Category: Property Investment

Trimurty believes in sustainable development, which includes green construction, the best living conditions, and modern amenities. As we are doing our part for the environment, we thought of suggesting some tips that can be easily adopted in a household, thus preserving nature.

Here are ten items that we use daily that end up in the trash but that can be saved and used. This has two uses: first, you’ll be contributing less trash to the environment, and second, you’ll be creating something useful for home.

Also Read: Nature at your doorsteps @ Trimurty’s Ariana

Plastic & glass jars

Bought a bottle of chocolate milk power for your kid, or bought a jar of packed rice? Well, once the condiments are used these jars could come handy. Reuse these for storage in your kitchen. Interestingly, the smaller jars are handy to store Indian masalas. But make sure you don’t use one jar for long, keep rotating them after every six months.

These could also be used to plant small herbs in your kitchen; all you need to do is cut off their top.

Tin cans

Tin cans could be used as flower holders and even attractive desk organisers. All you need to do is use your creativity and paint those tin cans in bright colours to give them an identity.

Also, empty tin cans can be used as candle moulds if you are into candle making.

Newspapers

• Use old newspapers to start a wood fire during winter. 
• Get creative with arts and craft activities for kids. 
• Make handy paper bags for storage or gifting. 
• Create DIY pen stands for an organized desk

Toothbrush

Your old toothbrush might appear grimy but that is just perfect for cleaning tiles, sink and even silver or brassware.

Save on your scrubbing pads and use them for cleaning all those hard-to-reach gaps and corners.

Plastic bags

Every year used plastic bags contribute to millions of tons of non- degradable waste. So don’t just discard yours unless you are sure that they will be recycled.

Prepare a comfortable pillow for your pet by stuffing old plastic bags in an old pillowcase.

You can also use them as temporary gloves when cleaning your bathroom.

Books

• Repurpose old books into unique home décor. 
• Create hideaway boxes for storing valuables. 
• Turn pages into planters for a creative touch. 
• Use book covers for DIY art or journal covers.

Old t-shirts

Old, soft cotton t-shirts make the best all-purpose rags. They can be used for dusting, cleaning counters, washing cars and lot more.

If you have a creative streak, you could also use it for a number of clothing projects like fabric painting.

Egg crates

 

Store some plastic and cardboard egg racks, and you have got a new way to store your jewellery. Keep your necklaces untangled and your rings organised in a cool way.

Empty egg crates can make excellent paint palettes and an effective storage for small household items.

Or create a wall hanging for your living room. Quirky, isn’t it?

Bubble wrap

Rather than using newspapers to wrap boots and bags to keep their shape, try using a bubble wrap.

You can line your fruit basket or container with bubble wrap before leaving it in the refrigerator. This will cushion your fruits and veggies and prevent it from getting bruised.

Also, keep your crockery and other breakable items safe in these when stored.

Cardboard cartons

A cardboard carton can be cut, bent, painted and configured in almost any way you want.

You can use these cartons to store all your household odds, laundry, etc. If you plan to relocate or travel, you can simply pack your things in them for an easy transition.

By following these simple green living tips, you can reduce waste, save money, and create a more eco-friendly home!

Frequently Asked Questions

How can I reuse plastic jars at home?

Use them for kitchen storage, spice organisation, or even as mini herb planters.

What’s a creative way to upcycle old books?

Turn them into home decor, DIY storage boxes, or artistic journal covers.

How can bubble wrap be reused?

Use it to protect fruits in the fridge, cushion fragile items, or keep bags and boots in shape.

Let us not try to challenge the basics in any way; being a borrower is not easy. There are so many terms and conditions you have to abide by; there are so many dos and don’ts one has to remember. Given a choice, you may never like to seek financial assistance from banks. 

Now, what if you have a choice? What if you have enough money to buy a house without taking a home loan? You like a house worth Rs 50 lakh, and you and your wife have enough savings to make the purchase without having to go to a housing finance company. Why should you opt for a life where several restrictions will be thrown your way when you can simply avoid them? 

A fair point, indeed, but here are some other points that you must consider before arriving at a decision.

Why Home Loan is Better Than Financing?

1. Liquidity Matters

It may not be a wise idea to pump all your liquid money into an illiquid asset. In case you need cash owing to an emergency in future, you would find it mighty hard to arrange it. Your home may be worth millions but it happens to be an illiquid asset. It may take a long time before you are able to sell it and use the cash received through the transaction. In short, it is never a good idea to invest all your money in immovable assets.

2. Tax Benefits on Home Loans

You enjoy tax deductions on the principal and interest paid against a home loan. In India, a borrower can claim deductions under Section 80C of the Income Tax Act for the repayment of the principal component. 

• Principal Deduction: Up to Rs 1.5 lakh under Section 80C.
• Interest Deduction: Up to Rs 2 lakh under Section 24.
• Extra Benefit for First-Time Buyers: Additional Rs 1.5 lakh under Section 80EEA.
• No Tax Benefits on Self-Financing: Buying without a loan means missing these savings.

3. Property Appreciation Covers Loan Costs

The value of the property you have bought using other people’s money — the bank’s in this case — is going to increase as time progresses. That would be enough to make up for the interest you have been paying on the loan. On the other hand, you can invest in another property using the remaining cash, in case you wish to. If you have liquid money lying in your bank account, there is no lack of choice. You would be limiting your options when you put all your money in an illiquid asset.

4. Financial Discipline and Stability

• Encourages Budgeting: A borrower learns to manage finances better to ensure timely loan repayments.
• Reduces Impulse Spending: Without a loan, people are more likely to spend on unnecessary items.
• Long-Term Financial Stability: Managing a loan instills better money habits, reducing reckless expenditures.
• Builds a Responsible Mindset: Loan repayments encourage mindful financial decisions and future planning.

5. Credit Score and Future Borrowing

Gone are the days when people thought highly of you if you could foot all your bills using the money lying in your pocket. We live in a digital age. You are likely to pay less if you use your credit card for making certain payments, for instance. You get certain discounts in certain restaurants, for example, for using a certain kind of credit card. The same is true of ticket bookings—movie, air tickets, etc. 

Would it not simply be dumb to let go of all these advantages because you like to depend on your finances alone? How you utilise financial assistance from banks reflects in your credit score; having no record whatsoever would mean you are a poor manager of finance. 

Now, how is home purchase and all this co-related? They are, as a matter of fact. We also live in uncertain times and have no idea when the need to knock the doors of a bank might arise. In case we have no credit record, the bank may not find it comfortable lending to us. In case you take a loan to buy your home, you would also be maintaining a good credit history.

Conclusion

While self-financing may seem like an attractive option, a home loan offers multiple advantages. It ensures financial liquidity, provides tax benefits, and even helps you build a strong credit history.

So, think wisely and make an informed decision! 

Frequently Asked Questions

1. What are the tax benefits of taking a home loan?

A borrower can claim deductions up to ₹1.5 lakh under Section 80C on the principal repayment and ₹2 lakh under Section 24 on the interest paid.

2. Is it financially safe to take a home loan instead of self-financing?

Yes, a home loan ensures you maintain liquidity, making it easier to manage emergencies without selling your home.

3. Does taking a home loan improve my credit score?

Yes, regular EMI payments contribute to a positive credit history, improving your credit score and future loan eligibility.

It is advisable for home loan seekers to obtain a credit report before applying for a large loan, such as a home loan. This report, which provides a person’s credit score, can be obtained from any one of the four credit bureaus operating in the country – CIBIL, Experian, Equifax and Crif High Mark.

A score between 750 and 900 is considered excellent. However, if the score is below 675, one may need to improve the credit score before applying for a home loan.

Immediate measures

When it comes to improving your credit score, first check for any errors in your lender’s record books. While you may have repaid a loan, the bank’s records may still show some outstanding credit against your name. Rectifying such mistakes will improve your credit score.

Disagreements between a lender and a borrower may also be the cause of a poor credit score. Resolving such disagreements, paying the dues and closing the loan account can boost your score.

The most important thing for a good credit score is to make all payments on time. 

• If you have missed a payment, clear the dues immediately to avoid further impact on your credit score.

• Consolidate multiple loans into a single one to improve your credit profile and reduce the appearance of excessive credit dependency.

Long-Term Measures

In case you have a delinquent loan against your name and you don’t have the ability to repay right away, this is a situation that can only be remedied over a period of time. If you have a high proportion of unsecured loans in relation to secured loans, you should try to alter the mix over a period of time.

Another behavioural change that you must make is to avoid shopping for loans excessively. In trying to bag the best possible deal, do not apply or make enquiries at 15-20 banks. Each time you make an enquiry, it gets registered against your name and indicates that you are credit-hungry.

Suppose that your credit card provides you with a credit limit up to Rs 2 lakh, don’t use up the entire limit as this is also perceived as a sign of credit hunger.

If you are unable to improve your credit score on your own, seek help from professional agencies like Credit Sudhaar.

• These agencies guide you in maintaining the right balance between secured and unsecured loans.
• They advise on the ideal number of credit cards based on your financial situation.
• They inform you about the maximum credit utilization limit to prevent negative impacts on your score.

Conclusion

A good credit score is crucial for securing a home loan with favorable terms. By making timely payments, consolidating debts, and maintaining a healthy credit mix, you can improve your score over time. 

Frequently Asked Questions

1. What is the ideal credit score for a home loan?

A score between 750 and 900 is considered excellent and increases the chances of loan approval.

2. How can I quickly improve my credit score?

Rectify errors in your credit report, make overdue payments, and avoid excessive loan applications.

3. Does having multiple loans affect my credit score?

Yes, having too many loans, especially unsecured ones, can negatively impact your score. Consolidating them can help.

In India, there was a time when, only the male members of the family were the income earners. All big financial decisions, like buying a property, were made by the male head of the family and such decisions were invariably accepted without any arguments.

Today, the scenario has changed completely. A massive number of households in urban India now have dual incomes, and women have become important decision-makers in the family. Definitely, when the issue is as important as a property purchase, women have the right to an opinion, regardless of whether they hold jobs or are housewives.

Stronger Focus on Children’s Needs While Purchasing Homes

The preferences of adult family members, are no longer the sole focal point, while purchasing a house. Nowadays, the needs of children are also considered, while buying a new property, with Indian parents taking considerable pains to establish whether their kids will have a safe, supportive and conducive environment.

See also: Children’s needs addressed at Trimurty’s Ariana 

This is one of the main reasons, why most Indian families today prefer larger houses if they can afford them. They also want to ensure that the property they buy has abundant ventilation and light, which they know are essential for their children’s health, growth and all-round well-being. In fact, the same considerations also apply for the safety and welfare of the elders of the family.

Family Profile – Going From Joint to Nuclear

In the traditional Indian joint family setup, many people lived in the same house with their individual families. However, the traditional Indian concept of the joint family has seen a radical change. Nuclear families are now the norm rather than the exception. Usually, a nuclear family consists of a couple and their children. Nuclear families do not require as much space as a joint family. Consequently, the property buying decisions of a nuclear family are radically different from those of a joint family, both in terms of the people who make the decisions and the choices that are made.

What Families Look for While Scouting for a Property

• Apartments: Apart from its cost, maintaining an outsized property can be tedious. Contemporary Indian nuclear families prefer homes that are compact and yet, space-efficient. So, apartments and flats are the natural choice. The choice of locations is also greater when one opts for flats rather than standalone properties.
• Proximity/accessibility to workplace, schools, healthcare and shopping: Since there is lack of manpower in nuclear families, they look for facilities which are close by. For example, they prefer homes that are close to their places of work or have good connectivity to the workplace through public transport so that they can save time and money on transportation. Proximity to their children’s schools is also important for reasons of safety and convenience. Shopping outlets should be close enough, to meet daily needs and medical facilities should be available to tackle emergencies without delay.
• Possibility to upgrade: While purchasing a property, Indian nuclear families tend to consider the possibility of upgrading to a larger home in a better location in the future, as their financial status improves. Consequently, families may shy away from properties or locations that do not offer enough scope on the resale market, so as to facilitate such upgrading.
• Good neighborhood for children: The focus on children’s well-being is greater today than ever before. Therefore, while buying property, parents check about the availability of parks and playgrounds within the housing complex.

Conclusion

The way Indian families approach home buying has changed significantly. With more dual-income households, nuclear family setups, and a strong focus on children’s well-being, buyers prioritise compact yet efficient homes in well-connected locations. 

Frequently Asked Questions

1. What are the top priorities for Indian home buyers today?

Modern buyers focus on location, convenience, children’s needs, and future resale value.

2. Why do nuclear families prefer apartments over standalone homes?

Apartments offer better security and amenities and are easier to maintain compared to standalone houses.

3. How has home buying changed for women in India?

Women are now key decision-makers in property purchases, ensuring homes meet their families’ needs.

The Rajasthan RERA Rules have been notified, and the website was launched on June 1, 2017. The state has designated the Additional Chief Secretary of the Urban Development and Housing Department as the interim regulatory authority, and the Food Safety Appellate Tribunal as the interim appellate tribunal.

Disclosure by Promoters of Ongoing Projects

The promoter shall disclose all project details as required under the Act, rules, and regulations made thereunder, including:

• The status of the project and the extent of completion.
  
• The size of the apartment based on carpet area, even if it was earlier sold on another basis (such as super area, super built-up area, built-up area, etc.). However, this shall not affect the validity of the agreement between the promoter and the allottee.
  
• In the case of plotted development, the promoter shall disclose the area of the plot being sold to the allottees.
  
• Where the project is developed in phases, each building or group of buildings declared by the promoter at the time of registration shall be considered as a separate phase. The promoter must obtain registration for each phase separately.
  

Definition of “Ongoing Project”

For the purpose of this rule, an “ongoing project” means a project where development is in progress and for which the completion certificate has not been issued. However, a project will be excluded if it meets any of the following criteria on the date of commencement of the relevant provisions of the Act:

1. Common areas and facilities have been handed over to the association of allottees or the competent authority for maintenance.
   
2. Sale/lease deeds or possession letters of at least 60% of the apartments/houses/plots in the project or phase have been executed.
   
3. All development works have been completed, and a completion certificate has been obtained from a chartered engineer in practice as per the prevalent Township Policy.
   
4. A completion certificate has been obtained from the competent authority, or all development works have been completed, and an application has been filed with the competent authority.
   
5. Where development is done in phases, each phase shall be considered as a separate project, and any phase that meets the above conditions shall be excluded.
   
6. Competent authorities/local bodies have started issuing lease deeds for plots through camps or other means in township schemes.
   
7. Services have been handed over to the local authority for maintenance, or more than 50% of the development charges for the same have been deposited with the local authority.

Conclusion

The Rajasthan RERA rules ensure transparency and accountability in real estate. Developers must disclose project details, and phased developments require individual registrations. Buyers can now invest with more confidence!

Frequently Asked Questions

Q. What is considered an ‘ongoing project’ under Rajasthan RERA?

A project where development is still in progress and no completion certificate has been issued.

Q. Do ongoing projects need to register under RERA?

Yes, unless they meet specific exemption criteria, such as completed development works or handed-over common areas.

Q. How does RERA affect phased real estate projects?

Each phase of a project is treated separately and must obtain RERA registration independently.