Advantages of Women Home Buyers

What Advantages Do Women Home Buyers Have In India?

The number of women home buyers is on the rise in India. Women have become independent and confident today. So, not only in the world of career and business but, they are also putting their foot forward in buying residential properties under their name. According to a survey, more than 30% of home buyers in urban India are women. Not only are women buying properties under their name but also, men are buying properties under the name of their wife or are buying it as a joint property between both the spouses. Do you know why? Because women home buyers receive many benefits when they buy a home. Here are some of the advantages.

·        Lower stamp duty – Stamp duty, which is calculated as a percentage of the agreed value of a property or its market value, and is to be paid before registration of the property, is one to two percent lower for women in some states than it is for men. Whether a woman buys a property or a property is gifted to her or in case of conversion of a property from lease hold to free hold, the stamp duty charged is lower. If a man jointly registers a property in the name of a female partner, there are discounts in stamp duty too.

·        Lower interest rates on home loans – As women are found to be more punctual than men in paying back loans and are less likely to default on payments, banks and other institutions prefer lending loans to women, and they also offer home loans at a lower interest rate to women home buyers. For example, State Bank of India charges a general interest rate of 10.15% for its customers but, for women home buyers, the interest rate is slashed down to 10.10%, which may seem to be a very tiny difference but, results in a huge amount at the end of the loan. Similarly, LIC Housing Finance Ltd. charges 10.35% on home loans but, for women home buyers, it charges only 10.10% as interest rate.

·        Deductions allowed – Women are eligible of tax deduction worth Rs. 2 lakhs on the interest rate paid on home loans. If both the spouses are co-applicants of a home loan, both of them can claim tax deductions on the interest rate paid, if the property is let out. Women can also deduct the interest rate paid against the mortgage loan against the net rental value when they rent out their home.

According to the Narendra Modi government’s Housing for All Mission, women should either be sole owners or co-owners of their homes. This initiative has been taken to empower women from low-income households. Also, with more assets in the names of women, the economic status of Indian women can improve, which can make them less susceptible to exploitation.

An advice for all Indian men

Whether you are planning to buy Residential Properties in Bangalore, Delhi, Haryana or anywhere else around the country, with all these advantages that you learnt, it is beneficial if you let your property be in the name of your wife, or atleast consider a joint registration. According to Mayur Shah, Director of tax and regulatory services at Ernst & Young, "If the wife is a co-owner, she can claim a deduction of up to Rs 1.5 lakh for the interest paid on a home loan in case of self-occupied property."

Good and Bad Real Estate Omens

It is said that hard work takes you up to a certain level. But, even luck plays its own role. Hard work combined with good luck brings fortune while, if you don't have good luck, even the best of hard work will go in vain. Although there are many people who do not believe in fortune or luck but, there are others who do. They consider quite a few good and bad omens before performing any important task like going for a meeting, going for an interview, buying a new house, starting a new job/business, finalizing on a life partner, etc.

The real estate sector has its own elements of fortune and misfortune. A black crow might bring you misfortune while a white butterfly may bring lots of luck. How true or untrue these omens are, is for you to decide. This is something that depends on an individual whether he wants to believe in them or not. One can't be forced into believing them. Here are some of the most common omens believed in real estate. If you do believe in good omens and bad omens, this list will certainly help you.

Bad omens

Black cat

This is one of the most commonly believed omen not only in real estate but, for almost every task. It is considered a bad sign if a black cat crosses your path. When you are going for an important task, and if a black cat crosses your path, you must stop right there. Some people say it is alright if you wait for a few seconds and then move ahead. While others believe in rescheduling their work or delaying it in case such a misfortune does happen.

Number 13

The most common omen in real estate. It is said that if you stay on the 13th floor or the house number assigned to you is 13, it will bring bad luck. Avoid choosing these when you are purchasing a home. You would now ask why the 13th floor or house number 13 is built then? This is for those who do not believe in such omens and consider it a superstition. But, if you are a strong believer, avoid this unlucky number 13 in every way possible!

Picture on the wall

Some say it is not a good sign to hang your own pictures on your walls, while others say it is alright if you hang your pictures but, you need to take care that these pictures do not fall off the walls. While you are selling your home, if your picture falls off the walls, you must not sign the deal or else it would bring bad luck.

Crow on the roof or balcony

Generally, having a crow on your balcony railing or roof is seen as an arrival of guests or mails but, a crow appearing while you are closing a property deal is considered bad.

Good omens

White butterfly

Seeing a white butterfly when you are signing the deal is considered to be a lucky sign. It is said that white butterflies bring good fortune in all business dealings, including real estate.

9 peas in a pod

If you find nine peas in a pod, you can be sure that good luck is coming near. So, if you happen to find nine peas in a pod a day or night before you sign a property deal, you can be sure that the deal is a beneficial one for you.

Blackbird’s nest

If there is a blackbird nest on the roof of the house you are planning to buy, consider it as a good sign. You may even bring home a blackbird into your new house and let it stay there with you for good fortune.

Frogs at your doorstep

If you see frogs croaking at your doorstep just when you have decided to sell off your house, it means you are in for a lot of money and you will have a successful deal. So, get ready to make a good one!

What should First Time Home Buyers Consider before Purchase?

Planning to buy a house for the first time? Do you have the basic knowledge needed? Do you know what all you need to check on before taking a final decision? We have the answers to these questions. Learn about what considerations are required by a first-time property buyer.

What kind of home do you need?

You have a number of options to choose from - apartments, villas, townships, condos, etc. Every kind of house has its own advantages and disadvantages. Analyze which type of property is the best suitable for you. Are you single or a couple? Are you young or are you a senior citizen? Is there a possibility for family growth? Do you have any pets? Answer all these questions and you will be able to find the correct answer.

What features are you looking for?

This is your first dream project and you might be wanting a lot out of it. Make a list of what all you wish to have in your home. Check out what all is available and what you will need to install. Is there a possibility of installing further features into your home? It is always better to be flexible and make adjustments and compromises but, there are certain things you will really want to have in your house. These include a good location, a helpful neighborhood, size of your house, kitchen facilities, bathroom facilities, etc.

How affordable is the house?

Always analyze your financial condition before buying a house. Don't blindly believe that you have the amount for down payment and the rest will be  taken as a loan from the bank, which you would pay back through EMI every month. You don't want to put in all the savings you have in the house at one go. You need to analyze how much down payment you can afford and how much installment you can pay per month, by having sufficient money left for your monthly expenses and even more left for extra repairs to be made to the house or required in case of emergency. Only after preparing an analysis on this aspect, you can decide if the house you have chosen is affordable or not. Also consider your current job, current salary, any future increments and the permanency of your job. Apart form this, make sure you have all your other debts clear before taking a home loan so that you don't have to face problems once you have taken it up.

Do you need an expert's help?

It is always better to take some professional help if you are a first-timer. You must hire a real estate agent to help you with the purchase. He will help you find the best house in the best locality for you that will best suit your needs. He knows the market in and out, and thus will be able to help you strike the best deal for a property by negotiating well with the sellers. He will also help in the necessary paperwork and home loan formalities, and let you know if he finds a suspicious deal - something which you may not realize on your own.

Buying your first house can be a difficult process but, if you have proper planning and follow the above set of rules, it can be less troublesome for the future. If you are looking to buy a property in and around Bangalore, you can get in touch with MJR Builders a reputed name in the market, providing amazing varieties in studio suites, 2 BHK and 3 BHK apartments in Hosur, Whitefield and Electronics City Phase-1 areas of Bangalore.

A Look At Bangalore’s Real Estate Market

Bangalore has been one of the fastest growing cities in India since the past few decades in terms of real estate. It has highly been increasing in the number of units constructed every year. There have been around 2000 units built from 2014 to 2015. The sales have also increased by 15% as compared to last year. All this has been due to the enormous growth in the IT sector. Bangalore being the IT hub of India has great infrastructure, excellent education and multi-cultured population.

A Look At Bangalore’s Real Estate Market

South Bangalore

The demand for residential properties in south Bangalore increased after Electronic City was established as an IT hub. Top areas in south Bangalore include Whitefield, Kanakapura, Hosur, Bannerghatta, Sarjapur and JP Nagar, which have seen a rise in construction values ranging between 3.4 to 4.3%. The prices here now range between Rs. 5000 to 8100 per square feet.

North Bangalore

The newly constructed Bangalore International Airport, the Elevated Expressway, Metro Rail and proximity to IT parks have resulted in great gains for construction in areas like Jakkur, Navagar, Thanisandra, Hebbal and Bellary Road. The ITIR, Aerospace SEZ and Devanahalli Business PArk are also the reasons behind the residential development in North Bangalore. The prices of properties here range between Rs. 5500 to 7500 per square feet. With more of luxury properties launched here, the price ranges between Rs. 70 lakhs to 1.5 crores. The demand for such high-end residential properties remains high in these areas.

East Bangalore

East Bangalore also sees a high demand for luxury projects because of the IT sectors, good social infrastructure and developing physical infrastructure.

West Bangalore

West Bangalore fails in terms of social infrastructure and is dominated by industrial developments. This is the reason why it fails to develop in the residential sector and hence, has been unable to attract real estate developers. Future developments of the Metro in this area might seem to boost the development of residential properties here but, not for now atleast.

Let us have a look at the different kinds of properties you can see in different areas of Bangalore.

Luxurious properties

Bangalore's population is estimated to have around 10,000 millionaires. These people are sophisticated and well-cultured. Thus, the tastes they have for real estate are also sophisticated. Due to this high-end population, there has been a rise in demand for high-end residential properties too. These millionaires mainly reside in Whitefield, Outer Ring Road, Central Business District and Secondary Business District. Thus, these areas have been increasing in supplying luxurious properties. These properties mainly include villas that are big in size and have excellent quality amenities.

Mid-Income properties

As the name suggests, these properties are in demand by those working in the IT industries. Properties in this segment have good infrastructure and are in close proximity to workplaces of the people residing here. Access to hospitals, medical stores, market and educational institutes is also provided in these areas so that it becomes convenient for mid-income residents to live here. Areas providing such mid-income homes include Whitefield, Outer Ring Road and Electronic City.

Affordable properties

These properties are in demand by those individuals who are extremely price sensitive. These kind of properties are seen where large lands can be acquired at lower costs. Hence, you will be able to find affordable housing in the suburbs like Mysore Road, Hosur Road and Kanakappura Road. These properties are reduced in size and have only the basic amenities installed. The Metro Rail and Peripheral Ring Road have increased the demand of such properties in the suburbs.

You can check the amazing 2BHK and 3BHK homes in MJR Platina, located at Hosur Road. Built by the prestigious MJR Builders, with amenities including club house, swimming pool, gymnasium and other outdoor amenities, you can ask for nothing more at great affordable rates! MJR Builders is coming up with more projects in Whitefield and Electronic City too with luxurious amenitites and great infrastructure.

Are You Aware Of All Costs While Buying A Property?

Buying a house is considered as one of the most significant investment by Indians. It is one of the biggest decisions to invest all that they have in buying a real estate property. Thus, it becomes very difficult for middle class buyers to handle any new surprising hidden costs on purchasing a property. MJR Builders are one of the renowned and trusted builders who provide top quality residential and commercial spaces in different areas of Bangalore. They focus on assisting clients in property buying, selling and renting decisions. For any kind of residential plans in the Whitefield, Hosur and Electronics City Phase -1 areas of Bangalore, you can contact MJR Builders.

You might think that if you are capable of paying for the cost of the property, you have made it. But, this is not so. There are many hidden costs that if added, might come up to 25-30% of the cost of the property. So, you must be aware of all these extra costs and be well-prepared with an extra amount of money other than the purchasing cost or else all these expenses might use up all of your savings.

Registration costs

Registration cost is a charge levied by the government on property transactions to help you register and enroll for a property you have decided to buy. The amount of the registration cost depends on the total amount of the property. On an average, it amounts up to 2 to 3 % of the cost of the property.

Stamp duty

Stamp duty is a charge that is levied by the government on all documents and transactions made during the purchase of a property. It varies from state to state but, is about 5 to 7 % of the total cost of the property. The assessable value of a property includes components like saleable area value, car park value, floor rate value and value of amenities.

Service tax and VAT

Service tax and VAT are levied by the government only on under construction properties. Service tax is 12.36% of one-fourth the value of under construction property and VAT is charged on the construction value of the project. Together, these two taxes may cost you 8-10 % of the total property value.

Interiors

It is obvious that the choice of the builder won’t match yours. You are bound to make some or the other changes in the interiors once you acquire the property. This is a point that may not click your mind before purchasing a property. It also seems like it is not a considerable point and won’t cost much. But, it should not be ignored because even though not as expensive and that it entirely depends on the type and nature of changes to be made but, on an average it would require around 1 to1.5% of the cost of your property.

Parking

Earlier, there were no charges for parking spaces. But, since around the past ten years, builders are charging an additional upfront payment for parking space allotment in large residential complexes. The amount charged depends on the type of property, locality and type of parking space provided but, it generally adds up to around 2 to 5 lakhs.

Delay in acquisition

It is very normal for a project completion to be delayed by a few months by builders in India. The delay in acquisition of the property might lead to various expenses like extra interest paid to home loan lenders. Thus, even if you are sure you will get the property in hand on time, you must still have some extra funds in calculation just in case you face a delay during the process.

Other charges include processing fees by banks for home loans, costs of lawyer and notary and costs of insurance and its premiums.

SUMMARY

Buying a real estate property not only involves the property cost but, it also involves other hidden costs like registration costs, stamp duty, service tax, VAT and costs of interiors, parking, lawyers, notaries and insurance. All these additional costs add up to around 25-30% of the cost of the property.

Planning to buy an apartment or Independent house or Villa in Bangalore?

Everyone in India, at least in the cities, dream of owning a house. Be it flat or apartment or plot the process is long and tedious.  Often, the only time you feel happy about building/purchasing a house is when u r dreaming!! From that point, till you buy one or construct one or get cheated in the process, the effort is gigantic and there is a sinking feeling that government has done very little to ensure credibility of real estate business.

Today, Bangalore’s real estate market has taken a 360° turn, and the city that was lacking the different high-rise culture, now boasts of apartments towering 40 storey’s high. Cost will be always taken as major factor to choose the scope of our lower & upper limit. We need to think and plan about it advance. Else it will deal to problem with your daily expense which much needed to live easy going life. One of the fundamental reasons that make high-rise lifestyle reach news pinnacles of growth in Bangalore is people experiencing less air and noise pollution, better view furthermore privacy by living vertically upwards.

MJR Builders are renowned builders and developers in Bangalore who always strive for better quality for customers. Our technical expertise and quality of work, give us the edge to constantly innovate and deliver the best residential properties. For more information on on-going projects and Upcoming projects  CLICK HERE.