Blog

Category Archives: Featured

Owning a second home

Benefits of Owning a Second Home

Though there are choices galore for investment, buying a second home has emerged as one of the lucrative financial options. Real estate sector is a favourite of investors for its twin benefit of rental income and a high potential for value appreciation. Hence, owning a second home is a recommended option to secure your future.

Listed below are the few benefits of having a second home:

Steady rental income

One of the most obvious benefits of buying a second home is its steady rental income. The rental yield on a second home depends upon the category, the location and possibility of renting out the vacant units. If you are buying a home from Skyline Builders, who gives utmost importance to location, locality, amenities, etc. the potential for rental income is high. 

Investment  

A second home can be considered as a safe investment for your future and emergencies. Real estate has the potential for value appreciation over a long period.  But before investing in a second home, check the credibility of the home builder. If you are investing with Skyline Builders, you can easily find your second home in most sought after location with easy accessibility, proximity to all major convenience, serene and environment-friendly atmosphere. Skyline projects have recorded steady value appreciation

Skyline Builders has an impeccable track record of value appreciation. For instance, if you had invested 12 lakhs at the time of launch in Skyline Springfield Villas, Kochi, it would have appreciated to 2 crores now. To see the value appreciation of each project across Kerala click the link here https://www.skylinebuilders.com/appreciation-chart-kochi/

At Skyline Builders, our dedicated Home Care Department provides, rental and resale services exclusive for our customers. The Home Care Department will arrange appropriate tenants and high-value rentals for the homeowners, while our highly skilled professionals help in getting the best deal for the property.

Also read, Major Financial Benefits of Buying Home at a Young Age

 Income tax benefit

If you are buying a second home on a home loan, you are eligible to avail tax deductions on it. Under section 80C, the principal amount repaid up to Rs. 1.5 lakh will be deductible. Additionally, you can get a tax deduction up to Rs 2 lakh, on the interest component. 

Holiday home/ Retirement home  

Second-home can be used as either be a holiday or retirement home. If you are buying your second from a prominent builder, you will get a plethora of luxury amenities like swimming pool, games room, fitness centre, spa etc. that helps you to rejuvenate. Skyline Builders provides luxury amenities in all its projects. To see the details of luxury amenities of all ongoing projects, visit our website, www.skylinebuilders.com

 

benefits of buying home at a young age (2)

Five Major Financial Benefits of Buying a Home at a Young Age 

What is the ideal age for buying a home? Buying an appreciating asset like home is one of the biggest investments when compared to other purchases. Earlier the investment, the higher will be the opportunity for potential returns. If you are planning to buy a home early in your career, here are the benefits.  

Longer home-loan tenure 

EMIs for home loans are calculated based on the loan amount, tenure and interest of the loan. For longer home loan tenure, the EMIs calculated will be lower. Also, young borrowers can get a home loan with tenure of 25 to 30 years. Moreover, it gives youngsters enough time to choose the best home rates available in the market. 

 Eligibility 

Young borrowers are eligible for higher home loans. The lending bank will examine salary certificates, CIBIL score, credit history, age, liabilities and similar other parameters. Also, the eligibility for home loans depends on the income and repayment capability of the borrower. The expenditure pattern and other liabilities are comparatively less with young borrowers. 

Tax benefit 

 Home being an appreciating asset, investing in it is a more sensible option than paying monthly rent. By repaying the loan, homebuyers can claim tax benefit, which gives a financial advantage. Under Section 24 of the Income Tax Act, you can claim up to Rs 2 lakh per financial year on the interest paid on your home loan. And under Section 80C, you can claim up to Rs 1.5 lakh per financial year on the principal repaid.

 High Return on Investment

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.

Financial discipline 

Above all, a young buyer will be financially disciplined. He will learn how to save and spend his hard-earned money wisely and effectively. It will give him a sense of responsibility.  

 

Different types of Home loans in Kerala - Skyline Builders

Different types of Home loans in Kerala

As the famous quote goes “home is not a place, it’s a feeling”. Once you have decided to put down your roots in your favourite city or your hometown, owning your dream home always remains the key milestone.

So what do you think are factors that provide more financial independence to the home seekers to make their dream a reality? Can the increased per capita income post IT revolution and dual-income alone equip them? Well, we all know that the answer is ‘No’.

Home loans are the superheroes that have come to your rescue. Home loans give the homebuyers more purchasing power with sufficient extra funds to make one of their biggest financial decisions.

Various banks and financial societies have come up with different types of home loans in Kerala to cater to the various requirements of different homebuyers. Knowledge of different types of home loans helps one to choose the best fit for them.

The different types of home loans are:

Home purchase loans

Home purchase loans or home loans are the loans offered to individuals for purchasing a new home or pre-owned home. Different banks and financial societies provide different interest rates, normally ranging from 8.5% to 9% for home loans. Some offer a fixed or floating interest rate, which gives us the flexibility to choose according to our regular and fluctuating income sources. In most cases, home loans are offered to buy ready to move-in, under construction or undergoing restoration and extension properties.

Skyline Builders with 147 projects across Kerala have partnered with prominent banks like HDFC, SBI, ICICI, Axis, Federal, Canara Bank and Corporation Bank to make it convenient and easy approval for their buyers.

NRI home loans

NRI Home loans are specifically designed to cater to the Non-Resident Indians who are interested in buying their dream apartments in Kerala. This loan is a variant of home loans with a few add-on procedures, documentation and formalities. NRIs who are employed abroad for more than six months can avail NRI home loan.

Balance Transfer Loans

Also known as ‘take over loans’, this loan offers the applicants the flexibility to change his/her home loan from one bank to another for many reasons which include dissatisfaction with the current loan provider, lower interest rates or services by other banks etc.

Home improvement loans

Home improvement or renovation loans are availed by those who already own a house, but require extra funds for interior and exterior renovations. The renovations and repair works include internal and external painting, electrical work, water-proofing etc.

Home construction loans

This type of loans caters to applicants who want to construct a house on a plot owned or co-owned by them. Home construction loans are approved based on the rough estimate of your home construction cost. There are certain prerequisites to get the approval for this loan.

The plot or land should have been bought or transferred to the applicant’s name within a year.
The documents required to be submitted for this loan includes the sales deed, approved building plan, and NOC from the respective authority. Banks have the authority to freeze the loan amount in case of any change in the submitted plan or any violation of the law.

Land purchase loans

Land Purchase loans or plot loans are offered to individuals who want to buy land or plot for residential construction.

Factors you should consider before choosing a home builder

Choosing the right builder plays a vital role while buying your dream home. Here are some essential factors you need to check while choosing the right builder.

1. Check the track record of the builder

Choose a builder with good experience and valid track record. It is vital to check the construction expertise of the builder and their years of existence in this field.  This will help you understand the type of projects they have, quality of construction, specifications, on-time delivery and the latest technology they implemented for construction.

2. Post Sales Services

Before signing the agreement, it is important to check the post-sales services of the builder. Ideally, you can avail the service of post-sales from the moment you book an apartment with the builder. This includes the periodic updates of the project, helping to select the home loans of your choice, maintenance of the delivered till the formation of the resident association.

3. Visit the completed project of the builder

Seeing is believing! Visit some of the completed projects of the builder and directly interact with the residents about their experience about the builder. You will get the real picture about the quality of the projects they are delivering, amenities provided inside the project, layout of the project, etc. After visiting the past projects, you can evaluate and validate the claims of the builder.

4. Check the builder’s industry association

Make sure that the builder is a member of reputed builders association like Confederation of Real Estate Developers Association of India (CREDAI) or Builders Association of India (BAI).  These associations provide certain rules and regulations that are mandatorily followed by the member builders. The builder who violates the rules will be blacklisted.

5. Check the builder’s website and social media

Website of a builder is one of the major resources of information. Check the information such as their current projects, completed projects, location, amenities, upcoming projects, awards, customer testimonials, etc. You can also track the property appreciation of their completed projects.

6. Check the Awards and certifications

A good builder is always bestowed with numerous prestigious awards for their efforts. A builder with ISO 9001 certification indicates that they ensure quality in their projects and services. Also, check the CRISIL grading of the builder.  DA2+ is the highest grading given to any Kerala builder. The builder who constructs environment-friendly green building projects should be a member of the Indian Green Building Council (IGBC).

7. Real customer experience

To know real customer experiences you need to interact with a few existing customers of the builder.  A good builder will display their customer experiences on their website and social media platforms.

Guide for NRIs to sell inherited property in India

Many Non-Resident Indians (NRIs) have properties in India which they inherited from their parents or ancestors. Most of the time, they want to liquidate it. For NRIs, who had left India for so many years ago, may not be aware of the procedures of selling the inherited property.
Here are the procedures that an NRI should go through before selling the inherited property.
Step 1: Transfer the title of the property to your own name
The foremost thing you need to do after inheriting the property is transferring the title of the property to your own name. This process can be done by ‘mutation of revenue records’. For this you need to have a copy of the registered will or deed of partition, in case you haven’t possess these, you need to obtain the death certificate and apply for legal heirship.
Step 2: Arrange all the documents
After you got transferred the title of the inherited property, put together all the documents that need to sell the property. Here are the documents you need to sell.
1. Original title deed
2. Encumbrance certificate for the last 30 years
3. Possession certificate
4. Latest land tax receipt
5. Location sketch
6. Prior deed
7. Latest building tax receipt
8. Occupancy certificate
9. Approved plan
10. Id proof and address proof
Before getting into the actual process of sale, you need to identify the sale value of your property. Here you can seek the help a professional firm or you can do it by yourself after researching the market. While selling your residential property, NRIs should aware of the tax implications such as short and long term capital gains. When an immovable property is sold after a period of 2 years of its purchase is taxed at 20.8 percent. For inherited properties, the date of purchase of the original owner is considered for calculating the capital gain.

Documents needed for an NRI to transfer title of an inherited property to his name

A Non-Resident Indian (NRI) can inherit any type of property in India. This includes residential, commercial and agricultural land.
Let’s check out what are the documents required for an NRI to transfer the title of inherited property to his name.

Deed of Partition

If there is a partition deed already executed among the family members who had inherited the property, based on the said deed each individual will get his share. Thereafter each shareholder can get the property mutated in his name
If there is no partition deed among the family members, after the death of parents/ relative the legal heirs will be entitled to get the property. This happens in case parents die intestate (without executing a will). The legal heirs will have to apply for a death certificate of the deceased father/mother. After obtaining the death certificate, application for legal heirship certificate has to be submitted before concerned Taluk office. The Tahasildar after seeking a report from the village office will proceed further and take steps for gazette publication. Based on this legal heirship certificate will be issued to legal heir.
To prove the title, following documents after mutation are required
1.    Land tax
2.    Possession certificate
3.    Encumbrance Certificate for 15 years
4.    Location sketches of the property

 A registered Will

If the parents have already executed a registered will, then based on this will, after the death of executant the property will come to the hands of beneficiaries mentioned in the said will. To prove the title, the death certificate of the executant of will is required.

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.

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
 

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

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.

line

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.

Back to top
© 2013 Skyline Builders. All rights are reserved | Powered by phenomtec