"Do in haste, repent at leisure." This might apply to a home loan seeker as much as to a bridegroom. If you don't want to cry over spilt milk, just follow the golden rules.

When you finally decide on the property in which you want to invest, speak to your bank about it. While most banks will provide finance for ready-to-move-in properties, some banks do not readily fund a property that is being self-built constructed or is under construction. Also, if the property is very old or is being developed by a relatively unknown builder, the bank might have an issue with providing a loan. It could be that the 'dream property 'you have identified is one that the bank may not wish to finance. To avoid such circumstances, communicate clearly about the property you are seeking finance for.

While it helps the bank to gauge your loan eligibility more effectively (since loan eligibility is also based on the cost of the property), it also serves other interests. Take a sanction of the loan only after identifying the property Banks are known to reserve the best deals for immediate disbursement cases. The bank gets an assured. client and you can count your days for the "griha pravesh."

Rule: Never choose a lender till the property is identified and the lender is prima facie okay with financing the property.

Banks have different ways to calculate loan eligibility. Some of them will club the incomes of two siblings for estimating it and some may not do it. Others may take into account only the male siblings. If the loan eligibility based on your income is likely to be an issue, then this factor becomes more important than loan rates. As a rule of thumb, at the current rate of 10% per annum (March, 2007) the loan available as a multiple of your gross annual income will be as follows:

It may so happen that based on your own income, as well as your spouse's, the amount of loan you need does not work out. Then you must find out a bank that allows you to club the incomes of your other close relatives (parents, siblings, children etc.) to increase your loan eligibility.

Rule: There is no point in short-listing a bank that will not give you the amount of loan you are seeking.

Remember banks do not provide 100% finance. You must make a down payment. If the value of the house goes down in future, your down payment ensures that the bank's interest is protected by ensuring that outstanding loan amount is less than the realizable value of the property. If the house costs Rs. 5 lakhs, the bank expects you to pay at least Rs.50, 000 to Rs.75,000 from your own sources. Once you find your dream property, the bank will get the cost of the property evaluated by its own personnel. This evaluation can be much different (in most cases, much lower) from the actual price you are paying. In such cases, you will need to shell out the difference between the actual price and the bank's valuation as additional down payment. So, ask the bank to value the property (for of a small fee).

Rule: Based on the estimate, the bank will readily provide finance for 85% (maximum 90%) of the total value as evaluated by it. So be ready for the balance down

GREATER NOIDA A Citadel For High Living

Eldeco Citadel, another feather in the Eldeco's cap, is coming up in Greater Noida. This is one of the first of its own kind of luxury apartments that gives one a chance to live life the royal way. It offers the owners/residents five-star facilities like spacious rooms, open terraces, breathing views, an exquisite sports lounge and much more.

Citadel also gives a chance of living amidst lush greenery, a third of which is exquisitely manicured lawns and landscaped gardens. There will be a indoor swimming pool where a splash at any time of the day without braving the sun is possible. Other amenities include a plush lounge for viewing films on the Plasma screen and a well equipped library for browsing through a good collection of books. And the complex within complex design means that the houses are fully secure.

Eldeco Citadel's design speaks of an international standard. From the classic red brick tile exterior finish to the relaxing embellishments in bedrooms, everything is patterned to help calm the senses. There are laminated wooden flooring in the master bedroom and children's bedroom, glittering vitrified floor tiles in the living area and vitrified tiles and granite counter in the kitchen.

THRISSUR (Kerala) A City Around Man-made Lake

Sobha Developers Ltd has announced the launch of its first integrated township, Sobha City, in Thrissur, the cultural capital of Kerala. Apart from being the first such venture by SDL, it is also the largest single project by the company till date.

A 55-acre, three million sq. ft. township project, Sobha City will be built around a 6.5-acre man-made lake and will consist of a fine balance between residential (78%) and commercial buildings (22%). Located on the Thrissur-Guruvayoor highway, the cost is estimated to be approximately Rs.850 crores. The company aims at completing the project by May 2011.

The highlights are many. The artificial lake will have a 10-mile walkway. The residential space is going to boast of 25 villas with vernacular architecture, high-rise residntial blocks with 423 three bed room and 216 four-bed room apartments. Add to it a state-of-art clubhouse measuring 40,000 sq ft, commercial space to provide business-friendly ambience within the city; world class business hotel with six floors reserved for corporate offices, global mall and an entertainment center, a centrally air-conditioned mall with food court, restaurants, underground parking, ,1 tour-screen multiplex, amusement park, gaming arcade and bowling alley, a multi-Teciality hospital offering 24X7 advanced healthcare facilities, an, 1% Aurvedic spa offering renowned Kerala ayurvedic massages and herbal baths, ,md premier educational institutes within the radius of 12 km.

Sobha City has been designed by a team of in-house architects at SDL. The quintessential element of the project is simplistic planning, ensuring smooth traffic flow and connecting spaces with poly functional zoning. The vertical landscaping in the residential high rise would be offset by terraces which would enhance the extensive ground level greenery.

PUNE Hi-Tech Township At Hadapsal

City Group, one of Pune's leading developers, has announced the launch of Amanora Park Town, a unique hi-tech integrated township project at Hadapser, Pune, that follows the guidelines laid down by the state government's Special Township Policy with regard to minimum infrastructure facilities such as wide roads, reliable power supply, 24 x 7 water supply, cycle tracks, and footpaths.

These will be developed and maintained across the township by the developer. The entire township is spread across 400 acres and will include schools, college, hospital, restaurants and a sports complex within its boundaries. The first phase of Amanora Park Town will have 10 towers, each between 18-22 storeys high; hosting a sum of 680 apartments in the configuration of 2, 2.5, 3, 3.5 and 4 BHK luxury dwellings.

The township will also allow its residents easy access to the latest technological innovations powered by Intel Inc. that includes paying for groceries with your thumbprint, monitoring family health status on your cellphone and ensuring the safety of your CCTV-protected home and garage from the convenience of your laptop.

In another interesting revelation, the township has been planned on the concept of a 999-year renewable lease which essentially would arbitrate in the event of any disputes that may arise from issues like non-payment of maintenance dues, clashes between residents over space usage, etc. The lease will also facilitate the timely collection of all payments and ensure that the machinery of the township functions normally.

Additionally, the rights of the Amanora resident will also remain unaffected allowing him to buy or sell property and for all practical purposes still have the ownership rights to avail a loan on the apartment, mortgage it or rent it for that matter. The project has also earmarked about 3 million sq. ft. for a market city which will host a hotel, office premises, club, multiplex, showrooms and a hypermarket among other things.

MUMBAI Best Options At CBD-Belapur

Lakhani Constructions, based in Navi-Mumbai, has launched three new realtyoptions at CBD-Belapur. The G+10 storeyed Lakhani Centrium at plot No. 27, Sector 15, offers plush offices measuring between 2,500 sq. ft. to 50,000sq. ft. Alternately, the G + podium + 14 storeyed Suncoast, at the sameaddress, offers a choice between multi-level duplexes (2/3/4 BHK flats) andpenthouses with modern amenities that include a swimming pool, indoor gamesarea, gymnasium and meditation area. The project is scheduled for completion in the next six months. Lakhani's Galaxy, offers ready possession options that stretch G+12 storeys at CBD-Belapur's plot No. 83 at Sector 15.

PANIPAT Parsvanath's Paliwal City In Panipat

Parsvnath Developers has announced the launch of an ultra-modem township, Parsvnath Paliwal City, at Panipat's Sector 38 and 39. The project will cost of Rs. 235 crores. It has plots ranging from 250 sq. mtrs. to 836 sq. mtrs. Parsvnath would now develop the township in Sector 38-39 of Panipat.

Parsvnath Paliwal City, where all the modem amenities are to be available, is located near Devilal Choudhary Park and is spread over 162 acres. There will be group housing, shopping mall with multiplex, club with swimming pool, dispensary, school, taxi stands etc. Vast stretches of metallic and well-planned roads will stand out as another impressive factor.

The township is to be built keeping in mind the opportunities to explore the huge demand for quality services in this Haryana town.


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