Your credit score has a significant impact on the apartment buying process. It's a measure of your creditworthiness. The first thing a bank or financial institution does when evaluating your loan application is to take a peek at your credit score. They use this score to ascertain that you are eligible to apply. So, what kind of credit score is required to purchase an apartment? It isn't a three digit number that you earn every time you spend on something. It is far more. It is crucial to understand how your credit score will impact your interest rate, loan amount, and down payment. A credit score of 750 or above is generally considered good & can provide you with many benefits, such as faster loan approvals, lower interest rates, and so on. Let's take a look at the major factors that affect your credit score.
Approvals of Loans: Your credit score may play a role in getting a loan approved. A credit score of 700 or above is considered to be a good score to get a home loan easily. If your score isn't up to par, you should communicate with your bank to find out how you can improve it.
Loan Amount: If you have a bad credit score, your credit limit will almost certainly be less than the amount you asked for. For example, if you need Rs. 35 lakhs for a home loan, your low credit score may prevent the bank from approving this amount. As a result, if you want to be eligible for a larger loan, you'll need to work on improving your credit score.
Loan Interest Rate: The other factor that is influenced by your credit score is the mortgage interest rate. So, banks will probably give you a lower loan interest rate if you have a relatively high credit score. And despite the small rate difference, the monthly EMI will be significantly lower.
Increased Down Payment: When buying a home, a lower credit score can result in a higher down payment and a countless number of visits and calls to the bank. A good credit score helps to verify that the purchaser has the potential for repaying the loan. According to the guidelines issued by the Reserve Bank of India (RBI), a home buyer can get 80% of the property value as home loan. But, if you have a low credit score, the bank may sanction only a lower amount and you need to find additional down payment to buy a new home.
Of course, there is no need to panic if you have a low credit score. Before you apply for a home loan, raise it by making timely payments. Banks or creditors are more likely to believe you can repay a loan if you can pay your bills on time because you seem financially secure and responsible. This will make the home-buying process go more smoothly. Here are some suggestions for raising your credit score.
Hence, make a concerted effort to raise your credit score. Once you discover your dream apartment, working to improve your credit score will certainly help you to flourish financially. If you have good credit, let's not let the possibility of higher credit norms deter you from purchasing right now. So, be a wise buyer & keep all of these crucial points about your credit score & how it affects your apartment buying process in mind. Your dream is almost certain to become a reality very soon.
In a nutshell,
Whether you plan to buy an apartment in the coming months or years, the benefits of monitoring your credit score & working to improve it will help in the long run. Banks will check your credit score when you apply for a home loan to see if you are a responsible borrower. If you have a good credit score and are looking for a reliable and trustworthy builder in Kerala, Varma Homes is the right choice for you. You can trust us because we are Kerala's leading real estate builder. We provide high-end amenities in all of our apartment projects in major Kerala cities, such as Ernakulam, Thrissur, Trivandrum, and Kozhikode allowing many apartment buyers to realize their long-held dream of owning a home. Search our website for detailed information on all of our residential apartment projects and pick the best one.
FIND THESE CHECKLIST BEFORE BUY AN APARTMENT Investing in a new housing property is one of the most crucial financial decisions we take as we incline to invest a large sum amount in one go. So there are certain things to pay attention before buying a flat to minimize your risk. To simplify things, here we have listed a few important things that everyone must cross check before buying your dream apartment or flat. Builder Credibility-Simply being in business for a long time is not enough; the builder should have earned customers trust and goodwill. Keeping promises on quality, delivery and amenities to customers is essential. You also need to check whether their offers are credible; some builders create too-good-to-be-true promises to draw customers, but they pull out later. There have been many such incidents everywhere where we’ve seen high rises falling as the builder used improper matter while constructing the house. To ensure you and your family safety, research well regarding the builder and the best method is to look for past projects of the builder. Legal Check of Property- Check whether the building has required authorization from the concerned authorities. Double check the builder have approvals and NOC from the electricity board, water supply, sewage boards, Panchayat/Municipal, Corporation etc. Ownership - There avail the number of apartments, and you can find flats of all price range. No matter whether you are looking for a 1BHK /2BHK/ 3BHK flat, you can easily discover the best choices. However, it is essential to comment that many people purchase under-construction flats just for investment targets. So, if you are looking for resale flats, you must guarantee the flat has the right ownership and has surpassed all the legal documents of the property. Litigation Free Land- Before you invest in the housing property, you want to confirm the land isn't concerned in any sort of legal dispute, as the property dealers or real estate brokers may try and hide such problem. So before finalising your deal make a background check of the land. Floor Plan- Before buying any flat, floor plan is a very significant consideration. It is vital to be aware of the flat space and the common share percentage, air passage, adequate ventilation, proper placements of the fixtures, directions and dimensions etc. Check The Carpet Area- You need to check the actual carpet space of the flat before you book one instead of the super built-up area. Usually, the super built-up area comprises the lobby, the staircase, elevator space, the thickness of the walls and others. Though, carpet area is the actual space within the walls of the flat. Government Permitted Land- The construction plan of a building is sanctioned by the authority only if the land come under the category of the ‘build-able’ class. So as to confirm the builder has obtained the required permission from the govt., you want to ask the owner of the flat to show the sanctioned papers. In this manner, you'll be able to keep one's hands off from the illegal properties. Property Taxes-Before investing your hard earned cash, you need to pay attention to property taxes. It’s important to confirm the builder has paid all the required taxes associated with the property upon which the flat has been made. Additional Charges-Numerous costs that go into making the total cost of a flat starting from parking space charges to club membership costs. In addition to basic cost, car parking, caretaker charges, public utilities such as sewage treatment and wastewater management can also cost more than the base price. So, inquire about these kinds of additional charges before paying the booking amount to avoid surprises later. Before you purchase a flat, you must query whether the building property is legally trouble-free or not. Buying a house is one among the huge steps in your life, it might be your years of saving and years of planning cannot be drop at the right moment when you make the final decision. Therefore, you are required to reminisce each of these points before you fix the deal. You don't need to worry about these things when you approach Varma Homes for your dream purchase of the apartments in Kochi, Thrissur & Trivandrum. As we know that buying an apartment may the biggest purchase of your life. So we strictly follow all the legal formalities and deliver all our projects on time or ahead of schedule for all our buyers. Being the top builder in Kerala, our credibility, top-notch quality and value we preserve in our services are stealing the heart of many people. We know our customers invest their in-depth faith and trust to us along with their hard-earned cash. Which is why we consistently put our customers first in our quality delivery strategy of our residential projects and leave no stone unturned to bring them exceptional living in our happy homes.Read More
The significance of finding the right location for your apartment is not a compromising factor when it comes up to buy an apartment. As a home seeker, you have so many preferences for your perfect apartment. Usually, while searching for a flat, the buyer is highly advised to look for a location that is serene and gives you access to sound educational institutions and other significant landmarks in the area. Buyers give priorities to the prominence of looking into the security and quality of the neighbourhood in the site. Varma homes is one of the reputed builders in Kochi, in which all their apartments in the realm of Kochi, Trivandrum and Thrissur. Chottanikkara is one of the dream location in Kochi for those who want to purchase an apartment or home since the place has its own significance from others. It is a panchayat, which consists of Chottanikkara, Eruvely, Kureekkad, Kanayannur, Vattukkunnu, Kottayathupara and Palace Square. The place is a southern suburb in the city of Kochi and is a part of the urban agglomeration of Cochin City. Get To Know The Localities Advantages At Chottanikkara! When you live in Chottanikkara, you are close to what a noble lifestyle demands. The famous Chottanikkara temple is located in this town and the place has good access to the well-known Karingachira church. Chottanikkara has excellent connectivity to the seaport - airport road, mini bypass, and more, which makes the living in the land of temples, a truly royal experience. The ease of access to metro makes this place worth living. For a place with a surprisingly tranquil atmosphere, where you will get metro trains every now and then, Chottanikkara is a good family option. One of the major attraction of the city is Hill Palace, which is the largest archaeological museum. The various tourist from the nook and corner of the world has visited this palace to witness the authentic royal dynasty lifestyle of traditional Kerala Culture. The town has also good accessibility to the shopping malls, schools, colleges. The Government school Stadium of Chottanikkara is one of the largest Stadiums in Ernakulam District. EruveliPallippurathumana is the famous shooting spot at Chottanikkara. Moreover, it has bus stops in every part of the town and railway transportation is available. Unlike other urban areas, people need not be concerned about water availability as panchayat also provides drinking water supply. The lush green environment and round the clock water availability are some of the major fascinating factors for choosing this place as the perfect location for living. The famous IT hub Infopark is located near to Chottanikkara. Infopark triggered the whole real estate boom, inviting key players from all portion of the globe. Infopark also improved the lifestyle and culture of Chottanikara as a whole with the new residential and commercial ventures. Thus, the impact of the IT industry also thrives the absolute worth living in Chottanikkara. Chottanikkara bids easy access to all the main destinations of Kochi along with cosiness of a location well outside the limits of Kochi city. The real estate potentials of this place are highly striking which makes an excellent choice for a person looking for an apartment or flat in Kochi together with investment interests. Last but not Least, the Varma Bougain Heights at Chottanikkara is the major element that distinguishes Chottanikkara from Others. It is a luxury apartment in the heart of Chottanikara by Varma Homes, which offers you the same locality benefits and ensures all the superior amenities in terms of both quality and cosiness. Varma Homes, the top and finest builders in Kochi are perfect at designing comfortable living spaces. If you are planning to buy an apartment in Chottanikara, then head on to the Varma Bougain Heights at Chottanikkara. Come and experience an outstanding living at Varma Bougain Heights that will give you a flavour of grandeur and greatness of Varma Homes.Read More
Every year, thousands of people visit Kerala because of the sheer natural beauty, natural resources and the cultural richness that this state offers. However, it is not just the natural beauty of Kerala that draws so many visitors, but also the flourishing IT sector that has drawn attention of youngsters from across the country. Many people, who have already retired as well as those, who are working in Kerala, want to settle down in this state in the latter years of their life. That is why they choose to invest on the real estate sector of Kerala. In that case, one district that has gained much popularity in the real estate industry is Thrissur – the Cultural Capital of Kerala. If you are planning to invest in the real estate market in Kerala 2017, Thrissur could be your first choice. Here are the top reasons to invest in Thrissur Real Estate. 1. Positive cash flow Every investor wants to invest on something to make sure that they get a steady income from that. However, for a positive cash flow, it is a must that you choose a district suitable for real estate investment. Thrissur is a flourishing commercial hub, where thousands of people come in search of a job. Therefore, there is always a demand for real estate properties that people would rent or take a lease of. If you invest in the real estate in Thrissur, you will certainly get continuous cash flow. 2. Return on Investment The very first thing that comes to mind while you think of investing in the real estate industry is the return on investment or ROI. If the investment doesn’t fetch great returns, it will be of no use. With a steadily growing district such as Thrissur, it will be absolutely assured that the growing economy of the district will only contribute into the ROI of your property. When you think of selling the property in the years to come, the price of the property will only increase. In that case, it must be mentioned that the longer you hold on to your invested property, the higher returns you will get. 3. Better profits This is a factor that not too many people realize or understand. However, the fact is that, when you fix deposit a lump sum amount in your savings bank account, it will not fetch you as much of profits as the Thrissur real estate properties would. If there is inflation in the economy, the rates of profit for your fixed deposits will only decrease. Hence, you will get low profits from your long term investments. On the other hand, the price of the real estate properties will only increase with time, making it an assured profit. 4. Long term wealth and peace of mind One of the biggest reasons, why you should invest in a real estate property in Thrissur district is the long term wealth that you will have. It is a great peace of mind that you will have, if you have a property as your asset. In difficult times, you will be able to sell the property and ensure that you do not have to run out of money, when you or your offspring are in need of it. 5. Place of your own If you have been living in a rented house, it is the first priority for you that you buy a place of your own, where you can live without having to spend huge amounts of money as rent for your entire life. Having your own house and that too in a popular district of Kerala, where you will get all the amenities and facilities of a well-developed place, is a great peace of mind. You will not have to worry about where you or your children will have to live. When it is Thrissur, you will get the additional benefit of enjoying the rich cultural environment. From temples, places to practice culture and even institutes for science and technology etc. make Thrissur one of the best investment options in the state of Kerala. 6. Easy to buy and easy to sell Real estate is an easy option to invest on. You will get a number of options to buy one for you and you will also get the convenience of selling it, whenever you are in need of money. Buyers and sellers of real estate properties, especially the ones in a popular place like Thrissur, where there is a constantly growing demand of properties for real estate investors, are available in abundance. Hence, there will be no trouble on your part to sell the property, whenever you need to. 7. Pride of ownership This is something that cannot be explained in words. The pride of ownership is something that only the owner will realize. If you purchase a property in Thrissur district, you will be able to enjoy the beauty of this place from a close proximity. With so many reasons as well as benefits of investing in Thrissur Real Estate Properties, you will be able to make sure that you never have to worry about your financial security in the years to come. ABOUT VARMA HOMES Varma Homes, the best builders in Kochi are good at what we do, building living spaces. The art of design is a craft only a few are blessed with. It takes passion, drive, and immense courage. On a mission to Construct Happiness, Varma Homes, the best home builders in Kerala is on the path towards pioneering exquisite lifestyle. Taking into consideration the uniqueness and the sophistication of affordable luxury homes in the finest of the locations, Varma Homes have gone all out to constructing happiness. Varma Homes takes the deepest plunge to make happiness possible. Buying a house, be it for living or as an investment, it is one of the life’s biggest decisions, which is why it is very much important that you choose the right property with care. Varma Homes, we are the best home builders and property builders in Cochin offering new luxury flats, apartments, and residential projects in Kochi, Thrissur, and Trivandrum. Varma Homes are the top builders in Kochi, Kerala for flats & apartments, and we assure you the best end results possible. Everybody is good at something. For Varma Homes, it's building living spaces. To build a place where one can find all the comforts and finally call it home is what they do best at its best. And we are good at building workspaces too. To build an ambiance fit for work is quite a task, which is why one should let the experts do it. Varma Homes is one among the top builders in Kerala offering high quality and luxury apartments in Thrissur. We always create the best living spaces meeting the requirements of clients. If you are looking forward to buy apartments and 2bhk flats in Thrissur, then contact us today. Call +91 9539 29 33 33 for more details.Read More
From July 1 2017, Goods and Services Tax (GST) effectively cuts through a confounding Gordian knot of taxation complexity in the country. In other words, it will replace the multiple taxes levied by the state and central governments and will become incorporated of all the indirect taxes, including commercial tax, value-added tax (VAT), service tax, central excise duty and octroi tax/charges. The switch-over to the GST (Goods and Services Tax) regime is undoubtedly one of the biggest tax reforms in post-independence India. GST has been primarily conceptualised as a ‘One Nation, One Tax’ philosophy and it will help: • Eliminate the previous cascading tax structure • Ease compliances • Create uniform tax rates and structure • Reduce additional tax burdens on consumers The Indian real estate sector has been going through significant transformations in recent times. The latest Real Estate and Regulation Act (RERA) has already started addressing the issue of non-transparency and affixes a level of accountability on real estate builders and brokers which is exceptional in the history of the Indian property sector. For the real estate sector, the implementation of GST will definitely be a positive sentiment booster among property buyers. GST may not be instrumental over the short term in bringing down the prices of residential real estate. As the accountability being fixed at every stage and the perception of the residential real estate sector will improve on the back of a simplified tax structure, it will, however, benefit all the stakeholders of the sector. Benefit to buyers A simple and transparent tax applied on the purchase price is the biggest advantage for property buyers. All under-construction properties will be charged at 12% under the GST regime (excluding stamp duty and registration charges) on property value, adding that it will not apply to ready-to-move-in and completed projects, as there are no indirect taxes applicable in the sale of such properties. In case of under-construction properties, levy of stamp duty and registration charges on the buyer will continue. Benefit to builders Under the current tax regime, a property developer is subject to central excise duty, VAT and entry taxes (levied by state) on construction material cost. On the services used (labour charges, architect fees, approval charges, legal fees, etc.), developers pay service tax of 15%. Real estate developers also grapple with the challenges of multiple-taxation and the cumulative burden eventually gets passed on to the buyer. As the benefit of input tax credit being considered as an added advantage, developers too will find the GST regime much simpler to work with. Varma Homes is one among the best builders in Kochi offering high quality and new luxury apartments. We always create the best living spaces meeting the requirements of clients. If you are looking forward to buy new luxury flats and new apartments in Kochi, then contact us today. Call +91 9645 88 33 33 for more details.Read More
When a person is young and vibrant, buying a property, especially an apartment, with basic amenities seems suitable. But those amenities seem to excessively sideline the needs of an aged person in most of the urban clusters. This elderly stage, which is appropriately called the second childhood, definitely needs the right concrete development that best fits all of their requirements. With an annual growth rate of 3%, the senior population is expected to reach 319 million by 2050. So, creating a favourable environment for the aged generation should be a priority. The majority want to live in a serene setting with people who share their similar interests. Luckily, there are ample facilities available in this era to gratify their wish for a safe and caring abode. Let us look at the factors that need to be considered while choosing an apartment for senior citizens:Be Understanding First and foremost, be sensitive to their feelings and requirements. Do not make picking an apartment seem like a daunting process to them. Never jump into buying any apartment without considering the services that the builders offer. A careful study and analysis should be done before selection so that the lives of your loved ones become happy and hassle-free. A Reasonable BuyThe majority of senior citizens who purchase a home do so using their retirement funds. And having a home after they have passed their early years may appear to be a significant burden. Most financial institutions provide older adults with home loans with terms that can run until they reach the age of 75. But taking out a loan is unlikely to aid a senior citizen. Therefore, finding a property with all their necessary comforts and also one that will fit their budget is crucial. Access to Conveniences A senior citizen-friendly development should include ramps and elevators, as well as be constructed to accommodate the needs of its older people. Fewer accidents happen at homes when skid-free surfaces, easily accessible elevators, ramps with side rails, and support handles in bathrooms and balconies are assured. Inside the residence, there should be no unnecessary furniture or modifications. Search for an apartment that allows you to make such adjustments to the decor. Health & Well-being Check out properties that are close to mental and physical wellness centres and have access to 24/7 medical assistance. It's also crucial to make sure that transportation is available in the event of an emergency medical situation. Choosing places with peaceful surroundings could be a wonderful idea if you have easy access to diagnostic centres, medical shops, and other necessities. Upgraded Security Security is a factor that cannot be overlooked, given how vulnerable the elderly are. It is critical to have a security system in place to ensure their safety and avoid any unwanted hazards. For peace of mind, a secure development with effective security services is required. Security guards trained in fire safety and first aid should be on duty 24 hours a day in apartments with CCTV surveillance. Transportation System From the standpoint of the elderly, easy access to public transportation from home is one of the most desired amenities. Because of their age, the majority of older citizens rely on public transportation such as buses, autos, and trains. It would be advantageous if the bus stop and train station were both within walking distance of the apartment. Recreation Apartments with recreational areas are great for the elderly to take a break and restore their sense of peace. If not, look for flats that are close to gardens and parks. This also provides a place for senior citizens to go for walks and socialise. Elderly people like engaging with others, which helps to alleviate loneliness by keeping them active throughout the day. Always choose a trusted builder while entrusting the safety of your loved ones. Varma Homes has effectively established itself as one of Kerala's most trusted builders since its inception. With the most advanced facilities and eco-friendly aspects, we present you with a modern lifestyle of luxury, convenience, and comfortable living. We've made it our full-time goal to provide the best service and quality in our pricing range, and we've succeeded time after time. Currently we have apartment developments in Kochi, Tripunithura, Thrissur, and Thiruvananthapuram.Read More