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A work order is an order placed by an individual claiming the purchase of specific goods or particular services. While dealing with property, a promoter or developer may make you sign a work order which would mean that you are going to bear the cost of furnishing and fittings. From the aspect of real estate, a work order signifies the purchase of goods such as floor tiles, windows, bathroom fittings as well as the service to fit them into the property. A property dealer makes an individual sign the work order ensuring that he bears all the cost. When one signs the work order, the stamp duty and the tax levied on the property increase and as a result the value of the property increases. When one opts for a home loan , he needs to borrow a greater amount as the property value rises. In the case of a home loan, one must be very particular about documentation. Thus, when one finalizes the deal of property with the dealer, one should be aware of the difference in the work order and sale ag...

Today every house is different having something unique in its own way. It is the reason why people generally prefer purchasing under construction property rather than a ready apartment so that they can customize their dream home accordingly. Also, an under-construction property is priced usually 20% lower than the price of a constructed building. An under-construction property coupled with the home loan makes the investment genuinely affordable. But since it involves huge investment so an individual should be very prominent before investing. There are few basic things which need to be taken care before making such investment are like verification of the builder. Builder’s commencement certificate defines that the builder is authentic in construction and is not engaged in any legal concern. Also, as the builders always charge high rate so there is always an option of negotiation available which thus helps you to cut down your loan amount and always prefer a wise lender who can he...

In order to build a secure financial future for your child, it’s important to plan the investments which you think will help you to meet your financial goals. We have listed few investment options that you can choose from. A life insurance cover is an important component of your financial plan because you can name your child as a beneficiary. Your child can make the use of funds in case of a parent’s untimely demise. You can also buy a property for your kid as it will not only help them save their income by eliminating the need for buying a new house but will also secure their future housing Loan . You can also open a savings account in the name of your child if he is less than 18 years of age. It is also known as ‘minor account’. For accounts of minors below the age of 10 years, the guardian must operate the account. They are also allowed to set the limit on the withdrawal amount. Next on the list is Fixed Deposits – they offer a higher rate of interest than a regular savin...

Mumbai is the capital of Maharashtra and is one of the fastest growing cities in India. From Bollywood to fashion to delicious street foods, Mumbai has something to offer for everyone. If you are also planning to move to Mumbai and need funds to buy your dream house, you have the option to avail a home loan in mumbai .  There are several banks and NBFCs that offer home loans at attractive interest rates. However, before applying for a home loan, you are required to fulfill certain eligibility criteria such as – you should be 21 years or above at the time of application and repayment have to be completed before the age of 70. In addition, you must have a regular source of income along with a good credit score of 700 and above. You are also required to submit few important documents to avail a home loan in Mumbai. The important documents that you need are: KYC documents (Aadhaar Card, PAN Card, Driving License, Passport), bank statements and latest ITR with the computati...

When we talk about home loans, SBI is one of the largest facilitators of home loan in India . It offers a wide variety of home loan products meeting the requirements of different customers. The bank offers lowest interest rate with a tenure of up to 30 years. Some of the salient features of SBI home loan are: Special discount for women borrowers, flexible payment options, no hidden charges, exclusive packages depending upon individual needs of customers. You can apply for SBI home loan online as well as offline. Process to get offline home loan from SBI is as follows: You are required to keep all property related documents ready which includes booking receipt as well as the copy of the cheque. Then you need to visit the advocate to get the property documents verified. Post legal stage, a property valuator from the SBI panel will evaluate the property and issue a letter to the borrower. After this, the borrower must visit SBI along with all the required documents and the applic...

Home loans are quite in demand because they allow you to become the owner of your dream home. Borrowers of the home loan have a facility of transferring their home loan from one bank to another. This is called home loan balance transfer . Choosing balance transfer is beneficial for borrowers in a number of ways. Borrowers of home loan can opt for balance transfer if they find interest rates of other lenders low.

Home loan provides the necessary funds required to help you invest in a home to fulfill your dream of own house. By doing some basic homework, you can easily get your home loan application approved.  Let’s discuss some simple preparatory steps you can follow for the easy approval of your home loan application:  Having a good credit score (650 and above) is considered good. Check your credit score before applying for the home loan . In case of a bad credit score, it can be improved by paying your existing loans and credits on time without fail. The amount of loan you are eligible for is directly proportional to your disposable income and inversely related to your EMIs on existing debt. So try to get rid of your existing debts. Home loan is usually allowed 75% to 90% of the property’s value.  The rest is to be paid as down payment. So keep your down payment ready for the quick approval of your application. Prepare the list of the documents required and...