Category: Our Voice

Perfect strategy to safeguard your investments during a pandemic

Corona – the Pandemic has gripped the world! It is one of the most deadly diseases which is causing a huge number of deaths. The world economy has been affected badly & economists predict a recession has set in.

Closures and retrenchments, salary cuts or delays in payout have become the recent trends! These are all inevitable outcomes of a struggling economy & may seem rather a hopeless situation. Nevertheless, there are things you can do to protect your investments from the impact of the pandemic. Before you take hasty decisions, a wait and watch policy can be fruitful at this time.

Safeguarding your investments

Shares, commodity prices and bond investments have become stressed in this scenario with even real estate is reeling under the pressure of the pandemic. But there is always a ray of light at the end of the tunnel! Here are tips for the perfect strategy to safeguard your investments during a pandemic from Vishraam Builders, reputed eco friendly, builders in Thrissur.

It is in this situation that you must give deep thought over your risk profile! Do not keep yourself on the sidelines for too long. Try to make a staggered entry into the stock market with the surplus cash you have. You should be ready to put your money to work quickly. Invest in fundamentally strong reputed businesses that are better run as they can sail through safely even as weaker businesses sink. They withstand the turbulence of the market and bounce back quickly.

This is the perfect time to invest money with a long-term view & buy your favourite stocks as all are coming with steep discounts! But even that comes with the associated risks. Before you think of making changes in your portfolio, stock yourself with an adequate buffer. Don’t make decisions about your portfolio at this time. There’s no need to liquidate your long-term investments.

Now that the lockdown has been extended a few more days, the economic slowdown will continue. Real estate seems to be a safer bet! Even though the growth curve has flattened a bit, it will gain an upward lift in the long run. A wait and watch policy will be useful here too. Do not be in a rush to sell off properties like flats. It will only appreciate in value later on.

As the Repo rates have gone down many banks and other financial institutions are passing on the benefits to their customers in the form of low interest rates on home loans. So if you are thinking of investing in flats in Thrissur, this is the best time to apply for loans. Your age will be a main factor in where you put your money. Just try to work out the amount of time you have until you will need to cash out your investments and make wise decisions. Remain calm & wait for the chaos to settle. This too will pass!

Quick Tips: Baby-proofing your Home

Keeping your baby safe in your home should be your utmost priority! When the baby learns to crawl and walk it’s fun to watch your baby explore new things. There are many precautions you can do to keep your baby safe and still let him or her explore. Now the challenge is making sure your house is ready for your baby’s new explorations.

Here’re a few tips from Vishraam Builders, the most eco-friendly builders in Thrissur to baby-proof your house:

 

  • Use safety plugs or covers on all electrical outlets.
  • Unplug household items like coffee pots, toasters, fans, and lamps when not in use.
  • Keep hot liquids away from your baby.
  • Secure to the wall bookshelves, dressers, TVs, and other objects that could fall down if your baby tries to grab onto them or climb on top of them.
  • Ensure that all the products your baby uses like cribs, strollers, playpens, high chairs, and changing tables do not have sharp edges. Place corner guards or soft pads to cover sharp corners.
  • Put sliding gates at both ends of stairs or in other areas where your baby could fall.
  • Use the safety straps on high chairs and changing tables.
  • Put childproof locks or guards on all windows, doors, drawers, and kitchen and washroom cabinets.
  • Keep out of reach all sharp objects like knives and scissors, and things like glasses and dishes that can break easily .
  • Keep cribs away from windows.
  • Keep cords of blinds, drapes, and phones out of your child’s reach. Chances are the whole curtain rod assembly may fall down if not properly secured.
  • Do not ever leave your baby alone with a pet. The pet can unintentionally hurt your baby.
  • Never leave your baby alone in the bathtub, near filled buckets or indoor swimming pools. Drain the water right after the bath.
  • Keep toilet lids down.
  • Keep pan handles on the stove turned inward so your baby can’t reach up and grab them.
  • Never leave an older child in charge of watching your baby while in the tub.
  • Put safety caps on all products like cleaners and other chemicals, medicines, makeup, perfumes, and other products that can harm your baby. As they are poisonous to the baby, store them in a high or locked cabinet.
  • Remove any poisonous indoor plants from the house.
  • To prevent choking keep small objects or parts like toy pieces, coins, buttons, marbles, rubber bands, and balloons out of reach.
  • Never put your baby to bed with a bottle.
  • Never leave mobiles from cribs and playpens.
  • Keep plastic bags or sacks out of reach of the baby.
  • Do not let the baby play with cabinet doors as there are chances of head or hands getting stuck in them.
  • Keep the refrigerator and freezer doors securely closed.
  • Do not place your baby on a couch to sleep as there are chances of falling down. Put side bars on baby cots.

Books your apartments in Thrissur or villas in Thrissur today with Vishraam Builders, the builders with 19 years of excellence in building construction who continuously excel by innovating, improving quality, reliability and service.

All you want to know about CREDAI

CREDAI or the Confederation of Real Estate Developers’ Associations of India is an organisation revolutionising the real estate sector of India! Established in 1999 CREDAI has been pursuing the cause of housing and habitat providers. Since inception, CREDAI has grown its membership base and today has more than 20,000 members today spread across 21 states in India and 220 City chapters.

Here’s an insight on all you want to know about CREDAI from Vishraam Builders, eminent builders in Thrissur with several residential projects of flats in Thrissur to their credit.

CREDAI is today the preferred platform for National discourse on Housing and Habitat and also is a knowledge sharing platform about the latest industry data, technology advancements and industry benchmarks for its members. The annual events of CREDAI are the CREDAI Conclave and CREDAI National Convention which are held over two days each. They showcase latest technological, managerial and financial innovations in the real estate sector to an elite audience of more than 1000 developers, policy influencers & media persons.

The organisation CREDAI is all about making a conscious effort to bring on mission transparency and to protect the interest of buyers. It has established a Consumer Grievance Redressal Forum to pursue this issue in October 2012, and any aggrieved buyer can register a complaint against a CREDAI member developer. With this in place CREDAI seeks to resolve consumer complaints with speed and efficiency. Not only that, CREDAI seeks to promote bestselling practice amongst the developer fraternity. The forum has so far taken the initiative to successfully resolve complaints registered with a success rate of 90% customer satisfaction.

CREDAI Initiatives

  • CREDAI launched the CSR FOUNDATION to bring about a synchronisation to its CSR initiatives.
  • CREDAI spends a large amount of social and charitable efforts in building Schools, Hospitals, Skill Development, Education, Places of Worship, Old Age Homes, Care Centers, Child Centers, Roads and Gardens.
  • The CREDAI CSR Foundation has launched CSR awards to recognize the development initiatives of its members. Many scholarships were awarded to deserving students, to help pursue their dream career in Real Estate.
  • For Skill Development, CREDAI has been conducting regular On-site Training Programs for construction workers at construction sites through its member developers spread across 23 states and 205 city chapters. CREDAI has trained more than 1 lakh construction workers so far.
  • CREDAI has also instigated the Clean City Mission for eliminating solid waste and promoting green practices covering 1,00,000 apartments.
  • CREDAI has adopted Mercy Kuttan Athletic Academy to encourage sports and train talented young women athletes of International caliber.
  • Youth Wing of CREDAI nurtures the next generation of CREDAI leadership. They are encouraged to participate in CSR activities of CREDAI to further this goal.
  • Women professionals and entrepreneurs in the real estate sector have full support from the CREDAI women’s wing.
  • The Preferred Partnership Program by CREDAI helps industries associated with real estate to enlarge their presence and visibility.

CREDAI has backbone of the Real Estate Industry. It has etched the vital importance of real estate to the GDP of India on the minds of the government, policy makers and the general public and has become the Vishraam Builders the most eco friendly builders in Thrissur is a member of CREDAI and have built many residential projects of apartments in Thrissur. Leveraging on its 19 years of building excellence, Vishraam Builders is excelling continually by innovating, improving quality, reliability and service.

Why investing in Villas is a good idea?

Indian Real estate market has changed for the better after the implementation of much-anticipated regulatory bills like GST and RERA. With more transparency in operations and clear-cut tax structures the property market has certainly picked up, causing potential home buyers to invest without hassles. Today’s trends show that people are preferring Villas and independent houses more than apartments. Vishraam Builders, the eco-friendly builders in Thrissur with 19 years of building excellence, bring to you an insight on why investing in Villas is a good idea?

Freedom to design

Villas allow you the freedom to design your space as per your preferences. You get to live in the lap of luxury if you plan a luxurious home! Besides, you are also able to enjoy decking up your home with top interiors. Apart from that, you can have a go at long-lost hobbies like gardening or even grow your own herbs and spices. Villas are not just the best form of investment, but also the realisation of a dream home. You can opt for villas in a gated community like Vishraam Praana and treat yourself to amenities and facilities in the comfort of your independent house.

Great locality and appreciation value

Having a villa in the suburbs of a city is always a better choice than a congested studio apartment in a busy neighbourhood! Suburban neighbourhoods are now having promising appreciation rates and also provide the ideal surroundings for families to live. A suburban villas in Thrissur also offers a pollution-free living away from the hustle and bustle of the city. Suburbs have quick appreciation as well as great connectivity to the major hubs of the town.

High resale value

The initial cost of Villas for sale in Thrissur may be higher but they have a much better resale value and you can reap in more than you invest. They are far more spacious than apartments and you can have the option of renting out some extra unused space as well for extra income.

Privacy

Villas offer a great deal of privacy as they are independent houses. Family get-togethers, barbecue session or parties with music can be held in the privacy of your house or garden lawns. You can nurture your family for generations to come, in your villa in Thrissur.

Security at its best

Villas are often mistaken to lack security. Potential homeowners feel that they will constantly need to hire security guards for villas, however at developments like Vishraam Praana, security will not be a concern. You can enjoy the luxury and opulence of a villa in the security and soundness of a gated community, making it the perfect form of investment for families.

The combination of such benefits make Vishraam Praana, villa project in Thrissur from a trusted builder like Vishraam Builders, who excels by innovating, improving quality, reliability and service, truly ideal of a lifetime.

8 Tips to Nurture your indoor garden

If you are owning a flat in Thrissur or a Flat in Guruvayur a beautiful indoor garden with healthy house plants is going to make you the envy of your friends and family! With a little expert guidance, you can create one. These are a few tips to nurture your indoor garden that will make you the envy of your family and friends!

1. Choose Healthy Houseplants

Plants that are healthy make a good indoor garden. Choose plants wisely from a trusted nursery. Chinese evergreen, Dracaena, Pothos and snake plant can be grown easily with little care. While buying look for signs of good health.

2. Water Properly

Improper watering is a top cause for damage in house plants. The signs of underwatering are wilting, loss of leaves and flowers, and brown leaf tips. Overwatering causes fungal disease in the roots, which leads to root rot. Overwatered plants will have blackened leaves. Plastic pots will retain soil moisture longer than porous terra-cotta containers.

3. Provide Optimum Lighting

House plants without enough light grow weak and spindly, lose leaves and are prone to pests and diseases. Place plants that require high light in front of a window, or under full-spectrum lighting in your Villas in Thrissur or Flats in Guruvayur. Plants that need medium light can be placed away from windows.

4. Fertilize Regularly

Feed your houseplants with high-quality fertilizer to promote a healthy growth and plenty of flowers. Frequent applications of mild organic fertilizers, will provide a constant supply of organic matter that breaks down slowly and provides plants with necessary nutrients.

5. Control Houseplant Pests

Check weekly for signs of insect infestation like mealy bugs, scale insects and spider mites. Sure signs of infestation are holes in leaves and a sticky substance on foliage excreted by pests as they feed. Isolate the affected houseplant immediately and treat it to safeguard the rest of the plants.

6. Ensure sufficient humidity

A little additional humidity certainly helps your house plants! Leaf curling and yellowing, bud drop, brown leaf tips and pest infestation are sure signs that your houseplants suffer from low humidity. Spray your houseplants with water two to three times a day. You can also place the plant in a tray filled with polished stones or marbles with water added to it. Grouping plants together will also cause plants to humidify each other.

7. Groom and Prune

Keep your plants well groomed and pruned to keep them tidy and attractive. Regularly remove dying foliage and spent flowers. Wipe leaves with a soft, wet cloth to remove dust and buildup.

8. Repot when necessary

Houseplants thrive with occasional repotting. Re-pot to a container which is one pot size larger than the current container.

We hope these tips to nurture your indoor garden from Vishraam Builders with 19 years of excellence as the most eco-friendly builders in Thrissur has been of help to you. We ensure on time delivery of residential and commercial buildings to achieve customer satisfaction. Happy gardening to you!

Property Transfer – the Intricacies

The happiness of buying a house with your own earnings – nothing can match it! After months spent on searching, you zero in on a property and pour in your hard-earned money and lifelong savings in buying it. But it is not a bed of Roses! Most of us do not know about the essentials of property transfer – the post purchase paperwork we should need to complete.

Vishraam Builders, leading builders in Thrissur brings to you two important aspects of the property transfer process:

The property tax record

Many homebuyers are unaware that changing the Tax records in the property records should be done when ownership changes hands. If the change of ownership takes place in flats in Thrissur and the municipal authorities are not notified on time, tax receipts will still be generated on behalf of the previous owner.

Change name in the Property Tax document

Submit the following documents to change the name on the property tax documents of flats in Thrissur:

  • Attested copy of the sales transaction deed
  • Receipt of the tax last paid
  • Properly filled application form with signatures
  • No Objection Certificate from the associated housing society

Mutation of property

A process that helps in transferring the title ownership from the property owner to the buyer after purchasing the property. The government can levy taxes on the new owner of the property. You will need to submit an application to the Tehsildar with a non-judicial stamp on it. The No Objection Certificate (NOC) for the purchase case and an affidavit for the inherited case are the most important documents.

The MoU

Before buying properties in Kerala, you need to sign a deed. The buyer and the seller need to process and sign Memorandum of Understanding (MoU) before signing the actual deed. The MoU contains the important information like

  • Price of the property
  • Date of the agreement
  • Consent and details of both the parties
  • Duration by which the amount must be paid.

Types of deed

There are 4 types of deeds in property transfer:

  • Relinquishment deed – when an owner transfers and thereby relinquishes his/her property rights to the co-owner.
  • Sale deed – whenever the property is being purchased.
  • Transfer deed- used for the transaction of the property. It should be done compulsorily in front of a witness and it cannot be signed while the property is on sale.
  • Gift deed -when someone is gifting the property without obtaining a price. But it needs to be signed in the presence of a witness and registered before being gifted.

Things to consider before transfer of flats in Thrissur:

  • Hiring an attorney
  • Be up to date about the present market value
  • Notarizing the deed
  • Exemption of taxes
  • Be well versed about the legal documentation involved
  • Be well acquainted about the description of the properties like address, dimensions, landmark and details of owner and buyer.

Property transfer takes time you can remove the stress out of the process by knowing about the essentials of property transfer. Get in touch with us at Vishraam Builders to book your apartments in Thrissur.

How to check whether a property is mortgaged or not?

Today there have been more instances of fraudulent real estate than ever before. Many cases have been registered where multiple loans have been sanctioned against the same property. How can you check whether the property you are going to buy has been mortgaged before?

Here’s a guide from Vishraam Builders, leading builders in Thrissur, on how to go about it…

Can a builder take a loan on already sold units of flats?

No, the builder cannot mortgage flats already sold to homebuyers. According to law, the builder’s authority over a unit within the project is given up as soon as the buyer gets the property registered under his name at the sub-registrar’s office. After paying the registration and stamp duty charges to the government authorities and clearing all earlier dues, the homebuyer is the legal owner of the apartment .

When you are looking to buy a flats in Thrissur, it is easy now to find out whether the property is mortgaged with any bank or a housing finance company. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) will help you do so. It is a new company incorporated by the department of financial services under the aegis of the ministry of finance.

What is the registry?

The CERSAI will act as a central registry and maintain records of all properties against which loans have been sanctioned. The registry will also maintain the records of all properties auctioned by asset reconstruction companies. CERSAI acts as a risk mitigation tool for the Banks / Housing Finance companies, FIs and public at large to prevent multiple financing against the same property.

How can you access

Online search is possible on the website of the registry to enable them to inspect the property records maintained by the Registry. The search can be made on the basis of both Asset Details like property registration number, address and Debtor’s details to get you information on its loan status by paying a small fee.

The limitations

In CERSAI, it has not become compulsory for lending institutions to provide details of the property against which there is already a loan running. This means the registry will showcase the status of properties on which loans have been taken recently. However, the government may make it mandatory for lending institutions to provide details of properties on loan for which a repayment tenor of at least one year is left.

Another problem is that CERSAI will not account for properties on which loan has been taken from a non-banking finance company. This will again limit the registry’s jurisdiction. Buyers of flats in Thrissur are often expected to give a lump sum even before the loan is sanctioned. In such cases, buyers can themselves run a check before settling for a deal.

Hence be cautious before settling on a property deal. Vishraam Builders, prime Builders in Thrissur brings to you legally clear Flats in Thrissur with proper documentation. Get in touch with us to know more…

Building Construction Zones of Kerala

Kerala is a great place to live in terms of weather and good standards of living and most Keralites usually prefer to construct a house in Kerala, with some landscaped area around it. But recently, the trend is on apartment living and many builders in Thrissur and launching projects with flats in Thrissur. But before building your home you have to look out for the Building construction zones of Kerala to see if the building is in the correct zone or you will have to bear dire consequences in the future along with the loss of a huge amount of money. 

The Supreme Court had recently ordered the demolition of five apartment complexes in Maradu municipality in Ernakulam, Kerala, for violating Coastal Regulation Zone (CRZ) norms. Vishraam Builders, eminent builders in Thrissur strictly adheres to the building rules and builds in only residential zones.

Vishraam Builders, premier builders in Thrissur, bring to you a run through the Building construction zones of Kerala. Just check out!

Coastal Zone

Kerala is a major coastal state and has a long coastal line. As ecosystems near the sea are getting more and more fragile, the coastal line activities need to be restricted. Any human and industrial activity close to the coastline is governed by the Coastal Regulation Zone rules to protect the fragile ecosystems near the sea. Coastal zone is the area up to 500 m from the high-tide line.  Several kinds of restrictions apply near the coastal line, as per criteria like population, ecological sensitivity, distance from shore, etc. There are many CRZ rules to restrict building activities here based on the fact that areas immediately next to the sea are extremely delicate, home to many marine and aquatic life forms, both animals and plants & they need to be protected against unregulated development.

Seismic Zone

The areas which are prone to Seismic activity or earthquakes are called Seismic zones. Kerala lies in an area not having much seismic activity. But in the recent past seismic activity has occurred in clusters along the border with Tamil Nadu, especially in the districts of Idukki and Palakkad. The central midland region is more prone to seismic activity compared to other parts of Kerala. This region appears to have generated light to moderate size earthquakes.  A number of faults have been identified in Kerala out of which the Periyar Fault is more active. Main damage from earthquakes relies on numerous factors like subsurface geology as well as adherence to the building codes. Many builders in Thrissur are following rules set by the Bureau of Indian Standards (BIS) as criterion for construction of earthquake resistant structures.

Industrial Zone

There are specific Industrial areas defined in Kerala for the development of industries. These are the areas where industrial activity is taking place or is likely to take place in the future. The development in the area will be characterized by industrial estates, housing areas/townships, transportation networks, trade & commercial areas, and waste/effluent treatment and disposal.

 These areas, amongst others, may include: 

a) Mega industrial infrastructure projects like Industrial Corridors 

b) Special industrial regions (SIRs)

c) Petroleum, Chemicals and Petro-chemical Investment Regions (PCPIRs); d) Areas with major industrial estates/complexes, viz. Special Economic Zones (SEZs); Industrial Estates etc.

 e) Other such areas

Construction of buildings in Industrial zones have to follow certain norms and proper permissions are needed. Subsidies and amenities are given by the Government here for industrial construction.

Agricultural Zone

The agricultural zone is demarcated to ensure protection of agricultural lands from land use conversions. Agricultural zones ensure food security. They are targeted to meet the consumption needs of a growing population and to meet livelihood needs of the dependent population. In India as per the law, a person needs to be a farmer to own agricultural land. Agricultural land cannot be used for residential purposes & houses cannot be constructed on agricultural land to live in. You need to get the land use converted from agricultural to residential before any construction to take place. It is not easy to convert a fertile piece of agricultural land into a residential one. The land should be a dry land, for conversion. There are other applicable laws relevant to the transfer of the rights to the land, ownership records of the land and leases, if any. Often, plots of agricultural land may not be transferable. 

Civil Aviation

To minimize the population affected by aircraft noise land-use zoning has been done around airports. The areas of land near airports are usually demarcated as civil aviation zone. With effective land-use planning and management activities nearby airports are made compatible with aviation. Airport Civil Aviation zones are usually located far away from schools and residential areas to avoid the discomfort caused by the aircraft noise and emissions of the aircraft fuel.  Residential development is restricted near Airports as much land is required near the airport for further expansion of runways and other developments. 

Heritage Sites

The heritage zone aims to preserve historic and cultural heritage by protecting, places/sites of religious, archaeological, scenic and tourist importance. Residential development is restricted in heritage site areas and special permissions are needed. Historic areas cover places of religious importance, areas with monuments of national/state level importance, areas with world heritage sites etc. 

Areas Demarcated for Development by Government

Several sites are demarcated by the Government for economic and infrastructure development like Software parks, Railway & Bus stations, Flyovers, Bridges, Canals etc. There are also areas that are required to promote and support social development of tribals and poor section of society for their livelihood. 

Forest and Biodiversity Conserved Area

There are several areas which are aimed to preserve and conserve lands under important environmental functions like those declared as National Parks, Wild Life Sanctuaries, Reserved Forests, Eco Sensitive Zones, etc. and guide land uses around such preserved and conserved areas. This is done mainly not to have land use conflicts or negative environmental impacts. The areas of natural environment and its resources that provide ecosystem services also need to be protected. 

The main ecological and natural resources areas cover environmentally sensitive/fragile areas like reserved/protected forests, biosphere reserves, national parks, wild life sanctuaries and coastal regulation zones etc. These areas provide various ecosystem services and are protected by various environments and forest Acts. Natural resource areas like water bodies (rivers, creeks, lakes), areas with important mineral resources and other natural resources areas are also considered under this sector.  Other than that, areas with high share of attractive landscapes and scenic beauty also come under this category. 

Contact us at Vishraam Builders to book your Apartments in Thrissur today.  

Things you should check before buy an Apartment

Planning to buy an apartment for residential purpose or as an investment option in the near future! Nowadays many apartment projects have come up in Thrissur & Guruvayur where builders are into providing top amenities in their projects. Luxury premium apartments in Thrissur may be fitted up with amenities like air-conditioned common areas, spas, private health clubs, jogging tracks and many more. 

But before buying apartments or flats, be careful on what to look out for and not be misled by marketing talk! In the end you should get value for what you are paying for!

Here are some things you should check before you buy an Apartment:

Location

Location of the apartment is an important point to consider while buying an apartment! Whether you are buying flats in Guruvayur or apartments in Thrissur as an investment or planning to move in there, a good location like Guruvayur or Thrissur is always prime. Ensure the area has good growth and there are good schools, supermarkets and other essential amenities close by.

Property value

 When you are buying an apartment, be it a luxury or budget one, you should ensure that no other premium is charged other than what is quoted earlier. Take your time to compare apartment projects of other builders in the same location and decide. 

Legal matters

While buying a flat in Guruvayur or apartment in Thrissur, a lot of documentation in there.  Before you fix the deal, take care to go through the documents yourself and also get a legal consultation. Check the following documents and clearance certificates to avoid getting into any legal tangle in future:

  • Land Record
  • Construction Clearances
  • Approved Planning
  • Land Use Certificate
  • Master Plan of the property
  • No Objection Certificates 

Credibility of the builder

The credibility of the builder plays a major part in influencing your decision. You should thoroughly research the builder and his past projects. You can choose a credible builder like Vishraam Builders who develops only quality living spaces. 

Maintenance fees

All flats in Guruvayur or apartments in Thrissur will have a maintenance fee set. Try to compare with other projects with same features & amenities to get a fair idea.

Energy costs

Check out if other arrangements for power like alternate power sources like solar panels is there so that power bills will not come as a shock to you later on. 

Carpet area

Your apartment is where you will spend most of your time. Take care to ensure that the common amenities does not eat up the actual living space you are getting.  Hence a good carpet area should be there in your luxury apartment.

Paying for unwanted luxuries

Many apartments may have amenities that you may not be using. Take care you decide only on what you need. Inspect all amenities offered along with the property before buying.

Now that you have gone through a list of things you should check before you buy an Apartment happy buying to you from Vishraam Builders !

 

Common mistakes to avoid while taking a Home Loan

Common mistakes to avoid while taking a Home Loan

Buying a home is a lifetime dream for most people. Home loans take care of the financial liabilities associated with it to some extent for most people. But the loan can become a nightmare, if you commit mistakes while applying for the loan and can come out costly too as the money involved is huge!  Vishraam Builders, premier builders in Guruvayur brings to you a list of some common mistakes to avoid while taking a Home Loan to safeguard you against pitfalls so that the home loan does not turn into a burden in due course. 

Mistake 1: No sufficient funds for the down payment

Depending on your CIBIL score and repayment capacity, banks provide home loans of up to 80 percent of the value of the property. When you are applying for a home loan to buy a flat in Guruvayur, you contribute the remaining 20 percent of the cost, as a down payment, after which, the bank starts disbursing the loan.  

Mistake 2: Applying for a bigger loan amount than you can repay

It’s vital that when applying for a home loan for booking a flat in Guruvayur, your EMI outflow should not be more than 30-40 percent of your income. A bigger loan with a higher EMI, can be a great burden for you. 

Mistake 3: Selecting the wrong loan product

Several types of home loan products are available in the market like floating rate home loans, fixed rate loans, semi-fixed rate loans, home loan with overdraft benefits, incremental EMI home loans and more. You can choose the most appropriate loan product & get the maximum benefit in the long term.

Mistake 4: Taking a loan for a short tenure

According to the eligibility of the borrower, banks generally provide home loans for tenure of up to 30 years. As there is no prepayment penalty on the home loan it is better to opt for a longer duration home loan.

Mistake 5: Not comparing various banks’ offers

It is possible to compare home loan products offered by different banks nowadays on the basis of interest rate, charges, penalties, etc. You  should always avail this facility, to avoid selecting the wrong loan product, which may eventually be stressful for you.

Mistake 6: Ignoring one’s credit score 

If you are one of those people who commit the mistake of spoiling their credit score, by not repaying the EMIs for small debts like credit card bill or a personal loan, your chances of getting a home loan is weak. Keep the credit score healthy, if you are planning to take a home loan.

Mistake 7: Not taking insurance 

All home loan borrowers should take the required insurance cover, to protect their families from financial distress in case any unforeseen mishaps happen that can affect the ability to pay back the outstanding dues/EMIs.

Take care to read the fine print in the loan agreement  before you sign it. As now you know some of the common mistakes to avoid while taking a Home Loan be careful how you go about it. To book flats in Guruvayur get in touch with us at Vishraam Builders.