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08 January 2016

Your Home Loan Lending Website Just disappeared! Some Really important Precautions While Applying for Home Loans Online

A Very Happy Prosperous New Year and Hope All Dreams of Owning a Home get fulfilled in this beautiful year of the Fire Monkey!
Online home loans are an easy way to check out on financial companies and housing development projects right from the comforts of your home or office. While it has become so easy and buyers and home loan appliers have so many options the downside is we get confused with too many options. And then there are frauds also.
There is a large amount of advertising in housing and home loan sector going on and it is possible people get tempted to choose the easy way, some new financial company offering home loans at very low interest rate, some private banker approving loans without any documents, and then some people just ready to give large amounts of money as loan within three days!  , all looks so simple. Then of course the sob story  of a widow who got home loan from a private banker without showing any repayment proofs!and who knows how she is going to repay the amount!
The question is how do these new financial institutions or bankers handle paper work, what documents are signed, and if not signed are you/ your property ( as asset for a new home loan)  in safe hands, what happens in case you are unable to pay an EMI on time? you don't know all these as there are no rules made.
It is always better to choose a reputed bank and established home loan lender as they have ready formats and rules. Or at least check their past history and how long they have been in business.
Home loans online - they are never actually completely online and the Lenders representatives either come to your place for checking or you have to visit the banker with proofs and documents.
For the pre information and finding out how much loan you can avail there are ready EMI calculators on every financial  websites and this helps a lot in saving your time.
In case you see a website offering complete financial home loans online in very less time  do check out the background and reputation of the company.
Also take precautions and be careful of divulging any personal details of your bank accounts and investment passwords. Or Giving the original documents of your property , or signing any deeds of letter of authority which is really not required.

Do check the past history and how long has the website been in working as there are many fraud financial websites running and doing roaring business, and they collect the deposits in name of many reasons, opening an new bank account, as shares of the bank, as new investment schemes which will allow you to avail a higher home loan,  from home loan borrowers and one fine day close off!
In this world of web be very careful with your precious assets and money while applying for a home loan , it is not strange to see a financial website with loads of great comments and testimonials (that may be paid) disappear one fine day!
If it seems too good to be true, it really is not true, remember this!
Home Loans-Simplified Facts
All the Best from Rizwana!

I am not attached with any financial institution and am not responsible for any financial links posted as comments or financial loan lending advertisements here. Take care and surf information before committing!

02 January 2016

What is OC? and Why Rates Differ Drastically for Houses in Same Areas Some Facts

Happy New Year! May Your Dreams of Owning a Home Investing in homes and Buying New Homes take a Quantum Leap! All the Best!
What is OC?
While the future of housing construction companies is bright , people are opting for more and more larger homes, spaces with gardens, themed structures, latest amenities from wireless security systems to a modern contemporary design, we see the trend is also more towards living closer to nature.
Booking homes under construction helps to save a lot of money and  you get the home at considerable low rates per square foot. But there is also a lot of risk involved, will the project be completed on time? will the promised amenities be available for the buyers? will the builders follow all rules as quoted in the project?
Recently I have been searching for property and was astonished to see a lot of difference in houses rates. Some in the same areas and made beautifully were very high rates and some were very low. Yes the base rate is standard for a particular area and then each construction company or builder is willing to negotiate to complete the deal.
The most shocking discovery! Many building where people are living and everything is  hunky dory have not got Occupancy Certificate.
An Occupuncy certificate  is a document issued by the local Government Agency as approval that the builder has followed all construction rules and the project has been made as approved in their plan.
While most reputed builders follow norms there are few who may begin with the plan but as the project reaches completion modify the plan and then the project does not get OC.

Simply quoting that if there is a garden space the builder may impulsively add a theatre there or a Playground area is converted to shops for sale. Usually the most seen default in housing projects is for parking spaces which are approved  as stilt parking on ground floor according to plan on paper, where the real project has shops with all activity abuzz!
Then also flats are modified while in constitutions where the plan shows two room kitchen houses the builder modifies it according to demand and either makes them larger or smaller areas. The basic space surrounding each building is also compromised resulting in buildings made very close to each other not following the safely norms.
The legality of such spaces does come up and even though you will get a really good  bargain for such houses and flats it will always be a question as these houses do not get legally approved.And this again comes up with every bill and every document, the illegal status, and also while reselling the flat,, as the new buyer may want to see all the approved documents and status cleared before buying a flat from you.
Do check the documents before committing your precious money into under construction housing projects, or buying resale flats, one of the best ways is to take a home loan where the lender banks representatives do all the hard work for you and find out the details of the housing projects, and only then approve your home loan! Check the original papers of the flat or property and see the floor plan, there is mention of the area, and every detail, all will be clear!
Home Loans-Simplified Facts
All the Best from Rizwana!
I am not attached with any financial institution and am not responsible for any financial links posted as comments or financial loan lending advertisements here. Take care and surf information before committing!