Satellite, Bopal and Prahlad
Nagar have emerged as the most preferred residential locations in Ahmedabad
both for buying a property as well as for rental purpose.
If you are looking to buy or take
a rented accommodation in Ahmedabad, it would be a good idea to have a look
at some of the localities that are most searched by the buyers. As per the
latest PropIndex (Oct-Dec 2013), Satellite, Bopal and Prahlad Nagar were the
most preferred residential options in that order for both buying a property
as well as for renting.
So what makes these localities so
popular? Well, while location and connectivity works in the favour of
Satellite and Prahlad Nagar, affordability is acting as a catalyst in Bopal.
Satellite
The locality has been one of the
three most preferred residential localities for both outright sale as well as
rent in the last one year, as per data with Magicbricks. Located in west
Ahmedabad, residential demand in Satellite is driven by the availability of
properties in a varied budget range and good connectivity. Through Ahmedabad
Municipal Transport Services, the locality is connected to other residential
places, such as Vastrapur, Vejalpur and Prahlad Nagar.
As per data with Magicbricks, 3BHK
units are most common here and are available in a wide budget range of Rs 60
lakh to 1 crore. Sizes of these vary from 1500-2500 sq ft. The 2BHKs are
available for Rs 30-70 lakh and are sized around 900-1300 sq ft.
Bopal
As opposed to Satellite,
residential demand in Bopal is driven by affordability. Compared to
neighbouring localities, such as Satellite, Vastrapur, Prahlad Nagar and
Bodakdev, the locality offers lower capital and rental values. For instance,
a 3BHK is available for Rs 50-80 lakh, while you may get a 2BHK unit for Rs
30-40 lakh.
Rental values vary largely from Rs
7500-9500 per month as compared to approximately Rs 11,000-14,000 per month
in localities such as Satellite, Bodakdev and Vastrapur.
Prahlad Nagar
Prahlad Nagar is probably the most
expensive amongst the three locations. Generally, the larger units, such as 3
and 4BHK units are available here. A 3BHK is available within a price bracket
of Rs 90 lakh and Rs 1.4 crore and are spacious with an area of 1600-2000 sq
ft. 4BHK homes are lavish and are sized around 2500-3800 sq ft. These are
priced around Rs 1.5 to 5 crore and above.
Rental values for a 3BHK vary from
Rs 25,000-40,000 per month, while a 2 BHK would command anywhere between Rs
10,000 and 15,000 per month.
Sruthi Kailas, Magicbrick.com
Bureau
|
Friday 28 March 2014
Friday 21 March 2014
3 reasons to refinance your home loan.
It is the time in markets where the
anticipation of good and cheerful is reigning supreme. It is also the time when
many expect interest rates to come down. In such a situation, refinancing your
existing mortgage, also known as balance transfer of home loan, can be the
option that would figure top in your priority list.
Before you wonder on what should be
your first move, here are certain reasons why you should go for it:
Saving of money is good enough reason to go for refinancing your home loan. Let us
understand this with an example. Let’s say your home loan outstanding as of
today is Rs 50 lakh and the current interest rate is 11.5%. Then in that case
you are paying an equated monthly installment of Rs 53,322 and you are still 20
years away from debt free status. In this way, you will also save the time
too.
But if you refinance your home loan
at 10.5%, you will be paying an EMI of Rs 49,919 – saving of Rs 3404 per month.
Alternatively, you can also keep your EMI constant. If you choose to pay an EMI
of Rs 53862, you will be debt free in just 16 years, a saving of four years.
Put simply, you benefit in the process.
This saving is quite meaningful as
saving some money now amounts to creating wealth in the long-term. If you have
five years to become loan-free, you should think of opting for refinancing.
After all, it is your hard earned money and longer the time you repay your home
loan more money in interest payments.
Second and the most important rule
is the prevailing rate of interest on your home loan. If the prevailing
rate of interest payable on your home loan is 100 basis points more than the
interest rate on offer in the market, you should consider refinancing your home
loan. If you have a home loan outstanding in your name, and any of these two
conditions is met, it is the time to act.
So, what is stopping you from doing
this? Is it ignorance or misplaced fear?
Many a time borrowers are not aware
that the banking regulator RBI takes decision that serves them best. Take for
instance, the abolishment of prepayment penalty on the floating rate home
loans. This means that you are free to move to any other bank or home loan
lender. However your new bank may charge you some processing fee to cover the
cost of due diligence it does while giving you the home loan.
To that extent you have incur one-
time cost, which is usually in the range of 0.5% of the loan outstanding. Many
banks put a cap on such charges say Rs 25000. Some banks to waive it to lure
good customers especially if the customer has a credit score or CIBIL score of
more than 750. If you have a very good CIBIL score, anywhere between 750 and
900, you stand to save on these costs.
If you do some homework about the
prevailing interest rates offered by banks, you will surely find some good
deals. As interest rates are on the way down, you stand to benefit. If you
refinance your home loan now, you are highly likely to save more. So, focus
your energies on these to make the most of the present situation.
Rajiv Raj, co-founder and director,
Creditvidya.com
Thursday 20 March 2014
Why you should buy property on your wife’s name
Property buying has mostly been dominated by the males in the society. However, due to mighty tax benefits and rebates the male home buyers are not shying away from registering the property in a female’s name, be it their wife or mother. Moreover, this is attracting women buyers to take the plunge in the property market. This is also attached to several concessions and exemptions which are available only for ladies.
Stamp duty concession
Several northern region state
governments offer partial stamp duty waiver to woman property buyers or to the
joint registration, when one of them is a female. “If the property is registered
in the name of women solely, there is a concession given of about 2 per cent,”
says Rajiv Raj from Credit Vidya, an investment consultancy firm based in
Mumbai. “The stamp duty charges in Delhi are four per cent if the property is
registered solely in the name of a woman and 5 per cent for joint
registration,” added Raj.
Tax exemption and rebate
Several tax benefits and exemption
can be availed if a woman buyer opts for home loan -
- If the property is self occupied
then the deduction towards interest is limited to Rs 1.5 lakh per financial
year.
- If the property is rented out, the
entire interest on home loan can be claimed as deduction against the net rental
value.
- For first time home buyers this
year (April 2013 – March 2014), income tax rebate on interest of home loan up
to Rs 25 lakh is Rs 1 lakh.
Sharing the benefits
The benefit of being a woman does
not end here. Tax rebate can be shared with the husband as well if he is a
co-applicant of the home loan. Not just the exemptions and discounts but several
other featured advantages make property registration at the name of female a
fruitful choice to avail special offers.
For those living on rent
Ladies living on rent can avail
house rent allowance exemption on their taxable income. “If the female tax
payer is living on rent and has any type of income from any source and she does
not own a house, in that situation she enjoys a tax deduction in terms of
section 80GG of the Income-tax Act, 1961 subject to 25 per cent of her income
but restricted to the sum of Rs 2000 per month,” says Subhash Lakhotia, tax and
investment consultant at RN Lakhotia & Associates.
With so many benefits, registering
your house on your mother’s or wife’s name is truly a smart choice.
Surbhi Gupta, Magicbricks.com
Bureau
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