Home Loans & Mortgage Loans Better Understood (Part-1)

In our first post on the above series, we shall be looking at Home Loans and Mortgage loans more from the Indian perspective, understand a bit of different interests rates available in the market and how banks service

 

Mortgage Loan – Definition

Mortgage loan generally refers to the loan secured by pledging an already existing home for financial needs. This definition is purely in Indian context. In India Home loans are for purchasing a new home where the disbursement of the loan amount is made in full by the financier / banks or for constructing new home where the disbursement is released in stages by the financier / banks vis-à-vis the progress made in the construction.

Typically in western countries Mortgage loan generally refers to all types of Home loans. According to Anglo-American property law, a mortgage occurs when an owner pledges his or her rights to the property, as a collateral to the loan.

As like any other loans, mortgage loans and / or home loans comes with interest rate and the payment is by generally EMI as per the amortization schedule spread over a repayment period ranging from 20 years to 30 years depending on the policies of the financier / bank that provides with the loan.

Now let us see some popular terminologies used in the financial circle when dealing with mortgage or home loans;

 

Property : The physical residence being financed in question here refers the property.Borrower: The person borrowing the loan in exchange to mortgaging his / her interest on the property who in other words is either having or is creating an ownership interest in the property is called a Borrower.

Lender : Usually a bank or other financial institution qualifies to be called a Lender. Typically In India, lenders can also be individuals who lend money. In America, lenders may also be investors who own an interest in the mortgage through a mortgage-backed security. In such a situation, the initial lender is known as the mortgage originator, which then packages and sells the loan to investors. The payments from the borrower are thereafter collected by a loan servicer.

 

Principal: The original size of the loan, which may or may not include certain other cost refers to the Principal Amount. As and when principal amount is repaid in parts, the principal will go down in size and the loan interest is calculated for the remaining Principal amount only.

 

Interest: A financial charge for use of the lender’s money is referred as Interest. There are many different varieties of Interests employed by bankers. We shall discuss them elaborately in our next post.

Foreclosure or Repossession: The possibility that the lender has to foreclose, repossess or seize the property after paying the principal along with the applicable interest and other charges if any is essential to any mortgage loan.

Essential Tips If You Are Buying A Home in Chennai For The First Time?

Buying a home in chennai can be an incredible experience. When you realize what a big purchase you are making, and how you are literally going to have to live with it, it can be quite intimidating. Making a decision is a very important process, and you want to make sure you take everything into consideration. Nobody wants to end up with a bad house with leaky pipes that’s in a bad area of town. Of course, if you do your homework, this isn’t likely to happen. What’s likely is that you’ll create a good space for your family to grow up in, and create some great memories.

Also, unless the whole economy totally collapses, you’ll stand to make quite a bit of money on your house. However, if you are buying a house for the first time, then there are some things you need to keep in mind. Things you’ll learn about in this article.

Before you go out looking, check out and see how much of a loan you qualify. This will help you from trying to buy a house that is out of your range. Just check out your local bank, tell them what you have in mind, and see how much of a loan you qualify for. This will give you a good idea when you are looking around.

Of course, you’ll need to get a real estate agent . But instead of picking one out of the phone book, do some research before you choose. Check out there background, their credentials, and how long they’ve been in the business. Any decent real estate agent should have plenty of references.

If you are planning on having kids in the future, make sure the house you are buying has enough space. You don’t want to have to move later on when you’ve got a few kids in tow, as this can get pretty expensive. It’s better to think about the future when you are planning on buying a home.

It can be tempting to buy foreclosures, since they are so cheap, but they will require an incredible amount of work. You’re going to have plenty on your plate as it is, you don’t want to have to worry about fixing plumbing or leaky ceilings.

Buying your first home is a great experience. Just make sure to take your time and enjoy it. Follow these steps, and you shouldn’t have any problems.

Further Details : Chennai Flat Promoters

Tips for kitchen interiors

In this section of the post let us see some more tips to make your kitchen look neat and beautiful.

 If the kitchen of apartment that is being newly built is smaller or medium in size, ask your Chennai flat builder to use vitrified tiles to be in lighter shade. This appropriate color selection helps in creating a condition where your kitchen would not seem cluttered and small but appear big.

 On the same scale, if your flat in Chennai is being built newly and the kitchen is spacious, ask your Chennai flat builder to use vitrified tiles in two colors, preferably black and white resembling a chess board. This alternating color gives the kitchen a contemporary classic look.

  Ensure you provide electrical points for all possible kitchen appliances you could think of. It is advisable to have two additional points in case you may want to connect any future gadgets. Builders in Chennai generally have enough idea on this and the same has to be ensured by the flat owners.

 If your kitchen is rustic designed then try to use Stainless steel railings and other SS modular materials that gives a rustic appearance. Your Chennai flat builder should know where these materials are available and can be a one point contact that can be of good help.

  There is an increasing tendency to use just the glass without any wooden railings as doors to the modular cabinetry. Though this measure decreases the price, the durability of the doors are questionable as the glass breaks easily. So if glass is used in the door try to enclose the same in wood. This also increases the aesthetic appeal of the kitchen.

  The vent from the electric chimney which is generally made of aluminum tube, should not penetrate out and should be well concealed inside the kitchen cabinetry.

  Provide some open plate stands made of glass which is of 8-12mm thickness. On these stand alone stands decorative jars and other decorative items can be displayed to increase the aesthetic look of the kitchen.

 The kitchen top and other structures where kitchen work needs to be carried can be made of fine granites. Well polished granite stones are durable and look better with the water flow marks. Wastes and stains can be easily removed from the granite top than kadappa tops. These days all Chennai flat builders use only granite as tops and so this point is generally taken care of. 

Raindropspromoter

In this section of the post let us see some more tips to make your kitchen look neat and beautiful.

(7)  If the kitchen of apartment that is being newly built is smaller or medium in size, ask your Chennai flat builder to use vitrified tiles to be in lighter shade. This appropriate color selection helps in creating a condition where your kitchen would not seem cluttered and small but appear big.

(8)  On the same scale, if your flat in Chennai is being built newly and the kitchen is spacious, ask yourChennai flat builder to use vitrified tiles in two colors, preferably black and white resembling a chess board. This alternating color gives the kitchen a contemporary classic look.

(9)  Ensure you provide electrical points for all possible kitchen appliances you could think of. It is advisable to have two additional points in case you may want to connect any future gadgets. Builders in Chennai generally have enough idea on this and the same has to be ensured by the flat owners.

(10)  If your kitchen is rustic designed then try to use Stainless steel railings and other SS modular materials that gives a rustic appearance. Your Chennai flat builder should know where these materials are available and can be a one point contact that can be of good help.

(11)  There is an increasing tendency to use just the glass without any wooden railings as doors to the modular cabinetry. Though this measure decreases the price, the durability of the doors are questionable as the glass breaks easily. So if glass is used in the door try to enclose the same in wood. This also increases the aesthetic appeal of the kitchen.

(12)  The vent from the electric chimney which is generally made of aluminum tube, should not penetrate out and should be well concealed inside the kitchen cabinetry.

(13)  Provide some open plate stands made of glass which is of 8-12mm thickness. On these stand alone stands decorative jars and other decorative items can be displayed to increase the aesthetic look of the kitchen.

(14)  The kitchen top and other structures where kitchen work needs to be carried can be made of fine granites. Well polished granite stones are durable and look better with the water flow marks. Wastes and stains can be easily removed from the granite top than kadappa tops. These days all Chennai flat builders use only granite as tops and so this point is generally taken care of.

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Chennai Flat promoter

n our last post we saw that growing a kitchen garden does not need large space. We also saw methods of preparing the soil before we could set up the kitchen garden. Now let us see what kind of plants can be grown in a typical kitchen garden in any Chennai apartments.

Climatic conditions play a vital role in selecting the plants for our garden. Let us first plan the vegetable garden in our home. For cities like Chennai that is humid and sunny, plants that are succulent, adaptive in nature have to be selected. The types of vegetable plants that can be grown in Chennai climatic condition are given below.

Lady’s finger (Okra)

Brinjal (Egg plant)

Bitter guard

Snake guard

Ash guard

Cucumber

Water Melon

Drum Stick

Tomato

Pepper (Green Chilies)

Many varieties of green leafy vegetables like Amaranthus, Sesbania, Cilantro etc, can also be grown in a kitchen garden of any Chennai flat.

After the soil has been prepared, quality seeds have to be obtained for sowing. In Chennai, Tamil Nadu Agricultural University has its Urban Horticulture Center in Anna Nagar helping interested Chennai Flat owners and Chennai Home owners to grow their own vegetable garden. The Center conducts many interesting classes on the specifics. The center also sells quality seeds which are moderately priced. The center also distributes bio fertilizers like Azospirilum, Phosphobacteria, VAM enriched compost etc. Vermi-compost and neem cake are also sold in the center.

After sowing of seeds is over, regular watering of the plant has to be done. Depending on the season of the year and the weather conditions, one may choose to water the plant in the day or late evening. If it is a hot summer day, it is always better to water the plants in the morning and in the evening. Care should be taken not to water the plant in the peak noon time as the root of the plant is susceptible to burn.

Apartments in Chennai typically have an upper floor which normally has the generator / lift room. It is also used to dry the laundry of the inmates. But typically it is not used for any other purpose. The apartment association can come forward and meaningfully take up Kitchen garden on the roof of the apartments. The terrace of theapartments in Chennai typically is typically given a water outlet. This can be used as a facility from where the watering of the plants can be done. We will be surprised to hear that drip irrigation which is normally done in the fields can also be done on your kitchen garden at home or terrace. We shall see this aspect and more on watering the plants in details in our next post.

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Chennai Flat Builder

Large individual houses in Chennai generally do have open space and a kitchen garden can be planned. In smaller individual houses even if 10’*10’ space is available a kitchen garden can be comfortably planned. We hear from dwellers of Apartments in Chennai their desire to have small garden. Yes we hear you loud! There is good news for you too. Most Chennai Builders do plan a sit-out which in most times is outside the bedroom facing the street or open space. This space has ample sunlight and is best suited for a small if not a big kitchen garden.

Raindrops Promoter, a reputed Chennai Builder, in their upcoming “The Royal Chariot” project has provided for some balcony space in all the units of first and second floor. This space can have potted plants which can serve as a miniature kitchen garden in which one can grow plants like Lady’s Finger and Brinjal.

Whatever type of space you have, the first and foremost thing to be done is to prepare the soil in case of setting up the kitchen garden in the open space and / or preparing the right soil mixture to be filled in the pots. Let us first see how to prepare soil in the open space.

Preparing Soil in Open Space Gardening

The points to be ensured while we prepare the soil are loosening the soil, having the right soil mixture, adding compost or other organic fertilizers to the soil and mixing the soil with organic pesticide to prevent pests from attacking. Now let us see in detail all the points one by one.

Loosening the Soil

The soil has to be ploughed with hand held garden equipments to make it loose. This step is necessary in the initial stage and can be done away once we select the right plant and start giving back to the soil the natural nutrients. Loosening the soil is absolutely essential for proper rooting. It also helps us in identifying the soil type and layers of soil if any.

Soil Mixing

Soil can be of different type namely clayey, sandy, sandy loam etc. If the soil is very clayey some amount of riverbed sand. If the soil is too sandy add red soil to it. Sandy soil is more porous which is good for root aeration but cannot retain water. Clayey soil can retain water but are not porous enough to allow the roots to penetrate and also roots do not get proper aeration. A healthy mix of both assures the best quality of both soil types. Generally for any soil type, mix 1 part of red soil and 1 part of riverbed sand so that the right quality of soil is present.

Mixing of Organic compost & Organic Pesticide

As part of sustained development and the growing environment consciousness, we recommend using organic fertilizers and pesticide to grow healthy food. In preparing the soil, we can add the soil with organic fertilizers like garden compost or vermin-compost. They are full of nutrients and are good for the soil. Soil can be added with small amount of neem cake to make them more resistant to pests.

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Apartments in Chennai

In this post let us have a look at some of the ways in which the drainage is disposed in a more environmentally sound method. In this method, all a Chennai builder has to do is to construct septic tanks or leech pits in which the drainage system is drained. The excess water in the drainage is absorbed by the soil around. The water seeps through the soil slowly by which time the fine soil materials acts as a filter before the water percolates the ground water table. The solid waste is left behind to compost and in this process good garden manure is also left as a by-product.

A slight innovation in the above said method is the use of Eco-san toilets. In rural India, eco-san toilets are increasingly promoted by many NGO. But this system has not been introduced to the urban areas. Chennai builders can cash in on this lovely environmentally sustainable model of sewage disposal as this system does not require extensive pipes, drains or even water.

The common goal of any environmentally sound sewage disposal that needs to be taken note by any Chennai builder who wish to employ this method in their apartment complex and innovate are the systems needs to prevent infection thereby health conscious, it needs to protect the environment by not polluting and wasting water, the system needs to recycle back to the soil what has been taken. One another system is collection of grey-water which is the water collected from kitchen sinks, wash basins, bath tub etc. This grey-water collected is used for flushing toilets. In this ingenious but simple method more than 65% water can be saved.Builders in Chennai need to take note of the fact and can include this method as a USP in their upcoming projects. Raindrops Promoters, a renowned Chennai builder has taken a note of this point and may be employing this method in their upcoming projects.

Chennai builders can also contribute to creating a green future by constructing Flats in Chennai which lets out the collected grey-water in a small man made pond like structure near which a garden can be grown. This can enhance the greenery in the project area. Plants like Canna Indica (Kalvaazhai in Tamil), having the ability to absorb hard polluting elements in the waste, can be grown in the immediate vicinity of the grey-water mini-pond.

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