Avoid These 10 Common Home Remodeling Mistakes

Avoid These 10 Common Home Remodeling Mistakes

Remodeling a home is one of the important investments you will make in your home. It is important to plan and execute the remodeling accurately within a stipulated budget and time. Most people end up making mistakes in this aspect and that has led us to write this article which lists all possible mistakes made during remodeling. 1. Not having a budget This is the most common mistake made by people during remodeling. People get carried away when it comes to redoing the interiors and forget about the budget. They end up spending too much which will be realized only after completion. It is highly advised to analyze your house and find your modules which require remodeling and then budget for the same. Add 10% extra cost to the estimated budget and try to stick to the budget. Also Read: Top 10 Kitchen Backsplash Ideas That Refresh Your Space 2. Hiring the cheapest service provider When it comes to hiring the contractor for remodeling cheapest is not important but the one with the highest amount of trust and experience is required. You are going to remodel your home only once or may twice in your lifetime. So make sure you hire an expert who has a good track record and can deliver services on a deadline. 3. Refining instead of buying There are a lot of things which can be re-used instead of buying as new. Some examples are sinks, appliances, taps, etc. If you have a stainless steel taps, they can be powder coated and reused again, but you cannot reuse a faucet. For Some appliances, the cost...
5 Things to Consider in Mind While Taking an NRI Home Loan

5 Things to Consider in Mind While Taking an NRI Home Loan

NRIs spend a lot of their career abroad and send money back to India for their family and savings. Most of their funds either go to a fixed deposit or for buying a property. Most NRIs doesn’t approach a bank for funding when buying a house. They think that getting a loan for NRI is not easy and requires a lot of clearance and documents. This is a wrong idea and we are writing this article for helping the NRIs in understanding the home loan process. Now let us look at important aspects of NRI home loan. Also Read: NRI’s should avoid these Mistakes while Investing in Real Estate 1. Eligibility The minimum requirements for taking a home loan for NRIs are qualification and Income. Though these vary from banks to banks there are some standard requirements like one should have a minimum diploma or a graduate degree. As per the income requirements one should have a minimum 3 years of work experience in a foreign country. If you are earning any additional income in India it will also be considered for the loan eligibility criteria. 2. Rate of Interest In most of the banks the rate of interest for home loan for both resident Indians and NRIs are almost the same. Some banks might charge a bit extra interest rate for NRIs compared to resident Indians. 3. Loan Tenure The loan tenure is different for NRIs and is a lot lower than Indians. NRIs earn a lot more than resident Indians and so their repayment ability is also more. The number of monthly installments will be lower for...
6 Important Things You Should Know About MCLR

6 Important Things You Should Know About MCLR

Getting a housing loan and paying the monthly EMIs regularly is a huge financial burden for most of the families in India today. RBI last year came up with a new structure which will determine the interest rate for housing loans and some other loans like personal loans. This is called as MCLR, we will be discussing in detail about it and its benefits. Also Read: 8 Reasons why your Home Loan Got Rejected 1. What is MCLR? MCLR stands for Marginal Cost of Funds based Lending Rate. This will be followed by banks and financial institutions in India starting April 1st, 2016. This has replaced the previously followed base rate. MCLR is considered more efficient and cost effective both for lenders and loan takers. 2. Why MCLR Previously banks followed the base rate of interest to determine the loan interest rates. Whenever RBI revised the Repo rate the banks will change the interest rate but it took a long time to change. This affected the borrowers. Even after many warnings from RBI banks did not pass on the interest rate benefit instantly to customers. This forced the RBI to come up with MCLR which will ensure the rate of interest changes as soon as RBI changes the Repo rate. This will ensure cheaper loans and interest rates for customers. 3. Type of Loans for MCLR Before going there, let us understand the two types of loans. Fixed rate Loan: The rate of interest is fixed at first and will remain the same throughout the loan tenure irrespective of the repo rate change by RBI. Floating rate Loan: The...
NRI’s should avoid these Mistakes while Investing in Real Estate

NRI’s should avoid these Mistakes while Investing in Real Estate

NRIs are basically wealth creators and also they aide in our country’s Forex enhancement. They send back huge sums of money each month back to India either using a money transfer service or banking platform. This money is invested in bank fixed deposits, gold, real estate and a small part in Equity markets. Investing in Indian Real Estate is a tricky business which requires a lot of information and clarity. This article discusses various mistakes NRIs make when it comes to real estate investment. Also Read: 5 Things to Consider when Buying a Luxury Home Delaying the Investment Most of the NRIs plan to come back to India and settle here when they retire. So they think investing into a property in their early age is not a good idea and postpone the investment. Instead of investing when they are 25 they prefer to invest when they are 45. Till then they prefer to accumulate their money in the fixed deposit. They will consider buying a property just 2 years before coming back. This is a bad investment decision. Property prices in India are growing all the time. If a property which is available for Rs.1 Crore when they are just 25 years old will cost around Rs.3-4 Crores when they are 45. They will end up paying 2-3 times more if they postpone. So it is highly advisable to buy property when the NRIs are young. Investing only in their Home Town This is the single largest mistake made by 90% of the NRIs. They prefer to settle down in India during their old age and so consider...
The Risks of Buying a Home Without a Realtor

The Risks of Buying a Home Without a Realtor

It is a general opinion that brokers are generally selfish and indulge in many fraudulent activities which will lead to inflated home prices and issues. While this is partially true there are a bunch of realtors who are professional and they really care for the home buyers. This article is written keeping in mind good realtors in the market. Now let us look at various risks involved in buying a home without a realtor. Also Read: The 5 Best Ways to Search for Homes Paying a Premium If you don’t have a realtor while negotiating pricing with the seller there is a chance that you might end up paying extra. Without a broker the price is decided by the home owner who may not be an expert in the current market pricing. It is a common occurrence that they will over price their property and also might not be willing to negotiate. The same scenario with a broker will be different. He will have a clear idea about the market pricing and also know how to evaluate a property and will guide the seller in pricing it right. Lack of Availability. If you have selected a property for buying without any realtor, then you have to deal directly with the seller each and every time. Like you, the seller is also a common man with his own set of commitments and timing constraints. He might not answer your phone call all the time as he might be busy with his work. He might not be available for a property visit at your convenient time and you need to reschedule...