How Bank Account Statement Impact Home Loan Eligibility?

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Anyone who has ever applied for a home loan must be very well aware of the practice wherein lenders ask for bank account statement. They could ask for bank statements from anywhere around from six months to few years. Now, the question that may pop-up in many minds is whether the said statement has any say in home loan approval or it’s just another formality.

Well, bank account statements have a good say not only in home loan approval but also in the amount to be sanctioned for the same. Here are the few things that lenders analyse in a bank account statement.

1.    Nature of Debits & Account Balance

A Bank Account Statement speaks about once financial health and very well reflects the saving habits of the holder. Say, if your statement shows regular debits towards mutual funds and like, it indicates how good an investor and financially discipline the account holder is. On the other hand, if a lot of debit or credit card transactions especially of high amount are towards online purchases than it may have an adverse impact on one’s overall loan eligibility.

2.    On-going Loan

A look at one’s bank account statement and noticing same amount being debited at regular intervals of time, the lender can easily detect the existence of any previous loan being serviced. The presence of any prior loan becomes an important factor in deciding one’s loan eligibility. Home loan eligibility gets reduced with any previous loan being serviced.

3.    Cheque Behavior

Value and volume of cheque returned or deposited speak a lot about one’s financial health and business standing. For example, if the account statement shows debit balance regarding bank charges for unpaid or bounced cheque it would paint a doubtful picture in front of the lender. He would avoid giving a loan to a person who issues cheque without even inquiring presence of adequate balance in his account.

4.    Verifying Nature and Level of Business/ Job

In the case of a salaried person, the lender will be able to confirm whether the proposed salary in the income tax return is being credited or not in his bank account. If yes, then his salary is genuine or otherwise there is something suspicious. Same is the case with self-employed individuals; the level of their business activity will be tallied with income credited and declared income tax return.

Tips & Tricks to Make Small Space Look BIGGER

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Who doesn’t like a big open space that feels airy and in a way contributes in maintaining a pleasant and positive environment? With urban spaces getting cramped, due to factors like increase in population and internal migration, it is not always possible to get a home/apartment with room size of your choice.

 One of the many factors taken into consideration at Trimurty is provide adequate space to the occupants. But for those of you how are stuck in small apartments or want to create an illusion of greater space, here’s what you can do –

1. Ceiling Revision

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Paint the ceiling or give it beautiful wallpaper coverage. The trick here is to draw attention upward, as it will create the illusion of a bigger room.

2. Say no to Wall Stuck Furniture

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Leave some gap between the furniture pieces and wall. Pushing everything up against the wall makes the room look small and cramped. Even few inches gap can make the space/room look more open.

3.  Hang Shelves

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Remember point one, here also our motto is to drag the attention upward. Hanging shelves near the ceiling will not only make the room look bigger, but you’ll also have an added storage space.

4.  Light Colors are Right

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Using light colors on wall and floor will help you, creating an illusion of space. Such colour tones reflect light rather than absorbing them, as in the case of darker tones.

5.  Use Stripes

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Like in fashion, vertical stripes in home decor also help room look taller. One can opt for vertical striped rug and place it along with the longest length of the room.

6.  Avoid Small Decor Items

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Instead of cluttering the room with many small decorative accents, go for few big ones.

7.  Use Multiple Rugs

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This trick woks pretty well in studio apartments, it helps creating illusion of small spaces in one large room.

8.  Furniture with Exposed Legs

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Despite going for furniture or sofa with boxy chairs opt for the ones with exposed legs. It make your small space bigger and create airiness.

9.  Use Mirror to Create Space

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Strategic placement of mirror can make a small room look bigger. For example, placing one across the window will not only create an illusion of space but it will also reflect more light into the room.

10.  Small Lamps

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Go for small lamps around the room, as it will spread the light and draw light around the room.

Don’t Ignore these Vastu Faults When Planning to Buy a Home

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Vastu plays a significant role in Indian home buying regime. But each time it is not possible to find a home that 100% comply with the Vastu commands. As no matter how hard you try, a house or an apartment will always have some aspects or elements opposing this ancient study of construction.

So, the big question is – What are the Vastu factors that cannot be ignored? And secondly is there any solution to these conflicting aspects?

According to leading Vastu experts a home or apartment should at least obey 70 to 80 percent of Vastu norms. If that is not the case, it may cause a problem in the health, minds and life of the occupants. Also, in the event of flats or duplex housing style, one should only be concerned about his floor or apartment and ignore another person possession.

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Here are some Vastu norms that Trimurty follows and recommends to be followed while going forward with the home buying transaction –

1.  Avoid house that face south and  south-west direction

2. See that no corner is being cut, i.e. all four corners of the plot/flat should be intact

3.  Houses with entry from north, east, west, north-west and north-east are considered best

4.  Avoid homes with kitchen facing north-east and south-west direction

5. Homes with toilets in north-east direction are not favoured. They should always face north-west direction.

6. Master bedroom should not face south-east direction. Rather south-west direction is considered better.

7.  Take a note that staircase are in north-east direction and clockwise

8.  Remember to check mirror Vastu, when using them in home decor

Solution to Vastu Faults 

Usually while construction of a home/apartment 60 to 70 percent of Vastu norms are followed ; rest are forgone as adherence to all will lead to a sacrifice of substantial carpet area.  But it is not an issue to worry about as faults can be corrected using virtual balancing and modern and traditional corrections techniques. These correction methods mostly are inexpensive and take use of elements like special metallic wires, mirrors, energy pyramids, depending upon the requirement.

Tips to Light up your Home in the Best Way Possible

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It was all dark, dull and invisible then someone called Thomas Alva Edison invented the bulb and since then everything is bright and right. But is the science behind lighting your home that simple and straight. Well, to our disappointment this isn’t the case, and a lot of work and thought goes into the planning of the same.

A wrong or misplaced fixture can not only spoil the entire ambiance of the room, but it can further strain your eyes especially in places like study and living room. Therefore, before making any final buying decision and thinking about its placement options one should get a clear idea about the purpose that particular light will serve.  The aim ultimately is to maximize the effect and minimize the number of fixtures.

Rooms and Lights Complimenting them –

1.  Living Room – Apart from taking care of the basic reading need, one can also dazzle up the space by integrating back panel television lights and accent lights to add luxe element in the room.

2. Study Room – There should be adequate illusion of light in the study room, making study and completion of other tasks easy. Also, place the study lamp at the correct angle so that no shadow falls on the work area.

3. Bedroom – Take a note to add dimmers to your room. They are the best-kept secret in the lighting world and allow you to set the light according to your mood.

4. Bathroom – Try adding vertical or sconces lights instead of overhead ones on the either side of the bathroom mirror. Such lighting fixtures will help you get rid of shadows that would otherwise cast on your face.

Dos & Don’ts of Lighting –

1. Remember to add extra plug points; they are of great use during festive occasions and other events

2. Opt for easy to maintain fixtures

3. Take a note that spares and replacements are easily available in the future

4. Make a note that lighting options you choose complement the overall look and feel of the room

5.  Avoid glass and floor lighting fixtures in kids room

6. Before opting for chandeliers, consider the ceiling height, it should be at least 7 to 8 feet above the floor

7. Side lamps should be at convenient distance from the bed, thus making them easy to operate