Home Loans for NRI’s

Home Loans for NRI’s

Real estate in India is a perennial industry. Residential real estate for Non-Resident Indians (NRI), particularly, has a glorious future. Whether it’s a dream home or a lucrative investment opportunity, India has countless opportunities for you. And what’s even better? The hassle-free availability of home loans for the NRIs to benefit.

What is the procedure?

Applying for a home loan is simple in India. All you need to do is submit an NRI home loan application form to the bank. Indian banks have become widespread and increased their footfall overseas, too. You can submit your application directly to the bank or use an online application. There is an alternative method where you can also apply at a home branch by appointing someone as a Power of Attorney (POA) holder on your behalf. That way, you won’t have to come or wait till your next trip to India. However, if you issue the POA while you are not present in India, it will require a signature. This need to be performed in front of an embassy official for legitimate consideration. Once you submit the application form, the bank will take you through various terms and conditions and applicable interest rates.

Interest Rates and Conditions

RBI guidelines state: You are an eligible NRI only if you are employed or carrying out business outside India under the circumstances showing an uncertain duration of stay abroad. Thus, if you fall under this category, you can apply for NRI home loans in India. You’ll also have to present documents validating your income, employment, and educational qualifications.

Banks offer 70% – 90% of the property value as a loan, based on your qualifications and income, at an interest rate of 0.25% – 0.50%. The repayment has to be in Indian rupees through Non-resident External or Non-resident Ordinary accounts only.

How does this benefit you?

Banks are now offering home loans to NRIs at attractive interest rates. So, taking a home loan is always better than personal financing. Instead of engaging your savings in the purchase, you can invest that money elsewhere for better returns and manage the property-related expenses with the loan. Home loans for NRIs also have tax benefits, just like the home loans for Indian residents.

So, when you take a home loan, you get tax benefits, security, and freedom to invest your money elsewhere and earn profits.

Key features

Here are some of the most attractive features of Home loans for NRIs that will aid you in selection-
  • You can get loans for constructing a house, purchase a developed property, or renovating an existing property as well.
  • The process of application is simple, and the approvals are quick.
  • There is a flexible online process with precise application tracking facilities
  • Flexible prepayment facility with minimal fees
  • Better finance management
  • Tax benefits and money savings

Conclusion

It is evident from the above points, home loans for NRIs have become a cakewalk in recent times. The entire process requires minimal paperwork, and you may reap multiple benefits in return.

So, should you get a home loan to buy your dream house?

Well, if you are an eligible NRI, the answer is a loud, resounding yes. Getting a home loan is the best choice you can make while purchasing residential real estate property in India.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

The Importance of Property Insurance

The Importance of Property Insurance

Today, insurance plays an essential role in all of our lives. The fundamental objective behind investing in insurance is to improve your financial status after suffering property/asset losses. You will pay a small amount as a premium to the insurance company, and it assures you compensation for uncertain contingencies in the future.

What is property insurance?

One of the applications of insurance is property insurance. It protects you from loss of or damage to expensive personal property, like a home or a vehicle. Some types of property insurance include flood insurance, renter’s insurance, insurance for homeowners, and auto insurance.

How does it work?

Property insurance is in the form of a written contract, referred to as a ‘policy’. It is a legal document that binds the insurance company and the policyholder (you).

You, the policyholder, have to pay a small amount, referred to as a premium, to the insurance company to acquire compensation if there is any damage or mishap to your property.

The nature of the damage and losses covered by the insurer will be there in the contract; therefore, you must go through the fine print of any policy thoroughly before narrowing it down to the choice of an insurance company.

The market is replete with the number of insurance companies providing competitive coverage. To make a wise investment, you have to make a comparative analysis of different policies offered by insurance companies.

For whom is it applicable?

Property insurance is for anyone who owns a costly, premium property of immense value. You are forced most of the times either by mortgage contract or law to maintain property insurance. For instance, all the states of India mandate drivers to carry motor vehicle insurance, typically in the form of liability insurance.

Home insurance plans offer coverage of the liabilities that arise out of damages to the house and/or to the contents due to man-made reasons like loot, demolition, etc. There are many salient features of a home insurance policy and its coverages that you can take advantage but first, know their offerings.

Types of coverage

Many people are misguided about the coverage in property insurance. Initially, look at the conditions not covered by property insurance:
  • Earthquake
  • Flood damage
  • Mould
  • Maintenance damage (electrical wiring, worn-out plumbing, roofing, heating units, etc.)
  • Sewer back-up

Policies are usually composed of contingencies that are ‘sudden and unexpected”. A leak that occurred over several months would not be covered. Also, a roof that caves in from age rather than weather will not be covered.

Property insurance is for two kinds of coverage: Hazards and Liability.
Hazard insurance provides cover against damages that may occur because of theft, vandalism, fire, and other mishaps. It could offer cash value or the replacement value.

Liability insurance offers covers against accidents that may occur on the property. For instance, there is coverage of medical bills of a person injured while working on your property.

Types of coverage

  • Check whether the insurer offers cash value compensation or the replacement value.
  • For protecting jewellery, you need to include a floater, an add-on to your primary policy.
  • Certain premium factors may impact insurance:
    1. Do you live in an area plagued by hurricanes and tornadoes?
    2. Are you a smoker?
    3. What is your credit score?
    4. Do you own a swimming pool?
    5. You may be at high risk because of these factors.
      6. Based on these, the insurance company will charge you accordingly.
  • Steer clear of insurers offering rock bottom rates. Check the reputation of the company and don’t take the word of its sales personnel.
These are some beneficial facts on property insurance. It will help you understand the nature of these policies and give you in-depth information to make a sound decision while choosing the right policy suiting your requirements.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

How does your credit score impact your home buying process?

How does your credit score impact your home buying process?

Credit scores are relatively new in India, but it is now widely used by lenders to determine the creditworthiness of an individual. The Lender’s focus is more on your credit score, especially in the home buying process. So, before you set out to buy property, you must make sure that you have an adequate credit score.

What is a credit score?

A credit score is a three-digit number used as an indicator of your creditworthiness. It ranges between 300 to 900, with 900 depicting the maximum creditworthiness. The evaluation is performed based on your previous credit repayment data and overall credit management.

The four RBI licensed credit information companies in India who can provide credit score are:

  1. Credit Information Bureau (India) Limited (CIBIL)
  2. Experian
  3. Equifax and
  4. Crif High mark
However, CIBIL is the most popular and widely accepted amongst the four.

How does it affect the home buying process

Whether you are buying a new property or constructing a house, the process usually starts with a home loan application. A home loan provides you with tax benefits, secured financing, and the ability to purchase the property you like without squeezing up your hard-earned savings. But not if you have a low credit score. Lenders, nowadays, pay close attention to your credit score before lending money for home buying.

So if your credit score is low, the loan can be rejected or approved even if it’s for a smaller amount and, if approved, still fetch a higher rate of interest. Due to which it may directly impact the home buying process, as you will now have to adjust with a small property or cancel the purchase entirely.

Whereas, if the credit score is good, your loan will be approved quickly for the required amount. The interest rates for you will be lower, and the entire home buying process will be swift and hassle-free.

Minimum credit scores and loan types

Loan eligibility depends on credit score. It must be at least above 600, with a debt-to-income (DTI) ratio of 40% or lower. You require a minimum CIBIL score of 620 to qualify for home loans and a minimum between 720 to 750 to be eligible for personal loans. Individuals with a CIBIL score above 740 get the lowest interest rates and prompt approvals from lenders. So the higher the score is, the better it is for you.

How can you improve your credit score

Improving your credit score is a long-term process where your credit score gradually improves with proper debt management. Here are a few tips:
  1. Pay bills on time
  2. Track your EMI deadlines and make payments on time
  3. Take loans for a longer tenure and make regular on-time payments.
  4. Create a credit history if you don’t have any. Start by getting a credit card.
  5. Improve credit history by proper management of all credit cards. Always pay the minimum payment due on time.
With the guidance of the above tips, you can expect a significant improvement in your credit score within a year or two. So the best option is to plan and raise your credit score well before you begin with your home buying process.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

Why is real estate a better long-term investment option?

Real estate is the most preferred investment option across the world. As per a Gallup poll in 2016, real estate investment was rated as the best among long-term investments – much ahead of bonds, stocks, saving accounts, mutual funds, and gold.

In India, the emotional joy of owning a property is inherently much stronger than ever. The cherry on the cake: The recovery phase of the real estate market of India may have begun already since hitting rock bottom in the previous few quarters.

Did you know?
In India, real estate is the second biggest employer after agriculture and is expected to grow by nearly 30% in the coming decade. Hence, no matter what the temporary impediments, it remains the safest investment option to date, and is set to grow much shortly.

Why is real estate a better long-term investment option?

It does not need much expertise

Investing in real estate is not rocket science. Even first-time investors can get it right with the help of some online research or real estate consultants/agents.

In comparison, investing in stock markets or mutual funds demand constant time & attention, in-depth knowledge of the market, the business & the financial world.

Generate rental income

By investing in real estate, one is almost 100% guaranteed a regular stream of rental income. In comparison to stocks, you are not subject to the mercy of volatile market forces that can dilute your net worth overnight. By owning a home, you are assured of regular and stable monthly income, which will increase with time while your home’s capital value also appreciates.

Good appreciation over the long term

You must have come across these sayings: “Ninety per cent of all millionaires become so through owning real estate” – Andrew Carnegie. “Landlords grow rich in their sleep” – John Stuart Mill.

Real estate is a long-term investment, it’s a place to park cash in an appreciating asset that has the potential to provide passive income.
Over the last two centuries, about 90 per cent of the world’s millionaires have been created by investing in real estate. For the average investor, real estate offers the best way to develop significant wealth.
In addition, it’s a fact that the human population is booming while the supply of habitable land is fixed. Hence, it is highly likely that the demand for real estate will only rise in the future, and eventually, the returns from real estate will only increase in the long-term future.

Comparison to stock investments

In comparison to real estate, investments in stocks are a cocktail of uncertainty. It is a risky game to trade in derivatives and stocks. Since investing in the stock market is a highly specialised field, it needs superlative skills to make money out of equities and exploit trade cycles. Also, misleading market trends often result in investors making impulsive decisions to sell and buy.

Comparison to mutual funds

By principle, investment in mutual funds results in minimising risk by investing in several different portfolios. However, the investment is subject to many risks because of market volatility. In comparison, investing in real estate is not a very risky option as it promises many long-term returns – because demand outstrips supply.

Going by the facts stated above, it’s a wise decision to invest in real estate over stock market or mutual funds. So if investment running all over your mind, real estate is the right option and, now is the time to begin. History says – real estate can be more rewarding for those who start at a young age.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

How to choose your dream apartment

FIND THE HOUSE OF YOUR DREAMS

How to know if a house is right for you?

You’ve long been dreaming to own a house, saving up to turn it into a reality. But finding a dream property in the city of dreams is no easy task. There are many points to consider: location, amenities, safety, value for money, appreciation rate, size & layout of the apartment, and the list goes on… If luck permits, you’ll get them all, but if not, you might have to compromise on a few factors, but which factors are worth compromising? Aargh! This might get annoying.

Once you’ve found a close match, how to be sure that this is the one? Well, fear not, we are here. Here are some valuable tips and ideas on how to choose the property that best fits your needs.

Define your budget

Before your house-hunting spree, determine your budget. To estimate your budget, you need to know: 1) your earnings 2) savings/collateral.

Map Your Location

Location is by far the most critical considerations you can make before signing your purchase papers. If you have children, you should ideally select a property that is located nearby an educational institute. Additionally, your future home should be well connected to roads and public transport, it should be closer to hospitals & shopping malls, etc., and be safe. Last but not least, the residential complex should have all the necessary amenities and facilities.

Choose the Proper Layout

What type of building do you prefer? One where you can walk up to your home, or a high-rise elevator building? Do you own a vehicle to park?

Determine an apartment size that’ll work for you, a 3, 2 or 1 BHK? If you dream of spending your mornings on a balcony, check if the building offers one. Are you looking for an apartment with a master bedroom, a separate dining area; or for that matter, with the work from home culture slowly becoming a norm post-COVID, does the apartment offer a separate workspace?

Own a pet and want to bring them, add that to your must-haves.

Evaluate the space

While house hunting, carry a notebook. Jot down the pros and cons of the flat and evaluate the reasons behind this. If the walls need some fresh paint or servicing, note down the areas requiring proper scrutiny. Are there any visible damages? If yes, take pictures of them. Also, check for essentials such as a gas pipeline, water & electricity supply etc.+

Take Care of Amenities

Along with the essentials, you should check for the amenities provided by the developer. If you are a fitness freak, a well-equipped gym in the vicinity might be of interest. Kids might be keen on a clubhouse or a garden for their recreational purposes. Also, with elders in the house, you might want to consider having worship places inside/nearby the society.

A home needs maintenance too. So, check how accessible are the plumbers and electricians etc.

Moreover, it’s important to check if these amenities come for free, or you’ll have to shell an additional amount for it.

Run a background check on the builder

Check the credibility of the builder based on parameters such as record and performance, quality accreditation and certification, recognition in real estate, etc.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

Kitchen trends in your apartment

What’s cooking?

Chic and contemporary decor ideas to turn your kitchen into a drool-worthy one.

It is not easy to find the right dwelling space in the city of dreams – Mumbai. It requires an investment of time, energy and money. Once you find the right fit, the next challenge is to convert the house into your cocoon, your home sweet home. What better way to do so than through a décor?

The kitchen is the heart of the home, it is a place that fuels our bodies, minds & souls, brings people together,  traditions are made, cemented and passed on in our lives, and A place where memories are homemade and seasoned with love. For a place as important as this, decorating it should be of utmost importance.

Here are some stunning kitchen décor ideas you’ll be tempted to try:

Metallic colours and accents

Let your kitchen embrace the beauty of metallic hues and textures. Add geometric décor in modern metallic finishes and simplified oversized shapes to your kitchen cabinets and shelves. You can also add some accessories on the periphery of the cabinets – go for some gold and silver metallic combinations for a uber-chic kitchen.

Statement-Making Taps

Ask your interior designer to arm your kitchen with some smart taps. Opt for slender, metallic finish smart taps, not only will they add some real oomph to your kitchen, but also help you save on water bills. These attention-grabbing smart taps automatically sense the motion of hands and stop the water flow once you put your hands or other objects away from it. Indeed a must-have!

Intelligent Gadgets

Why just smart taps when you can turn your entire kitchen into a smart kitchen? An empowering tool, smart devices such as Amazon’s Alexa voice assistant. From maintaining a grocery list to keeping multiple timers, making coffee, controlling smart cookers & large appliances such as ovens and refrigerators and listening to music or the news while cooking. Alexa is your genie and your wish is her command.

You can also accessorise your kitchen with motion sensor-enabled lights. So that when you are in a kitchen, nothing except the recipe for a gastronomic meal runs in your mind. More so, they help you save both: money and energy.

Optimum Storage

Make the maximum utilisation of your storage space in the kitchen – go for open shelves with eye-catchy textured background wallpapers, you can fold them after your meal is ready!

Some More Space

You can make your kitchen look spacious with the help of larders. The larders are the single cupboards that symbolise a food wardrobe. You can store all your tableware and groceries in them.

Black and White

Accessorise your kitchen walls with black and white textures, they are bold & versatile and will impart a seductive allure to your kitchen that says sleekness and sophistication at the same time. If you choose a matte black wall texture and tone, complement it with glossy surfaces, to create a kitchen that’s difficult to take your eyes off.

Get Ready to Brighten Up

To add a visual depth to your kitchen and create a welcoming ambience, embellish your kitchen with unique kitchen pendant lights.

Minimalism

For a kitchen to run smoothly, you can’t suffer through chock-full cabinets or overflowing drawers. For a clean kitchen that will effortlessly allow you to get what you need without having to dig, reach, or unstack, you will need to practise minimalism. This means you will have to declutter your kitchen very inexpensively with only a little time and thoughtful consideration.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

Home Loan Tax Benefits

Why owning a home is beneficial tax-wise?

Buying a property is a big decision & investment, for which every one needs the support of a home loan. If one wishes to buy a 1 BHK in Thane, he will have to shell out between 60 lakh – 1 crore. To pay up the entire amount is not everyone’s cup of tea, more so, not even who can afford wishes to do so. In such a case, a home loan, added to accompanying home loan tax benefits come to the rescue. Not only does it make the home buying process systematic, smooth & easy on the pocket, it also brings along with it some additional tax benefits.

Home Loan Tax Benefits

Joint home loan

Lighter on the pocket, a joint home loan allows you to share the EMIs with your family member, friend or any other co-borrower. In case you lighten your financial burden, even more, you can add more than two applicants to the same loan, this will also make the repayment of the loan easier.

The tax benefit on joint home loan for co-owner are:

  • Each joint owner and borrower can claim Rs.2 lakhs interest deduction
  • A joint owner can claim an 80C deduction on principal repayment
  • Each joint owner can split costs of registration and stamp duty and claim an 80C deduction
  • Source: Grihahakti

Deduction under section 80EE and 80EEA

In the year 2016 & 2017, to increase the sale of flats and to make it easy for people to buy homes, the Indian government introduced a deduction under section 80EE. Section 80EE allows a deduction of up to Rs 50,000 for interest paid by first-time homebuyers for a loan sanctioned from a financial institution between 1 April 2016 and 31 March 2017. The government has extended the benefit for the FY 2019-20 which can be claimed until the housing loan is repaid.

Speaking of Section 80EEA, a deduction for interest payments up to Rs 1, 50,000 is available, which is over and above the deduction of Rs 2 lakh for interest payments available under Section 24 of the Income Tax Act.

Cumulatively, taxpayers can claim a total deduction of Rs 3.5 lakh for interest on a home loan, if they meet the conditions of section 80EEA.

For availing this deduction there are some eligibility criteria & conditions one has to adhere to:

Eligibility criteria:

  • The deduction is available only to individuals. If you are a HUF, AOP, Partnership firm, company, or any other kind of taxpayer, you cannot claim any benefit under this section.
  • Similar to Section 80EE, to claim deduction under Section 80EEA, you should not own any other house property on the date of the sanction of a loan.

Conditions:

  • A housing loan must be taken from a financial institution or a housing finance company for buying a residential house property.
  • The stamp duty value of the house property should be Rs 45 lakhs or less.
  • The individual taxpayer should not be eligible to claim deduction under the existing Section 80EE.
  • The taxpayer should be a first-time homebuyer. The taxpayer should not own any residential house property as of the date of sanction of the loan.

Conditions concerning the carpet area of the house property. These conditions have been specified in the memorandum to the finance bill, but not mentioned in section 80EEA:

  • The carpet area of the house property should not exceed 60 square meters (645 sq. ft.) in metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (the whole of Mumbai Metropolitan Region)
  • The carpet area should not exceed 90 square meters (968 sq. ft.) in any other cities or towns.
  • Further, this definition will be effective for affordable real estate projects approved on or after 1 September 2019

Under Section 24, homeowners can claim a deduction for interest payments up to Rs 2 lakh on their home loan, if or not the owner or his family resides in the house property.

If the homeowner has rented out the property, the entire home loan interest is allowed as a deduction.

If one can satisfy the conditions of both Section 24 and Section 80EEA, benefits under both the sections can be claimed.

It is however advised to exhaust the deductible limit under Section 24 first, which is Rs 2 lakh. Then claim the additional benefits under Section 80EEA. Therefore, this deduction is in addition to the Rs 2 lakh limit allowed under Section 24.

Source: Cleartax-80eea, Cleartax80ee

Deduction for stamp duty and registration

In India, a homebuyer has to pay stamp duty between 4-10% and a registration charge at 1% of the property value. Deductions are claimed on stamp duty and registration charge paid on property purchase under Section 80C of the Income Tax Act, 1961. The overall deduction limit under Section 80C ─ which offers rebate against a wide range of investments, including PF, PPF, life insurance, home loan principal etc. ─ is Rs 1.50 lakh in a year.

So, under Section 80C, a homebuyer can not only claim a rebate on his home loan principal but also on stamp duty, registration charge and other additional expenses. However, the limit stands at Rs 1.50 lakh in a year only.

Conditions apply to claim tax benefit on property stamp duty and registration charge under Section 80C

  • One has to be either an individual or part of a Hindu Undivided Family ('HUF')
  • One should pay the stamp duty and registration charge from his pocket, the amount shouldn’t be borrowed
  • The taxpayer can claim this deduction only in the year in which he has made the payment
  • The deduction is meant only for purchase and construction of residential house property, not on plot or land purchase
  • For a co-owned property, both owners can claim deductions while filing their respective Income Tax (IT) returns
  • This deduction can only be claimed on the new property and not on a resale property
  • The deduction will be allowed only if the purchase doesn’t include any payment towards renovation or repair of the property

Source: Proptiger

Home loan tax benefits of owning a second property

If you have bought a second property with the help of a home loan or other housing finance, you can claim a tax deduction on it too.

While deductions under Section 80C on the principal amount of the loan may not be available in the case of your second house, you can enjoy tax benefits on the interest component.

In other words, if the interest payable on the loan taken for the purchase of the second house was larger than the rent received, the remaining portion could be adjusted against your other income. However, now a limit of Rs 2 lakh has been imposed on such adjustment. The remnant portion of the interest, if any, can be carried forward for 8 successive years to be adjusted against income from house property only and under no other head.

In the case of self-occupied property, any additional income remaining after deduction of Rs 2 lakh can neither be carried forward nor adjusted against any other income.

Source: HDFC

Deduction on interest paid

Interest paid to your friends and relatives in respect of money borrowed for purchase, repairs or renovation etc. of a house can also be claimed under section 24(b). All you need to do is prove the actual usage of the personal loan to renovate your property to avail of the deduction. This can be easily done by establishing a linkage between the credit of the personal loan in your bank account and its actual use. Although you are not allowed to attach any document with your ITR, you still need to preserve the documents.

If you have not claimed the deduction on interest paid for a personal loan during the last year in your income tax return, you can do so this year by revising your ITR.

Source: Livemint

A guide to calculating and claim tax benefits

  • Calculate your gross income (Write down your annual gross salary)
  • Arrive at your next taxable income by removing the deduction amount
  • Calculate all your taxes
  • Consolidate your next tax
  • You can easily claim tax benefit under section 80C, 80EE, 80EEA of income tax on the same year of income tax paid

Source: ETMoney, Cleartax

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

Tips for first time home buyers

Turn your dream home into a reality

There are many aspects involved in home-buying which may seem challenging for first-timers. Usually, first-time homebuyers are extra cautious to avoid committing mistakes during the home-buying process & are very keen on getting the best deal.

To decode the home-buying process & ensure a successful first-time home shopping experience – we have put together a checklist. This checklist will help them understand what to expect as they make their way from house-hunt to moving day. 

Tips to keep in mind for first time home buyers

Must-haves

As first time home buyers, you should make sure that your new home offers you all of the below-mentioned essential amenities.

  1. 24×7 water supply
  2. 24×7 power supply
  3. Lifts
  4. Security services
  5. Recreational facilities
  6. Waste disposal
  7. Good drainage system
  8. Fire safety & security systems at the disposal
  9. Parking areas & garage

Locations

As first time home buyers, you should make sure that your new home offers you all of the below-mentioned essential amenities.

  • Look for essential services such as educational institutions, recreational facilities, place of worship, medical facilities, and shopping malls, etc. nearby
  • Find out ways to commute with or without your vehicle. Ensure that your building complex offers good connectivity to highways, railways & roadways
  • Find out the cultural orientation of your building complex, see if it matches yours
  • Do you like peaceful, quiet and serene surroundings or love the hustle-bustle of city life? Check if the location matches your preferences: lakes & hills or highways & skyscrapers?

Developers’ background study

If you don’t want to risk your time, money & efforts by purchasing a home built by an inexperienced developer or one with a bad reputation & track record, you should crosscheck the below-mentioned points:

  • The builder/developer has earned the goodwill and trust of customers
  • Promises on delivery, quality, amenities, etc. are kept
  • Offers made are credible
  • The project is fully funded or backed by a reputed financier
  • Has the builder ever defaulted on loan commitments?
  • Are they entangled in any legal case?

Return on Investment (ROI)

Any type of financial step requires to be made with keeping the investment return value in mind. Whether you are intending to rent out or living in your home, it’s important to pre-determine the ROI it offers.

Acquiring a property is a lasting endeavour, so choose your home wisely. Choose an area that offers tremendous growth in terms of infrastructure and blooming residential societies. Also, check into the scalability element of your residential property.

Type of property

Factors such as family size and the age of children should be some initial factors to consider while choosing a home. While teenagers and adults usually prefer separate rooms, joint families prefer bigger 3-4 BHK apartments. If you plan to expand your family, it’s advisable to opt for a bigger home right away. Also if you have frequent guests staying over, you might want to buy a home that offers a guest room.

Do you want to move-in immediately? Ready-to-move-in apartments are the right choice. If you are looking to buy a home for investment purposes or are in no hurry to move-in soon than under-construction properties can be a good choice.

Some other factors can influence your first-home buying decision. Some being choosing between a fully or semi-furnished flat, a high-rise apartment with modern amenities or old construction, a used or unused property etc.

Work on Financial plan

  • Find out how much money you are left with each month after taxes using an online income calculator
  • Make a list of all monthly household expenses
  • Look out for areas that you can cut back so that you can put as much money as possible into savings and paying off outstanding debts
  • Pay off any outstanding debts, will improve your credit score, an important determinant factor when purchasing a home
  • You may or may not get a full loan, also many builders demand a 20% deposit (down payment), so it’s wise to save for a deposit/down payment in advance. This will also help in reducing the total loan amount
  • You should ideally buy a house that is around 2.5 times your annual salary if you don’t take a realistic decision while buying your first-home the loan amount will eventually catch up with you
  • It is advised to get pre-approved from a lender before you start house hunting
  • Get your prospective home inspected to find any potential problems you may need to deal with in the future
  • Check similar homes in the area to make sure you are paying a fair price in the local market
  • Consider extra costs such as stamp responsibility, registration expenses, VAT, broker agent compensation, loan processing cost, etc.

Legal documentation

Property investments are highly capital intensive, and any mistakes made during the process can cause a great deal of trouble to the buyer. Here is a list of crucial documents that must be verified while purchasing a property:
  • Fire NOC
  • RERA Certificate
  • Commencement Certificate
  • Occupancy Certificate (OC)
  • Copy of Building Plan
  • Bank NOC, if for mortgage
  • Allotment Letter
  • Sale Agreement
  • Possession Letter
  • Payment Receipts
  • Property Tax Receipts
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

6 reasons that make Thane a Realty Hotspot

6 reasons that make Thane a Realty Hotspot

If you are looking forward to investing in residential or commercial real estate, then Thane is the place, here’s why:

EASY CONNECTIVITY

Road:

Thane is well connected to Navi Mumbai as well as to the Eastern and Western Suburbs of Mumbai via Ghodbunder Road, Jogeshwari – Vikhroli Link Road (JVLR), Santa Cruz–Chembur Link Road (SCLR), Eastern Freeway, NH 8, Mumbai-Nashik Highway and the Thane-Belapur Road.

Construction of the Thane-Diva Road, Bhiwandi bypass flyover, and parallel roads from Thane to Kalyan along the metro line are on the cards.

Rail:

The Central Harbour Rail Line, Thane-Panvel Rail Line and Central Railways connect Thane to Mumbai’s railway network.

Metro:

A proposed metro rail is said to run along the Ghodbunder Road with more than 10 halts within Thane itself. With the metro, the travel time between Thane and Wadala is expected to reduce by half. Additionally, the Metro-3 project will run between Thane to Kalyan and Mira – Bhayander.

AFFORDABILITY

Thane’s real estate market is serving homebuyers with various residential and commercial properties that offer luxurious living at affordable prices. One can buy a home from anywhere between 40 Lakhs to 15 Crores.

If you are looking for apartments with world-class amenities within your planned budget, your search ends in Thane. Ashar Group offers many ready-to-move-in & under-construction properties in different locations of Thane. Not only do these residnetial projetcs in Thane offer exclusive amenities such as a rooftop lounge 300ft above ground, exclusive podium for luxury indulgences and impeccable views of Yeoor Hills & Upvan Lake, but are also available at affordable prices and are among one of the most sought after upcoming new projects in Thane.

CAPITAL APPRECIATION

The advantage of buying a property in Thane is that you get them lower rates and within a short period, you can see the value of your property appreciating quickly.

If you’re looking at buying property as an investment, expect higher returns in a shorter period.

To give you an example: Apartments at Ghodbunder Road are moving upwards at a 33% rate, 13% higher than the average price in Thane west*.

A BOOMING COMMERCIAL HUB

Thane hosts many IT Parks & Business Zones thus creating an enhanced job market, and offering walk to work options for the working populace.

Thane-Ghodbunder Road area is a coveted residential cum commercial hub, also, many IT and ITeS hubs are under construction near Kolshet Road.

Some of the top business parks in Thane are:

  • Ashar Bellezza
  • Ashar Millennia
  • Ashar IT Park
  • Hiranandani Business Park
  • Raheja Mindspacencial

Thane hosts reputed companies such as:

  • Tata Consultancy Services (TCS)
  • Syntel
  • Bayer India
  • Navnit Motors
  • Aditya Birla Financial

ADD EASE TO YOUR LIVING

Thane offers ample social infrastructure for people belonging to all age groups. Everything, from malls, theatre, hospitals, restaurants, pubs & bars, educational institutes is at your disposal in Thane.

Some hospitals in Thane are:

  • Shree Mahavir Jain Hospital & Shri Pratap J. Ashar Cardiac Centre
  • Hiranandani Hospital
  • Jupiter Hospital

Some educational institutions present in Thane are:

  • Billabong High International School
  • SMT Sulochanadevi Singhania School
  • Bedekar Institute of Management
  • Shah Institute of Technology

Thane has some of the biggest malls in the city:

  • Cosmos Mall
  • Viviana Mall
  • Korum Mall

Places for nightlife in Thane:

  • British Brewing Company
  • The Irish House
  • Rude Lounge
  • The Beer Café

Best Restaurants in Thane Region:

  • Barbeque Nation
  • SodaBottleOpenerWala
  • Mainland China
  • The Caravan Menu

WHERE WORK MEETS LIFE & LIFE MEETS NATURE

Known as the city of lakes in Maharashtra, Thane houses a total of thirty lakes in the district and is bound by Yeoor and Parsik hills. Projects such as Ashar Metro Towers & Ashar Aria are surrounded by nature and offer mesmerising views of Parsic Hills, Ulhas River, and Yeoor Hills & Upvan Lake.

Naming some of the many attractions of Thane:

  • Kelva Beach
  • Sudhagad Fort
  • Naneghat Hills
  • Ambreshwar Shiva Temple
  • Masunda Talao
  • Tansa Wildlife Sanctuary
  • Jai Vilas Palace
  • Mahuli Fort
  • Elvis Butterfly Garden
  • Tansa Dam
  • Thane Creek
  • Suraj Water Park
  • Ovalekar Wadi Butterfly Garden
  • Thane Creek Flamingo Sanctuary

So, all in all, well planned residential developments, greater connectivity, higher job creation, growing social amenities, budget-friendly prices, and plentiful open spaces in the surrounding areas make Thane a Realty Hot Spot.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

Think Home, Think Thane.

Money doesn’t grow on trees but buildings. While this might sound funny, ask those who have invested their money in real estate, especially in the Thane real estate market. When it comes to investing in residential projects in Thane, we’d suggest – “Strike while the iron is hot,” and it’s red hot at present.

Here’s why:

USP

Thane will be the fastest developing location in MMR in the future. In the list of India’s most promising cities compiled by FIRST Sm@rt Cities Council and Indicus Analytics, Thane was amongst the top 5 as it offers its residents everything – from an ideal location to great connectivity, robust & future-ready infrastructure to a pleasant environment, immense job opportunities to the easy availability of educational, medical, entertainment avenues & excursion spots.

CONNECTIVITY

Speaking of connectivity, Thane is connected to Navi Mumbai as well as to the Eastern and Western Suburbs of Mumbai via Ghodbunder Road, JVLR, SCLR, Eastern Freeway, NH 8, Mumbai-Nashik Highway and the Thane-Belapur Road. Besides, the Central Harbour Rail Line, Thane-Panvel Rail Line and Central Railways connect Thane to Mumbai’s railway network.

Future connectivity plans include the proposed Metro rail that would run along the Ghodbunder Road with more than 10 halts within Thane itself. With the Metro coming in, the travel time between Thane and Wadala is expected to reduce by half. Thane-Diva Road, the flyover at Bhiwandi bypass, Metro-3 project to Kalyan and Mira-Bhayander areas, and parallel roads from Thane to Kalyan along the metro line are other infrastructural developments that are on the cards.

REALTY MARKET

Today, Thane fulfils expectations of homebuyers belonging to various economic backgrounds with its wide-ranging options of the housing properties. If one is looking to invest in real estate, thane promises secure returns. Thane’s real estate portfolio advanced from ground + seven-floor buildings to multi-storey towers and townships offering luxurious facilities and amenities that were once exclusive to South Mumbai’s realty market.

Thane is divided into west & east. Ashar Group, Lodha Group, Godrej Properties, Tata Housing & Hiranandani Constructions are some of the renowned developers in Thane.

Source: Housing and Makaan
MAKE THE RIGHT CHOICE

Of the many, Ashar Group one of the most preferred real estate brands in the residential and commercial segment. To date, it has successfully delivered over 4 million sq. ft. of real estate spaces across various verticals, including residential, commercial, educational, IT parks and infrastructure developments.

Residential Projects in Thane

Ashar Edge

Ashar Edge is the first-ever property in Thane to provide voice-controlled smart homes & temperature control with full HVAC automation. Apartments here are a perfect combination of contemporary architecture and features to provide a comfortable living. The project is spread over a total area of 2.69 acres of land, 2 towers & 33 floors.

  • Status: 60% construction completed. Possession: April 2023
  • Location: Pokhran Road No. 2, Thane West
  • Configuration: 1 & 2 BHK
  • Amenities: Amphitheatre Seating, Banquet Hall opening to the lawn, Swimming Pool, Outdoor Gym & Play Area, Skating Rink, Astro-Turf Net Cricket, Stargazing Deck, Home Automation, Voice Controlled Smart Homes, Light Features In The Landscape Garden, Reflexology Path & Guest Room.
  • Starting Price Rs. 88 Lacs
Ashar Metro Towers - Ashar Group

Ashar Metro Towers

For individuals who have longed for owning an all-around structured home in the very heart of Thane – Ashar Metro Towers is the place to live. 5 minutes walking distance from Singhania School, and 10 minutes away from Jupiter Hospital, Viviana Mall, TCS and Eastern Express Highway, if not here, then where? An uptown neighbourhood surrounded by nature, rich, contemporary, and extensive apartments that open out to the city’s excellent perspectives, Ashar Metro Towers are a great investment destination.

  • Status: 60% construction completed. Possession: June 2024
  • Location: Vartak Nagar, Thane West
  • Configuration: 1 & 2 BHK
  • Amenities: Amphitheatre, Swimming Pool, Banquet Hall opening to the lawn, Open-Air Gym, Skating Rink, Turf Cricket Pitch, Sun Deck Area, Barbeque Area, Yoga & Meditation Deck, Lawn With Flower Garden, Lawn With Reflexology Path & Library Lounge
  • Starting Price Rs. 79 Lacs
Ashar Aria at Kalwa Thane

Ashar Aria

Ashar Aria is an example of design-oriented architecture – every elevation, bend, shape, innovation, and square foot comes together in perfect harmony. Additionally, this thoughtfully planned project is close to all the key landmark areas of the city. The very best in education, health and recreational facilities are just at calling distance. Hence, with its prime location & striking architecture, you just don’t buy an apartment, but an address that leaves a lasting impression.

  • Status: 60% construction completed. Possession: August 2023
  • Location: Kalwa, Thane West
  • Configuration: 1 & 2 BHK
  • Amenities: Swimming Pool, Skating Rink, Turf Cricket Pitch, 2 Guest Rooms, Sky Lounge With Stargazing Deck, Serenity Zone, Open Party Area With BBQ & Indoor Leisure Centre
  • Starting Price Rs. 75 Lacs

Thane is certainly set to witness such developments for giving a world-class living experience for the residents. And, if it’s Thane, it’s Ashar Group which offers its residents’ not just spaces to live but to Live, Love & Laugh.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Ashar Group does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.