Knowing full well what a HOME SEEKER like you to go through, we have
a fairly full-measured idea of the confusions, contradictions and
complications that can confront you. Tricky questions in search of
Pre-empting some of them here's what you may have sought to ask and, corresponding to each, the views.
Carpet Area: This is the area of the apartment / building which does not include the area covered by the walls. Built up Area: The carpet area plus the area of the walls.Super Built up Area: This includes the built up area alongwith the area under common spaces such as the lobby, lifts, stairs, etc.
The agreement for sale between the builder and purchaser has to be registered as required by the law of the land. One must register within four months from the date of execution of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the relevant Registration act.
The Stamp paper is generally purchased in the name of the executor to the agreement. Generally, the buyer pays the Stamp duty unless agreed otherwise.
You will have to ensure that the property is duly and properly insured for fire and other appropriate hazards, as required by banks / financial institutions with whom you may wish to mortgage the property, during the pendency of loan. In such cases, the beneficiary of the policy will be the concerned institution offering the loan. Even otherwise, it is advisable to insure your property for hazards and fire.
Banks / financial institutions sanction loan amounts based on certain criteria depending upon your repayment capacity (which takes into account your age, qualifications, assets, liabilities, stability of occupation, savings history) and according to your income. You can include income of other members in your family too, in case you want to increase the amount of your loan. The maximum loan that can be sanctioned varies with housing finance companies. Generally, the maximum loan amount is 80 to 85% of the cost of your home.
An EMI is the monthly amount to be repaid to the bank or financial institution against a loan amount borrowed for a fixed period of time. An EMI has two components, the principal component and the interest component. There are two methods - reducing balance method and the monthly reducing balance. The Reducing Balance method reduces the principal amount already paid from the outstanding loan amount. Every time you make a payment, you pay interest on that part of the original principal sum that has remained unpaid till then. The loan carrying the lower EMI for the same tenure is the cheaper option.
Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement upto the date of commencement of EMI.
A loan taken on a floating interest rate, is a loan where the interest rate which is payable is linked to the market rate. e.g. the bank lending rate. The interest rate payable by you will also rise and fall as per bank lending rates which may also fluctuate.
A home improvement loan is one that is made available to do external works like structural repairs, waterproofing or internal work like tiling and flooring, plumbing, electrical work, painting, etc. A extension loan is one which helps you to meet the expenses of any alteration to the existing building like extension/ modification of your home. One can avail of such a loan facility of a home improvement/extension loan, after obtaining the requisite approvals from the relevant municipal corporation/building authority.
Interest is calculated on annual rests. The effective rate of interest varies depending on the term of the loan. For a loan with a term of 15 years, the effective interest rate would be higher by a very small percentage (in terms of a fraction) per annum than the indicated rate of interest.
Yes, certain banks / FIs have approved builders and developers and will assist you in of your choice.
Generally, by way of deposit of title deeds and/or such other collateral security as may be necessary. Additionally, if the property is under construction interim security may be required. Collateral or interim security could be assigned to the Bank/ FI where the surrender value is at least equal to the loan amount. It could be other forms of guarantees or pledge of shares acceptable by the bank / FI. One should ensure that there is no existing mortgage or loan or litigation which can affect the title of the property. The title should be clear, marketable and free from encumbrances.
It is possible to repay a loan ahead of schedule. A form of a penalty termed as a pre-payment penalty is payable to certain institutions.
When you buy an apartment, you are buying a home not for yourself but for your family too. Therefore, before you decide, make sure that each member of your family has something for them too.
Plywood generally holds nails and screws better than oriented strand board. Plywood also holds up better if it gets wet.
Your flooring choice will depend on your preferences, your budget, and where you are going to install it. Here are some of the main choices:
a) Vinyl tile squares: The least expensive type of flooring, vinyl tile comes in a wide variety of colours and patterns. Since it is impervious to water, relatively easy to clean, and quick to install, it is commonly put down in kitchens and bathrooms. As vinyl tile gets old it tends to fade and discolour. It is easily scratched or cut, but individual squares can be removed and replaced.
b) Vinyl sheet: Prices range significantly depending on quality. Vinyl sheet flooring is often selected because of attractive patterns and because it covers a large area with no risk of individual tiles working loose at the edges. It is impervious to water but can be cut or scratched easily.
c) Laminates: Laminate flooring is constructed of several layers of plastic-type resins compressed under high pressure to a hard fiber or particleboard core, with melamine backing and printed surface. It can be made to appear like different types of wood flooring or even marble and flagstone. It is put together in tongue and groove fashion and is not attached to the subfloor as are standard hardwoods. Many carry a 10 year or more warranty against staining or fading. There is some difference of opinion, even among experts, about whether to use laminate in a place where it will get wet.
d) Ceramic tile: Wide range in costs depending on quality, colour, and material. It wears well and is not easily stained. Because it also repels water if the grout is sealed properly, it is widely used for entryways, kitchens, and baths. If installed over wood, it must have solid underlayment that will not flex and subsequently crack the tile. Installing a solid underlayment, however, may raise the finished floor higher than adjacent flooring, causing an uneven transition unless calculated in advance.
e) Hardwoods: Hardwood floors cover the spectrum in colour, types of wood, style, and price. They are available as traditional tongue and groove strip and plank to parquet squares. Hardwood floors range from labor-intensive parquet requiring on-site sanding expertise to factory finished products often installed by homeowners themselves. Newer finishes and finishing techniques make wood floors much easier to care for than in the past. Factory-finished floors come in a wide array of patterns and edge treatments. This type of floor can be laid quickly and without sanding dust and odor. Unfinished floors offer a wider choice of wood but require expert sanding and finishing in the house. The final appearance is more dependent on the people doing the sanding and finishing than on the wood itself.
Preferred subfloors in the cases where ceramic tiles, marble or other stone floors are laid are mortar bed or cement board.
This requires labor-intensive work and careful timing. First the concrete is leveled, then bull floated to bring the cream to the top. When the water sheen has disappeared, you must begin repeatedly troweling the slab with a rectangular steel trowel. Repeated steel troweling on firm yet still wet concrete gives it the polished finish. You kneel on a square of plywood while doing this and step to a second square of plywood when you must move. And you must move quickly before the concrete sets too firmly. In other words, this is usually a job for an experienced professional.
a) Joints can rupture, especially if bedding mortar is not evenly spread out. b) Size : In a box of 300 x 300 size, variations like 303, 296, etc, can be found. c) Please read the relevant guides.
Presently, we advise people who request for such information to meet construction chemical manufacturers who have their own systems like FOSROC, SIKA, CICO, PIDILITE, SAHARA, CALTECH, etc.