HomeCapital
By HomeCapital Team
HomeBuyersConnect: Maximizing Your Home Loan Tax Benefits With CA. Pankaj Saraogi
Having a home is the dream of every individual. But it is more than the fulfillment of dreams. As per the Income Tax Act of 1961, the government offers different tax benefits to uplift citizens by investing in property. Therefore, an individual can save a notable amount of money on their tax remittances by being aware of all the home loan tax benefits.
However, navigating the complex world of taxes and fillings can be daunting and confusing. With multiple sections within the tax law, understanding deductions and their implications requires a lot of expert insight. With the end of the financial year arriving, we'll be hosting Mr. Pankaj Saraogi, to share his insights and make your home buying journey as smooth as possible.
HomeBuyersConnect: Upgrading To A Dream New-Home With Mr. Jesal Sanghvi, Co-Founder, HomeXchange
Urban apartments in cities such as Mumbai and Bengaluru are known for their small size and exorbitant prices. With land becoming scarce, cities are growing vertically, providing a new dimension to expand and relax. At the same time, the pandemic has drastically altered people's lifestyles, increasing demand for in-house office space, convenient amenities within the housing complex, and a highly cohesive community of like-minded individuals.
On the other hand, upgrading to a bigger and better new-home can be a herculean task that requires scouting for a new project, financing the purchase, and simultaneously finding a new buyer for your old home. The process can be quite cumbersome and time-consuming, requiring one to spend weeks, if not months, to complete the entire process.
To ease your New-home upgrading journey, we'll be hosting Mr. Jesal Sanghvi, Co-Founder and CEO, HomeXchange.
HomeBuyersConnect: Finding The Right Property With Mr. Vishal Bhargava, Real Estate Columnist, Moneycontrol
Buying a house is a once-in-a-lifetime decision for most, making it critical to choose the right project that fulfills all requirements. The experience of buying a home in India can vary widely depending on a number of factors, including the location of the property, the availability of financing, and the individual's budget and preferences.
This can be a complex and time-consuming process, especially if one's not familiar with the local real estate market or the legal requirements for buying a home.
To ease your home buying journey, we're be hosting Mr. Vishal Bhargava, Real Estate Columnist, Moneycontrol, to share his insights on,
Latest trends in the real estate industry
Decode property marketing jargon
Top house hunting mistakes to avoid
Factors to consider before finalising
HomeBuyersConnect: Home Loans - The Inside Story with Mr. Srikant Rao, Product Head, Mortgages, Kotak Mahindra Bank
What is an amortization schedule?
What is LTV in a home loan?
What is floating interest? How is it different from fixed?
What should be your strategy in dealing with the banks?
Get all your home loan questions answered by the expert, Mr Srikant Rao.
HomeBuyersConnect: How To Build & Develop Your Credit Score With Mr. Parijat Garg, Digital Lending Expert
Are you wondering how your credit score is measured by credit bureaus? Looking for ways to improve and maintain your credit score for easy availability of loans?
We're hosting Mr. Parijat Garg to understand how the scores are calculated and ways to find the sweet spot.
Tune in & hear how the right credit score translates into better interest rates and offering.
Home Buying Decision
Owning a home gives a feeling of emotional satisfaction, pride and social security. Home buying is one of the biggest financial decisions that an individual makes in his entire lifetime.
With the growing needs of your family, you may consider buying a home at some point in time. With home buying being a preferred investment option in India, your personality and lifestyle requirements are quite likely to influence your home buying decision.
Post Covid Snapshot Of Bangalore Real Estate
Bangalore is identified as the epicenter of the niche IT sector of the country. It has its own flavour in the real estate industry. The end-users dominate the Bangalore real estate market and the control of investors is way too less. Thus, the property price spectrum remains narrow.
Bangalore, despite being a forerunner across quite a few aspects of life as well as industry, lacks public transport infrastructure. However, that leaves great scope for infrastructure development which can boost Bangalore Real Estate.
Successfully Negotiating A Deal
If you are a home buyer, you have a huge scope for sucessfully negotiating a home deal today. This is because the developers are experiencing a liquidity crunch. They are accommodating customers with more discounts and attractive offers.
Before starting a successful negotiation, it is advisable that you should do a background check of the developer. If the developer has enough number of buyers for his new project, then you can negotiate but up to a certain limit. The final discount, which you get might not be up to your expectations.
Down Payment Financing
The HomeCapital Down Payment Assistance Program was launched with the objective to make home-buying more affordable for home buyers by financing a section of their down payment requirements. Various factors like increasing income levels and government reforms have made it the ideal period to purchase a home. However, arranging for the down payment financing remains a challenge.
Home Financing
While considering financial assistance in the form of home loan the two home financing options include banks and Housing Finance Companies (HFCs). Usually, banks are considered as the most common place to avail of a home loan. However, you can also avail of a home loan at attractive interest rates from an HFC. An HFC is a kind of a Non-Banking Finance Company (NBFC) solely into the financing of purchase or construction of homes. Banks are regulated by the Reserve Bank India (RBI) whereas HFCs are controlled by the National Housing Bank, a subsidiary of RBI.
Selecting The Right Home
Once you decide upon your home budget, selecting the right property can prove to be a herculean task. In order to get a property of your choice in your preferred location and meet your budget requirements, it is important to gather as much information as you can. It is necessary that you make a decision based on the current financial situation, lifestyle consideration and long-term family needs. Shortlisting a property involves two crucial steps that include requirement gathering and location & property shortlisting.
Assessment of Your Financial Situation
Before opting for a home loan it is essential to determine how much down payment you can make and how much amount you can afford towards payment of Equated Monthly Instalments (EMIs).
Doing such an assessment will help determine your the effective of your home loan investment. In addition, with this assessment, you will also get a clear understanding that for how long your assets can serve as cover for your EMIs if your regular income stops due to some unforeseen situation. You can determine your home loan budget by following a 4-step process.
Deal Closure
Doing proper legal due diligence before deal closure forms the most critical aspect of your home buying process as you put your life savings into it. Legal due diligence is a process by which you can minimize the legal risks associated with a real estate transaction. Neglecting anything in this aspect can lead you into unnecessary litigation or property dispute. It might also lead to losing your ownership rights or paying hefty penalties. Real estate transactions are legally sensitive matters. The true value of your real estate transaction or investment is realized only when you take into account the legal risks associated it.
RERA
The Real Estate (Regulation & Development) Act, 2016 (RERA) was enacted by the Indian Parliament in 2016 to regulate the real estate industry in India. RERA’s objective is to ensure transparent and fair transactions. It is a landmark development and a much-needed consumer-oriented reform introduced with the aim to usher in a new era of transparency and accountability. RERA has been introduced to curb the inflow of black money into the primary and secondary markets and help end speculation & price control. Its aim is to further improve the financial discipline of the developers as they will not be able to divert funds from a given project. This will ensure timely completion of the projects.