Not able to pay home loan EMIs? Here is what you can do

Having a house is lot of basic necessity instead of luxury now days. To not to miss the necessities home loans have been planned. Once the loan is given, the bank starts expecting to pay back the EMI’s each month till the loan period. Everything will be fine till the home loan EMI is paid on time. What incase if you stop paying due to losing the job or any medical emergency. This article will inform you about options when you stop paying the EMI.

Skipping EMIs may consider you as a loan defaulter.
If one EMI is skipped in that case bank will not consider you as a loan defaulter. If you skip EMI’s for three consecutive times than the due reminder will be sent. If there is no response from your end than the legal notice will be sent by the bank. Then you will be termed as a loan defaulter.

What happens if you become loan defaulter?
Once you become the home defaulter, the bank will start the procedure of acquiring over the property. They will arrange the auction to sell the property and from that they will recover their due amount. If any action should be taken it should be taken before the auction. If the credit score hit than you might not be eligible for loans in future. This may be the worst thing which may happen to you.

Options to be considered during this situation.
The best choice is to negotiate with the lenders upon this. Banks may speak to you based on this issue rather than the procedure of acquiring the property. You can show the past documents of the EMI payed all the clearance documents of the previous loan. There are few more options.

• One can ask the bank for the grace period to continue the EMI payments. You can explain the bank the reason behind not paying the EMI may be loss of job or business etc. Bank may give the grace period for recovering EMI payments with some penalty.
• Loan Refinancing- In some cases the interest rates will increase and the individual may not be in a condition to pay the EMI. In such cases you can speak to the bank to refinance or restructure the home loan. They may increase the loan period due to which the EMI will go down.
• Counseling Centers- They are many counseling centers who help you with this problems. Based on the situation they will they will give the correct options. They will give u the correct information on the things to be followed.
• Liquidating your investments- If any of the above options do not work than this can be considered as the final step. One can liquidate the existing investments like deposits or mutual funds to make EMI payments. This amount can also be considered to make part payment, further going which will reduce the EMI.

To avoid these things, you should see to it that you have to at least 5 to 6 months of expenses are kept aside as an emergency fund.

BDA and BMRC under Legal Scanner

The BDA was directed by Justice AN Venugopala Gowda to conduct a survey on illegal constructions in TG Halli Reservoir Catchment limits Zone 3. Twenty-three villages would be subjected to investigation. Acting tough on the BDA, Gowda strongly expressed concern on failure to issue notices regarding such unauthorized constructions.

Citing violations of law by BDA, Gowda also pointed out that prompt action on BDA’s part would have prevented 137 units that came up in the area since 2013, despite a 2003 notification on the issue. The judge criticized city’s town planning authority in harsh words and seem to be keen on tackling illegal constructions.

This should be considered as a vital move in a city where illegal constructions have so far remained a significant concern. The court was straightforward in stating that the Government failed to deliver satisfactory results in the last decade when it comes to such illegal buildings.

December 14, 15, and 16 are the assigned dates and BDA does not have much time as the last date for submitting the report is December 17th. Also, two days are holidays. But, the court observed that authorities would not find it tough to conduct the survey on holidays. Also, to make things easy, the court has asked for 23 separate teams instead of a few teams, thereby one team of experts would get to analyze a specific village.

Yet another noteworthy development in relation to recent reformative activities is that the BMRC, Bangalore Metro Rail Corporation, has been asked to submit detailed information on its Namma Metro Project’s workmen, contractors and sub-contractors.

This move is in order to prevent further violations of labor laws and construction norms. Previously, there have been instances of such violations by the people involved in Namma Metro Project.

The court was informed that further improvement is needed in these areas in terms of labor and living conditions.

The court took action after hearing the arguments based on a petition stating unlawful working conditions for Namma Metro laborers. The PIL was forwarded by Sathya Samuel, a social worker.

The ruling came in last week by a division bench lead by DH Waghela, Chief Justice.

Meanwhile, BMRC informed the court that there are nineteen chief contractors and about 4,500 workmen on project site, and also that all laborers were supplied ID cards. Also, the official reply pointed out that all the accident or any untoward incidents happened were promptly recorded.

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Property values stabilise due to oversupply in Thanisandra, Bangalore - Dreamz Review on Bangalore real estate

Bangalore

Thanisandra, a locality in the Northern zone of Bangalore, has lately been witnessing stable property values. According to the city-based consultants, currently, Thanisandra has an oversupply of stock and there are many units which do not have any takers. As per the data with MagicBricks.com, the capital values in Thanisandra dropped by almost 15 per cent in the Apr-Jun 2013 quarter as opposed to the consistent rise of 5, 15 and 4 per cent respectively in the Jan-Mar 2013, Oct-Dec 2012 and Jul-Sept 2012 quarters.

Several projects were launched in the beginning of 2012, as it was believed that the values would rise as the projects neared completion. Avinash Rao, regional director – South, Knight Frank Pvt Ltd, once commented in MagicBricks.com’s PropIndex that, “Thanisandra witnessed several launches in the Jul-Sep 2012 having low prices. These are expected to rise once the projects take-off.”

A part of what Rao said did happen. The prices rose in the subsequent quarters but they dropped considerably in the Apr-Jun 2013 quarter, indicating that the area could not absorb the number of units that were being produced. Supporting this, Hemand D Rawal, director of Samruddhi Realty says, “Currently, Thanisandra faces an excess supply, as there were a number of new launches, especially in the mid-income category, and this led to a drop in capital values.”

Another reason hampering the growth of property values is the proximity to other preferred residential locations such as HBR Layout, Hebbal and Nagawara. These locations also offer properties in the range of Rs 3,500 and Rs 4,000 per sq ft. Rakesh Nathan of Property Estates says, “The overall housing demand in Thanisandra gets shared between the other nearby localities. Since, these offer properties within the same range, along with a well-developed social and physical infrastructure, there is nothing special that Thanisandra offers to attract buyers.”

Source-TOI

UB Towers, Raj Bhavan Road flats are costliest in Bangalore - A Review By Dreamz Infra

BANGALORE: Your dream flat in Bangalore’s tony areas is set to leave a bigger hole in your bank account.

The new market-based guidance value for property registration came into effect on Monday, pushing up the land cost by 30%-50 % in 90% of Bangalore city areas to 100% in the rest.

UB Towers on Vittal Mallya Road is the most expensive property in Bangalore, followed by Raj Bhavan Road, Commercial Street and Sankey Road.

The value of the property at UB Towers has been pegged between Rs 20,150 and Rs 20,350 per sqft. And properties on the outskirts of Bangalore North taluk cost about 1% of that – Rs 250 per sqft, making them the cheapest in the current revision.
The revision is expected to increase the government’s revenue by Rs 1,500 crore, taking it closer to the Rs 6,700-crore mark in the 2013-14 financial year.

For the first time, the registration of houses and villas in the gated neighbourhoods has been included with the guidance value that ranges between Rs 500 and Rs 1,000 per sqft.

Guidance value

Revision likely to curb black money

The final values have been published with minor changes, based on feedback from citizens, said Adoni Syed Saleem , inspector-general of registration and commissioner of stamps.

An officer in registration department said: “The revision will help augment our revenue collection, and curb black money in property deals.”

N Manjunath, a realty dealer in Yelahanka, said: “The revision is expected to have a negative fallout in the initial 3-4 months and property registrations may slow down.” The revised guidance values of properties in BangaloreRural and Ramanagara districts have also been published.

What’s new?

The revision will apply to villas, apartments and gated communities. Geographical Information System was used for the first time to determine areas that have witnessed a growth in the number of apartments. Revision has been based on locations / type of construction /amenities provided etc. The lowest value per square foot is Rs. 250 and the highest Rs. 20,350 per sqft

Effect of the rise

Property values will go up by around 30-50 per cent. Low and middle income groups will be discouraged from buying property. Developers will, naturally, load the increase on the buyers.

http://timesofindia.indiatimes.com/city/bangalore/UB-Towers-Raj-Bhavan-Road-flats-are-costliest-in-Bangalore/articleshow/21793314.cms

Reviews on Home Loan and Interest rates - A guide by Dreamz Infra

The floating interest rate for home loan

Country's economy depends on the Finance System of the common people. The rise actually affects the on the whole and mainly on vegetables, groceries and affect the price of the goods, that we use on a daily basis. The amount of increase in the purchasing power of the people leads to lifts in the loans. However, the current account deposit of rupees indirectly lifts the internal market and the amount of the loan becomes very fragile. RBI announced its first quarter credit policy in such a critical situation. The pressure on the rupee to stabilize the banks and to fill the current account deficit is expected to be limited. Nevertheless, the internal market has focused on the amount of debt that RBI lifts, all kinds of prices, as well as the options.

RBI had already taken action for the increase in the Urbanization of the banking sector, and to promote economic activity and lending activities. Despite the improved monetary policy, RBI had given its consent for the trademark. RBI has gone a step further this time and the interest on the loan is continued as earlier. This action has been taken to prevent the current lack of prevention and control inflation.

RBI had the responsibility to focus on the decrease in the value of the rupee, against the dollar that had an impact of inflation which is inevitable. RBI has promised that it would reduce the inflation rate at the end of the current year by 5%.

Repo rate (banks that obtain a loan from RBI) has been retained at 7.25%. Similarly, the reverse repo rate (RBI raising loans from banks) is also retained 6.25%. In addition to the cash reserve ratio (banks to deposit the sum in RBI) also increased. Through all of these factors, the need for banks to increase the interest rate on a loan is in front of the general consumer.

At the same time, 5.50% of GDP rate of progression of claims, is estimated to be slightly lower compared to the the last time (5.70 percent). Oscillatory state of the global economic situation will continue in the same situation and the possibility of monetary policy.

The floating rate is the best

Repo, reverse repo rate and the cash reserve have not seen a major increase in rates. So, the floating interest rate on the loan is a better choice for whoever wishing to purchase a home loan, because there is no rise in interest rates found in the current situation.RBI order to simplify the loan policy is already in step, so that the positive aspects of economic activity is likely to be found. In order to undertake further action and to improve the situation, RBI policy is likely to be further refined in the next one month.

Inflation is under control and the decline in the rupee value of a rise in interest rates play an important role with continuation of the actions taken. At the same time developers and builders as well as financial institutions are approaching the home construction and home loans are likely to field a number of new offers. Overall, the rate of interest on the bank loan is a boon for the home loan buyers and floating-rate scheme in the current situation is the best choice.

What is floating rate?

The floating interest rate is the interest rate on a loan which is not constant till the end of the loan and that may vary according to the season. The interest rate is calculated calculate on basis of index or base rate and specified for each period. The floating interest rate is more used in the loan given to the banking and large corporate sector. For example, one person has a loan of 5 lakh worth of Home loans and the interest rate will be 10% in the first six months of the period. In the next six months there could be a possibility of interest rate rising to 10.5%. Later there is a possibility of improvement in economy and the interest rate may descend by 9.2%.

Reviews on Falling Private Equity investments in Indian Real Estate

Private equity (PE) investments in Indian real estate fell 46% to about $276 million (Rs.1,638 crore) in the first half of 2013 from a year earlier, but funds worth $2 billion are still available to be deployed in the sector, property consultant Cushman and Wakefield said in a report.

The decline in investments was due to a drop in the number of deals struck during the six months—13 against 19 in the first half of last year—as the average ticket size has remained at $40-50 million, said the report. It blamed the decline in transactions on the slowing economy and the steep depreciation in the rupee, among other factors.

“Despite a slowdown in the construction market and reduced number of investible projects in India, real estate features as the fourth-most invested sector by private equity funds in the latest report,” said Sanjay Dutt, executive managing director South Asia, Cushman and Wakefield. “It has traditionally been one of the most preferred investment categories on account of buoyant demand for real estate.”

He estimated that about $2 billion is ready to be deployed in the Indian real estate sector.
“Investors are willing to invest in real estate; however they are exploring the market for right real estate projects,” Dutt said. “We anticipate that in the next few quarters, after some regulatory and politico-economic environment are regularized, the momentum in real estate will pick up throwing open more investable options for the investors.”

The total value of investments in the residential segment fell 48% to $156 million in the first half of 2013, and by 37% to $118.1 million in the office segment, the report said.
So far in 2013, the highest value PE investment was $131.6 million in Pune, followed by $67.5 million in Mumbai, $38.8 million in the National Capital Region, and $16.9 million in Bangalore.

Source: http://www.livemint.com/Companies/58gr6oLDdAj2GeqoXE2UbJ/Private-equity-investments-in-Indian-real-estate-fall-46-in.html

Residential Hubs Sprout Up In The Vicinity of Outer Ring Road (ORR)

Residential Hubs

Earlier also, Bangalore has witnessed sprouting up of areas like Malleswaram, Yeshwanthpur, Mathikere and Rajajinagar into enlivened residential hubs... This rapid growth was being stimulated by the developing civic infrastructure projects like the NH4 leading to Tumkur Industrial Town and Metro Line that was under construction.

Currently, this 19.5 km long commute-way, along with 4.5 km elevated expressway, has resolved the woos of traffic congestion pouring in from the residential as well as commercial junctions connecting Tumkur, Peenya Industrial Area, also smoothening travel to north Karnataka and Mumbai, radiating to opposite directions.It is quite obvious that the realtors did not require a microscopic detailing to cite the future prospects of urban growth along this facilitated positioning. 

An increased consumer interest, inferred from footprints of 1.20 lakh commuters per day, also has helped the research by Knight Frank to conclude that the connectivity to Mumbai, as well as the availability of future industrial zones, have added to future prospects of residential growth within these areas including Jalahalli, Yeshwanthpur, Hessarghatta, Nelamangala and Jalahalli . 

Future development possibilities have also welcomed the frontiers of healthcare, entertainment and other aspects of social infrastructural developments. The advanced link with the NICE Ring Road adds to the boon.

Is Your House 100% Vastu ? Here are some ways to eradicate the Negative Energy

Vaastu Shastra

Here are some ways to ward off negative energy from your home:

Vastu Shastra is depends on the 8 directions of the earth’s magnetic field.

Most of us know that Vastu means Directions to live, but it is not! Now a day’s people in city or most educated people follow vastu system (vastu Shastra).

Even though we are born with good horoscope, our lifestyle and many other things are dependent on the House where we stay, so we are concerned about Vastu.

What's Vastu all about ?

The main Direction is EAST - the house should be east facing, it is just a logic that the morning sunshine should enter the house, and Sun's Energy has the power to cure the most of the skin diseases!

Points mentioned below looks simple or silly for many of us but practice them properly; you will find some change in your life in short time!!!!

·        Get up early in the Morning at least by 6.30 AM

·        Clean the House (sweep and mopping) don't depend on your Wife (help your wife everyday so that she will feel happy and the whole day of yours will be cheerful).

·        Open Up curtains full and clean up the mats every day.

·        Don't keep used Towel on Doors, chairs or on Sofa (It causes for Loan or loss on financial matter),

·        Keep the toilets Clean – use Phenol or Dettol.

·        Use washed Clothes everyday and never use torn clothes.

·        Play a Lite Music / mantras at home (Morning and evening) like Vishnu sahasra Nama, daily chant mantras.

·        Have food with all family members every day – most of the times, whenever possible.

·        Talk nicely with Kids and make some funny moments there.

·        Have a positive talk every day with wife/husband and with your parents too, don't just say Bye to wife and go!

·        Never keep any rooms unused (dark or with no light) for longer time.

·        Try to accommodate an Aquarium 

Advanced Methods to ward off Negative Energy:

·        Keep Salt in a Teacup in all the corners(4 per room) of the House (Change every week once) – Don't use powdered salt and use paper tea cups (Small) and fill salt 75% of the cups.

·        (When changing the salt - collect all the salt in a tumbler and pour it to toilet or bathroom (Do Not use or reuse the salt).

·        Put some posters in Hall (currency posters).

·        Don't keep Mirror in Bedrooms, If you have already cover with clothes in nights.

·        Main Door –Door mats should be RED Colored – put one at outside and one inside.

·        Put an Om symbol (or Swastik) on main door (stick a gold colored symbol).

·        When doing Puja use Bells (Big bells).

Points are many, but the most important part is to follow it studiously. we will come up with more significant Do's & Don'ts for vaastu in our further posts.

Keep following us, for more insight on the same. More detailed manuscripts can be obtained, feel free to share your comments & reviews.

The run towards a Dream home - Reality or Myth ?

Every now and then you will hear people speaking “few years back a decent 2BHK flat cost around 30lakh now the same flat would cost some were around 80+lakh or even more depending on the locality”. Now rising prices are not common to people in country like India, where prices fluctuate for every little political stunt or even depend upon demand and supply. Now this is hard to accept the fact that sometimes these prices change a lot more than expected and there is no control over it. This major fluctuation is not always as per the market, real estate scams & frauds, excessive commissions between builders and agent can also cause the price increase to the end consumer. 

Hurdles before you own your dream house:

Normal middle class people always have dreamt for a dream home, right from the state when they start earning. But these dreams don’t materialise for many, because by the time they would at least manage to get the down payments for a flat, the prices might have gone higher than the time, when they actually planned for a house & started saving. Home loans are been arranged now a days with many private and nationalised banks to help the cause. But the point still remains that, the huge price variations have made many prospects buyer to shelf their dreams.

Agents in between builders:

“Agents”- now this term is a very common term now a days, almost every sector irrespective of real estate sector has agents in between the selling party (builders) in this case & the prospect buyers.

Agents can be good or might cause a big hole in your pocket towards your dream home, because they tend to raise the price to the buyers while increasing their profits. This can be controlled apparently if builders try to acquire buyers themselves rather been more dependent on the agents.

Land scarcity & Increase in living costs (Inflation):

Increase in prices is what we are more acquainted with, which has become very much common now days. Government change or major economic reforms, depreciation in exports, and depreciating rupee value cause major drive to the increase in prices. Now the increase in prices not only affects the upward trend in constructed space, it also pushes the cost of construction materials. The price for a flat before construction would largely vary in comparison to a constructed flat. Though builders are coming up with excellent offers to reduce the price to lure buyers, but largely they fail to keep up with the promise and somewhere or the other buyers end up to be on the losing side.

Land Scarcity is another big problem in developing cities like Bangalore, where the prominent places to stay are either filled up or there is no space to initiate any further constructions. Either a buyer has to shell out, way to much of cash to buy a dream home at a place of his desires or rather he will have to compromise to a different place which could be either far from the city or could be in down suburbs.

Dreamz Infra towards Innovation and Making people dreams come true:

Dreamz infra one of the upcoming and most respected real estate company in Bangalore. Dreamz has always strived in making people’s dream come true by building breakthrough price challenging homes; Dreamz looks forward towards their customers with robust engineering, excellentdesign team to assist, timeline bound, and customer centric approach. They believe in complete value for money in what they build, dreamz have continuously evolved them-self in respect to their customers from the customers reviews, feedbacks & encouragement. There residential projects include affordable apartments to luxury flats with all modern amenities, they have always worked towards to keep the prices affordable by keeping up the quality with innovative aesthetics.

New Design Flats - A 3D View of Some amazing apartments

GALLERY (Please wait for a while - downloading images takes sometime) 

 Flats a living partner for all of us!!! It should look like : "Just amazing". When we are on travelling we would have seen some out standing Apartments, Flats, Villas.

But when it comes to our own - we end up with lot of confusion!!! Why Others? why not me? these questions are always a shadows for us isn't it? So here we have come up with some interesting 3D views of Flats.

Browse it and keep it for yourself, whenever needed you just come here and decide. In this Particular Blog of Dreamz infra bangalore we will be updating with lot of new pictures, desings and reviews about Bangalore real estate companies.

 Dreamz infra review page can be found here And dreamz infra bangalore - request all the readers to post your comments on the same and share some interesting Flat design here, so that other readers can make use of it.

4 POINTS - BEFORE BUYING A FLAT IN BANGALORE

YOU SHOULD KNOW SOME IMPORTANT FACTS

OTHERWISE YOU WILL BE CHEATED – READ IT CAREFULLY AND THEN PROCEED:

You might have read so many reviews, complaints, suggestions and fraud about real estate companies, so before you go for some investment you should know or fulfill all these (below mentioned points). If any small mistake happens in this process we will end up in court or in police station, all it creates “paid mental torture” because we have paid for the property and now fighting to get our cash back. Here are some points make you perfect in Buying a flat.

So I request all the readers to go through the document clearly and make a note of it.

Here are the Points:

1. Budgeting - Financial arrangements

2. Where to buy? Which Realtor?

3. Preferred Location

4. Legalizing the process – Papers and documents

I – Financial Plan:

For most of us the money matters a lot, either we pay full or go for Bank Loan. If you are salaried employee it is better to go for a Bank Loan.

The Bank loan and its approval depends on your Salary, if one person's salary is not meeting the requirement you can go for joint loan – husband - wife can jointly apply for the loan. There are so many real estate companies where they provide loan facility from their side.

Before signing the Loan Documents ask the banker to provide a clear picture of your loan details.

Such as EMI, Processing fee, Document charges, Annual charges (if any), ask clearly about hidden charges and try to get all these in writing.

Ask about Electricity, Water

What are the fees? – Stamp Duty, Registration charges, and importantly agents commission (It is strictly 1% or still less – Not more than that)

If Buying built house or flat – Look out for its condition and then fix the rate or ask for renovation or repair.

2. Where to Buy? Who should be your real estate company or Agent?

First and foremost before buying a flat or a house is – you should talk to some real estate agents and visit some properties. So that you will come to know the price range and market price of that locality.

Negotiate the Price with all the Agents as if you are going to buy - this gives you the perfect idea about the price in that area

Do the same with all Realtor and tell them that price is too high and we are unable to proceed so that he will give you a best price, Compare all the rates from different Agents, then come to a conclusion.

Track down all the points and compare – such as – Distance to your offices, schools, people around you, Safety etc.

3. Location – the above points discusses itself about the Location. But after all these discuss with your friends and take them to that place and show the place, ask for suggestions, consider that  and make a note of it.

4. Legalizing the process – Papers and documents

Once all the survey is done from your end, consult a lawyer for Paper verification and don’t keep it in your mind that it costs you more

The Lawyer fee for Verification of Documents will be in the range of Rs.2500 – 5000.

Keep a copy of the entire document before you go for paper verification and ask for all identity proof of your Real Estate Company or agent. Do not hesitate to ask for the papers.

Never compromise on Legal formalities and force the agent to get it done.

There are so many property yatra will be going on weekends, please visit and take part in it. Have experience of such activities.

Recently some Realtor have conducted Property yatra in Bangalore for Free of cost.

For example – Dreamz infra Bangalore.

  

                                                                        

40% discount on all flats in bangalore @ Dreamz infra

Bangalore is a IT hub,and the environment and weather is made for peaceful life. In earlier days Bangalore was a city for retired people due to its calm weather.

Once we spend sometime in Bangalore we will have a feel of owning a house in Bangalore. its everyone's dream to buy a flat or house in Bangalore.

Not only for the weather but also for the cost, Yes the Cost of living in Bangalore is too high.
Paying the monthly rent here will fetch you a flat in few years.

A proper plan for your Salary can buy a flat in short term,If you are in search of a Flat at lower price you have landed up in the right place. Here are the some useful info.

Finding Genuine Realtor is very difficult.There are so many Big branded real estate companies but affording the price will be a sky touch for common people, So you have to find a very good real estate company and it should sell the flats for reasonable price.

Dreamz GK Infra is Growing company in Bangalore and it has got a very good name in the industry, because of its
Low margin and low profit margin Sales.

Dreamz infra GK provides the flats for very less price, as compared to the market price the Dreamz price will be 40% less.

It is really a golden time to book the flats now before the price and market rates raise up.
the details of the dreamz projects will be available here -  Dreamz projects

Dreamz Infra also providing many social platforms to share customers feedback and reviews. You can post your valuable comments below or to post dreamz infra reviews visit our other blogs.