Buying a home for the first time? Don’t forget to claim these benefits

 Buying a home for the first time? Don’t forget to claim these benefits

As a first-time homebuyer, you may qualify for some sweet perks like tax savings, reduced interest rates, and even special discounts from developers. So, keep an eye out  as you might have a chance to save a handsome amount

Purchasing your first home can be pretty overwhelming. But don’t worry, there are a bunch of perks that can make this experience a bit smoother - not to mention easier on your wallet!

Benefits galore:

Under Section 80C, first-time buyers can claim tax benefits of up to Rs 1.5 lakh on the principal repayment of a house loan, but this is applicable only for homes that are completed and owned for at least five years from the date of acquisition; 

Additionally, Sections 80EE and 80EEA provide a tax credit of Rs 50,000 on interest repayment for first-time homebuyers;

You can also get interest deductions of up to Rs two lakh per year under Section 24, provided the home is owned and not rented;

Section 80EEA of the Income Tax Act, 1961, provides an additional deduction on home loan interest for first-time homebuyers of affordable housing. The deduction is limited to a maximum amount of Rs 1.5 lakh per financial year, provided the property value is up to Rs 45 lakh and the loan is sanctioned between specific timeframes. 

“The Real Estate Regulation Act (RERA) ensures transparency and accountability in the real estate sector, thus protecting the interests of buyers by curbing malpractices. The Pradhan Mantri Awas Yojana (PMAY) is aimed at providing “housing for everyone” and benefits first-time home purchasers from lower and middle-income families. The subsidy rates on the principal amount vary based on the buyer’s income, with additional income brackets recently introduced to extend the benefits to a wider segment of the population. Moreover, the housing subsidy GST has been reduced from 12 per cent to eight per cent for residences acquired under PMAY, allowing eligible first-time homeowners to avail of a higher subsidy of up to Rs 2.7 lakh,” informs Pritam Chivukula, vice president, CREDAI-MCHI.

Money matters :

First-time homebuyers can avail of competitive home loan interest rates from top banks and lenders. These rates are generally tailored based on various eligibility criteria. Besides, if you’re a salaried employee, your interest rates could be lowered by 15-20 basis points as compared to those who are self-employed. Akash Pharande, managing director of a real estate firm adds, “Banks occasionally roll out special offers for first-time homebuyers. You might see slight reductions in interest rates or other benefits such as a waiver on processing fees and prepayment charges, among others. However, these offers are usually available during the festive season. So, keep an eye out for these sweet deals.” The interest rates you might end up paying on your home loan depend on several factors which include the size of your loan, the term of the loan, and your credit score. So, keep these factors in mind while planning your finances.

“Bigger loans, longer payback periods, or a weak CIBIL score may attract slightly higher interest rates. Remember, not all banks and financial institutions offer the same rates and terms for their loans. It’s essential to compare offerings from multiple lenders to get the best deal,” says Vickash Choudhary, founder of a real estate firm.

The one mistake that first-time homebuyers often make is that they focus mainly on securing lower interest rates, but they should also consider other terms such as prepayment charges and processing fees while comparing loan offers.

Developers play their part :

Developers often extend special reductions and benefits to attract first-time homebuyers and promote their projects. These benefits can vary depending on the developer’s marketing strategy and the property being offered. Common offers include discounts on the base price of the property, thus making it more affordable for first-time buyers. Some developers may also provide additional incentives such as free furniture or appliances, or free membership to gyms or clubhouses. Additionally, to ease the financial burden on first-time buyers, developers might offer flexible payment plans with staggered payments or lower initial down payment requirements. Developers may offer discounted prices to first-time homebuyers, especially in affordable housing projects. Some developers may waive off additional charges such as floor rise charges, preferred location charges, or clubhouse membership fees to attract first-time buyers. Developers may have tie-ups with specific banks or financial institutions, thus providing special home loan interest rates or processing fee waivers for buyers of their properties. Chivukula cautions, “Prospective homebuyers should thoroughly review all the terms and conditions of such offers before making any decisions to ensure they fully understand the benefits and implications.”

கம்பி கட்டு வேலையில் கவனக்குறைவு ஏற்பட்டால் அது கட்டடத்தை பாதிக்கும்!

 கம்பி கட்டு வேலையில் கவனக்குறைவு ஏற்பட்டால் அது கட்டடத்தை பாதிக்கும்!

புதிதாக கட்டப்படும் கட்டடங்கள் பெரும்பாலும் பிரேம்டு ஸ்ட்ரக்சர் முறையில் கட்டப்படுகிறது.  இவ்வாறு, கட்டுவதில், அஸ்திவார தூண்கள், பீம்கள், மேல் தளம் ஆகியவை அத்தியாவசிய அமைப்புகளாக உள்ளன.

இந்த அமைப்புகளுக்கான கட்டுமான பணியில் சில அடிப்படை விஷயங்களை புரிந்து செயல்பட வேண்டும்.  இக்கட்டுமானங்களின் அளவுகள் என்ன என்பதை ஆரம்ப நிலையிலேயே வரையறுக்க வேண்டும்.

அதாவது, பணி முடியும் நிலையில் என்ன அளவில் இருக்க வேண்டும் என்பதை கணக்கிட்டு அதற்கு ஏற்ற வகையில் செயல்பட வேண்டும்.

குறிப்பாக, கம்பி கூடுகள் அமைக்கும் போது, அவற்றுக்கும், வெளிப்புற தாங்கு பல கைகளுக்கும் இடைப்பட்ட பகுதியின் அளவை துல்லியமாக கணக்கிடுவது அவசியம்.  தூண்கள், பீம்கள் அமைப்பதில் கம்பி கூடுகளுக்கு நடுவிலும், வெளிப்புறத்திலும் கான்கிரீட் கலவை கொட்டப்படும்.  இந்த பகுதிகளின் அளவுகள் எப்படி இருக்க வேண்டும் என்பதை சரியாக கணக்கிட வேண்டும்.

கம்பி கூடுகளுக்கு வெளியில் கான்கிரீட் பரப்பு எப்படி அமைய வேண்டும் என்பதில் கவனமாக இருக்க வேண்டும்.  இதை துல்லியமாக பார்த்து தாங்கு பலகைகளை அமைப்பது அவசியம்.  இதில் கம்பிகளுக்கும், தாங்கு பலகைகளுக்குமான இடைவெளி குறைந்தால், அது கட்டுமானத்தை பாதிக்கும்.  அதே நேரத்தில், இந்த இடைவெளி தேவை இல்லாமல் அதிகமானாலும், சிக்கல் தான்.  இதே போன்று மேல் தளம் அமைப்பதிலும், கம்பி கூடுகள் தாங்கு பலகைகளுக்கு இடைப்பட்ட பகுதியின் அளவை சரியாக பராமரிக்க வேண்டும்.

இதில், கம்பி கூடுதல் தாங்கு பலகைகளை தொடாமல் இருப்பதை உறுதி செய்யுங்கள்.  இந்த இடைவெளியில் கான்கிரீட் கலவை நன்கு பரவ வழி செய்ய வேண்டும்.  மேல் தளம் அமைப்பு பணியின் போது, கான்கிரீட் கலவை பரவலை உறுதி செய்ய நடவடிக்கை எடுக்க வேண்டும்.

குறிப்பாக, கான்கிரீட் கலவை, சரியாக பரவாத நிலையில், அது நீர் கசிவு போன்ற பிரச்னைகளுக்கு வழிவகுக்கும்.  எனவே, தாங்கு பலகைகள் அமைக்கும் போது அதில் மிகுந்த கவனத்துடன் செயல்படுங்கள் என்கின்றனர் கட்டுமான பொறியாளர்கள்.

Make the right choice : Standalone home vs. flat

 Make the right choice : Standalone home vs. flat

In the bustling real estate landscape of Chennai, here is a guide to help you choose between an independent house and apartment

With its diverse real estate landscape offering everything from luxurious villas to modern apartments, prospective homebuyers in Chennai are often confused with a pivotal decision: whether to invest in a standalone home or an apartment. Each option presents its own unique set of advantages and considerations.

Current market scenario

As per Anarock Research, as many as 28,300 units are available for sale in Chennai as of H2 2023. These include all property types such as apartments, villas, plotted developments, etc. Though apartments are the first choice of property seekers, it’s interesting to know that villas as a property type gained much traction during the pandemic. This was also revealed in Anarock’s Consumer Sentiment survey wherein demand for villas went up across cities. Interestingly, villas were popular among buyers in Tier II and III cities. As per the survey, almost 27 per cent of respondents who are looking to buy in Tier-II and III cities chose villas as their first preference. As for the top seven cities, notably the southern cities have a higher demand for villas. For instance, in Hyderabad, almost 19 per cent of respondents preferred to buy villas, in Bengaluru 14 per cent preferred it, while in Chennai, nine per cent of respondents preferred villas.

Apartment or an independent house: What is the ideal choice in Chennai?

Both apartments and villas depreciate over time in terms of value and strength, as compared to the newer buildings. Buying a home in a new building would always be a tad bit more expensive than the resale market. What one thus needs to consider is the purpose of their purchase. Apartments generally come with lesser work in renovations and repair (water connection, electricity, gas line, etc). On the other hand, if buying a villa, along with the utilities, you may also have to take care of either building the structure or renovating the existing one including the desired type of fencing as everyone’s security needs vary. The stress of ensuring there are no trespassers also lies with the owner in the case of a villa. However, your preferences and needs should be the priority before deciding between the two.

Where to buy a house in Chennai?

“In the past, central regions of Chennai like Nungambakkam, Alwarpet, and Mylapore have typically featured standalone homes. As the city expanded, some of these homes were transformed into apartments due to an increase in the number of buyers and evolving consumer preference for gated communities catering to urban lifestyles. This shift has also been supported by the growth of the office sector, with increasing IT/ITeS firms in OMR in South Chennai and buoyant industrial activity in Oragadam-Sriperumbudur and surrounding locations in West Chennai. Thus, over the recent years, South and West Chennai have garnered a dominant share in launches and sales of housing units. Notably, South Chennai now holds around 60 per cent of the city’s housing stock, with prominent zones such as OMR, GST Road, ECR, and neighborhoods such as Velachery and Adyar. This growth has also been fuelled by urban expansion and increased property values in central areas,” informs Anshuman Magazine, chairman and CEO - India, South-East Asia, Middle East & Africa, CBRE.

What is the best bet for you?

Advantages of apartments:

 Apartments offer convenience and shared amenities. They often come with security features and have maintenance handled by society management. Their central locations provide easy access to various facilities and can be more affordable than houses.

Disadvantages of apartments:

 There are often rules set in place by the building management that can limit how much you can personalize the space. Plus, the resale value of an apartment might not increase quite as quickly as you’re hoping.

Advantages of independent houses:

 Independent houses offer ample space and privacy. They often come with private outdoor areas, giving residents more freedom for gardening and outdoor activities. The resale value can be pretty good, and no shared amenities or restrictive rules usually exist.

Disadvantages of independent houses: 

Apartments come with minimum hassles of maintenance. On the other hand, in an independent home, the owner must go through the hassles of finding plumbers or carpenters, and even take it upon himself to manicure the lawns. Although most of the amenities (pool, and garden) can be built into an individual house, the financial implications are huge. Also, owners have to install CCTV cameras or burglar alarms to monitor the property, which is an additional expense.

– Manju Yagnik, senior vice-president, NAREDCO

 

இன்சூரன்ஸ் வேண்டுமா? - காரை ஆன் செய்யாதீர்கள்! 

வெள்ளத்தில் கார்கள் மூழ்கினால் இன்ஸ்சூரன்ஸ் பெறும் வழிமுறைகள் என்ன? எந்தெந்த காப்பீட்டிற்கு எவ்வளவு சதவிகித தொகை கிடைக்கும்? என்னென்ன தவறுகளை செய்யக்கூடாது? உள்ளிட்ட தகவல்கள்

https://youtu.be/rcbxXUBfeFQ?si=BRKWsv89gxmOqqEo

Have you inspected the property before signing on the dotted line !!

 Have you inspected the property before signing on the dotted line !!

Just visiting the place and pointing out a few cracks aren’t enough. A thorough home inspection is important for a smooth stay

Jayanthi and her husband Kannan recently bought a home in Chennai. During our conversation with them, we asked if they conducted a home inspection before making their big purchase. And their reaction was, “Oh! What’s that? Is it even legal?” On educating them that, though not quite popular yet, it is legal to get a home inspection done before or just after you sign the deal. They said, “We wish we knew that. So far, we haven’t faced any troubles with our new home. But, this seems quite useful and would suggest our friends and family to do the same.”

When you’re out and about exploring the property (for end-use or rent), a broker or sales executive will likely join you. They’ll guide you through the property, and discuss the costs and all, but in this whirlwind, you get a limited chance to properly check out the house yourself.

During a typical site tour, you might notice newly painted walls, yet it’s impossible to inspect the building’s structural quality. You’ll likely see a beautifully maintained home, but the possible presence of leaks or pests won’t be visible. Hence, it’s crucial to make a thorough home inspection your top priority.

Although it is not a popular practice in India, unlike Western countries where it is a regulated industry, there are still a few new-age companies that offer this service. Experts in the sector hope that some government guidelines are formed in India as well to aid homebuyers. “There should also be proper codes and tolerance limits set for the finishing aspects of building construction,” says Venkat, chief business officer of a leading home inspection company.

Questions To Ask Your Landlord !!

 

Questions To Ask Your Landlord !!

Here’s a handy list of questions to ask your landlord to ensure your stay at your new place is hassle-free

Thinking about renting a home? It’s crucial to have a chat with your landlord about some key points first. This way, you won’t face any surprises down the line.

1. Rent and payment terms

What is the monthly rent, and when is it due?
What are the accepted modes of payment (e.g., bank transfer, check, cash)?

2. Security deposit

How much is the security deposit?
When will the security deposit be returned once you vacate the property?

3. Maintenance and repairs

How are maintenance and repairs handled?
If something breaks, who will repair it?

4. Utilities and amenities

Which utilities are included in the rent (e.g., water, electricity, gas, etc)?

Are there any shared amenities (e.g., gym, swimming pool), and are they included in the rent?

5. Guest policy

Is there a policy regarding guests and overnight visitors?
Are there any restrictions on the number of occupants?

6. Security and safety

            What security measures are in place (e.g., locks, security cameras)?
        Does the property come equipped with fire safety gear, such as smoke detectors? 

7. Parking and storage

           Is parking available, and if so, is it included in the rent?
       Is there storage space available for tenants?

8. Notice period

          How much advance notice do we need to give to terminate the lease agreement?
      Can either party terminate the lease before its expiration, and under what conditions?

9. Legal obligations

          Can you review a copy of the lease agreement before signing it?
      Are there any specific rules or regulations you should be aware of, such as building rules or local law?    

10. Appliance and furniture

           Which appliances and pieces of furniture come with the rental? 

Asking these questions can help you make an informed decision. Besides, you should also make sure that everything that you have mutually agreed upon should be documented in writing, preferably within the lease agreement, to avoid any disputes in the future.

Buying A House? Talk To The Neighbours First !!

 

Buying A House? Talk To The Neighbours First !!

Here’s why a conversation with the locals and neighbours about the property you wish to buy is important before you sign on the dotted line.

You’ve spotted your dream pad, contacted the property broker, checked out the house and the neighbourhood, sorted out your financial plan, and are all set to ink the deal. But have you truly collected all the information you possibly could?

Purchasing a home is a once-in-a-lifetime decision you’ll make. And you definitely wouldn’t want any slip-ups. So, here’s a simple yet crucial step to avoid any hitches once you’ve moved into your new abode — chat with the neighbours and locals. It might seem minor, but it’s super important. Keep reading to find out why.

Getting to know your neighbour is important because it helps you figure out whether you’re a good match or not. After all, compatibility plays a critical role, considering you’ll most likely be near them for quite some time. Nobody wants a tricky neighbour situation, right? Moreover, in case of an emergency, they’re usually the first ones you’ll turn to for help. It’s always good to be on friendly terms with them.

If there is anyone who can give you detailed information about the locality even better than your real estate agent, they are the locals. Speak to the shopkeepers, daily vendors, watchmen and house help. All you have to do is just strike a conversation and ask them what is it like to live there. Your real estate agent may hide a few negatives about the area, but these neutral participants would ensure that you have a proper low-down of the area. Saie Jadhav, a lawyer recently bought a house in Borivali (Mumbai). Sharing her experience, she says, “Five years ago, right after we got hitched, we bought a house in Malad (Mumbai). We were very excited and eagerly moved into our new place. Little did we know that we were about to face several challenges, such as dealing with heavy traffic, experiencing troublesome waterlogging during monsoon, and battling a lack of public transportation options. Foolishly, we hadn’t done our homework. We should’ve chatted with the locals or anyone from the area before sealing the deal. But we didn’t. Our decision was swayed by an appealing house complex loaded with amenities. Our site visit was a quick one, and we didn’t get a chance to truly explore the neighbourhood because we travelled by cab. But we learnt from our mistakes. When we recently purchased another house in Borivali, we made sure to talk to the locals and neighbours about the area’s conditions. This led to a much-smoother transition and saved us a lot of potential hiccups.”

Ensure that you enquire about the crime rate in the area, local municipal governance (does the garbage get picked up on time? Are the roads maintained well?), power or water cut situation, etc. 

Shraddha Kadam, a private sector employee who recently booked a new house shares her house-hunting journey, “Before we settled on buying this house, we had our eye on another one. We had liked it until we met one of the neighbours living next door. They were nice enough to tell us that the house needed a fresh coat of paint every year because of water leaking in from the outside walls and the seller had just managed to paint it before listing it on the market. Our agent conveniently seemed to have skipped out on sharing this particular detail with us and when we confronted him about it, he claimed he did not know of this. One thing’s certain — we sure dodged a bullet, thanks to that candid conversation with the neighbour.”

Enquire about the schools and healthcare facilities as they are some of the basic requirements of a locality. Ask about the management committee and the rules of the building. This looks negligible but it will give you an idea about basic functions such as trash collection, amenities, common area rules, cleaning, maintenance, and food consumption norms, if any, to name a few. 

Overall, remember, it’s perfectly fine to approach your neighbours and locals and seek their knowledge of the area or building. Get their viewpoint before you dive into your worries. Starting a conversation might feel a bit weird, but you’d be amazed at how many people are keen to share their experiences. Just a quick chat could provide you with a wealth of information and help you avoid any potential hassles as a homeowner.

கட்டட அனுமதி தொடர்பாக நில உரிமையாளர்களுக்கு விழிப்புணர்வு தேவை !!

 கட்டட அனுமதி தொடர்பாக நில உரிமையாளர்களுக்கு விழிப்புணர்வு தேவை!!

கட்டுமான திட்டங்களுக்கு அனுமதி பெறுவது கஷ்டமாகிவிட்ட நிலையில் அது தொடர்பாக மக்களிடம் போதிய விழிப்புணர்வு இல்லை என்று கூறப்படுகிறது. என் பெயரில் உள்ள பட்டா நிலத்தில் வீடு கட்ட நான் ஏன் அனுமதி வாங்க வேண்டும் என்ற கேள்வி எழுகிறது.

மேலோட்டமாக பார்த்தால் இது சரியான கேள்வி போன்று தோன்றும். ஆனால், நகரமைப்பு தொடர்பான விழிப்புணர்வு இல்லாததே இக்கேள்வியின் அடிப்படையாக உள்ளது.

ஒரு ரியல் எஸ்டேட் திட்டத்தை உருவாக்க, ஒரு பில்டர் சம்பந்தப்பட்ட அனைத்து அதிகாரிகளிடமிருந்தும் ஒப்புதல்கள் மற்றும் அனுமதிகளைப் பெற வேண்டும். இந்த அனுமதிகள் இல்லாமல் கட்டப்படும் எந்தவொரு கட்டடத்திற்கும் அபராதம் மற்றும் வழக்குத் தொடரும் வடிவத்தில் அபராதம் விதிக்கப்படும்.

நீங்கள் சொந்தமாக வீட்டைக் கட்டினாலும், அல்லது ஒன்றை வாங்கினாலும், அனைத்து அனுமதிகளும் பெறப்பட்டுள்ளதா என்பதை நீங்கள் சரிபார்க்க வேண்டும், எனவே நீங்கள் எதிர்காலத்தில் எந்த சிக்கலையும் சந்திக்க மாட்டீர்கள்.

ஒரு நிலத்தை நீங்கள் விலைக்கு வாங்குகிறீர்கள் என்றால், அதற்கான பத்திரம் உங்கள் பெயருக்கு வர வேண்டும். அதன் பின் அந்த நிலத்துக்கான பட்டா உள்ளிட்ட ஆவணங்கள் உங்கள் பெயருக்கு மாற்றப்பட வேண்டும். இதற்கு அடுத்து அந்த நிலத்தில் மேம்பாட்டு பணிகள் குறித்து நீங்கள் திட்டமிட வேண்டும். இதில் பத்திரம் விற்பனையையும், பட்டா நில உரிமையையும் உறுதி செய்கிறது. நகரமைப்பு சட்ட விதிகள் அந்த நிலத்தில் எத்தகைய மேம்பாட்டு பணிகளை அனுமதிக்கலாம் என்பதை முடிவு செய்கிறது.

இதன்படி தான் வீடு கட்ட உரிய அரசு துறையிடம் அனுமதி பெற வேண்டும் என வலியுறுத்தப்படுகிறது. நிலத்தின் அளவு, அது அமைந்துள்ள பகுதியின் தன்மை, சாலையின் அகலம் ஆகியவற்றின் அடிப்படையில் கட்டடங்களின் அளவு வரையறுக்கப்படுகிறது. இந்த வரையறைகளின் அடிப்படையிலேயே புதிய கட்டடங்கள் அனுமதிக்கப்படுகின்றன.

உதாரணமாக, 2,400 சதுர அடி நிலத்தை நீங்கள் வைத்துள்ளீர்கள். உங்கள் நிலத்துக்கு இடது, வலது பக்கத்திலும் இதே அளவுக்கு மனையை வேறு சிலர் வைத்துள்ளனர்.இதில் இடப்புறம் இருப்பவர், ஆறு மாடி கட்டடத்தை கட்டுகிறார். இத போன்று வலப்புறம் இருப்பவரும் அனுமதி இன்றி, ஏழு மாடி கட்டடத்தை கட்டிவிடுகிறார்.

இதன் பின், நடுவில் இருக்கும் உங்கள் மனைக்கு நீங்கள் சென்று வருவது கூட சிக்கலாகி விடும். இது போன்ற சிக்கல்கள் எழாமல் இருக்கவே, கட்டட விதிகள் வகுக்கப்பட்டுள்ளது. இந்த விதிகளின்படி, 2,400 சதுர அடி நிலத்தில் எவ்வளவு வீடு கட்ட வேண்டும், அதை எவ்வளவு பேர் பயன்படுத்தலாம் ஆகியவை வரையறுக்கப்படுகின்றன.

இதனாலேயே நகர்ப்புற வளர்ச்சியில் சமநிலை ஏற்படுத்தப்படுகிறது. நில உரிமையாளர்கள் இதை புரிந்து சரியான முடிவுகளை எடுக்க வேண்டும்

கட்டுமானம் முடிந்ததும், கட்டடம் கட்டுபவர் நிறைவு சான்றிதழைப் பெறுவது கட்டாயமாகும்.

ஆய்வு செயல்முறைக்குப் பிறகு இந்த சான்றிதழ் வழங்கப்படுகிறது. ஒரு பில்டர் அல்லது உரிமையாளர் அங்கீகரிக்கப்பட்ட திட்டத்தின்படி கட்டடத்தை கட்டியிருப்பதை இது உறுதி செய்யும். என்கின்றனர் நகரமைப்பு வல்லுனர்கள்.