What is a bank auctioned property? Properties are typically auctioned by banks in accordance with the provisions and procedures outlined in the SARFAESI Act and its associated rules. This occurs when a borrower, who has pledged their properties as collateral to the bank, is unable to repay the loan amount. Why bank auction property? Typically, a bank commences the auction process when a...
From the initial down payment to closing expenses and ongoing property maintenance, we have compiled a comprehensive list of all the associated costs when purchasing a home. The question of "Can I afford a home?" might appear daunting, but essentially, you need to consider two main types of expenses: upfront and ongoing costs. Here's a detailed breakdown of the various expenses involved, helping you...
Check your home loan eligibility Prior to seeking a home loan, verify your eligibility for it. Financial institutions establish criteria to evaluate and ascertain the risk profile of potential borrowers. The eligibility for a home loan depends on factors such as income stability, credit score, age, existing financial commitments, property value, loan amount, tenure, and down payment capacity....
What does House down-payment mean? When securing a home loan, lenders typically approve only 70%-80% of the property value as the loan amount. You must arrange the remaining 20%-30%, known as the down-payment, from your own funds. This additional amount is crucial for completing the property purchase. Beyond the mandatory down payment stipulated by the lender, you also have the option to contribute...
What is HUDCO? HUDCO, officially known as the Housing and Urban Development Corporation Limited, is a government-owned organization in India. Established in 1970 under the Ministry of Housing and Urban Affairs, HUDCO's primary mission is to provide long-term financial support for the construction of housing and urban infrastructure projects across the country. Here are some key aspects of...
What is CIDCO? CIDCO, the City and Industrial Development Corporation of Maharashtra, is India's wealthiest government authority, established and governed by the Government of Maharashtra in 1970. Initially created to develop a satellite town for Mumbai, it now functions as the New Town Development Authority (NTDA) and Special Planning Authority (SPA) for the Government of Maharashtra. CIDCO is...
Property registration is the official and legal procedure through which details of a real estate transaction are formally recorded with the government. This process is vital for verifying rightful ownership and facilitating the transfer of property rights from the seller to the buyer. In Maharashtra, property registration typically takes place at the local Sub-Registrar Office within the property's...
Whether you're in the midst of buying or selling a home, choosing a reliable real estate agent is a critical decision. Their impact is substantial, as they can either enhance or impede your experience in the real estate market. It's essential to engage an agent who approaches their role with expertise and professionalism, ensuring the process is managed effectively. A real estate agent is a licensed...
Buying a house can be an overwhelming experience, both financially and emotionally. Right from financing the purchase to selecting the builder, it encompasses numerous aspects. To help you through the process, here we share with you a step-by-step guide to buying a house. Step 1: Determine your budget The initial step involves determining your budget for a new home. Factors such as your...
Acquiring your first home is often one of the most demanding and costly transactions you'll undertake in your life. However, by making sound decisions, planning ahead, and fully comprehending your choices, it can become a relatively rare occurrence. Simply feeling ready to take the leap into homeownership doesn't automatically translate to genuine readiness. The process involves a level of financial and...
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