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.
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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.
When this 2020 rolled in, all was set to celebrate the colours of happiness, positivity, and love, but contrarily, we all got locked down in our homes. Due to this pandemic Covid-19, the whole world is facing a threat that will keep to haunt us for a long period. Individuals have seen crucial changes and disappointing depreciation of their investments. Moreover, the stock markets have crashed, fluctuating gold prices, equity funds and shares hitting a slashing low. So living in this period of crisis, we can realize that the best investment option is definitely investing in real estate. Hence let’s go through the reasons that will help you to better to think of investing in real estate during this lockdown period. Highest Of All Times ROI Based on data from NCREIF (National Council of Real Estate Investment Fiduciaries), realty market helped individuals to return an average of 9.85% over the past years. This is obviously higher than all other investments like equity funds, shares, bonds etc. Since real estate has high tangible asset value, no matter what is the current situation in the world right now, you can hold this asset tangibly that will increase its reliableness and return on investment. Supply and Demand Breakthrough Real estate is a tangible asset made up of property and the land on which it sits, and like other assets, real estate is also subject to supply and demand. Now the supply is less and during this time, supply-demand breakthroughs will remain to profit the investors. Investing in real estate during this time will definitely benefit the investors. Stable Investment In The Current Scenario Real estate is the best asset class in the investment hoop, as a more reliable choice offering steady returns when it compared to the highly volatile stock market like gold or stocks, that might comes with increased risks and you might lose money. But when you invest in the realty market and rent out the property you can benefit a lot. The rental yield from the realty market is much high than returns on any conventional sources of investment. So real estate is one of the best attractive and stable income return even in this lock-down period. Reduced Home Loan Rates In the wake of the Coronavirus outbreak, it is the right time for those who chasing a life goal to own their own beautiful home. With banks beginning to lower down lending rates, more individuals are expected to take the plus of the incentives to purchase residential property as the lower EMIs would nearly match their current rents. So if you are among them then no more waits, reap the benefits now! Significant Opportunities For NRIs To Consider Investing In Indian Real Estate Due to this crisis, NRI's coming back to Kerala post lockdown to settle their business, and so they will be looking for apartments which are as per their standards and within trendy design and construction. NRIs can turn this present scenario as the opportune time to invest in real estate on the shoulders of less home loan interests, currency devaluation etc. So go ahead, make its best use and realize your lifetime dream. In short, amidst this coronavirus outbreak all around, it should be better to think of making an investment in real estate that will give you major returns in the future. This Lockdown period Varma Homes, the top builder in Kerala offers apartments that stand for superb quality, comfort and happiness packaged with ample incentives transforming lockdown blues to knock down your dream apartment into reality with lucrative offers. Use this uncertain time to choose the best ever secure and safe investment which guarantees higher returns and notable appreciation. Book your dream asset with Varma Homes, we have affordable luxury apartments in Kochi, Trivandrum and Thrissur and make a happy ending during this lockdown period.Read More
Lifestyle in the city of Kochi is rapidly changing because of the urban developments and the increase in income of people. And the changing lifestyle of Kochiates has now increased the price for housing and land. The massive development in realty sector over a decade is being witnessed in Kochi. The sector has shown a huge growth, as the builders in Cochincame up with new projects targeting the salaried sections and high net worth individuals, including NRIs. Also, banks have reduced the interest rates on home loans. And the PMAY (Pradhan Mantri Awas Yojana) scheme has also helped the home seekers to own apartments and save up to 2.67 lakhs. Know more at: https://goo.gl/mk6pKJ Nowadays, there is a huge demand for flats and apartments in Kochi from professionals and businessmen who are moving into the city. Considering the investment and business potential, it is ideal for even those who are not permanent residents of the city to have an apartment or a flat in Kochi. The easy accessibility through road, rail, water and air transportation channels makes Kochi the most preferred city to live in. Now with the latest extension of Kochi Metro, most of the places within the city is easily commutable without getting trapped in the irksome traffic blocks. It is also useful to have a living space in Kochi which is proximate to the state’s best hospitals, shopping malls, business centres, educational institutes and airport. We at Varma Homes embrace the uniqueness of the city and if you are in search of an exceptional living space in Kochi, Varma Homes offers you the finest of it. We have selected peaceful yet easily reachable locations for our new apartments in Kochi. It is sure that our flats in Kochi with luxury amenities cater to the urban style of living. Our residential projects in Kochi are built to bring you all the benefits of Kochi’s latest developments. Varma Homes, the top builders in Kochi always bring you the premium living spaces. Varma Regent, the compact apartments are being built at Edappally. It is one of the new apartment projects in Cochin from the best home builders in Kochi located at Ponekkara. Being on its last phase of completion, Varma Homes guarantees the project accomplishment by the end of December. If you are looking forward to buying affordable apartments in Edappally, pay a visit to Varma Regent’s sample apartments. Regent is the best option for all those who wish to buy apartments in Edappally. Only a few units are left, most of the units are already sold out. For more details, contact us today. Call +91 9645 88 33 33Read More
Everyone strives to achieve the key milestone of home ownership. And it becomes a notable accomplishment while purchasing a flat in Trivandrum. Despite being the capital of Kerala, Trivandrum is still expanding both vertically and horizontally. There are a tonne of residential developments underway throughout the city, which gives homebuyers a tonne of options since the real estate market is booming!With miles of tranquil beaches, several lakes, and eco-tourism in the enigmatic Western Ghats, Trivandrum is renowned for its natural beauty. However, prospective homebuyers are attracted to Trivandrum just as much as tourists are. Given all the city has to offer, it is understandable that those looking to purchase apartments choose Trivandrum.While taking this huge step of your life, there are certain things one should consider while buying a 2BHK and 3BHK Flats in Trivandrum: Tangible asset: This is the ideal time to make a real estate investment, thanks to a recovering economy and job security. The majority of individuals learned the value of having tangible belongings and a place to call home throughout the pandemic. They also started to think more about investing in reliable assets and ensuring the safety of their family. The investment returns from purchasing a flat are also certain, as rental incomes are expected to steady.Loans: The banks are currently offering the lowest interest rates on house loans ever, making this the ideal time to buy flats in Trivandrum Most banks now provide home loans with interest rates as low as 7% as a result of RBI's numerous repo rate reductions. A word of advice: make sure to check your CBIL. CIBIL scores between 750 and 800 entitle you to very reasonable EMIs for the duration of your loan.Location: The apartments in Trivandrum should be located so that staying there would satisfy all of your needs. It should be close to reputable hospitals, schools, and markets, as well as other amenities like post offices and ATMs. You shouldn't have to worry about anything while visiting if it is safe, tranquil, and has little to no crime.Infrastructure: It is crucial to be aware of the infrastructure quality in the area where you are purchasing a home. It is challenging to investigate this before you purchase a property, nevertheless. Therefore, if at all feasible, ask others who have already purchased properties in that area.Favourable market: At prices in the inexpensive class, you can readily find high-quality properties. This is due to the buyer's market we are currently in, where good projects may not provide significant discounts but instead include free amenities like parking or better financing options.Whether it be 2BHK or 3BHK luxury flats in Trivandrum, Varma Homes believe in providing something above and beyond what is expected, something that is more. We therefore have the appropriate selection of apartments for sale in Trivandrum that will meet your budget, whether you are a first-time home buyer or an NRI investment. In order to help you understand the high calibre that the company promises, our team of experts would be happy to show you around some of our upcoming apartment projects in Kochi, Trivandrum, and Thrissur.Read More
Materials are the solution to a well-functioning building, as an excellent structure can only be achieved with high-quality materials. When you buy a house or a flat, it is essential to have clear information regarding the quality of the products used at the time of booking. The materials used have a significant impact on the construction quality. The choice of building materials will determine the ultimate durability, longevity, and style of the building. That is where Varma Homes reigns high as the top builder in Kerala. At every step of construction, Varma Homes ensures quality to build a dream home because we value customer happiness above all. It can be difficult to choose the best product option for diverse needs. Therefore, in the construction industry, material selection is an important part as a number of aspects must be considered. As a trusted building partner in Kerala, projects of Varma Homes achieve optimal results by selecting a product or brand that mainly focuses on the following factors:1. Supreme quality: Only high-grade materials are sought after for all our projects, and hence we choose a brand that serves this purpose. These supreme products are capable of adapting to the varied climatic conditions without degenerating. The materials we select ensure the longevity and strength of the building structure, thereby becoming a profitable future asset for the user. 2. Availability: Brands with readily available stocks are another major factor we prefer. The availability of materials determines the finishing time of a building. Locally obtainable materials are our time savers, through which our work gets smoothly completed. This is one of the reasons why we earned the title for completing 6 projects within a span of 5 years ahead of schedule. 3. Cost: When searching for different types of construction materials, the prices have soared and always vary greatly. We believe that looking for the cheapest products is not always the best option because, if we don't consider their lifespan, we may end up having to restore them frequently, which is costly. We pick only construction materials that are both cost-effective and will last a long time. 4. Service: A great product gains our trust and we would vouch for it in the future too. Service is a pivotal aspect that strengthens a project from its inception to completion. As success is a combined effort, we opt for materials that provide us with the best service. By doing so, we have risen to great heights. When we choose vendors certain other points are taken into account such as:1. On-time delivery: We only work with vendors who deliver products on time, every time. Even minor project delays might result in dissatisfied consumers and financial losses. As a result, we only work with vendors who produce products on time to avoid delays in our work. 2. Wide selection of materials: A great vendor would have a wide variety of items and supplies on hand. This way, we can get all of the goods we need in one place. This helps us save time by eliminating unnecessary delays in procuring from various providers for various projects. 3. Proven experience: Using a supplier who hasn't been around for a long time is always a risk. That is why we take care to collaborate with vendors who have extensive experience in this industry. Senior managers and the sales team of Varma Homes are involved in deciding on the brand or material for a project. We choose the final brand or material only after considering their suggestions. The most important thing is that we never cut corners on material quality to save money. During the material selection process, the purchase department of Varma Homes places the greatest emphasis on this element. Sustainable InitiativesExtensive experience has shown us how much waste is generated in the construction of not only buildings, but any structure for that matter. We intend to employ every component that goes into construction cautiously and properly in our projects for a productive cause. We also have an IGBCE LEED Certificate in this area. Since its inception, Varma Homes has effectively established itself as one of Kerala's most trusted builders. We started with residential developments in Kochi and then expanded to Trivandrum and Thrissur. Our main launches will take place in Calicut and other major cities in the near future. It is our full-time goal to provide the best value and service in our price range, and we've succeeded time after time. It is because we believe in constructing happiness for everyone by fulfilling their dream abode.Read More
The Queen of the Arabian Sea, Kochi is one of the developing metropolitan city in the Gods own country. It is one of the major port city and the commercial capital of Kerala which attracts the huge number of peoples from various nook and corner of India due to its recent development in job sectors. This city holds its own breath-taking scenic views which dive many individuals to settle down in this emerging city. Real estate industry is booming every year and it has stemmed in copious openings for investments around many urban cities like Kochi. This queen of Arabian Sea acts as the gateway of Kerala in the field of residential and commercial properties. This transformed the city as the most preferred location for the real estate builders and professionals who are looking for to settle down by purchasing apartments and villas in the heart of the Kochi. If you are searching for premium apartments with a range of amenities? Now the rapidly changing lifestyle of individuals has led to the vast demand for apartments in Kochi. The demand & craving of investors to capitalise in quality styled apartments inspires builders to present their residential projects with modern and unique styling, along with contemporary skins. Well, Varma Homes, one of the top real estate builders in Kerala are set to offer premium regime apartments in Kochi within the reasonable price. We offer an extensive range of luxury and budget residential quality projects counting with apartments and flats across all over Kerala. Our current projects extend into major cities of Kochi, Thrissur and Trivandrum. We implement our projects with the complete perfection and quality to align with the international standards and we assure you that we did not let you any chance of complaints about our construction process. In Kochi, our major ready to occupy projects like Varma Regent and Varma Maalika - I in the areas of Edapally and Thripunithura are the milestones in our residential projects. The apartments in these locations are built with high tech amenities along with the promise of serene surrounding and secure environment to our clients. We get a positive response and feedback from our residents in these apartments, they are well satisfied with our amenities. Since our major mission is to construct happiness, we are on the path towards ground-breaking delicate lifestyle with our new apartment projects in Kochi. Our major ongoing projects in Kochi are Varma Padipura and Varma Kottaram which offers top class luxury apartments to the customers that are definitely going to creates history in this field. Moreover, our properties are designed with multiple units like 2 BHK / 3 BHK Apartments which set a treasured investment choice for the buyers. We are now undergoing the construction process of Varma Maalika Phase II and we are damn sure that we will catch the hearts of our customers through its top-class facilities. We assure that you can find the real happiness in our apartments that make your life satisfies and comfort. Our gifted architects are dedicated to creating your insides and outsides spectacular. Our major offers to the customers in the Trivandrum and Kochi are they can own their apartments quickly and there avail PMAY Subsidy which let them save up to 2.67 Lakhs. All these features pull residents from other cities in Kerala like to have a second home in this hurried and fast-growing town of Kochi. Thus, the demand for premium lifestyle apartments has flourished due to the development of ever increasing lifestyle values, fast developing urbanization, increased living condition of people and of course huge advancement in the corporate sectors. So, Varma Homes is the best option to get affordable premium apartments in Kochi. Peaceful Living in the Fully Furnished Varma Homes Apartments. Happiness Begins Here!!! An apartment shall not be just be viewed as a home to live. When you expend money on purchasing an apartment that you love, it is significant to check whether there all essential amenities presented in the apartment. It must comprise all the amenities that are required fundamentally and the amenities that make your life at the apartment more relaxed and comfortable. Today, customers are not gratified with an apartment that simply has noble looking rooms or living spaces. They usually seek their dream apartment that must provide superior apartment amenities for their desires and cosiness. Though living in a big city like Kochi, it is highly important to have the appropriate facilities in the apartment. Varma Homes is one of the leading builders in Kochi, provides excellent amenities for their apartments. Let’s take a look at the apartment amenities that are provided by Varma Homes to make your living space truly yours. Children's Play Area Rooftop Swimming Pool Solar Energy Utilization Fully Automatic Lifts of 8 & 13 Intercom Facility Fire Fighting System Rooftop Party Area & Terrace garden Fitness/Clubhouse centre Recreation Space Caretaker’s Room Provision for 24 hrs. Power & Water Supply Facility Water Filter, Sewage Treatment Plant Surveillance Camera At Varma Homes, we focussed on to, not end the relationship between clients by just selling homes, instead, we warmly welcome our customers to our big family, since our beliefs are to provide an endless commitment to customer satisfaction. We are always enthusiastic about providing high-quality homes on time with true love for constructing happiness. We believe in making experiences that should be worth for your money!!!Read More