5 Painless Ways To Turn Your Home Solar

Energy conservation is one of the important concerns worldwide. As a solution, many countries are turning to natural resources that are available in abundance. One such resource is the solar energy. India, a country which has 300 sunny days on average in a year, is also moving towards this less expensive form of energy. Though solar energy is mostly being harnessed on a large scale for commercial use, even homes are now increasingly moving towatds this form of clean energy generation.

When it comes to making eco-friendly changes these are the little ones that really add up to make a difference.

Fans

Fans are a basic necessity of every household. Run on electricity, ceiling, wall or table fans are now available in solar-operated forms as well. The solar-run fans can ventilate your home while using a renewable source of energy, thus paying no load to your electricity bills.

Water Heaters

Solar water heaters are an alternative to electric water heaters and heating water on gas stoves. While the cost of the product doesn’t differ much from its electric counterpart, the installation cost can be a little more than the usual. However, this is a one-time investment that is made good by savings on energy consumption and monthly electricity bills.

Mobile Chargers

You can use solar chargers to charge your mobile phones, iPods, cell phones and other devices that depend on electricity to operate. These chargers are portable and can be installed at base station or at the rooftop of a home. So, even if there is no electricity, you won’t face the hassle of a low battery in your phone or other device.

Solar Inverters

Solar inverters are one of the highly-adopted solar appliances by households. These inverters operate on solar energy and provide electricity back-up when there is a power cut. There are three types of solar inverters — standalone inverters, grid-tie inverters and battery back-up inverters.

Lighting

Solar-run home lighting systems can be a source of reduction in your electricity bill. These operate even when there is no electricity. So, this can be a solution for far-flung areas where there is little or no electricity.

Home Loan Process For NRI’s

Owning a home is a dream for most of us and thanks to the diverse home loan schemes available to make that dream a reality. How is this different in case of Non- Resident Indians ( go to site NRI)? Is it equally easy for them to obtain a home loan and own the property of their choice? NRI home loans are now easily available in India, subject to fulfillment of certain conditions.

NRI Status:

Before getting into the details of a home loan for NRIs, it is essential to understand just who is a non-resident Indian. All banks and non-banking financial companies (NBFCs) go strictly by the definition of NRI as adopted by the Reserve Bank of India. Under the RBI definition, any citizen who holds a valid Indian passport and stays out of India for employment or business spending less than 182 days in India in one financial year is deemed as a NRI. So before applying for a home loan under NRI category, make sure you qualify for a NRI home loan keeping in view the minimum number of days to be spent away from India.

Here we take a look at what is required to avail this loan and how it differs from a normal loan taken by a resident Indian:

Eligibility and Documents required

An NRI should meet the criteria on minimum age and minimum years of work experience abroad. The criteria vary across institutions. In State Bank of India (SBI) the minimum age limit is 18 years and the number of years a NRI should have worked should be 2 years. But if you intend to take a loan from ICICI bank, then it is enough if you had worked for one year abroad, but your minimum age should be 25 years. If you are a self-employed, then you should have stayed abroad for at least 3 years.

go Paper work

For the documentation process, a copy of your passport, visa and employment related documents such as your three to six month salary slips, appointment letter, employment contract if any and address proof, are mandatory. These documents can be submitted to the overseas bank branch located the closest to you, in the country where you reside. The documents are then sent to the Indian branch for processing.

Loan tenure & Interest rates.

Earlier there were differences in the interest rate charged for a NRI home loan and for the ones offered to resident Indians. But now the rates are the same.

When it comes to loan tenure, institutions and banks like HDFC and SBI offer longer periods of 20 to 30 years – the same as offered to a resident Indian. But in some cases the loan tenure is restricted to 10 or 15 years.

Maximum Loan Available

While banks and non-banking financial companies are free to use their discretion in offering the maximum loan amount for NRI home loans, there is not much difference in deciding maximum amount of loan compared to Indian residents. Usually NRIs can expect a maximum loan amount ranging from 80-85 percent of the total market value of the property. There is however a difference in which banks or NBFCs calculate the maximum loan amount for NRIs.

Some banks use the gross monthly income of the NRI as a yardstick offering upto 40 times the gross monthly income as the maximum home loan amount. Other banks use net monthly income as their defining yardstick limiting a certain percentage of net monthly income as a deciding factor.

buy provigil online pharmacy Features of NRI loans

  • Loan tenor restricted to 10-15 years in some cases
  • No difference in interest rate offered to residents and non-residents
  • Repayments made through NRE/NRO accounts
  • Loan repayment is eligible for tax exemption only if an additional taxable income earned from India

 

With references from State Bank Of India, HDFC & ICICI Bank loan eligibility segments.

When is the best stage to buy?

If you have the required finances, ready-to-move-in is the ideal option for an enduser. This property would be significantly more expensive than at the launch stage but the buyer is protected against time and cost over-runs and also the EMI payment during the period when the house is under construction.

For an investor who wants regular rental returns from his property investment, a readyto- move-in property brings in immediate rental income which even helps pay back the loan secured to buy the property.

If you are a new investor with limited finances, look for an under-construction property with a suitable payment plan and keep a horizon of 2-3 years for possession. But make sure you go for a reputed builder.

When you purchase a house at the pre-launch or launch stage, the buyer pays small sums linked to the progress of construction but also has a longer wait period before the asset is liveable or starts paying for itself. This option is good in new and evolving growth areas on the peripheries of cities where infrastructure itself is under development and there is a wait period before it is liveable. Since, both infrastructure and housing are being developed at the same time, the user gets the advantage of moving in when both are ready. It also comes cheaper as property values are always lower when the infrastructure in the area is under development. The downside of this type of property is that possession will happen only after a minimum of 24-36 months. During this period you would have to shell out a monthly rental for the place of stay and the EMIs for the new property.

Inputs from MagicBricks.com

Factors you should keep in mind before getting a home loan.

The main criteria are:

  • Your income and your track record of repaying previous loans – this is obtained from the Credit Bureau.
  • Your current expenses including other loans you are servicing. The amount of loan related to the property value.
  • Ownership of the property – this means that the lending bank should be comfortable that the seller has full and complete ownership of the property.
  • Getting a loan depends on the report of the local bank surveyor who will inspect the property and give his recommendation.
  • Home loan eligibility depends on your ability to pay (ie. based on your salary) and not on the age of the building. However, the quantum of loan depends on age and undivided share too, in addition to your repayment ability.

How do you know that a project has legal approvals from authorities?

The best way is to check if the banks are funding the project. Generally, banks approve projects and start disbursement only after all the approvals are in place.

  • Ensure that the documents of Title of the property you intend to purchase are clear. A defective Title will create problems.
  • Ensure that the building has been constructed as per the sanctioned plan and deviation, if any, is in the allowed limits. It should not be in a low-lying area or in a filled-up water body.
  • Ensure that the developer has clearance certificates from the Electricity Board, Water and Sewage Board and other concerned departments.
  • Commencement Certificate and Occupancy Certificate are other important documents that are necessary while buying property. Check out the genuineness of the documents with the concerned authorities.
  • Ensure Agreement for Sale and Sale Deed, duly stamped, executed and registered are in your possession. Both should contain fair clauses for both the parties.

Things you should check at the time of signing the agreement?

Here are the important things to check before you sign the agreement with the developer:

    • Specific apartment allotted, tower number and size
    • Details of area including super area, covered area and carpet area
    • Costing
    • Date of possession, penalty in case of delay
    • Exit option
    • Specifications committed
    • Payment plan
    • Details of Land on which project is constructed and the project approval details
    • Possession related charges

How to choose the right property?

One should buy property in an area which has adequate basic amenities such as power, water, sewerage, etc. It is important to do your checks and balances while deciding on a project. Infrastructure in the area, connectivity, builder’s goodwill and price of the property are key components a buyer needs to take into consideration. A buyer should also carefully check points such as the builder’s experience, number of projects completed and delivered, banking institutions involved and present buy options available to suit your requirements. It is better you conduct a field survey before identifying a suitable property meeting your budget and location preference.

 

via MagicBricks