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Pending Home Loan? You Can Still Sell Your Flat!

By venpep_dev,April 29, 2022January 20, 2023

PENDING HOME LOAN? YOU CAN STILL SELL YOUR FLAT!

“One can sell a property after getting the consent or in-principal approval from the lender.”

In 2017, Dinesh Sharma bought a 2BHK flat. He decided to sell his property in 2019 as he wanted to buy a 3BHK unit in a project near his office. He has an outstanding home loan on his current property and the original property papers are with the bank.

Can Sharma sell this property while the home loan is still pending?

Yes, a person who has availed a home loan on a property can transact the said property. However, the sale transaction stipulates obtaining an NOC from the lender or an in-principle approval from the lender for such sale transaction.

How to sell when loan is outstanding?

One can sell a property after getting the consent or in-principal approval from the lender. “This has to be done in a manner that part of the sale consideration will be paid directly to the lender or lending bank and the remaining balance (if any) shall go to the seller/current owner. Upon receipt of the total loan consideration, the lender will release the original title deed of the property, deposited with the lending bank at the time of disbursement of the loan, to the seller/current owner. Generally, release of original title deed by the lender/lending bank, registration of the sale deed and discharge of the sale consideration takes place simultaneously,” explains Niraj Kumar, partner, DSK Legal.

What should a buyer/seller check?

One buys a mortgaged property if he is getting a better deal in terms of price or if he likes the location or if he is getting a fully-furnished flat at no extra cost. “It is advisable that the buyer (an individual or a legal entity) should check the original title documents of the property, the mutation records, encumbrance certificate and do litigation search on the property to verify whether the possession is in favour of the current owner,” explains Kumar.

Kumar further adds “The seller should also look into documents that verify the capability of a buyer to transact the property and availability as well as source of funds being used for the purchase of the property.”

Consider Tax Liability

Apart from considering the property specifications, one of the most important factors to consider is the tax liability. Before you sell a property you need to calculate your tax liability as well. Nand Kishore, Partner – DSK Legal, suggests, “The tax liability for selling any property gives rise to capital gains tax, which could be either short term or long-term gain under the Income Tax Act 1961. However, the tax impact can be mitigated if the seller utilises the capital gains for purchasing another residential property within two years or construct a house within three years from the date of sale. If the seller is unable to utilise the entire amount within the last date for filing returns, then such unutilised amount should be deposited with a specified bank account. The said unutilised amount can be used only to purchase a residential house or for the construction of a house.” You must look into various factors before selling your property on which a home loan is pending.

Author: Ravi Kumar Diwaker

Policies To Boost Rental Housing Could Attract Capital In Residential Real Estate

By venpep_dev,April 29, 2022January 20, 2023

Policies To Boost Rental Housing Could Attract Capital In Residential Real Estate

A dream can be of any form. It can be a cozy, compact apartment or an individual house with gardening space. Despite the availability of limitless properties in India, renting out or renting a space to live is still complicated. Out of nowhere, in one or the other way, a problem will wait to jump in front of you, not to mention the black marks smeared on this aspect.

Unlike commercial real estate, which has attracted foreign capital and has led to development of the REITs (real estate investment trusts) market in India, the rental market in the residential sector continues to languish for lack of formalisation, keeping investors at bay. Rental yields in the residential asset class are at much lower levels compared to commercial projects. While the commercial sector in India enjoys annual rental yields in the range of 6-8%, yields in the residential sector are far more anaemic in a 2-3% range. Rental yield is defined as annual rent as a ratio of the property price after deducting all expenses. If policies and framework are developed for encouraging the rental residential market, yields could become attractive and the potential to attract foreign capital will be large. According to the last estimates by the IMF, India’s residential rental market was worth over $20 billion, of which 68%, or $13.5 billion, is in urban areas. However, the largely unorganised and informal nature of the rental housing market has made it tough to arrive at the actual market size despite holding a massive potential to address a part of the housing shortage in India, according to findings by Knight Frank India. Niranjan Hiranandani, founder, Hiranandani Group, believes that mobile workforce to different job centres, in search of exploring multiple opportunities, will encourage emerging platforms like co-living and student housing. “Therefore there is a need to provide additional housing to create ready services apartments as a new business model,” he said. Archaic rent control acts, no rental housing industry body, absence of a regulatory backbone to formalise rental housing and legacy disputes surrounding landlord and tenant equation, were some of the reasons affecting rental housing in India. However, with the new Rental Policy passed by the Central Government and Respective state Governments along with the changing mindset of people, who increasingly prefer to live in rented accommodations rather than own a house, industry experts say the time is ripe for the rental residential market takes off in India. The new rental housing policy, addresses all the issues plaguing the rental market due to which residential sale demand would certainly increase.
Author: Shubhra Tandon

Why Is Diwali The Best Time To Invest In Real Estate?

By venpep_dev,April 29, 2022January 20, 2023

WHY IS DIWALI THE BEST TIME TO INVEST IN REAL ESTATE?

A lot of colorful crackers, delicious sweets, beautiful clothes, smiling faces and happy hearts are going to sing and dance their way into our lives in a few days. There is no end to joy and blessings in this festive season. But this time, it should not be a usual share-sweets-burst-crackers business. So if you are planning on making it more special than it already is, then we might have just the right surprise in just the right amount for you – a home. Yes! You read it right. A home. How thrilling would it be to proudly own a home on this Diwali and for the rest of your life? We have laid out all the good things about it here for you. And, before you think about changing your decision about buying a home, take a few minutes to read this!

Auspicious time? This is it! Buying a new home means a new beginning and a new beginning should always be at the right time. So, we understand if you are a person who is into looking for an auspicious time period to do anything, then the time is here. Believer or not, the festive vibes have arrived and if you are planning on investing in real estate, Diwali is the right time to do it. The divine blessings are being showered upon you and what else do you need?

New beginnings everywhere If you believe the time you invest in something huge like a house should be promising, so does a real estate developer. Festive season is the time when all the good realtors of your city announce the beginning of their most promising projects or open such projects for booking. Needless to say, with the right amount of research, you just might get lucky by landing on a beautiful home, because there are homes everywhere.

Benefits, offers and much more You know well that Diwali arrives during the monsoon. So, guess what else is pouring down other than rain water? Offers, huge offers and unbeatable offers! This is the time when real estate developers shower you with offers and benefits. Gifts like gold accessories, free furnishings, modular kitchens, home appliances, gadgets are some of the offers and benefits you can look out for when you research about buying a home for this festive season. If an iPhone comes tagging along with your new home, don’t you think that’s a real deal?

Become bankers’ favorite Apart from real estate developers and home buyers, there is one more set of people who become excited when Diwali reaches your homes. They are none other than bankers and financiers. You would be their favorite customers and they would welcome you with offers that are no less than realtors. From reduced down payments to unbelievable cashbacks, you can reap the complete benefits of buying a home during Diwali. If everything goes right, they may even become your financing friend for your lifetime. Longtime customers do have their benefits, don’t they? Now, with these incredibly hard benefits to refuse, we suggest not to miss an opportunity that favors you the most to buy your dream home. But, at the same time, do not jump at the offers and freebies without a detailed study on the builder. At Sreevatsa, we have built your house with cement and bricks. You know what they say about homes? So, you must walk-in to our houses to fill them with love and affection and light them up with your smiles, for that is when our quality houses become beautiful homes. Sreevatsa Real Estate wishes you a bright Diwali filled with prosperity and happiness! Good luck finding your home!

Essential Laws Every Tenant And Landlord Should Know

By venpep_dev,April 29, 2022January 20, 2023

ESSENTIAL LAWS EVERY TENANT AND LANDLORD SHOULD KNOW

Keeping the struggles faced by tenants and landlords in mind, we’ve compiled here a few of the essential laws bought into regulation by the Ministry of Housing and Urban Affairs of India, for you to uphold rental terms.

#1 Tenancy Agreement As soon as the tenant and the homeowner decide on the terms of renting, a formal written agreement should be drawn up and submitted to the Rent Authority of the city. After receiving the agreement, the Rent Authority will register the contract and provide a registration number to both the tenant and the landlord. Once the tenancy commences, the terms of the agreement should be honored. Any verbal agreement on tenancy will NOT be taken into account.

#2 Subletting The tenants should NOT sublet any or whole part of the premises without previous written consent from the landlord, nor can the tenant assign or transfer the rights as per the agreement to someone else.

#3 Rents The landlord cannot increase the rent before the end of the Tenancy Agreement. In case of an increase in rent, the landlord should intimate the tenant three (3) months before rent revision through a written notice. After the rent is fixed and agreed by both tenant and house owner, if there is any deterioration or decrease or diminution of accommodation or housing services in the premises, the tenant may claim a reduction in the rent.

#4 Security Deposit It is against the law to charge a security deposit amount that is more than three month’s rent. The security deposit should be refunded to the tenant within one month after vacation of the premises, after making any deduction of any liability of the tenant

#5 Essential Supply / Services Neither landlord nor tenant can cut-off or withhold any essential supply or service in the premise occupied by either of them. In case of such event, the affected party can approach the Rent Authority, which may also levy a penalty on the person responsible for cutting off or withholding any essential supply or service.

#6 Maintenance The tenant should not intentionally or negligently damage the premises or permit such damage and notify the landlord of any damage as soon as possible. The tenant must take reasonable care of the premises and its contents and keep it reasonably habitable.

There may be a few twists and turns before you can rent out your space to the right tenant or before you can find the right landlord. Good luck on finding that right person and the home.

#7 Extension of Rental Agreement At the end of a tenancy agreement, either the agreement should be renewed or the tenant should vacate the premises. If neither happens, the same terms and conditions in the expired rental agreement can be renewed on a monthly basis up to a maximum time period of six months.

#8 Rules to Protect Violation or Extension of Stay After Contract Even after the tenancy has been officially terminated by notice, order or agreement, if the tenant does not vacate the premises, the landlord is entitled to double the monthly rent for occupation.

There may be a few twists and turns before you can rent out your space to the right tenant or before you can find the right landlord. Good luck on finding that right person and the home.

Short-Term Rental Revolution Is Taking Over The Market

By venpep_dev,April 29, 2022January 20, 2023

SHORT-TERM RENTAL REVOLUTION IS TAKING OVER THE MARKET

Dear Readers,

Have you travelled on business or vacation and booked yourself into an Airbnb room instead of a hotel? Have you heard about how homeowners have significantly increased their monthly income by listing their homes on sites like Airbnb rather than traditional rentals? Have you wondered how HNIs are participating in investment properties across the most lucrative and glamorous cities of the world? These three growing trends encapsulate the short-term rental phenomenon that has transformed the hospitality sector over the last few years. What are short term rentals (STR) though? These are fully furnished homes or apartments that are rented out for short stays, offering travelers a spacious a nd convenient alternative to hotels. No company better represents this seismic shift in hospitality than Airbnb, which now has properties in over 65,000 cities across 191 countries. In 10 years, this tech startup has overtaken century-old competitors like Hilton and Marriott with a valuation of $31 billion. With CEO Brian Chesky’s revelation of the company’s vision to host 1 billion guests by 2028, adds further ambition to an already rosy forecast for the overall segment that is estimated to add $56 billion in the next three years alone. Therefore, it is the perfect time to do a deep dive into why this segment is changing the way we travel, rent out our homes, and profit from global real estate.

The Growth Of Experiences

Underlining this STR revolution is the changing nature of how people wish to spend money. World over, economies are growing, and more and more people are becoming at least moderately affluent. These newly affluent people value experiences over things and travel is one of their most desired experiences. The Travel & Tourism sector was accounted for a full tenth of the global GDP and amounted to $7.6 trillion in 2016. The current generation of travelers are prioritizing authentic experiences that allow them to live like a local in immersive settings over the standardized fare offered by hotels. Travelers are also starting to realize that renting an entire home allows families and friends travelling together to have a more enjoyable stay than being split in to separate hotel rooms with no shared space for social interaction. While a significant factor in the runaway success of this segment is the convenience of technology platforms that companies like Airbnb offer to both travelers and homeowners alike, there a host of drivers fueling the sustained growth of short-term rentals.

Sweeping Tailwinds In The STR Sails

Airbnb has created a hospitality marketplace of unprecedented scale, with more than 4 million properties currently. The internet is the critical enabler, bringing several solutions from listings, online bookings, payments, etc., without which this would not have been possible. More broadly, this is another man ifestation of the sharing economy, which is estimated to reach $335 billion by 2025 in just its five top sectors. What Uber has done for transportation, short term rental platforms have done for travel, democratizing asset ownership and hugely increasing the number of transactions that occur, to the benefit of all parties. For investors, this presents an exciting new asset class. Hospitality has traditionally been one of the asset classes that are most out of reach for an investor – buying a hotel is only possible for a select few or institutions. But short-term rental assets are typical homes, and therefore much more comfortable to participate. Besides, unlike a large hotel that does not allow one to create a diversified portfolio easily, short-term rental portfolios can easily be a diversified set of properties in different cities. The end-consumers – travelers, have gained hugely with this new model. The scale of the marketplace has vastly expanded the choice that travelers have while offering a rich variety of offerings catering to every segment of tourist or business traveler. What’s more, offerings in each segment represent tremendous value compared to hotels. An upscale 3-bed property may cost on average $500/night, which is less expensive than the cost of booking three separate rooms in an equivalent hotel. In terms of luxury, function, and space, short-term rental properties are often far superior to hotel rooms, with large living rooms, dining rooms, kitchens and, often, even games such as pool tables at the property.

Conclusion

As disposable income rises across the world, and society evolves in the things that it would most like to spend this disposable income on, the hospitality industry is rapidly adjusting to both the enormous opportunities as well as the new requirements. Real estate investors have only begun to scratch the surface of this asset class and its unique role in building high return portfolios. Today, an investor sitting in India can participate in the lucrative cash flows of real estate in Las Vegas through a portfolio of short-term rental properties. Across the most profitable travel destinations of the world, these portfolio opportuni ties are popping up and offering savvy investors an unrivalled chance to tap into hitherto inaccessible markets and enabling them to build highly profitable and diversified portfolios. Short term rentals have established their credentials now and are poised to become an essential part of the portfolio of HNIs. Author: Vikram Chari – Founder & CEO of SmartOwner Services India

Deciphering Real Estate Section 80eea From The Indian Financial Budget 2019-20.

By venpep_dev,April 29, 2022January 20, 2023

DECIPHERING REAL ESTATE SECTION 80EEA FROM THE INDIAN FINANCIAL BUDGET 2019-20.

Section 80EEA for the Real Estate segment in the Indian Budget FY2019-20. “Interest deduction up to Rs 3.5 Lakh. Right time to buy affordable houses.”

“A person purchasing an affordable house will now get an enhanced interest deduction up to Rs. 3.5 lakh,” Finance Minister Nirmala Sitharaman said while presenting her first Budget on July 5, 2019.

What does that mean?

If you wish to buy a house for your own purpose and the house is less than Rs. 45 Lakh and you’re borrowing using a bank loan for the house before March 31, 2020, and that being the only house in your name during the time of loan application, you can avail up to Rs.3.5 Lakh from the taxable income as deduction. Earlier before this announcement the deductions were up to Rs.2 Lakhs under Section 24 of Income tax act, 1961. This additional incentive of Rs.1.5 Lakhs under Section 80EEA will help the common man to take the next step towards purchasing the affordable homes. This will inturn relax the burden on the interest payables bringing the monthly EMI lower than what it was in the previous years.

Properties such as Sreevatsa Urban Village start from Rs.22.4 lakhs making it the perfect time to avail such schemes. You can avail an additional Rs.1.5 Lakhs of investment for a stylish yet affordable class of an apartment just close to the Saravanampatti tech park.

How I will benefit in simple English?

Let’s get to the basics: There is a list of qualification criteria that will evaluate whether you can avail this benefit. The criteria are spread between the buyer of the house and the property itself. So, it’s a team work. We shall find out if Sreevatsa’s Urban Village and you as a team, will qualify these criteria?

S.No	Qualification Criteria	Personal or Property	Tips
1.	The loan you’re applying for the house should be applied and sanctioned between April 01, 2019 and March 31, 2020.	Personal	At Sreevatsa we have tied up with major bankers to help you avail the loan on time. If your documents are clear, then we will take care of the papers. Just sit back and relax, while your home is getting ready with all specialty, love and care.
2.	The stamp duty for the value of the house should not exceed Rs.45 Lakhs.	Property	Sreevatsa’s Urban Village – compact luxury home starts from Rs.22.4 Lakhs. Criteria passed.
3.	The new property should be covered under the affordable housing category.	Property	The project falls within the criteria.
4.	The owner or the buyer of the property on whose name the house will be registered, should not own any residential property on the date of the application and sanction of the loan.	Personal	Only one house at a time and should be used only for personal use.
5.	Property shall be self-occupying only.	Personal	The purchased property shall be occupied only by the person who got the loan sanctioned

A quick tip if you qualify in all the above criteria: Pick up your phone and set a reminder to include this benefit while filing the tax returns for the FY 2019-20.

Summary

The Section 80EEA, is proposed keeping in mind the demand and supply of the country’s housing market. These schemes are helping the aspirations of people to afford, purchase, own and live in a dream house of their own. At Sreevatsa, we take pride in building homes at the IT hub of Coimbatore and provide a uber-luxury class amenities and life style for the mix of people with uncompromised quality and encompassing our value of trust.

For further queries, you can contact us at: 94430 21990 / 94433 41901

Top 15 Banks That Offer The Lowest Home Loan Interest

By venpep_dev,April 29, 2022January 20, 2023

TOP 15 BANKS THAT OFFER THE LOWEST HOME LOAN INTEREST

HA home loan is called a ‘good’ loan because it helps you acquire a tangible asset that can appreciate over the long term

A look at the latest home loan interest rates of some leading banks. A home loan is probably the biggest loan that most people ever take. Not only in terms of the loan amount, but also tenures, which can easily be of 15 years or more. And the total final amount that one ends up paying by the time the loan ends, can be double of what was borrowed. But, a home loan is among the cheapest loans available, and most often, it is the only way a person can buy a house. A home loan is called a ‘good’ loan because it helps you acquire a tangible asset that appreciates over the long term. A point that many to-be borrowers ask is should I rent or should I buy, especially when the amount being paid as rent seems heavy. One of the factors to consider here is whether you want to live in that house or it’s for investment. It makes sense to buy a house if you plan to live in it. This is also the reason, apart from the fact that many housing projects in India continue to be delayed by many years, why financial advisers say that one should buy a ready-to-move-in house. If you are looking at it as an investment, then one must look at the compounded annual returns the asset can give, and the risk involved, just as you would with any other asset class. Read more here. But if the reason is to live in the house, then any time is a good time to buy. Here’s a look at the latest home loan interest rates.

Affordable Housing To Gain From Rera Registered Brokers

By venpep_dev,April 29, 2022January 20, 2023

AFFORDABLE HOUSING TO GAIN FROM RERA REGISTERED BROKERS

Housing in India is also sold by real estate brokers and these brokers may act as marketing personnel for certain developers.

Indian real estate sector is a very different segment from what it was five years back. With Prime Minister Narendra Modi getting a second term, the emphasis on promoting affordable housing in India with partnering with the private sector is at an all time high.

The Center’s Housing for All policy by 2022 is largely dependent on providing affordable housing pan-India by incentivising developers and homebuyers with several schemes and benefits.

But an extremely important and in fact a critical bridge to achieve any success for affordable housing in India is how real estate brokers and channel partners embrace RERA and make it a success in their way of dealing with the customers.

Housing in India is also sold by real estate brokers and these brokers may market for developers. Sales of any projects, and especially in the price sensitive affordable housing segment, is also dependent on brokers interaction with potential customers.

Before RERA kicked in, there were many complaints by customers of wrong commitments by brokers who directed their hard earned savings to fly-by-night brokers who never delivered on their committed deadlines.

What we have also witnessed in the last five years of policies including RERA, GST and demonetization implementations, has definitely helped the segment to have a stronger foundation and to weather any storm in its way.

This has led to affordable and mid income housing witnessing consistent growth in new launches and absorption of housing units over the last five years with all market indicators showing an upward trend.

This has largely been possible by RERA registered brokers who have gone all the way to explain all the benefits and the risks associated with any projects.

This beginning has actually helped the housing sector to get the much-deserved respect as a legitimate, organized and ethically driven investment segment.

RERA makes brokers punishable if they do not comply and abide with the regulator’s strictures ruling. Earlier, smaller brokers used to fleece customers by selling housing units, which were on high risk as they used to give larger commission.

But with RERA, brokers who made their money out of the ignorance or unwitting trust of clients have been removed from the system.

In fact, today developers only work with RERA registered brokers and have seen that customer complaints have gone down to a large extent as homebuyers are now better informed.

It is not surprising that Housing sector’s contribution to the Indian GDP is expected to reach 11% by 2020 as several ancillary industries are co-dependent on growth of housing sector in India.

Going ahead, we will experience a cohesive approach by the central and state government to make housing a reality for common Indian with faster delivery by the developers.

This will also be driven by the new breed of RERA registered brokers who will ensure customer have all the details to make an informed decision. Author: Prasoon Chauhan, Business World

Understanding Maintenance Charges In Gated Communities

By venpep_dev,April 29, 2022January 20, 2023

Understanding Maintenance Charges in Gated Communities

The latest RICS – Knight Frank report revealed that almost 50% people had apprehensions regarding maintenance of property while selecting a home.

What makes someone decide to live in a high-rise gated community?

Renuka Sharma always cherished the dream of living in a gated community. A swimming pool, lavish club house, kids’ play area and other facilities attracted her, which were lacking in her builder floor apartment.

One day she decided to sell her builder floor unit and buy a flat in a gated society. She was happy shifting into a place with all modern amenities. After two years she noticed seepage of water through her bathroom wall, destroying cabinets in her kitchen. She dialed her maintenance office and told them to address the problem. Despite repeated follow-ups things remained unchanged. Such stories are common across many housing societies where maintenance remains a key concern for residents who despite paying for it are not able to enjoy good services.

In fact the latest RICS – Knight Frank report revealed that almost 50% people had apprehensions regarding maintenance of property while selecting an affordable home.

What should people like Sharma do in such cases where the Resident Welfare Association(RWA) is not maintaining the society properly?

What does RERA say?

According to Section 11 (4) (d) the promoter is responsible for providing and maintaining essential services at reasonable charges, till the taking over of the maintenance of the project by the association of allottees.

This provision clearly lays down the rule for developers to provide essential services at reasonable charges. On the other hand, residents can often be seen protesting against builders for poor maintenance services. Some builders have their own maintenance companies which take care of the society till the time it is handed over to the residents. However, there are complaints that some builders never allow residents to take over the societies due to vested interests.

In fact, many RWAs and association of allotees have taken over the societies but are not able to maintain the society and provide good services. Residents first have to fight with the resident bodies for essential services like cleanliness, repairing work, lift maintenance and other services.

As soon as you move into a society, you should form an RWA and take over the affairs of the society in your hands. Where builder is managing the society, we can ask him to furnish details of accounts to residents so there is transparency with regard to funds.

Maintenance Charges

Every society decides their own maintenance charges, depending on the facilities and requirements available to residents. On an average, one pays between Rs 1.5 to 3 per sq ft or higher as maintenance charges in a gated society.

For example, if you pay Rs 2 per sq ft as maintenance charge and live in a 1000 sq ft flat then you have to pay Rs 2,000 per month. Similarly, the amount decreases or increases as per the size of the flat and the per sq ft rate levied by the RWA. Often in new societies, a builder takes advance maintenance for 1 or 2 years.

Maintenance charges primarily includes charges towards upkeep and maintenance of common areas and facilities, security services including CCTV, etc. Common facilities include elevators, club house and generators. The buyer should keep in mind and check that in the name of maintenance charges developers do not pad up charges which relates to developers’ overhead and administrative costs.

The Ministry of Finance issued a direction that in case the maintenance charges exceed Rs 7,500 per month per member, the entire amount is subject to 18% GST. Prior to 25th Jan 2018, GST exemption was available if the charges or share of contribution did not exceed Rs 5,000/- per month per member.

Maintenance Agreement

All residents are legally bound to pay maintenance charges as this is required for the upkeep of the society. It is not only mentioned in the maintenance agreement with the builder but also incorporated in the society bylaws. Once residents take over a society, they can decide the maintenance charges in general body meetings. Residents can always check the accounts of the society to ensure funds are being used properly. They can also seek clarification from the builder or the resident’s body.

Where to file a complaint?

If the RWA is not maintaining the society despite receiving maintenance charges or not listening to your complaints then you can file a complaint with the district consumer forum. If the claim exceeds more than Rs 1 crore then the case can be directly filed in the National Consumer Disputes Redressal Commission (NCDRC). However, the consumer can also approach NCDRC where he is not happy with the decision of the district consumer forum. You can also go to the RERA of your state and file your complaint.

In the case of Renuka Sharma, if the problem is identified to originate from within her apartment she must seek the help of the Association Maintenance or Builder Maintenance to address the issue. If the problem is identified to originate in an adjacent apartment, the owner of the apartment must be asked to address the same. In most RWAs, the charges collected will not address the individual issues inside the apartment unless this is specified in the agreement

In any case the support system that exists in a gated community is far superior to the builder floor apartment under any given circumstance

. Source: ETRealty

Sreevatsa Real Estate Projects has delivered over 25 projects that have defined community living while providing best quality and ergonomic design for each apartment

Sreevatsa Viswa & Vedh and Sreevatsa Urban Village give you a sophisticated atmosphere with all future benefits. Book now & design your family’s future in a way that helps you grow & live peacefully. All documents are ready with the necessary approvals and RERA certified. Both projects are cleared by major banks enabling ease of transaction.

67% Of Indians Ready To Take Loans: Home Credit Survey

By venpep_dev,April 29, 2022January 20, 2023

67% of Indians ready to take loans: Home Credit survey

Two out of three Indians are open to taking loans, a new survey by consumer finance provider Home Credit India has revealed.

Interestingly, fulfilling family needs and their wishes constitute the single top-most reason for people wanting to take a new loan, reveals the report, which has released a new perspective on India’s borrowing habits.

The second reason why most Indians take a loan is to upgrade their lifestyle. The survey, commissioned across 12 cities and 2,571 respondents, also revealed that 33 per cent of Indians are willing to take a loan for a consumer durable item such as homes, mobile phone, television, and refrigerator, among others. The other vastly popular loan categories are: two-wheelers (23.3 per cent) and personal expenses (20.3 per cent). This is followed by purchase of cars (12.5 per cent), house (12 per cent), and gold (10.5 per cent).“In recent years, there has been a shift in the behaviour and approach of Indians to taking loans. Nearly 67 per cent are now open to taking loans,” Marko Carevic, Chief Marketing Officer, Home Credit India, told BusinessLine here.
“This survey is yet another attempt to understand our customers, so that we can customise our product offerings to the need.”

For nearly 46 per cent of Indians, the desire to fulfil the needs and wishes of the family tops the list of reasons for taking a loan. Family-orientation and need are highest among people in Patna (61 per cent), followed by Lucknow (58 per cent), Nagpur (56 per cent), and Jaipur (54 per cent).

Mumbai tops in people taking advice from friends (65.1 per cent), Lucknow tops in advice from family (72.2 per cent), and Chandigarh tops in advice from colleagues (54.9 per cent). People in Mumbai and Delhi are the most evolved in terms of consulting a financial advisor before taking a loan at 44.2 per cent and 38.8 per cent, respectively.

While a major part of the population is open to taking loans, there is a substantial group that is loan-averse, according to the survey commissioned by Home Credit India and conducted by research agency Absolutdata.

The lack of procedural (paperwork) information and payment options is a major reason why people are loan-averse. Tier 2 towns still rely on personal experiences against professional advice for seeking a loan.

Family and friends

Friends and family not only feature at the top of the survey for fulfilling needs, but they also play the most important role in the decision-making process of the loan. Thirty four per cent of Indians rely on friends for advice while taking loans, followed by family at 31.8 per cent and colleagues at 25.4 per cent.

A financial advisor comes second at 22.4 per cent as the source of advice, followed by sales representative of a loan provider at 21.8 per cent. About 20.9 per cent people take a self-decision while availing a loan and do not consult anyone.

Source: Hindu Businessline

Sreevatsa Real Estate Projects has delivered over 25 projects that have defined community living while providing best quality and ergonomic design for each apartment.

Sreevatsa Viswa & Vedh and Sreevatsa Urban Village give you a sophisticated atmosphere with all future benefits. Book now & design your family’s future in a way that helps you grow & live peacefully. All documents are ready with the necessary approvals and RERA certified. Both projects are cleared by major banks enabling ease of transaction.