For those planning to take a loan to buy their house, there is good news. Several banks have slashed home loan rates recently. Bank of India has come up with a festive offer called Star Home Loan, which can be availed till December 31. For a loan of up to Rs 50 lakh, the rate of interest will be 8.50 per cent in the first year and 9.25 per cent in the second. For loans of Rs 5 lakh-1.5 crore, the interest in the first year will be 9.75 per cent and 10.50 in the second. From the third year, the then floating rate of the bank will be applicable in both the cases. Union Bank of India has launched a special festive offer on home and auto loans. As per the offer, for home loans up to Rs 50 lakh, the bank will charge a fixed rate of 8.50 per cent for the first three years. From the fourth year, the interest will be a floating rate linked to the benchmark prime lending rate of the bank for all tenures. The bank has also reduced rates for car loans by 75-100 bps, depending on the tenure.

Says R.K. Nikra, chief manager, “The offer will be effective from September 1 September till October 31.” A few days before the UBI offer, ICICI Bank launched a special offer for all new home loans. As per the new offer, the bank will charge an interest rate of 8.75 per cent for loans up to Rs 20 lakh. For loans of Rs 20 lakh-50 lakh, the new interest rate is 9.25 per cent. Borrowing above Rs 50 lakh will attract 9.75 per cent interest rate. Effective from August 20, the scheme is available only for a limited period of time, said an ICICI spokesperson. Apart from the special offer, ICICI Bank’s home loan interest rates are in the range of 9.25-11 per cent.

Both theses offers came within weeks of the State Bank of India (SBI) cutting rates by 50-75 bps on high-value home loans. Earlier, SBI had launched a new home loan scheme offering 8 per cent for 1-5 years, depending on the amount, with zero processing fees, as against an average of about 10 per cent charged by others. Among other players who have cut home loan rates are Punjab National Bank housing finance majors LIC Housing Finance and HDFC.

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Buying property is a lifetime decision. Since you are going to invest your precious money in the property, you have to be extra careful. The real ordeal begins after you identify the property of your choice. The road to a possession certificate is paved with difficulties, tedious legalities and endless paperwork. As a buyer, the more aware you are aware of the legalities and paperwork involved, the more likely it is that you won’t end up as another casualty in the courts. So, familiarise yourself with terms such as leasehold, freehold, title deeds, completion/occupation/possession certificates. As long as you make sure that all the documentation is in place before you strike the deal, you’ll be home free!

1. The Title Report – colloquially known as the ‘property card’ or in some places ’saat-bara’, this is an investigation into the title of the land over a period of 30 years. It ensures the marketability of the land in the hands of the original owner. Ask for the detailed report, not merely an abbreviated certificate. This should be prepared for the seller by his lawyer and should be checked by your lawyer. If the title is not clear, you can be evicted from the property at a later date.

2. Property Under Construction – If you are buying a new property, ask for an Allotment Letter or Development Agreement detailing the agreed price, payment and construction schedule, house plans, delivery date and builder’s liability in case of late completion or problems after possession. Make sure that the developer has clear title to the land, and that the relevant local authorities have approved the building plans. Once the construction is over, ask for the completion and occupation certificates, which indicate that the building has adhered to municipal requirements.

Some other costs you will incur: Society formation charge, deposit for electricity meter, stamp duty and registration charges.

3. Constructed property – Make sure that the seller has the title and possession of the property as well as the right to transfer the property. Check that the relevant approvals, if any, have been obtained from the land development/planning authority. Ensure that there are no tenants and get a declaration that the property was purchased from the seller’s funds and is not mortgaged. Get a ‘No Objection Certificate’ from the builder or society. Check whether dues such as property tax, society, water and electricity bills, etc. have been paid in full. Decide who will pay society transfer charges. Take possession of all relevant documents and also the original allotment letter, completion certificate, occupation certificate and all other documents given by the original builder.

4. Leasehold vs. Freehold – Most of the property in India is freehold, which means that ownership is transferable. In some specific areas such as Delhi, the government owns most of the land, some of which is leased out. This lease is transferable, provided permission is sought directly from the Central Government. In this case, you have to pay stamp duty and execute a memorandum of transfer. In the case of leasehold property, make sure that the ground rent has been settled up to date. Most transactions are done through Power of Attorney (POA), which does not confer a clear title to the buyer and it also ceases on the death of the seller. If you are entering into such a transaction, ensure that you have a general as well as special, irrevocable POA, which will allow you to transfer the property. However, buying properties involved in multiple POAs is fraught with difficulties.

5. Stamp Duty & Sale Deed – Stamp duty is a percentage of the transaction payable to the state government. It varies from state to state. The sale agreement should state who pays the stamp duty. If it is not included in the agreement, the buyer should make sure he/she pays the full amount and registers his/her name as the owner in the land revenue records. The final Sale Deed should be stamped and registered at the appropriate local area office.

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The rising cost of residential accommodation has led to the popularity of Home Loans in India. The steep rise in Indian real estate is mainly due to disparity in demand and supply of quality residential accommodation in India.

The middle-class Indian population is the worst sufferer of the real estate demand-supply gap and hence it is this part of the Indian demography that is the largest group to avail itself of home loans in India. Home Loans in India are facilitated by all public and private sector banks operating in India. Financial institutions specializing in home financing are also cashing in on the latest boom in home loans. The loan schemes offered by such institutions are easy to repay and thus are hugely popular with the middle-class Indians.

Home Loans in India are provided by -

* State Bank Of India
* Bank Of Baroda
* United Bank Of India
* United Commercial Bank of India
* Allahabad Bank
* Bank Of Maharashtra
* Oriental Bank Of Commerce
* ICICI Bank
* HDFC Bank
* Axis Bank ( or UTI Bank)
* LIC Housing Finance
* and others

Home Loans in India are provided for the -

* Purchase of residential accommodation like House or Flat
* Purchase of land for construction of House
* Renovation or repairs or extension of an existing House or Flat
* Purchase of consumer durables and furnishings as included in the project cost

Eligibility criteria for availing home loans in India are -

* The applicant must have attained the minimum age of 18 years
* The applicant must not have attained the maximum age of 70 years which is the age by when the loan should be fully repaid
* The applicant must have sufficient, regular, and continuous source of income

Maximum and minimum home loan amount are calculated as follows -

* Applicant aged over 18 years and up to 45 years can avail maximum loan amount 60 times of his Net Monthly Income (NMI) or 5 times Net Annual Income (NAI)
* Applicant(s) aged over 45 years of age can avail maximum loan amount 48 times NMI or 4 times NAI

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Home loan
seekers can save up to Rs 10,000 on their monthly repayments for one year as the government on Thursday approved 1% interest
subsidy for houses that cost less than Rs 20 lakh.

Aimed at promoting low-cost housing, the subsidy will be available for loans up to Rs 10 lakh, provided the cost of the dwelling unit does not exceed Rs 20 lakhs, minister of information and broadcasting affairs Ambika Soni said after a meeting of the union cabinet which cleared the proposal of the finance ministry.

“It is expected that cut in interest rates
should reduce Equated Monthly Installments (EMIs) of borrowers and create additional demand for housing, particularly in the low cost category”, she said, adding the scheme would cost the exchequer Rs 1,000 crore and benefit about 10 lakh borrowers.

Besides, she added, the move “in turn should stimulate demand in the construction industry as well as industries such as steel and cement having employment and income multiplier effect.”

The cabinet approved the scheme for providing interest rate subsidy on houses in pursuance to an announcement made by finance minister Pranab Mukherjee while replying to the debate on the budget for 2009-10 in July.

Though the scheme would help loan borrowers in small cities, it would not be of much benefit to those looking for houses in metropolises like Delhi, Mumbai and Bangalore as the cost mostly exceed the threshold of Rs 20 lakh.

Source – TOI News

INDIA’S PRIVATE sector lender, ICICI Bank in its bid to survive longer in the wake of cut-throat competition has slashed down the rates of their home loan products. The move, made effective from August 20, will take the interest rates on home loan of up to Rs. 20 lakhs, to 8.75 per cent. On the other hand, loans availed for the amount between Rs. 20-50 lakh will now carry an interest rate of 9.25 per cent. Loans for the amount exceeding Rs. 50 lakhs will be available to prospective borrowers for 9.75 percent.
The home loan rate trimming has come in the picture after State Bank of India introduced a competitive package early this month. The move has brought about a transition in its financing scheme as now loan products for the first year will be available for 8 percent while for the next two years, the rate would be somewhere between 8-9 percent, subjected to the size of loan availed and terms & condition of the scheme.

Not only SBI, only two weeks back, HDFC also retooled its interest rates which saw the slash down of 50 basis points resulting in a loan of Rs. 30-50 lakhs being made available for 9 percent. That is not all, LIC Housing Finance also effected a slash down of 50 basis points, taking 9.25 percent interest rate on Rs. 30-75 lakh loan to 8.75 percent.

Incidentally, despite having observed some high losses in its unsecured loans portfolio, ICICI is willing to continue with its growth of mortgage program and auto loan portfolios. Interestingly, the bank’s outstanding housing loan portfolio stands at staggering Rs. 53, 472 crores (as per the figures on June 30, 2009).

Pooja room is a place where we worship God for peace and prosperity. Ishanya or north-east is governed by God and is an excellent location for pooja room. Locating ‘Pooja room’ in north-east brings prosperity, good health, wealth, happiness and peace of mind. North-east is auspicious for other reasons. In morning sunrays fall directly from north-east and give us positive energy.

Location of Pooja Room

North-east is an excellent location for Pooja room. Pooja room in north quadrant provides good results. You can opt east, north and north-east for pooja room. Avoid other directions if possible. Special pooja’s can be performed in Brahmasthana (center of house). In big plots, pooja room can be in Brahmasthan (central portion) of the house. Pooja room should not be inside bed room. It should not be made above, below or next to toilet or kitchen. It should be on ground floor, not on first floor or in basement. Avoid Pooja Room under the stairs.

Planning a Pooja Room
Doors and windows of pooja room should be in North and East. Doors of pooja room should have two shutters. The doors should not have any door closer. There should be a ventilator. Walls of pooja room should be painted in white, light yellow or light blue color. The floor of pooja room should be of white or off white marble. Cupboard for placing things should be in South or West of pooja room. It is beneficial to have a threshold in pooja room.

Interior of Pooja Room
Idols of God should be kept in north-east portion of pooja room. The idols should not face one another and the door of pooja room also. The two idols of same god should not be placed in pooja room. The idols should be 1 inch away from walls. ‘Kalash’ or water body is in North or East of the room. ‘Deepak’, lamp and ‘Agni’ kund are in south-east. We should face East while worshipping. Avoid keeping heavy idols in pooja room. Cluttered and broken idols should not be placed in pooja room. Avoid photos of dead people in pooja room. Keep pooja room clean and clutter free. There should be one pooja room in a house. The room should not be used for other purposes like storage or other room.

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The right place is very important for study as it affects the concentration of students. Many times students complain that they are not able to concentrate on studies. The remedy to these problems has been formulated by our ancestors through ‘Vastu Shastra’.

Here are few vastu tips which can help students to achieve success in their studies.

The study room should be located in the directions which are considered auspicious for studies such as East, North or north-east of the house. As per Vastu, these directions improve the power of concentration while studying. Make sure that there is no mirror reflection in their room. This may have effect of doubling their work load. Make sure that the student does not study under a beam otherwise he or she feels unnecessary pressure.

Locate Study Table according to Vastu
The placement of study table is important for concentration. You should place study table facing East or North. Do make sure that the child should face East or North while studying. The table should not stick to the wall. There should be open space in front of child as it augments fresh ideas. The child should have a solid wall behind him as it signifies support.

The study table should be square or rectangular as per vastu, it should not be too big or too small. A table of small size can be uncomfortable while working and a table of big size can affect working capacity of the child.

Placement of Bookshelves as per Vastu
Bookshelves and cabinets should be placed in the East, North, and North-east directions. The cabinets should not be placed in the center of room. It is best to leave central portion of study room empty. Avoid placing bookshelf above study table. It may create unnecessary stress for child. Study table should not be cluttered with lots of books.

Color scheme as per Vastu
The walls of study room should be painted in light colors rather than dark colors. Light colors are very auspicious according to vastu and enhance learning power of students. Avoid black color in study room.

Proper Lighting
The study room should have proper light. Dim lights are not favorable for child’s education and growth. Sunlight gives us energy for doing work so the windows of study room should be in East and North of the room. A table lamp is another source of proper light which helps in concentrating on the task. If the child is using table lamp, it should be placed in south-east of the table.

Vastu Tips to Create an Effective Environment in Study Room

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The room to be chosen for study should be in the East , North or the North-East direction of the house. These directions improve the absorption power.
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Ensure that your child sleeps with his head towards East or South. The head towards east helps in learning whereas the head towards south helps in maintaining magnetic balance of the body or earth. Avoid bed in study room as it may make child lazy.
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Avoid television in study room because it interrupts concentration of students.
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Place computer in south-east of the room.
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Make the room noiseless. The study room should not have any noisy toilet on the floor above or below the room.
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Make study room clean, clutter free and noise free.

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The biggest designing mistake while doing up your small bedroom is: over-accessorizing and crowding it with sundry and inappropriate furnishing items. If your bedroom is small, your focus should be on implementing the right decor to make it look spacious and simplified. Here are some small bedroom decorating ideas that would help you make the most of the limited space available.

Lighting: The lighting’s in your small bedroom should be soft and subtle to give a gentle appeal to your room. One of the most effective small bedroom decorating ideas is to install the lighting’s near to your bedroom to render a more spacious appeal. Avoid installing huge stand-alone lamps; instead use lamps that can easily mount on the wall. To serve your studying or reading purpose, use the lamp that can be mounted on the wall accompanied by an extension thread for its easy placement. Fluorescent lighting’s and ambient accent make for an elegant bedroom.

The right curtains and bet sheets: For a small bedroom it is always advisable to use a plain bed sheet or a bed sheet with a simple design / pattern. Too much of floral and airy designs will make your room look compact and crowded. Always let the folds of the bed sheet on the either sides of the bed flow loose to render an elongated look to the room. One of the most efficacious small bedroom decorating ideas is to use the same hue for the curtains as that of the wall. Use light colored curtains, if your room lacks adequate lighting, to make your room look bright.

Storage space: To make the most of your room, optimize your furniture both as your furnishing item as well as storage space. For example, purchase the bed that has cabinets and shelves to store your seasonal clothes and crockery. Use Almira’s that touch the ceiling so that they don’t utilize much space. Also, for best small bedroom decorating ideas, place your furniture at an angular position to the walls so that the room looks spacious.

Always locate your decorative items at the corner of the room to effectively utilize your corners. Use glass shelves to hold the decorative items to make the room look clean and spacious.

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Our bedrooms should be calm, peaceful escapes from the bustle and pressure of the everyday world. All too often, though, the stresses of the day find their way into the very places where we are meant to be the most relaxed. Such intrusions contribute to insomnia, which can lead to major health difficulties. A few easy changes can remove distractions from your bedroom and help sleep come easier.

Combat late-night problems by making your bedroom a safe, peaceful place to relax and sleep. Start with these 10 simple ideas:

1. Get the television out. Move the television from your bedroom and place it in an entertainment center in the family room or living room. Watching TV in bed inhibits good sleep.

2. Move the computer. Likewise, move the computer into a home office, or at least into its own nook in the family room or den. Remove the stress and worry of your work from the place where your focus should be relaxing and sleeping.

3. Choose the right colors. Color theory dictates that different shades have different effects on people. Cool colors, those from the left side of the color wheel, are thought to provide a sense of calm. Choose one of these for the bedroom, and avoid bright, loud colors that are more exciting than soothing.

4. Eliminate excess noise. Make sure that rooms adjacent to the bedroom are not home to stereos, televisions or other noisy electronics. Most modern homes don’t have completely soundproofed walls, and the bleed-through noise can keep you awake.

5. Keep out the light. Select light-blocking window treatments. Even though the sun isn’t out, plenty of light can sneak into the bedroom from outside, disrupting your sleep patterns. Keeping the room as dark as possible is especially important for people whose work schedules require them to sleep during the day.

6. Add a little light. If you need a little light to sleep comfortably, consider adding a couple of nightlights or a dimmer switch rather than sleeping with a lamp on all the time.

7. Check your pipes. Loud pipes might be waking everyone in the house when one person makes a bathroom visit in the middle of the night. Look for the cause of any clanging and banging, particularly in a bathroom that is adjacent to a bedroom.

8. Seal the doors and windows. Make sure doors and windows are solid and secure, with no drafts or rattles.

9. Clean the air. Use an air purifier or humidifier to keep air quality at its best. Allergens and excessively dry air can interrupt sleep and make waking up unpleasant, too. As a bonus, many machines create a white noise that drowns out other, distracting sounds.

10. Get organized. Organize closets and keep clothing and other personal items in their places. A chaotic, messy room is stressful to the mind. Don’t try to fall asleep with your eyes darting around the room, spotting shoes and clothes scattered all over the floor. Sleep well, knowing that everything is in its place.

Source – ivillage

In the home, where do you spend most of your time? Which room is really lived in? Just a guess, but it’s probably your living room (it’s called that for a reason). So it’s important that this room is designed properly since it sets a tone for the rest of the house: it says a lot of about you as a homeowner and as a person. Though you could hire a trained interior designer to help achieve a specific look, most of the time these professionals will initially try to get a sense of your style and taste before they come up with a plan. For that reason, it’s a good idea to have some ideas of your own before hiring an expert. Here are some creative living room design tips to help you get started.

Intention Definition
The best way to plan a room is defining its purpose. Is it supposed to be a playroom? Is it for entertaining? Is it formal? Is it for looks alone? Or do you want it to have multiple functions? The more specific the function, the more appealing the area. In other words: when people know how to visualize a room’s purpose, the more comfortable they feel in that space. This preliminary decision will help determine the room’s overall shape.

Focal Points
Once the purpose is defined, you now have to find a centerpiece: that one feature that draws the eye. Most of the time, it’s the TV. But why? Entertainment centers take up a lot of space and can often look clunky. Instead, be more original in your living room design. Focus on the fireplace, a painting, or something more personal to you. But if it has to be the TV, try to find a way to camouflage. Buy a cabinet that can be closed off. Or invest in a TV that can hang on the wall, thereby blending into the décor when not in use.

Requisite Relocation
Once the focal point has been defined, the next step is living room furniture. In order to make things look fresh, you don’t have to buy new stuff. And unless you’re changing the room’s entire color scheme, you shouldn’t even have to reupholster. Instead create a whole new atmosphere with just a little imaginative rearranging. Before you start moving around heavy couches and love seats, it’s a good idea to make large templates of your living room furniture from newspapers or old bed sheets in order to test out different arrangements. Remember, not everything has to be against the wall. Some contemporary designs use “floating” living room furniture in the middle of the room to help divide up the space (this is especially important if the room is taking on two different functions, such as an office and a den). Also, while arranging, don’t forget to supply ample walkways for guests.

Breathing Room
Many times these spaces can become cluttered. Not because of poor housekeeping but because there’s too much going on. Here are some popular pieces that could use some re-evaluating in order to create more square footage:

Coffee tables: Why walk around these objects and risk bumping your knees? End tables are more user-friendly and less in the way. But if you still want to put your feet up then get a recliner or an ottoman, which save space and are easier to negotiate.
Couches: Maybe get a smaller love seat instead. Or if you like big couches, possibly invest in a sectional or a wrap-around, and make it the room’s focal point.
Bookcases: These are an elegant feature to any room, but to save space you could invest in some simple shelving or have them built directly into the walls. Most of all, remember that they don’t have to be used just for books, but also knick-knacks, picture frames, etc.
Antiques: It’s cool to have decorative living room furniture but beware of them getting in the way. Antiques set a mood, but they can also clutter an area, especially if they’re never used. Be judicious in your selection, which should also help on your costs.

What Next?
After this point, if you want to get more creative, you may want to get some expert advice. But don’t forget other aspects of the room that could use a little remodeling. Paint those white, antiseptic walls so it doesn’t feel like you’re in a museum. Buy some rugs that will also add extra padding to your floors (but make sure to match them with your throws, pillows, and other living room furniture in order to create accents). Also, proper lighting can really add ambiance: install some sconces, a fireplace, or just buying some lighter curtains can help capture some natural light.

Marc Dickinson