer room, yellow or sandal color is just perfect for walls.

For three decades now, Merlin has symbolized quality lifestyle.  Merlin, being one of the best real-estate groups helps its buyers in finding a suitable Vastu residence. All its homes are constructed keeping in mind the Vastu shastra thus the home buyers hardly have to face any trouble while buying their dream houses. 

Merlin designs your kids' room as per Vastu and ensures that the whole ambiance

 contributes to your child's development, mental as well as physical. Merlin gives special emphasis to plan the prayer room in your house according to Vastu Shastra, because it the place where you meditate and worship. So, it is important to gain positive energies to connect to God. Drawing room is as important as any other part or corner of a house. Merlin gives extra attention in making your living area far more beautiful. As the kitchen has the most direct effect on your health therefore Merlin plans your kitchen according to Vastu recommendations. Just like any other corner of the house, Vastu Shashtra has laid down rules and given recommendations on how to construct the staircase as well. Merlin follows certain rules while building the stairs in your house. Vastu for study room is extremely important to strengthen the child’s concentration and stamina to sit for long without feeling tired. Some children begin to study, but can’t continue for long due to weak concentration.

McDonald’s opens at Merlin Homeland Mall

Merlin Homeland is Eastern India’s first one stop mall for house building materials and interior décor items. Merlin Homeland Shopping Mall houses 35 brands (approx). Along with house building and other home decorating items gives its shoppers a relaxing experience. The visitors get to spend a lot of good time in the five storey air conditioned mall. The shoppers along with buying and checking out home décor items also indulge themselves in the awesome food at the restaurants in the mall.

McDonald’s has now opened at Merlin Homeland Shopping Mall. McDonald’s is the world's largest chain of hamburger fast food restaurants, serving around 68 million customers daily in 119 countries. McDonald's primarily sells hamburgers, cheeseburgers and chicken, French fries, breakfast items, soft drinks, milkshakes and desserts. In response to changing consumer tastes, the company has expanded its menu to include salads, fish, wraps, smoothies and fruit.

Merlin Homeland Shopping Mall has now added a new dimension to the shopping experience of the kolkatans. Along with shopping, now they can also gorge on yummy food at McDonald’s. McDonald’s is known for serving the best fast food in the world. Over the years people residing at Bhowanipore always had a problem of not having McDonald’s in their locality but now they can easily spend their leisure by shopping at Merlin Homeland and relishing yummy food at McDonald’s in the mall itself.

Merlin group - The leader in real estate

Merlin group has become a household name. Over the years it has evolved as the most admired and trusted brand in the country. Merlin group has stood firm on its promises of providing a home to every Indian.

Merlin group is one of the leading and premium real estate developers in India. It has a number of prestigious residential and commercial complexes, office buildings and township in Kolkata, Ahmedabad, Raipur, Chennai and has now extended its activities to Shopping Malls, Township, Clubs, Hospitality Sector, etc.

Merlin group has expanded its business with various formats and core projects including premium housing, essential housing, country homes and bungalows, specialty malls, office towers, I.T. buildings, hotels, clubs and resorts, 

Arun Biyani-MOBEL INDIA PVT. LTD.

 "Six Years ago we opened a 8000 sq. ft store  "Mobel Furniture" at Merlin Homeland. In a span of six years my store has grown into three stores (Mobel Furniture, Mobel D'ffine and Zuari Brand Store ) at the same Mall. We occupy now a total of 25000 sft  at Homeland. During this period we opened 5 (five) new stores in Different parts of Kolkata and nearby Districts. We have recently also opened a new store in Bangalore. This all started due to Merlin Homeland and  I am proud to be a part of  the Merlin Growth Story.

I wish them all the best."

 Best Regards

Arun Biyani

MOBEL INDIA PVT. LTD.

4th and 5th Floor, "Homeland Mall"

18 B, Ashutosh Mukherjee Road,

Kolkata - 700 020

India

Mobile       : +91-98309-85301
Fax           : +91-33-24191164

Office        : +91-33-24865740

Skype       : arunbiyani

MSN         : arunbiyani@hotmail.com
Web         : www.mobelindia.com