Here’s Why Your Home Loan Application May Get Rejected

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Home loans are the perfect aid to buy a house or any property for that matter. But as more and more people are getting interested in owning a land under their name, banks are getting stricter with the loan approval process.  Some crucial factors may lead to rejection of your application altogether and if not a complete no-no it may get approved for a lesser amount.

So, before applying for a loan go through these factors and get your home loan approved smoothly.

1. Physical condition and age of the property

If the property you are eyeing to get a loan is not in good shape, there are chances of your loan application getting rejected. Also, if the bank valuer finds the property’s physical structure weak, then no grants will be issued on the same by the bank. Note that here age of the building is not a factor it all depends on its physical condition.

 2. Age of the applicant

Banks are always more interested in approving those applications that come with a continuous surety of income flow. So, if you are nearing your retirement age getting an approval would be difficult, or you even have to settle for a little less amount then you applied.

 3. Credit History

Before approving a loan to any applicant banks always does thorough credit history check. So, if you are not regular in depositing EMI’s or payment of your credit card dues your credit history is surely getting spoiled.

4. Nature of source of income

Banks are always interested in applications that are backed up with a strong and promising job that ensures a continuous flow of salary.  So, if your salary is volatile and is sourced from jobs like cooking, tuition, etc lender may not show that much confidence in your application. On the other hand, presence of concrete investments like fixed deposits, share or mutual funds will prove favourable.

 5. Income Tax Return

There is a difference between fake and genuine income tax return and believe us the fake ones get detected by bank personnel easily. So, if you have filed income tax returns within a short period or more than once in a year it may give an impression of you trying to make up things to avail a loan. On the other hand, tax deductions and advance tax payments are better representers of your genuine.

 6. Previous Loans

If you already have a loan under your name for which you are still paying EMIs, then there is a strong chance of your application getting rejected or reduction in the eligible loan amount.

 

 

 

How to decide when to rent and when to buy a house

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Rather than arguing over whether to buy or rent a house, the question should be when to buy and when to live in a rented accommodation

‘Fools build houses, and wise men live in them’. This British proverb is often used in arguments against buying a house. Investing in a house is a very important decision, as the amount needed takes up almost all of one’s savings. In my opinion, the question should be: ‘When should you buy a house and when should you stay in a rented accommodation?’ rather than arguing about the rationality of owning a house.

buy or rent

Why and when should you stay in a rented house?

Banks, normally, do not give more than 80% of a property’s cost as home loan, while the buyer needs to shell out the balance 20% of the margin money, from one’s own funds. Looking at the prevailing cost of residential houses in cities, you have no option but to stay in a rented house, till you are able to save enough to fund the margin money.

If you are an employee who has been posted in a place for a short duration, or you are working in a place where you do not intend to settle, renting a house makes better sense, until you decide on the city where you intend to settle. Real estate transactions have some costs that cannot be recovered, like stamp duty, registration charges and brokerage for sale and purchase of the house.

The size of your family will also affect your decision. You may need a bigger house, in case you are planning to expand your family. In case you have enough margin money and have already decided to buy a house, but you are unsure about the locality, then, you could take a house on lease in that locality to experience the stay, before making a commitment.

Why and when should you buy a house?

It is definitely a good idea, to own a house. So, in case you are able to arrange the margin money and are confident that you will be able to service your home loan, you should buy the house. However, even if you have sufficient funds, you should take into account, whether you intend to stay in the same locality or the city.

To base your decision to buy a house merely on the cost-benefit analysis of rental versus cost of funding the house, does not make sense because the rentals generally vary from 2% to 4% of the capital value of the house, whereas, the cost of borrowing is generally around 10% for home loans, thus, leaving a gap of 8%. Nevertheless, this comparison does not reveal other tangible and intangible benefits of owning a house.

You should never defer the purchase of your first house, in the expectation of a correction in prices. This is evident from the fact that everyone has been expecting a major price correction for the last five years. People who postponed their decision to buy a house, have probably missed the bus for good. Over the long-term period, property prices on an average increase by around 9%. You should take this appreciation into account, while doing the overall cost-benefit analysis. Owning a house also provides a certain mental and psychological satisfaction and creates a sense of security.

Find Your Sapnon Ka Ghar With Us!

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Homes Trimurty Builders

Hello Jaipur! Are you still looking for your dream home that is in the heart of the city and also calm and serene?

Trimurty - Sapnon ka ghar

Over the last two decades, Trimurty has given Rajasthan a large number of landmarks – residential apartment complexes, bungalows and commercial buildings (office, retail & hospitality). Each of Trimurty’s projects, big or small, commercial or residential, carries its signature of excellence. We have a long list of happy clients that we have built and nurtured by our uncompromising commitment to delivering what we have promised.

We have made sure that we provide the best of worlds. From stunning  2 BHK, 3 BHK, 4 BHK flats and Duplex apartments that give you the warmth and comfort of a home to keeping the surroundings green and environment friendly we built it all and have kept in mind all the amenities that is required for a perfect home for you and your loved ones.

We also wanted to showcase our efforts on our project “Ariana” is one of the first green properties in Jaipur area. So please drop by at Hotel Radisson Blu at stall number 4 between 10:00 Am to 8 Pm to understand how we do what we do.

Hoping to see you there!

Save Money At Every Step In Your Humble Abode

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Don’t we all want a house that is maintenance free and helps us save big time? Here are few tips that you can incorporate either while constructing a house or renovating one that will help you save money at every step:

  • Opt for a seasoned professional while buying or renovating a property. Their experience and established relationship with supplier and contractors will go a long way in helping you achieve the desired results, in budget.
  • Be clear with the contractor on the things you want and the things you do not want in your house. Presumptions can lead to a bigger bill.
  • Be practical when deciding on what things can you do yourself. At times improving something ends up badly in paying to fix it.
  • Demolition sites are a good way to collect materials without the overpriced tag. Distinctive doors, windows and many other things can be restored for your new home.
  • If on a budget consider going for reasonable substitutes that are durable as well. For example, vinyl flooring can be opted instead for ceramic or hardwood flooring.
  • Why work on the whole house in one go when you can let each room grow on you first, and then decide how you wish to decorate it? Though few essential structural components need to be in place, skip the other elements for later.
  • Monitor the decorative and well as structural elements from time to time to ensure you get what you are paying for.
  • Avoid last minute changes in materials or blueprints. These changes not only cost you more but also take up a lot of time.
  • Every household has few things that need a separate storage space due to their non-existent yet important-at-times usage. Think about storage space in the attic, under the staircase or a spare room while discussing the overall plan.
  • If you are not the artistic type and like minimal designs, you can go for same tiles and flooring in all the rooms. It saves a lot of money.
  • Paint the roof and exterior white in colour. It absorbs lesser heat thus keeping your house cooler.
  • Plant as many trees and plants as possible in and around your house. This will not only add some vibrant colour to your abode but keep the place cooler and fresher.
  • Make provision for CFLs wherever you plan for fancy lighting. They save a lot on energy consumption and eventually on bills.

 Last but not the least, do a maintenance run on all the fittings and fixtures from time to time to avoid inconvenience in the longer run.

Add Beautiful Water Features to Your Beautiful Living Space

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One thing that we all crave for in summers is WATER. Be it for drinking or other uses, we cannot live a day without it. Adding a water feature to your home and office, therefore not only enhances the overall beauty but brings a soothing affect in the environment quenching your thirst of all things classy. And the wide variety available fits in every budget.

Here we have brought together a list of water features that look beautiful themselves and create an amazing and impressive living space to live in. Let your imagination run wild.

Water Fountains

OLYMPUS DIGITAL CAMERA

Water fountains are the best option to enhance your outdoor as well as indoor space. They require regular cleaning and should not be big enough to overpower your space. If placed outside, add a few benches around them and you are all set to host parties during summer evenings.

Birdbaths

Bird bath

Bird baths not only relieve birds from the heat but also creates a natural atmosphere in your home. Ensure that you have time to clean and refill it daily. You can also add fountain mist to it and put rocks in the bottom of the bath to make the water shallower for birds to enter the bath with ease.

Bubbling Water Fountain

bubbling water fountain

Indoor Waterfalls

There are two main types of indoor waterfalls: those with ponds below and those without. The ponds can be filled with rocks & plants and even with colourful fish. The pondless waterfalls usually have a small basin that collects the water and pumps it back. Add some lighting to the waterfall for more drama.

indoor waterfall

Image source: yourahome

Stairway Water Features

A stairway water feature gives you ample of options to choose from having simple basins to water ponds to waterfalls. It not only adds a different elegant grace to the staircase but brings in a surprise element delighting your guests.

stairway water feature

Image source: cdn.homedit

There are many other water features that can be either used on their own or can be combined with a different one. No matter which one you choose for your home or office area, the soothing sound of water and the beautiful visual will leave you happy and fresh.