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How NRI investors gain from falling rupee

The Indian rupee has depreciated 14% in value against the US dollars this calendar year. If you are a Non-Resident Indian (NRI) investor then this could be the best time to own a property back in your homeland. The depreciating rupee value against currencies like the dollar, UAE dirham, pound, encourages a large of NRIs to invest in Kerala’s real estate market. Along with the dwindling rupee, the ready to implement RERA (Real Estate Regulation Act) bring in transparency and accountability makes the real estate the investment options for NRI invest. For a US-based NRI who would have got Rs 64 lakh for $100000 just one year back, but today he will fetch Rs. 71 lakh for the same amount which is a big gain. For example, an NRI who pays an EMI of Rs 51,000 on a home loan, his monthly deduction would be $797 in November 2017 and now it will be $718 for the same amount. In effect, he is saving $79 dollars which is equal to an amount of Rs 5609.

Major factors that an NRI should consider before making an investment

• An NRI can buy residential and commercial property in Kerala, but not allowed to buy agricultural lands, farmhouses, and plantations. But he can inherit such properties.

• An NRI should be aware of the builder, its projects, location, financial stability, quality of construction and on-time delivery etc

• Know the property documents related to the property such as the title deed, prior title deeds, latest tax receipts, encumbrance certificate, approved plan, building permit number etc.

• An NRI can avail home loan from any financial institutions registered with the National Housing Bank (NBC). He should hold a bank account in any authorised Indian Bank and make all transactions in Indian currency only. The repayment of loan can be done with NRO/NRE account or FCNR (Foreign Currency Non-Resident) deposits.

• Before investing into real estate an NRI should know that he is qualified for tax benefits. The NRIs can claim tax benefit according to section 80 C of Income Tax Act, 1961. The charges for the processing fee, stamp duty, registration, and municipal tax are applicable for the tax deduction.

• An NRI should know the ROI potential of the property. An NRI can sell or rent his property without constraint.

Interest

How to reduce interest on your home loan

When you consider buying a dream home, the best possible way to make it more comfortable and easy is taking a home loan. One of the major factors concerning about the home loan is its interest rate.  Since it’s a huge investment, the repayment of home loan should not be a burden for the borrowers.

Here are some smart tips to reduce the interest rate on your home loans.

1.  Short Term Home Loan Tenure

Shorter duration of the home loan will definitely increase the amount of EMI and that guarantees a faster repayment of your loan. This means the principal amount of your home loan is paid much faster that will result in the reduction of the absolute interest rate.

2.  Pay more EMIs

One of the effective ways to reduce your rate of interest is to pay additional EMIs. The extra EMIs you are paying will not only reduce the principal amount, but also the interest rate.

3. Refinance the home loan

To get the benefit of a lower rate of interest is transferring your existing home loan to another lender, which is otherwise called refinancing. You need to watch out for the best interest rate offers prevailing in the market. You can switch your home loan to another bank/ financial institution who offer a lower interest rate than your current lender. While evaluating the benefits, keep your eyes on the additional charges like processing fee, legal fees etc.

4. Make part-payment of home loan

Another effective measure to reduce the home loan interest rate makes a part prepayment. The surplus cash you paid will reduce the principal outstanding on your home loan which will definitely bring down the interest rates.

To know more about Skyline Builders projects which are approved by banks for home loans

 

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Benefits of buying a ready to move-in apartment

 

1. No waiting period

A major advantage of ready to move-in apartments is the absence of waiting period. You can immediately move in to your new home once the documentation work is over.

If you looking for a luxury apartment in Kottayam, then Skyline Exotica is the best option you can have. This ready to move-in apartment has received the completion certificate. Book an apartment at Exotica, complete the documentation procedures and start living with your family.

 

2. Can physically verify the apartment

You will actually get the real experience of your own apartment before buying it. You can physically inspect the apartment and other amenities before making the final decision.

This helps you make an informed decision while buying a new home. You and family are invited to visit our ready to move-in apartment, Skyline Campus Heights at Sreekaryam, Trivandrum.  Here, you can physically inspect the quality and design layouts at Campus Heights that will help you make a better choice according to your needs.

 

3. Can totally save Pre-EMI

The best thing about ready to move-in home is, you can avoid the payment of pre-EMI. Once the bank disburses the home loan, you can immediately start paying EMIs, which will effectively save a considerable amount of money. To avail this benefit, we have only few more villas available at Skyline Oasis, one of the ready to move-in villas at Kottayam.

Read More: How to create one crore worth asset with an initial investment of Rs. 25 lakh

4. Can save on rentals

Another advantage of buying ready to move-in home is that you can either save or earn rent. If you are paying very high rent buying a ready to move-in home will give you an immediate relief. And for those who are not planning to move in soon, then, they can let it out for rent and can start earning an income. This will be a supplement to your EMI payments. To know more about a Skyline ready-move-in apartment at Pala, visit Skyline Grace.

 

5. No GST implication

Ready to move-in apartments are exempted from Goods and Service Tax (GST). Book any of the ready to move-in apartment of Skyline Builders to avail the benefit

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Simple tips to protect your home during this monsoon

Paint external walls with waterproofing paints
Make sure that the external walls of your house are painted with waterproof coats. This will prevent water to seep from external wall to the internal walls.

Protect wooden furniture
You need to periodically check the wardrobes during monsoon. In order to avoid the musty smell, keep the doors of the wardrobe open for some time. Paint/polish the furniture will increase the longevity of your furniture.

Check electrical fittings
Old broken electrical fittings will cause electric shocks, voltage fluctuation and power off. To avoid accidents make sure that you check all the electrical fittings of your house. It is preferred to call an electrician to check and fix the electrical faults in your house.
AC outdoor unit should be kept raised from the sunshade, preferably on stands so that water stagnation can be prevented.

Check roofs and walls
Any cracks in the roofs and walls will lead to dampness and allow the moisture to get into the structure of your house. To safeguard, fill the hole with crack fillers and re-paint the walls. In high-rise buildings, there are chances for improper plant growth in the roof, which leads to cracks. To avoid this, immediately uproot the plants and periodically maintain the roof.

Clean all rooftop drains and rainwater pipe
Remove all the blockages in the rooftop drains and rainwater pipe. This will avoid clogging of water in sunshades and rooftops.

Avoid using carpets and rugs during monsoon
During monsoon, muddy footprints and moisture will cause damage to your expensive carpets. It is better to use bamboo carpet or coir mat during the rainy season.

Home Buying

Guide to finding the best home

Owning a home is a long cherished dream of many. It provides a sense of long-term security and is considered as the perfect investment that provides reasonably high returns over a period of time if one is able to invest in the rising curve of the real estate cycle. It is an emotional decision for few and a rationale purchase decision for the rest. Buying a home requires detailed research, financial planning and can be a time-consuming and a cumbersome experience at times. With the introduction of the Real Estate (Development and Regulation) Act (RERA), there is growing requirement for transparency and availability of credible information on the internet. However, before setting out on making a real estate investment, it is imperative for one to understand the nitty-gritties of the home buying process.

Right from cost of the property, government regulations and taxes applicable, costs involved while undertaking home loans to the limitations or benefits of the current regulations, there is a need to clearly understand all aspects.

Here are a few tips to reduce the stress involved in finalising your home purchase -

Assessment of Home Requirement:

Firstly, one needs to understand the important factors that will drive your investment decision. The location, address, surroundings, views, proximity to social infrastructure and the workplace, commuting time, security, potential for capital appreciation, quality of the developer, timelines for possession, quality of product and the budget play a key role in deciding which project one should invest in.

Financial Assessment:

Once you have identified which of the above key factors are of paramount importance, you should make a financial assessment of your budget, ability to leverage and address the financial commitment during purchase, construction and post occupation.

Do remember that it is not only the Agreement Value that you should provision for but also taxes that can vary during the lifetime of the project besides property taxes and Common Area Maintenance post occupation.

In a nutshell, the following costs should be envisaged for under-construction projects:

  • Agreement Value
  • GST and other taxes applicable
  • Stamp Duty and Registration Charges
  • Broker’s fee, if applicable
  • Other charges including parking, corpus, formation of society, legal charges, etc.
  • Payment terms

 

Post occupation, one should provision for the following:

  • Interior and fit out costs
  • Property taxes and common area maintenance
  • Property Insurance, if applicable
  • Mortgage payments, if loan availed

 

Availability of Finance and Schemes:

There are multiple banks and Non-Banking Finance Institutions (NBFCs) offering home loans and attractive schemes in tie ups with developers. A buyer has the option to pick and choose from these schemes and some of these come with assured insurance options in case of contingencies.

It is important to understand the terms and conditions of every scheme and the impact of delay in handing over possession, cancellation, liabilities, etc. It is also important to assess ones credit rating and loan eligibility prior to making an investment in a home. Very often, customers intend to sell existing properties to fund the new acquisition. However, one often is faced with a situation where the sale does not happen within the expected time frame, for various reasons resulting in payment default and an interest liability, thus adding to the cost of acquisition.

 

Research:

Research plays a vital role in finding and narrowing down your dream home. Earlier, real estate agents played a major role in influencing the purchase patterns of homebuyers. However, the busy working schedule of professionals makes them resort to social media platforms and other internet based research. Today’s highly digitised world provides a number of real estate portals listing down available properties at the click of a button. Internet provides the comfort of looking at multiple options across locations. It is now possible to evaluate and compare properties basis each individual criteria. Make sure you research on the latest trends and regulations in the industry. The process involved, property prices across locations and documentations required for a purchase is also easily and readily available online. Additionally, an interactive website with extensive project details and images helps in building credibility for the developer and adding to a unique buyer experience.

 

Impact of the Real Estate (Regulation and Development) Act (2016)

One of the salient features of the introduction of RERA is that all developers have to register with the Authority and upload details of the project, including title, approvals, agreements, delivery dates, payment schedules, finish, etc. This enables the customer to get a good insight into the project before making a purchase decision.

The following information, amongst others, are mandated to be made available on the RERA portal:

  1. Sale deed/title deed /Conveyance Deed – Title documents and Title Report
  2. Litigations, if any
  3. Approved Layout Plan
  4. Building plan sanctioned by statutory authority
  5. Approvals including permission to commence construction ie. Commencement Certificate
  6. Detailed cost estimate/valuation report from chartered engineer/architect (if applicable)
  7. Building Layout, configuration and details of units
  8. List of Common Area Amenities and Facilities that will be provided
  9. Configuration and details of units sold
  10. Details of consultants on the project and registered channel partners

 

Customer Protection:

Some of the recently passed bills like RERA provide greater transparency and protection to customers. Off late, the government approved the amendments in the Insolvency and Bankruptcy Code (IBC) which recognises homebuyers as equivalent financial creditors as banks and institutional creditors. This and many such steps will prove pivotal in protecting homebuyers and instilling transparency in the real estate system.

 

Conclusion:

Most often, you would be investing a major part of your savings while purchasing a home, hence, always ensure you garner all the valuable information that will lead you to make the right purchase.

How to create one crore worth asset with an initial investment of Rs. 25 lakh

real estate investment with minimum liquidity

When it comes to investing, the most important question before us is – Where to invest?  The traditional investment options like gold and fixed deposit are no longer lucrative.  Stock market/mutual funds are highly volatile and risky to invest.

Then, what will be an option for those who are looking for a potential investment, which is ever appreciating but risk- free? The answer is real estate. Let’s see how you can invest in real estate with a minimum initial investment.
Let’s assume, you’ve shortlisted an apartment, worth one crore. Your down payment will be Rs. 25 lakh. Usually, banks or other housing finance companies will provide you up to 75 percent of loan amount. In effect, you have owned a property worth one crore with Rs. 25 lakh, which is an ever-appreciating asset.

It is a proven fact that the value of real estate investment will increase over time. For example, the launch price of Skyline Springfield Villa at Cochin was Rs. 12 lakh, it has now appreciated to Rs. 2.1 crore. Likewise, the launch price of Skyline Palm Meadows Villas at Kottayam was Rs. 29.8 lakh, it has appreciated to Rs. 1.42 crore. Another project at Calicut, Skyline Medows, was priced at Rs.7.5  lakh during its launch; it has now appreciated to Rs.1.05 crores. For full information on the appreciation of Skyline Builders, projects click the link below

Skyline Property appreciation

You can claim income tax benefit of Rs. 1.50 lakh for the principal repayment and an annual interest up to Rs 2 lakh can be claimed as a deduction against income. Along with this under Pradhan Mantri Awas Yojana (PMAY)), you will get a subsidy of Rs. 2.35 lakh.  For details click here

Pradhan Mantri Awas Yojana

For best locations, the average rental income increases, usually in the range of five to ten percent. A steady rental income will help you partially fund to repay the loans taken. In effect, your effective EMI will come down drastically.

The table below illustrates your effective monthly EMI for a property worth one crore. The down- payment is taken as Rs. 25 Lakh

Table1
But, all these are possible if you invest with the right right builder. It is very important to check the builder’s expertise and track- record.  Always choose a builder with a good reputation, who gives priority for best locations, quality of construction, timely delivery, financial stability and above all, it should have an efficient post-sales service team. This will guarantee that you get a good return on your hard-earned money.

*If your yearly income is above 10 lakh, the tax slab applicable will be 30 %

*Yearly tax benefit under 80 cc is Rs. 1.5 lakh

*Yearly Tax Benefit under section 24 is Rs. 2 Lakh

* Total Yearly tax benefits is Rs. 3.5 lakh

* Loan tenure is 30 years

How to use home loans effectively for tax benefits 2018

 

Home loan tax benefits 2018

The central budget of 2018 gives an encouraging note to the home loan borrowers of the country. The tax benefits on home loan remained unchanged as per the Central Budget announced on this month.

Avail home loan tax exemption for self occupied home

  • Under section 24, annual interest up to Rs 2 lakh can be claimed as deduction against income. Senior citizens will get up to Rs 3 lakh.
  • Depending upon your tax slab, the tax liability can be reduced up to Rs 67, 980
  • As per section 80 EE, the homebuyers will get the tax benefit for home loan up to Rs 50,000 per financial year. The value of the property should not exceed Rs 50 lakh and the amount taken for the loan should be less than Rs 35 lakh.
  • Tax benefit will be available for purchase of land, construction, repair and renewal of home property
  • As per section 80C, the applicant will get a maximum tax benefit of Rs. 1.50 lakh for principal repayment.
  • Under section 24, you are eligible to claim tax deduction if you take loan from friends, employer, relatives or any private lender to buy a home. A valid certificate from the lender (relatives/friends/ employer) should be produced showing the detail amount of loan taken.
  • Claim tax benefit on for under construction property before possession
  • Section 24 of IT Act clearly states that payment of interest is qualified for tax reduction for under construction (on-going) property.
  • The total interest paid during the construction period can be claimed in 5 equal installments starting from the financial year in which the construction is completed.
  • Tax benefit during construction is not allowed for repair or renewal of existing home.
  • Avail tax deduction for rented property
  • According to section 24, you are entitled to tax deduction if the property is not self-occupied and you are away for various reasons such as employment, business needs.
  • Joint home loan tax benefits for co-owners/co-borrowers
  • For the co-owners of the property, the home loan borrowers (any number of applicants) can claim individual tax benefit.
  • As per section 80C, each applicant will get a maximum tax benefit of Rs. 1.50 lakh for principal repayment.
  • Under section 24, the applicants can claim Rs 2 lakh for interest repayment.
  • Even if you are paying the EMI of the property owned by your parents/ spouse, you are eligible for the tax deduction.
  • The information compiled taken from various authentic sources.

 

Benefits of living in a gated community

Gated Community living

Tens of thousands of Keralites migrate to the various part of the world for lucrative jobs, better lifestyle or for higher education. While chasing their dreams, they need to leave many things back in their own native. One such treasure that they leave behind is their own parents.

A gated community is one of the most suited and sought after dwelling places for the parents.  It provides them with a comfortable atmosphere and a happy lifestyle.

Following are the advantages of living in a gated community

Safety and security

The NRIs are concerned about the safety and security of their parents. A gated community will provide both automatic and manned security systems.  Controlled entry and exit with boom barrier gate, biometric accesses to main lobby, surveillance camera in common areas, video door phone system etc are provided in a gated community. The primary fire safety systems provided in a gated community includes smoke detector, fire detector and gas sensors.

Gated communities equipped with latest technologies like window sensors, glass break detectors and motion detectors with burglar alarm provides the parents a fear-free living. The security access system is so effective in controlling the unwanted strangers from entering into the premises of gated community.

Accessibility

Another major benefit of a gated community is its accessibility. Most of the time, a gated community offers a good connectivity to some of the best multi-speciality hospitals in the city. Being close to the other social infrastructure, your parents will have access to shopping malls, movie-theatre, temples, churches, mosques etc.

Amenities

Gated community provides a host of world-class amenities such as fitness centre, Swimming pool, Spa, Jacuzzi, saloon, recreation hall, walkway etc. A well-equipped fitness centre, walkways etc helps parents to maintain their health also.

Ambience

Though situated amidst the heart of the city, a gated community offers tranquil and serene environment favourable for your parents. The large open green space insulates gated community from noise and pollution provides them a relaxed life.

Community living

A gated community is a great relief for every elderly parent from loneliness, anxiety and fear. It helps them to have interacted, find friends, start a new hobby at their living space itself.  A gated community is an ideal place for them to gather with friends and engage in various activities making their life happy and healthy.

Appreciation

The gated communities by reputed builders are situated in the most prominent locations. All the gated communities have a host of world-class amenities like fitness centre, multi-purpose recreation room, mini-theatre, swimming pool etc making the property value higher.  A gated community is perfect option  for investment.

Locational advantage of Cheranalloor

cheranalloor

Locational advantage of Cheranalloor

Cheranalloor is a place less known to people outside Kochi. But surprisingly, it has a lot to offer as a residential spot. The locality is blessed with its strategic location that makes Cheranalloor the new heart of Kochi. One of the biggest positive factors of this place is its proximity to Kochi City.

Well built social infrastructure and a host of other facilities like schools, banks, ATMs, hospitals, malls, hotels etc upgrades this locality with a best residential profile. Cheranalloor is blessed with very good road connectivity.  Public modes of transport include buses, cabs and autos which are round the clock making commuting easy towards the airport, railway stations and other places. Tucked away from the hullabaloos of city Cheranalloor offers a perfect place to stay.

These are just a few of the many reasons why Cheranalloor has a high Liveability Quotient. Tucked away from the tumults of the city, it is a quaint locale that offers the perfect blend of serenity and accessibility. For those who are looking for apartments or flats in Kochi, Cheranalloor is a wise option. 

 

Why visiting sample apartment is important before buying an apartment.

1 (12) A home is the most comfortable place in this world and we are emotionally attached to it. Buying a new home is the biggest financial decision of everyone’s life and it’s also an investment for future. Before taking the final decision, it is very important to visit the sample apartment. It will give you the look and feel of your future home. Here are the reasons why visiting sample apartment is important:

1. Sample apartment gives you an idea of the real space, size, and direction. It will also help you understand how your future home looks like once it is completed.

2. Visiting sample apartment will help you know about the quality of construction. You can also check with the builder about the materials and fittings used in the sample apartment.

3.  A fully furnished sample apartment will give you a clear picture of the interior design and utilization of space.

4. The builder follows the floor plan and layout while constructing sample apartment. By visiting sample apartment, you can decide upon the floor plan for your future apartment.

5. While visiting sample apartment you will understand the carpet area and built-up area.  The built-up area of an apartment includes elevator, lobby, outer wall thickness, staircase etc.

6.Most of the sample apartments are constructed for the purpose of representation which is done by the Interior Design Division. If you are interested, the builder can easily replicate the interiors for you.

7. Visiting sample apartment will help you understand the tiles used in flooring, bathroom fittings, electrical points, wood used in door frames and cabinets, false ceiling etc.

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Skyline Builders Real Estate group offers you Luxury Apartments, Villas, Homes and Flats all across God's own country – Kerala, India. Skyline Builders™ is the #1 Builders in Kerala. Skyline invites you to join our ever-growing community of satisfied customers... into a world where dreams do come true... where unmatched quality goes hand-in-hand with affordable rates... where aesthetic beauty in a clean green environment is coupled with all the essentials for practical living... an investment that is a celebration of your success. The Skyline Group has been in existence since 1980 and Skyline Builders™ is the flagship unit of the group. We provide luxury villas and apartments across Kerala esp. in Kochi (Ernakulam/ Cochin), Thrissur(Thrichur), Trivandrum(Thiruvananthapuram), Kottayam, Kozhikode (Calicut) and Kannur. With the IT boom in full swing, Skyline Builders is providing housing facilities near Infopark-Kakkanad and Technopark- Kazhakkottam.

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