Your credit score has a significant impact on the apartment buying process. It's a measure of your creditworthiness. The first thing a bank or financial institution does when evaluating your loan application is to take a peek at your credit score. They use this score to ascertain that you are eligible to apply. So, what kind of credit score is required to purchase an apartment? It isn't a three digit number that you earn every time you spend on something. It is far more. It is crucial to understand how your credit score will impact your interest rate, loan amount, and down payment. A credit score of 750 or above is generally considered good & can provide you with many benefits, such as faster loan approvals, lower interest rates, and so on. Let's take a look at the major factors that affect your credit score.
Approvals of Loans: Your credit score may play a role in getting a loan approved. A credit score of 700 or above is considered to be a good score to get a home loan easily. If your score isn't up to par, you should communicate with your bank to find out how you can improve it.
Loan Amount: If you have a bad credit score, your credit limit will almost certainly be less than the amount you asked for. For example, if you need Rs. 35 lakhs for a home loan, your low credit score may prevent the bank from approving this amount. As a result, if you want to be eligible for a larger loan, you'll need to work on improving your credit score.
Loan Interest Rate: The other factor that is influenced by your credit score is the mortgage interest rate. So, banks will probably give you a lower loan interest rate if you have a relatively high credit score. And despite the small rate difference, the monthly EMI will be significantly lower.
Increased Down Payment: When buying a home, a lower credit score can result in a higher down payment and a countless number of visits and calls to the bank. A good credit score helps to verify that the purchaser has the potential for repaying the loan. According to the guidelines issued by the Reserve Bank of India (RBI), a home buyer can get 80% of the property value as home loan. But, if you have a low credit score, the bank may sanction only a lower amount and you need to find additional down payment to buy a new home.
Of course, there is no need to panic if you have a low credit score. Before you apply for a home loan, raise it by making timely payments. Banks or creditors are more likely to believe you can repay a loan if you can pay your bills on time because you seem financially secure and responsible. This will make the home-buying process go more smoothly. Here are some suggestions for raising your credit score.
Hence, make a concerted effort to raise your credit score. Once you discover your dream apartment, working to improve your credit score will certainly help you to flourish financially. If you have good credit, let's not let the possibility of higher credit norms deter you from purchasing right now. So, be a wise buyer & keep all of these crucial points about your credit score & how it affects your apartment buying process in mind. Your dream is almost certain to become a reality very soon.
In a nutshell,
Whether you plan to buy an apartment in the coming months or years, the benefits of monitoring your credit score & working to improve it will help in the long run. Banks will check your credit score when you apply for a home loan to see if you are a responsible borrower. If you have a good credit score and are looking for a reliable and trustworthy builder in Kerala, Varma Homes is the right choice for you. You can trust us because we are Kerala's leading real estate builder. We provide high-end amenities in all of our apartment projects in major Kerala cities, such as Ernakulam, Thrissur, Trivandrum, and Kozhikode allowing many apartment buyers to realize their long-held dream of owning a home. Search our website for detailed information on all of our residential apartment projects and pick the best one.
Buying a home is oneís lifetime event and it requires a great deal of effort, time, and money. From the years ago, buying an under construction apartment or flat was a risky choice.† But now the introduction of Real Estate Regulation and Development Act (RERA) has revolutionized the entire real estate industry and turned it as a productive platform for new buyers. With the enactment of the RERA, buyers can now stop concerning fake practices that formerly were an essential segment of the real estate industry deals which comprises properties under construction. They are: ?†††††††††††† Fake agreements of sale ?†††††††††††† Delays in passing over properties ?†††††††††††† Unprepared changes in construction plans ?†††††††††††† Absconding builders ?†††††††††††† Acquired illegal permissions † Real Estate Pacts in RERA It is true that the before RERA, the real estate industry faced challenges. But now the real estate industry of Kerala has moved out over an extreme makeover when the implementation of the RERA occurred. It helped to generate more reasonable and fair transactions among the home buyers and developers of villas & apartments, making purchases more simple, clear and liable. RERA has formed a pool of buyers who can positively choose for any apartments or luxury flats which is under construction. So letís check out how the RERA has transformed the earlier norms in the real estate sector. Compulsory Registration Projects with a plot size of minimum 500 sq. meters or having more than eight apartments must be registered with the corresponding stateís RERA. Current projects where the occupancy certificate or completion certificate has not been delivered are also required to meet the terms with the registration requirements under the RERA. These aids guarantee that developers & their real estate projects are genuine and they follow every criteria of authority specified as per the Act. Thus when the construction of the apartment begins, the right of buyers are secured under a registered developer. Reserve Account The prime reason for the delay of projects was due to the fund collected for a project, would consistently be diverted to new projects. To stop such diversion, promoters are now compulsory to submit 70% of all projects receivables into a distinct reserve account. The profits of such account can be used towards land & the construction expenditures and will be essential to be certified by an expert. Frequent Disclosures by Developers After the RERA implementation, home buyers can be able to regularly monitor the work progress of their projects on the RERA website since developers will be needed to submit the periodic work progress submissions on the website. Penalty Even if the best builders, made delay for handing over projects, they have to pay compensation. As the government can impose a stiff monetary penalty which may up to the 10 % of the project cost on the builders. There are also other punishments like imprisonments against violators who generate unnecessary massive delays or fraud in the projects. No Longer Exist Pre-Launches without Approvals Based on the rule of RERA, no pre-launches of projects is permitted without getting the approvals from the development authority or local municipal & without acquiring registration from the controller. This allow buyers to confidently invest in the apartments or villas of their tastes which has recently been launched. As of the arrival of RERA act, buyers can stop worrying about their project work progress. The buyer only need to choose apartment from the best builders at the right location. It is also significant to confirm that the possessions for sale have been registered under the RERA. Head off, and never hesitate to purchase an under construction or upcoming apartment with the most trustworthy real estate builder like Varma Homes. †All our projects are registered under RERA.† We have completed, ongoing and upcoming residential projects in Kochi, Thrissur and Trivandrum which are aimed to construct happiness.Read More
Owning a dream home or apartment is everyoneís wish list. The size of the home is one of the crucial factors for your home-buying decisions. †In early times people first purchase a small flat and then move into a bigger home once they have a bigger family. Buying a spacious house isnít going to get any inexpensive in the next 10 to 15 years, needless to say, the inflated interest rates when it comes to taking a loan. Therefore, now purchasing a larger apartment such as a 2 or 3BHK is a sensible choice as compared to waiting to buy it later. Before buying, you need to consider the future appreciation of property rates, amenity factors and other lifestyle.†So letís have a look at the benefits of shifting into a larger apartment. Various generations under one roof By living in a bigger apartment, all generations can easily thrive under one roof. They can perfectly fit in your apartment, even when you have kids. And, surely, your kids will love the idea of spending more time with their grandparents which will help them to know the value of the relationship. On the other hand, if you have nuclear families, most of the home builders know the value of privacy. So they design separate rooms for parents and children. Also, with the increasing income of professionals, most of the people like to have a full-time maid or home nurse to give care for their kids and grandparents. Hence separate rooms for each one is essential. So by living in a bigger apartment, you can easily solve this room scarcity problem that you faced in your smaller flats. Make comfortable office space When you had a great business plan and dream to start with it, you can keep a specific space for your dreams in your bigger apartment. Or if you have to benefit the modern working choices like work-from-home, the extra room in your bigger apartment can be converted into the comfortable office space, letting you the choice to keep your work and home life separate though being in the same space. Beautiful Interiors †The careful designs and architecture of the 2BHK or 3BHK flats are beautiful, ground-breaking and contemporary, offering a modern family the best in terms of a posh and luxurious lifestyle. By owning luxury spaces, you can have spacious floor plans, wood floors, granite countertops and many more which is not possible in a smaller flat. A 2BHK or 3 BHK apartment goes a step beyond and promises a classy and chic living experience. Avail hangout rooms for all age group When you decide to shift from compact to luxurious living, there you have another advantage that availability of enough rooms for everyone. Because everyone needs a place to be comfortable and relax. Especially if there are any older people, there is a room that they can relax and indulge in their own favourite activities with full privacy. In the same manner, the younger and the middle generation get their own spaces to chill with their friends or to boost up their own inner self. So when you have bigger apartments you donít need to worry about the hangout rooms for you & your family members, as there are rooms for every kind of age group. Better security systems Living in a luxurious 2BHK or 3BHK apartment promises you increased safety and also prevents intruders from entering your home. You can just relax without any safety fears for a good nightís sleep. This is more useful and vital when there are kids and elders at home. †So in this era of frequent robberies, with better security systems you can be sure that you are safe at your home. Good investment with less money To invest for a longer run, undoubtedly investing in 2 or 3BHK apartments is beneficial. You can buy luxurious housing spaces at a price comparatively much lower plus more benefits instead of buying compact apartments. As the demands are quite high, the resale value of apartments is always greater than invested. The percentage of profit depends upon the location and demand of the region, but getting a profit is for sure. Be it for end-user or rental, investing in a property in metropolitan cities at present proves to be a smart decision. So the final concluding part would be that why not opt for bigger apartments which are armed with all modern amenities and facilities creating life a smart and finest experience for you and your family and bringing together the exact mix of comforts and convenience of the city. Looking to buy apartments in Kochi? It is about time that you check out the residential apartments at Varma Homes as we are the top builders in Kerala. Each of our residential projects in Kochi come with an extensive series of high-end apartments. Take a look into our most prestigious projects like Varma Maalika I, Maalika II, Padipura, Kottara and Bougain Heights Purple at Tripunithura. A combination of the high-end amenities, backed up by great connectivity and an efficient transport system including the advantage of metro services, is what attracts a person to invest in property at Tripunithura.† From the numerous choices, you can choose your perfect one that focuses on your housing needs and demands.Read More
People now prefer to live luxurious lives, and lifestyles have evolved. The standard of living also increased. Kochi city, a fusion of various religions and cultures, has long been an important commercial centre. Additionally, it is increasingly attracting the IT sector, creating more opportunities. Kochi City is expanding quickly and is on the path to becoming a popular travel destination for everyone. Thanks to a network of interconnected roads and a newly established metro, one can also commute without incident.Numerous advantages make Kochi the finest place to live with your family. Many people dream of buying a flat in Kochi. Kochi has a host of excellent flats that come with great amenities and on different budgets.When compared to other metropolitan cities, owning a home in Kochi has some of the most important advantages, like well-connected roads, metro hubs, infrastructural progress, Smart City and Infopark campuses, reputed educational institutions, hospitals, pubs, multi-cuisine restaurants, and heritage spots that attract tourists from across the globe.Kochi is one of the most vibrant cities in the nation thanks to its way of life, tourist attractions, and variety of services. For those looking for luxury Flats in Kochi, Varma Homes, one of the leading builders in the city, offers a first-rate living environment. The luxury apartments in Kochi's premier locations are exquisitely designed. And let customers experience a way of life that captures the essence of the city. Every square foot of land matters in Kochi. The international container transhipment terminal, the Smart City initiative and metro connectivity have all contributed to the socioeconomic impetus.Kochi's history as a significant port. Additionally, as a point of entry for visitors to the state, Kochi is an advantageous location for NRIs wishing to invest in flats and apartments. If you're looking for luxurious flats in Kochi with a variety of amenities, a well-known house builder in Kerala is providing you with a large selection of flats and opulent apartments. Given the current market conditions and investors' desire to profit from quality-styled apartments, Varma Homes designs our residential projects with a harmonious fusion of contemporary and traditional amenities.Smart developers, like Varma Homes, have invested in apartments in prime locations after realising the potential of this metropolis. For many people, having a home in Kochi is a dream. Varma Homes has positioned itself in places with growth potential. They offer you various options to choose from as no other builder has these many vast numbers of projects going on in Kochi. The apartment is in a prominent position so you know it will provide you with excellent profits in the future. Apart from the abundance of natural attractions, Kochi provides a diverse range of work and business opportunities for both professionals and regular people. Kochi is becoming one of the popular living locations for Keralites who are in search of luxury flats in Kochi. The benefits of buying a flat or apartment in Kochi are plenty.Choose Varma Homes as your top option if you're seeking apartments and flats in Kochi with the highest quality standards and dependability.Read More
A home is an utmost investment that you have made in your life. So, when you are planning to purchase a flat or an apartment for yourself and your family members, you always need to put in some extra care and effort. People usually purchase or buy a flat either by seeing some advertisements or getting recommended by others or being influenced by google search results. But a plethora of studies have claimed that many companies do some cheap or inferior quality promotions only to entice customers towards their projects. When it comes to the handover phase, they hardly provide them with any modern amenities or use very inferior quality materials for construction. So, it is always recommendable that as a buyer you should check thoroughly before investing a single penny in a property.Location's everything for a home.The paramount concern when you relocate to a new home should be convenience. The location of the home should place you near your workplace with urban conveniences like shopping and public outlets when within walking distance.AmenitiesYou also need to check whether your apartment is equipped with all new amenities (gym, swimming pool, indoor games area, banquet hall, fire extinguisher, etc.) or not. So, put amenities in your flat purchase checklist.ConnectivityConnectivity is another prime thing to check before buying a flat in Kerala. If your apartment is well-connected with retail shops, hospitals, schools, bus stops, and medical stores, then everything will become easier for you.Sense of securityThe security arrangement in an apartment complex will ward off all unwanted salesmen, beggars and suspicious strangers. Even if the family goes out of town for a few days your home will be safe and secure.Builder's BackgroundMake a checklist before buying a flat and make sure, this one tops the list. Whenever you look for a flat, do a background check of the builder or the seller. Make sure everything is legal. Make casual conversations and find out about his life. How a person earns his bread says a lot about him.Most importantly, legal documents need to be checked before buying a flat from the builder. This is to minimize any sort of legal drama that may occur. When it comes to documents and police work, the case may stretch for years. And you do not want that over your head.The Area The next important thing to take notice of is the locality of your house. Kerala flats are located in rather neat areas but you need to make sure. What helps a lot is talking to the neighbours. They will be able to provide the best information about the current owner. Additionally, check if the place is too noisy for you and if it matches all your standards. Once you buy the house, there is no turning back. Therefore, it is wise to make a 'before buying a flat checklist'.Outdoor AreaIf you have children, then before purchasing a flat you should check whether it includes any outdoor area or not. Because children love to play different outdoor games and for that, they need a spacious and airy outdoor area. Moreover, if you have a large and open outdoor area, then you can also do some physical activities which are very wholesome for your health.You can't choose your relatives. But the neighbours you can.Where you live is at your sole discretion. When you relocate to a new home make sure the neighbourhood is of your social status and liking. The community you live in will be of your liking. Your children will have good company to play with.Every housing project looks beautiful on paper. Before you buy a home from a builder, inspect a few projects of the same builder to understand the quality and standards they offer. Better still, ask some residents about living standards. Because you don't buy a home every other day.Varma Homes in Kerala is one of the most prominent home builders, who have completed 18 + luxury projects across Kerala. We value customer happiness above all. We envision a clarity in our thought processes which would eventually pave the way to build quality homes delivered on time and aspire for the betterment of the environment, the general public, and our business. Contact us and enjoy your relationship with your dream home builder.Read More
When it comes to planning for retirement, one of the crucial factors to consider is finding the perfect location that offers a peaceful and comfortable lifestyle. In this regard, Kerala, known as "God's Own Country," stands out as an excellent choice for retirees seeking tranquility and beauty. With its serene backwaters, lush greenery, vibrant culture, and Builders In Kerala, this region offers a multitude of retirement options that cater to diverse preferences and needs. This article will guide you through some of the best retirement places in Kerala.KochiKochi boasts a blend of modern amenities and a cosmopolitan lifestyle. Its extensive infrastructure features an extensive infrastructure that includes retail malls, restaurants, and entertainment venues. This simplifies access to numerous facilities and services that might enhance your retirement experience accessing numerous facilities and services that might enhance your retirement experience simpler. Kochi is noted for its excellent medical facilities and top healthcare services. The city is home to a number of prominent hospitals, clinics, and specialized healthcare facilities. Access to decent healthcare is crucial for seniors, and Kochi offers dependable medical treatment. Kochi has a rich cultural and historical legacy. Fort Kochi, the Jewish Synagogue, and the Chinese Fishing Nets add a distinct flavor to the city. Retirees can immerse themselves in the vibrant local traditions while exploring the rich cultural tapestry. Kochi is positioned on the coast and gives easy access to the famed Kerala backwaters. Retirees can enjoy calm boat rides, houseboat cruises, and exploring the backwaters. A leisurely retirement lifestyle can be enhanced by the natural beauty and tranquil setting. It has a tropical monsoon climate with beautiful weather all year. While it can grow humid in the summer, the city normally has mild temperatures. This climate may be appealing to retirees who prefer a warm, tropical climate. Kochi has a well-developed social infrastructure, which includes social clubs, leisure centers, and community organizations. Retirees can join in social events, and interest organizations, and meet other people their age. This can assist to establish a feeling of community and new connections. and also it has more Apartments In Kochi for stay.ThiruvananthapuramThe city is known for its greenery, with numerous parks and gardens providing spaces for relaxation and leisurely walks. The overall calm atmosphere can contribute to a relaxed retirement lifestyle. Thiruvananthapuram is home to a number of reputable hospitals and medical institutions, including specialty hospitals and research institutes. The city boasts an advanced healthcare infrastructure that ensures seniors have access to high-quality medical services and facilities. It has a rich cultural legacy and is noted for its historical significance. The city is home to architectural wonders like the famed Padmanabhaswamy Temple, as well as museums, art galleries, and historical sites. Retirees can participate in cultural activities, visit historical sites, and become immersed in the city's lively arts and customs. Thiruvananthapuram is situated on the Arabian Sea coast, with beautiful beaches such as Kovalam, Varkala, and Shanghumukham. Retirees may enjoy the sun, sand, and water while taking beach walks, watching sunsets, and participating in coastal activities. The city's closeness to the Western Ghats also allows nature lovers to visit adjacent hills and forests. Thiruvananthapuram is well-known for its well-planned infrastructure and layout. The city features strong transport alternatives, including an international airport, as well as a variety of Apartments in Trivandrum in Trivandrum options to meet various budgets and tastes. It also boasts a well-connected public transit infrastructure, making it easy to go around the city.AlappuzhaAlappuzha is dubbed the "Venice of the East" because of its intricate network of backwaters, canals, and lagoons. Alappuzha retirement allows you to enjoy the tranquil and gorgeous backwater surroundings. Houseboat cruises, leisurely boat rides, and peaceful views of nature are all easily accessible, making retirement a peaceful and relaxing experience. Alappuzha is surrounded by beautiful greenery, paddy farms, and coconut trees. The region's natural splendor produces a relaxing atmosphere and provides chances for strolling, riding, and enjoying the outdoors. Alappuzha's picturesque splendor adds to the allure of retired life. Alappuzha has a variety of recreational activities that might enrich your retirement experience. Fishing, exploring the beautiful beaches along the Arabian Sea coastline, or simply relaxing by the water are all options. The city also hosts the well-known Nehru Trophy Boat Race, a major tourist attraction where you can experience the thrill of traditional boat racing. Away from the rush and bustle of larger cities, it maintains a laid-back and calm lifestyle. The residents are noted for their friendliness and kindness, resulting in a friendly and inclusive society. Alappuzha retirement allows you to enjoy a slower pace of life and a close relationship with nature.KottayamKottayam is home to a number of temples, churches, and religious institutions that represent the region's rich cultural and religious past. Places like the Ettumanoor Mahadeva Temple, St. Mary's Church, and CMS College have historical significance and add to the cultural tapestry of Kottayam. Retirees interested in researching spirituality and cultural traditions would find Kottayam intriguing. With prestigious educational institutions and colleges, Kottayam is considered an educational hub in Kerala. The presence of educational institutions produces a lively and intellectually engaging environment, with chances for retirees to participate in lifelong learning, seminars, and cultural events.KozhikodeKozhikode has lovely beaches along the Arabian Sea coastline. Locals and tourists alike go to Kozhikode Beach, Kappad Beach, and Beypore Beach. These beaches provide beautiful scenery, sunsets, and chances for leisure and recreation. Kozhikode is well-known for its delicious cuisine. The city is well-known for its distinct Malabar cuisine, which includes delicacies such as Malabar Biryani, Kozhikode Halwa, and Kallummakkaya (mussels). Foodies will appreciate discovering Kozhikode's various flavors and culinary traditions. Kozhikode contains various palaces and historical structures that show its regal heritage. The Kozhikode Beach lighthouse, the Pazhassi Raja Museum, and the Kozhikode Corporation Building are among the noteworthy structures that highlight the city's architectural splendor and historical significance. Kozhikode is endowed with tranquil backwaters and canals. Exploring the backwaters of Kozhikode gives a serene experience, with chances for boating, houseboat tours, and birding. MunnarMunnar is famous for its beautiful scenery, rich tea plantations, and peaceful environment. For retirees, the scenic beauty, mild climate, and serene surroundings may create a peaceful and restorative setting. Because of its high height, Munnar has had a mild and pleasant temperature all year. The temperature seldom rises above acceptable levels, making it a great destination for those who appreciate mild weather and wish to avoid the heat of coastal places. Munnar's pure and unpolluted air, along with the abundance of vegetation, can have a favorable impact on health and well-being. The colder weather may also be useful to people who suffer from respiratory or heat-related illnesses. Munnar has a variety of outdoor activities and leisure options. Nature hikes, trekking, bird watching, and visiting the different gorgeous sites in and around Munnar are all options for retirees. Participating in such activities can help to have an active and pleasant retirement lifestyle.ConclusionKerala offers a plethora of enticing retirement options that cater to diverse preferences and needs. From the cosmopolitan lifestyle of Kochi to the serene backwaters of Alappuzha, the cultural richness of Thiruvananthapuram, the historical charm of Kottayam, the scenic beauty of Kozhikode's beaches, the tranquil ambiance of Munnar, and the underrated charm of Thrissur with its beautiful Flats In Thrissur, each location has something unique to offer retirees seeking a peaceful and comfortable lifestyle. With its natural beauty, vibrant culture, and excellent healthcare facilities, Kerala truly lives up to its reputation as "God's Own Country." Whether retirees prefer a bustling city environment or a laid-back rural setting, Kerala's retirement destinations have it all. Choosing any of these beautiful locations in Kerala ensures that retirees can bask in the beauty of nature, immerse themselves in local traditions, and enjoy a fulfilling and enriching retirement experience.Read More