Monday, 30 July 2018

Get your home monsoon ready


July 2018

How can home owners ensure that their homes are ready for the rains and ensure that it does not cause any harm to the safety and beauty of the home? We offer some suggestions

While the arrival of the monsoon season may bring relief to many, after the sweltering heat of summer, it is also the time to prepare and protect the home. Leakages not only damage the look of the home but can also spoil the interiors, including furniture and furnishing. Home owners, hence, should check for the smallest signs of damage and take prompt action, to ensure that the problem does not become uncontrollable.


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Water-proof your home

Water-proofing protects the structure from extreme rainfall and also saves on repair cost and hassle, in terms of breakage and weakening of the the structure.

Water seepage and dampness can also pose serious health hazards, as dampness and cracks lead to the growth of fungus, moulds and algae. Dampness can cause home owners to develop allergic reactions, asthma, irritations in the nose, eyes and throat and other respiratory ailments, cautions Sanjay Bahadur, global CEO, construction chemical division, Pidilite Industries Ltd. These problems can be avoided, if a little precaution is taken. “Different surfaces are exposed to diverse challenges. Hence each surface needs the right kind of water-proofing. Merely water-proofing the roof, is not enough to ensure a leak-free home. The home will be fully protected, only when all five possible areas for water entry – below the ground, internal wet areas (bathroom, kitchens and balconies), roof, concrete water tanks and exterior walls – are properly water-proofed. All broken plasters and cracks should also be repaired,” adds Bahadur.

Check the surrounding area of the building

Prior to the monsoon, also check the surrounding area of the building compound, or the garden area of the bungalow. “Check if any tree branches in the garden or terrace are weak and need trimming, lest they give way in a heavy downpour and cause damage. Make sure that the drainage in the house or even outside the villa is checked for blockages. Metal doors, frames and grills of windows and balconies should, ideally, be given a coat of paint before the monsoon, to prevent rusting and corrosion,” says Prachi Chavarkar, co-founder of ArchiLab Designs. 

“Water and electricity is a dangerous combination. For outdoor usage, opt for electrical switches and lights that are designed for external usage. Also, get an electrician to check all the connections before the rains, to avoid chances of electric shock or short-circuit,” adds Chavarkar.

Keep the home pest-free

Puddles and stagnant water are common during the monsoons. As mosquitoes breed in stagnant water, one should keep areas like air-conditioner ducts, drains, trays beneath potted plants, etc., clean and dry. Clean the terrace and rainwater drainage pipes of dried leaves, so that water can flow easily and not stagnate. Before laying a carpet on the floor, ensure that the floor is completely dry. Alternatively, roll them up and store them away for the season. Vacuum and air them well and keep camphor balls along with the carpets, before putting them away.

“It is better to do a pest control treatment before the monsoon, so that all the hidden worms and bugs are eradicated from the house. Use antibacterial fluids for mopping the floors, as dampness can encourage the growth of bacteria and termites. Opt for a cleaning agent, which is designed to keep bugs away. Indoor plants not only add to the moisture level in the house but also house insects. Hence, keep potted plants outside during this season,” says Shantanu Garg, founder and creative director of Shantanu Garg Designs.

Caring for furniture and accessories during the monsoon

When cleaning furniture, avoid using a wet cloth and instead, replace it with a dry cloth. “All leather bags, belts and shoes should be kept in cotton or muslin bags, as this will keep them new. Also, instead of placing footwear directly on the shelf, place a newspaper first and then, keep the shoes on it. This will keep the shoe rack clean,” adds Garg.

Home maintenance tips for the rainy season

  • To get rid of the damp moist smell in the rainy season, use scented candles and burning oils.
  • Ensure that the clothes are completely dry, before keeping it in the wardrobes. Keep silica gel pouches in cupboards or between clothes, to soak up the moisture and prevent the growth of fungus. Also, put some dried neem leaves (not on the clothes) or naphthalene balls in the cupboard, to keep fungus and mildew away.
  • Keep the kitchen area dry. When cleaning the cabinets, keep them open for some time to prevent bad odours and moisture from being trapped inside.
  • Install metal canopies and shades over windows and balconies, to prevent water from coming in.
  • Place a small bucket near the main door, to keep wet umbrellas. Allow the umbrella to dry, before keeping it back in its place inside the house.
  • Light a few pieces of camphor in a diffuser as camphor is an effective mosquito repellant.





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Benefits of buying a home in the wife’s name



June 2018

With several states in India offering benefits for women property buyers to boost their empowerment, we examine why it makes financial sense to register a property in a woman’s name

There are several benefits to buying a property in a woman’s name, either as the sole owner or as a joint owner, with governments and banks offering several sops.

“Aspiring home buyers can seek certain benefits including tax exemptions if a home is bought in a woman’s name. Such offers can also attract more women buyers to the realty sector,” points out Ashok Mohanani, CMD, Ekta World. Encouraging women to register assets in their name, also boosts women’s empowerment, he adds.

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Tax benefits


Experts explain that some of the obvious tax benefits of buying a home in the wife’s name, include an extra deduction of interest up to Rs 1.5 lakh every financial year, if the house is self-occupied. If a husband and wife are the joint owners of a property and if the wife has a separate source of income, then they can both claim tax deductions individually. The tax benefit will depend on the ownership share of each co-owner.

Discount on stamp duty charges


Several state governments in north India are now offering a partial waiver on stamp duty, for buyers registering properties in a woman’s name – either as a sole owner or as a joint owner.

“You can save 1%-2% on stamp duty, if the property is in a lady’s name. In Delhi, the stamp duty rate is 4% for women, compared to 6% for men. Moreover, if you are undergoing some financial setback and have some debts to repay, the property held in your wife’s name, does not come under the cover for your loss,” points out Sushil Raheja, CEO of Raheja Homes Builders & Developers..

Stamp duty charges for Women Vs Men

State/UTFor WomenFor Men
Delhi4%6%
Haryanat4% in rural areas and 6% in urban areas6% in rural areas and 8% in urban areas
Rajasthan4%*5%

* As 1% rebate over normal rate

Discount on home loan interest rates


Many banks like SBI, ICICI and HDFC Bank, offer discounted rates on home loans for women borrowers. The prevailing interest rates for women borrowers are as mentioned below:

Interest rate for woman borrower Vs others

BankInterest for Women borrowerInterest Rate for others
SBI8.35 – 8.85%8.4 – 8.95%
ICICI8.35 – 8.7%8.4 – 8.85%
HDFC Ltd8.35 – 9.05%8.4 – 9.05%

Note: Rate as on June 20, 2018 (For loan amount < Rs one crore)

Things to keep in mind when buying a home in the wife’s name


Experts maintain that it is a good idea to buy a home in the name of one’s wife or in co-ownership. However, the wife can enjoy the tax benefit, only if she has a separate and genuine source of income. Moreover, if there is any legal dispute on the property, then both, the husband and wife, will be involved in the case. Therefore, home buyers should evaluate all possibilities, before making a final decision.






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Home financing options for NRI buyers


June 2018

Besides regulations for the type of properties that NRIs can purchase in India, legal provisions also exist on the mode through which these purchases can be financed

When a non-resident Indian (NRI) opts to purchase a property in India, there are several regulations that govern how such a purchase can be financed.

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Sources, for financing a real estate investment in India


The money for purchasing a property in India, has to come through banking channels only. Consequently, the payment cannot be tendered in the form of traveller’s cheque or foreign currency. An NRI can also use the money in his/her credit, in non-resident external (NRE) rupee or non-resident ordinary (NRO) or foreign currency non-resident (FCNR) account, maintained in India. 

NRIs are allowed to purchase property in India, by availing home loans in Indian rupees, from banks or housing finance companies. The home loan can also be granted by the Indian employer of the NRI employee, for the purpose of financing of the property.

Obtaining a home loan


As NRI investment in Indian real estate is only allowed in residential or commercial properties, banks too, can finance only these properties. Almost all banks offer home loans to NRIs for buying a house or constructing one. One can also get a loan, for purchase of land (non-agricultural), for constructing a house in India. 

The application for the home loan can be made online, as well as offline. The nature of documents that need to be submitted, will depend on whether the NRI is a salaried employee or whether s/he is self-employed. It will also vary, depending on the NRI’s country of residence. Nevertheless, copies of one’s passport and visa, passport-sized photographs and proof of residence in the foreign county, will be required in all cases.

Depending on whether the NRI is salaried or self-employed, s/he also has to fulfil a minimum period of stay in the country of present residence, to avail of the home loan. Banks may also insist on an acceptable co-applicant, or an NRI guarantor. The NRI guarantor too, has to submit documents pertaining to identity proof, address proof and income proof.

Servicing the home loan


EMIs on the home loan can be paid through remittances from outside India, through a proper banking channel, or by debiting the NRE, or NRO, or FCNR account. In case the property is let-out, the rental yields can be used for servicing the NRI home loan. Money transferred to the NRO account from close relatives, can also be used for servicing the home loans. In case the property is purchased for self-occupancy, the NRI can avail of a loan against the FCNR or NRE account deposits, of up to Rs 1 crore, for servicing the home loan. 

Remittances out of India


An NRI is allowed to repatriate some of the funds, in case the property so acquired is sold. However, the number of properties (whether purchased or inherited), for which s/he can remit or send money to India, is restricted to two. Moreover, the amount that can be repatriated, cannot exceed the amount (denominated in foreign currency) received as remittances from outside India, either for purchase or servicing of the NRI home loan. Under normal circumstances, an NRI is allowed to remit an amount of USD 1 million in a year, out of India, from his NRE, NRO, or FCNR accounts, which includes the amount remitted for sale of a house.





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