Properties in Bangalore

Bangalore an IT hub of India has seen tremendous rise in terms of living standards and in terms of Economic growth in the last five years. This place was considered as one of the best place to settle down for a high standard of living. The real estate also raised along with the requirements of customers who like to purchase properties in Bangalore.

Real estate developments in the areas of Bannerghatta Road, Hosur Road, Sarjapur Road, Yelahanka etc are giving great returns to the buyers of properties in these areas. Properties in these areas have very good rental values which offer considerable contribution towards their home loan EMI which makes owning property a simple task to any buyer.

Banks have simplified their home loan terms and conditions to ease customer who look for housing loan to buy property in Bangalore and offering home loan at least possible interest rates and with maximum funding for a longer repayment track. The documentation is also very simple, customer need to submit his/her personal, Income and Property documents along with cheaque’s for repayment of home loan and banks will approve the home loan application if the application filed satisfies all the requirements as per their banking terms and conditions. The home loan will also give Tax benefit to the applicant on the interest paid up to a maximum of 150,000/- under section 80© of Income Tax act.

Understand the Product Vendor Liability

It’s been a big worry to the buyers and to the seller when then want to purchase or sell the property which is under a loan. It is a very simple process which gives you the benefit of selling the property without closing the home loan which is there on the property. 

Banks have designed a product called “Vendor Liability” which gives you this benefit of availing the Home loan availing home loan on a property which has a loan already in the name of the vendor or seller. In the process of this loan a customer will go for a home loan as usual like in a normal home loan case. But the documents submitted to the process vary a bit to this product. Along with the regular income documents the vendor need to provide his Loan Account statement, Outstanding Letter and List of documents submitted to the bank at the time of availing the loan i.e list of property documents. These documents are to be submitted to the bank at the initial stage of the home loan processing only.

The process begins with the verification of Applicants and Co-applicants Residence, Office, Pay slips and Bank Statements. The property documents are scrutinized by a panel advocate and the property is evaluated by a technical valuer who will certify the property cost by taking the market value into consideration. Post successful verification of all the documents and Property the disbursement process is initiated by taking customers signatures on the home loan agreements. Customers will be given sanction letter from the bank which gives all the details of loan amount sanctioned, interest rate, tenure, repayment conditions and EMI details. Customer need to make all the margin payments to the vendor before initiating the disbursement process through bank and the same proofs have to be submitted in original to the bank failing which the process will not be initiated.

The disbursement will be done up to 80% of the property cost or Agreement value or Documented Value or the sanctioned loan whichever is less. Bank will disburse the outstanding loan amount which is there on the property on the vendor’s name directly in the name of the bank which has funded the loan to the vendor. The vendor need to register the property on the vendee name after closing the loan amount and post receiving the original documents from the bank and submit the registered documents in the bank which funded loan to the vendee. Post submission of the registered documents with the bank remaining sale consideration or the pending loan amount is released. It has been a best product to the Vendor’s with a liability to sell the property without any hassles. As it comes under Home Loan only all the Tax Exemptions under section 80© of income tax act are applicable on the Principal and Emi components paid to the bank.

Floating or Fixed which is the best to Opt?

 

It’s been a big myth to customers in opting the interest rate type while going for a Home Loan. Customer seeks their friends, colleagues and relatives advice that already availed a Home Loan. But still it’s been a puzzle to most of the customers how to opt and what to opt when it comes to the home loan interest rates. A little bit of understanding of the two banking terms eases the process of interest rate selection and which gives the best possible returns on the Home Loan over the period or repayment tenure.

All the home loan products are pre packed with two types of rate of interest i.e Fixed and Floating.  Fixed rate of interest is fixed for a limited period of time over the loan even if there are any fluctuations in the rates in the market. Banks will not increase or decrease the rate charged on the loan which is fixed at the time of availing the loan even if the rates comes down or goes up. Banks charge a min of 1% higher rate compared to the current prevailing rate to the customer who opts for the Fixed Rate of Interest. Post the term of Fixed the interest rate will be the rate charged on fresh loans at that time.

The Floating Rate of Interest is based on Base Rate and BPLR rates and charged according to the loan applied slabs. The floating rate can be increased or decreased if there are any fluctuations in the market. Banks revise the rates on quarterly basis on the loan amount and inform the customer about the revision of interest. If the rate is increased then accordingly the repayment tenure will be increased and if Possible banks can Increase the EMI also. 

Going for a fixed rate is better if the fixed tenure is above 3 years and taking conformation from the bank that the rate will not be revised even there are any huge fluctuations in the market makes a sense.

Radiant Shine - Luxury apartments in bangalore

With the fresh trends in market and with the fresh technology coming up in the market it is Radiant's continuous activity to obtain and apply all those technologies to build the best residential apartments and to satisfy all those customer who trust the radiants brand for purchasing their properties in begur road bangalore.

Now radiant has come up with one of the best prestigious ventures of their company and which will be the next land mark of begur road with the mark of the best properties in bangalore to buy for a high class living. 

Radiant Shine - Properties in Begur Road Bangalore

Amenities

• Swimming pool with toddlers pool
• Children’s play area
• A well equipped gymnasium
• Indoor games room
• Multi-purpose hall
• Lifts
• Generator back up
• Round the clock security with intercom facility