How does the CIBIL Score Affects Your Credibility?

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Thinking of buying a house or a car? The mere thought of applying for the loan is enough to induce stress as in spite of having all the required documents; there’s always a chance of your loan application getting rejected.

It’s true that we can’t provide any guarantee for your loan application acceptance but we can certainly offer you an insight on one of the fundamental component that defines your credibility- CBIL score.

What is a CIBIL Score?

CIBIL (Credit Bureau India Limited) score is a three digit score that plays a pivotal role in determining your credibility. Derived from CIR (Credit Information Report), your CBIL score is determined by taking your entire credit history in consideration. In simple terms, CIBIL score helps the lender to know whether you are capable enough to repay the loan.

How will the CIBIL score influence my loan application?

As the CIBIL score forms the authentic source to reflect your credibility, whenever a lender receives your loan application he refers to your credit score. A score of less than 300 can increase the chances of loan rejection whereas a score between 300-600 or above 900 can process your application to the next level.

Post your credit score check, a review of your recent credit purchases, payment history, outstanding payments, earlier loan repayment durations, etc., is undertaken. Although sanctioning of loan is subjective in nature, the component of CIBIL score certainly influences the decision of concerned money lending institutions.

How do you manage your CIBIL score?

If your CIBIL score is less than 300, here’s how you can improve your CIBIL score:

  • Avoid overuse of credit: Use your credit facility only when you actually need it, as over exploitation of credit simply creates a false impression on your lender.
  • Clear your dues: Ensure that you act responsibly and clear all your outstanding EMIs and bills on time as the timely clearance of your bill will reflect a healthy loan repaying capacity.
  • Periodic check: Through a periodic review of your CIR (Credit Information Report), you can always rectify your errors in case of any.
  • Manage your accounts: It is advisable to have only one or at the most two accounts, as the presence of multiple accounts often makes it difficult for efficient management.
  • Seek help: If you are finding it difficult to manage your CIBIL score than always seek professional help as that would simplify your credit management.

Having said that always remember that CIBIL score affects your credibility but it’s not the only factor to affect your credibility. Often there have been instances wherein in spite of having a good CIBIL score, the loan applications have been rejected by banks. Also, this does not mean you neglect your CIBIL score, especially when you are applying for a loan.

Besides, having a healthy CIBIL score can also bring in an advantage of low interest rate from your lender, so next time before you apply for a loan always check your CIBIL score to avoid any unforeseen surprises.

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Knowledge Based Articles NL Builders 

Things to Consider While Giving Your Flat on Rent

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When we successfully buy more than one property a lot of us try to rent it out. Renting your place brings, in extra money and additionally, it also brings the place to use. Even though this looks like a simple ride, there are ample of things that you must take care of when renting a house to others.

Here is the checklist –

  1. Preparing the Agreement – Agreements shields you against unwelcomed disputes. You can even take the help of your legal advisor when it comes to preparation of the agreement. Without agreement do not even try to rent out your house. Also, ensure that you are inculcating every vital point in the agreement with the terms clarified and well defined.
  1. Background Check – Background check of the person whom you are going to keep as a tenant is significant. Go for the police verification. You should collect the photocopy of all the necessary documents of the tenant. Do not overlook this matter at all. For your own safety, it is vital that you take the troubles of getting the background checked.
  1. Necessary Details – It is your responsibility to disclose the charges that you would include in the rent. In case you wish to divide the electricity bill into halves rather than including it in the rent then make sure that you disclose it to the tenant. Transparency holds a greater importance between both the parties.
  1. Rent and Deposit – As the market is getting competitive, it is best that you do your research well in time. Decide upon the rent at the same time the deposit. Some renters take 5 months deposit amount while some take 1-year deposit. The choice is, however, yours.
  1. Notice Period – Deciding upon the notice period in advance is also important. In order to avoid any inconvenience in later stages, it is best that you decide it in advance. It is best to keep the notice period of 30-60 days. This notice period is the period that you would give to your tenant to search for another place before vacating this house.
  1. Tenure – Post the decision of rent and deposit amount, you got to decide the tenure. Some owners choose the period of one year while some agree for 5 years. It is however suggested that you must decide the tenure of one year and keep renewing the agreement annually.

It is best that you do a thorough background check of your tenants. A lot of owners do not prefer keeping unmarried couples as their tenants however if their character certificate and police verification are in place then there is no harm in renting the house to them. Make sure that even if the tenant looks good you do go through all the required documents.

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Knowledge Based Articles NL Builders Real Estate 

Buying a New Home? – Here is What You Must Consider

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Buying New Home - NL BuildersWhether it is either your curiosity that has brought you here or perhaps you are looking for a house, this one is worth your attention. Buying a house is one of the several milestones we wish to achieve in life. Who wouldn’t like to curl up in a cosy corner of the home which you would call “Yours” by every possible means?

While we understand the excitement and glory in buying a brand new house. It is also a matter of complete caution. Here are a few things you must consider before buying a house.

  1. Sale, Resale – Ready to move or Under Construction – You need to decide whether you wish to buy a brand new home or a resale one. Resale houses are relatively cheaper and a lot of families prefer resale ones. Additionally, also decide if you are ready to move immediately or you have another 2-3 years. If you choose and under construction, house makes sure you talk about the date of completion with the builders.
  2. Research and Read – when the internet welcomes you with heaps of information you must research well. Figure out various ways of cost cutting and make sure you find loops to negotiate. Also, be extra cautious while reading the agreement or any document related to a home purchase.
  3. Consider your Affordability – It is essential to beforehand calculate how you can really afford. Don’t merely look at the cost of the home without considering other expenses. Carefully analyzing the budget and sticking to it would let take decisions from the head instead of the heart.
  4. Check Legalities – As a citizen, you must be well versed with the legalities. Do not involve yourself in any land/house that is legally disputed. Also, make sure that you go to a trusted and registered builder. There are a number of times when the people get trapped between a disputed lands and realize it only after signing the contract. Subsequently, ensure that the builder you have chosen is reliable.
  5. Infrastructure Plans – Apart from going through the connectivity of the house with rest of the cities also check the infrastructure plans. If there is an upcoming development coming in the vicinity, there are chances that your future returns on the house would increase.
  6. Draw your Pace – Do not hassle unnecessarily and it is not advisable to work on the deadlines while choosing a home. This process would take longer than you think. Hence, be patience and give yourself ample of time. Getting it done at your pace give you time to think rationally.
  7. Verify the Builder – Track record of the builder, better to pay a premium to a builder with a good track record and brand image then deal with a fly by night operator.

Buying a home is indeed a tedious task but we are sure that you are prepared for it. We wish you all the best. We wish you a very happy home finding!

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Knowledge Based Articles NL Builders Real Estate 

6 Things You Need to be Careful about before Buying a Re-sale Flat

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The rate of real estates is shooting the stars with every passing day. Buying brand new flats or plots seems like only a distant dream to many of us. While some still prefer buying new flats, some of us choose resale flats.

Resale flats are the flats that are sold twice. Relatively the rate of these flats is cheaper since they are not brand new. However, one must be a little more careful while choosing a resale flat. Here is what you should consider before buying a resale flat.

  1. Age of Property

Considering the age of the property is significant. There are times when the flat do look old but aren’t and sometimes it is vice versa as well. Knowing the age of the property helps you estimating its strength. You should not get fooled regarding the age of the property. Please make sure that you go through the property documents.

  1. Cost of Amenities

The cost of amenities is best to be cross-checked with the dealer or the owner. Sometimes items like furniture or fixtures are added to the cost as the cost of amenities. One must keep a check on the amenities that are given alongside the corresponding cost.

  1. Area and Locality

Just because you are getting a cheaper deal does not mean you should accept it blindly. Keep a check on the area and locality where the flat is situated. It is best to visit the flat beforehand and examine the area surrounding to it. An area of dispute or unhealthy atmosphere of the locality should be avoided.

  1. Ask them Why?

You need to know why the person is interested in selling the flat. Is it that he or she has found a flat in another location? Or is it that they are moving out of the city? Whatever be the reason you need to know it. Not every time you would get a genuine answer but you can always talk to other people and gauge it.

  1. Verify the Builder

The verification of the builder is also an important aspect to consider while buying a resale flat. An extensive verification of the builder with the help of your legal advisor is an advice worth a million dollar.

  1. Total Cost

Calculate the total cost involved and compare it with the cost of newly built flats. On most of the occasions, the total cost exceeds the cost of newly built flats hence be cautious. Ensure that there are no extra charges unnecessarily charged upon your costing. In case the resale flat cost is exceeding the cost of a brand new flat, we advise you to rethink.

Buying resale flats are advantageous especially in terms of its costing however, there are frauds lurking around everywhere. Being cautious and thinking rationally would safeguard you against scams more than anything else. Apart from the mentioned points make sure that the flat is not kept as a mortgage with any financial institution.

We wish you a very Happy Home Finding.

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Knowledge Based Articles Real Estate 

How Demonetization did Affect The Real Estate Industry?

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Demonetization Affect Real EstateA major move of Demonetization was witnessed by the entire world on the evening of 8th November 2016. The entire nation faced a huge hoopla as the announcement was sudden and startling. Who anticipated that the government might take such steps to curb the black money out of the system? A number of sectors naturally got affected with this move of the government. Online transaction and card payment methods went on a rise; online gateways and wallets were also a hit.

Subsequently, even real estate underwent some changes owing to the effect of demonetization. Traditionally, real estate has witnessed the huge involvement of black money and cash transactions. It is predicted that the luxury houses would face corrections in the pricing in short to medium term. Since luxury homes do involve the majority of the transaction in cash. On the contrary, the primary homes wouldn’t see as much effect on pricing. The parties involved in buying affordable homes are more concerned with home loans. The home loans taken are carried through legal route hence this particular arena wouldn’t face corrections in the prices. Further, it is expected that those buyers who opt for home loans would have a reason to rejoice since the rates of EMIs might soon drop down and become more flexible.

Additionally, according to the well researchable NL Builders the another segment that would have an impact on pricing is that of piling up inventories for the developers and real estate sellers. Due to the reduction in cash component, it is predicted that there would a lethargic demand in real estate for short term at least. Owing to the reduction in cash component, the real estate developers might be led to cut down their prices in order to generate required liquidity.

Another significant impact that demonetization would lead to cheaper borrowing rates. Due to the increase in the fund flows in the bank, the rates at which the sum is lent is slashed down. This would encourage the buyers to buy affordable homes at friendly EMIs.

Furthermore, when it comes to office/industrial leasing there is minimal impact on it. Since the cash component was never a significant aspect of the transactions in this segment, there is hardly any occurrence of the pricing correction.

There is a vital delay in the execution of the ongoing projects. Given the cash crunch that demonetization has bought it there is a trouble delay for sure. There is also a forecasted interest of developer into tier 2 cities. This witnessed the deluge of end users in buying. Being in the industry as an establish real estate marketer and builders the NL builders do believe that demonetization would curb the black money but at the same time it would affect the demand.

NL Builders who are well established in the industry also presume that land segment and resale properties would face a major impact since cash component is popular in these transactions. For the end users buying a home is relatively cheaper than ever and this can be easily termed as the golden builder from customer’s end. The negotiation power gives an upper hand to the buyer. Though reputed builder such as NLPL Group, have not been affected by this move as they were already selling only full white.

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Finance & Economy Knowledge Based Articles Real Estate 

5 Important Things Women Look for in Buying a House!

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Buying a house is an important decision in one’s life. A number of factors become important considerations since it is not about one person’s comfort, it is for the family. A key member of the family is the woman of the house on who rests the responsibility of turning a house into a home. You may be the man of the house, the key financier or the decision maker; but without the woman’s approval no deal seems satisfactory.

Most people think women are complex beings to understand. Well, that actually is not true because they have their priorities right in place. So, what does the woman look for when investing in a house? To put it straight, the woman prioritizes each and every requirement of every individual in the house as her own. Here are a few things that catch a woman’s attention and fancy when it comes to new home buying decisions.

Safety: Whether you are a single woman or living with your family; for a woman safety is a key factor that affects her living. A safe neighborhood, ample securities are more important to women than to men. For a woman to feel like living in the house and calling it her own there needs to be a safe and secure vibe that the house sends out to her.

Social Life: Let’s face it women are social creatures and need to be around people. While the men prefer to sleep on a Sunday afternoon, women would prefer to destress over a pot lunch with a few like-minded neighbors. Having a social circle in the place you live is an important criteria for women.

Easy Accessibility: While for men the only place of easy access should be their workplace, for women accessibility to various points matters. Accessibility to the parks, super markets, friends and family, gyms etc make a lot of difference to women. Blame it on their multi managerial abilities but to be present in so many places is important for them.

Light & Air: Women are free by spirit and confined walls and congested spaces are a complete no for them. Well-lit house with huge windows facing open spaces send out positivity and a feeling of open spaces for the women and that does make a difference. Women in general are creative. Well ventilated and brightly lit spaces do bring out the best in them.

Well Defined Spaces: Women tend to manage way too many things than what they even talk about. Hence, an organized house that makes room for every item in her checklist is a sure winner. Women love houses that accommodate little things that help her in maintaining her house in an organized manner as she loves it.

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Knowledge Based Articles Real Estate 

Could the Brexit move impact GCC Countries?

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Remain or Leave?

On 23rd June 2016 UK was in the eagerness of voting for what they saw as a foregone conclusion, that there would be no change in the UK and UK would indeed remain as a part of the EU. So on a rainy Friday, when UK indeed realized that the Brexit had had more of an impact than any politician expected; it was a signal to begin new trade relations and to fortify the existing ones. With plummeting financial currency, a falling currency and a new power at No. 10 Downing Street, May has her work cut out to bolster trade with other countries, especially when pitted against the EU, their erstwhile ally.

GCC Countries Friend or Foe?

While the short-term effect on the Gulf Corporation Council was volatile, the medium term might not be all bad news. Most of the trading currency in GCC Countries are still in US Dollars, but with the falling Pound, UK Based investments may seem far more attractive. This could lead the Yellen, the Federal Bank Governor, to keep the US rate hikes dovish, to keep the GCC Countries investments cantered around the US. With oil prices at a low, low rates are a welcome change for the GCC Countries.

Trade in GCC Countries and Brexit

The six member countries of GCC are already the fourth largest exporter from EU and the fifth largest global partner in terms of trade. With $155.5 Billion at stake, neither EU nor Britain is going to take the GCC for granted. On the other hand, Britain is under a lot of pressure to increase trade with the GCC countries and the default trade system of WTO Most favored Nation tariff regime will not change.
Moody’s report of 12th July 2016 reiterates the same stand that the sovereign wealth fund portfolio will have negligible effect with Brexit or the Pound devaluation.

FTA with GCC Countries?

The negotiations for free trade agreements with EU has stretched for a couple of decades, hence with the pressure of building new powerful trade partners for Britain, this may well be a good time for the GCC-Britain FTA to come to life. The Conservative government of the UK has always been pro-Gulf trade, despite heavy criticism from the Labour party, which calls the foreign policy a mercantile one.

GCC Countries Investments in the UK

The Qatar Investment Authority building, which remains a landmark in Canary Wharf, may be a victim of the real-estate crisis in UK. The existing businesses will not only have to take a hit on the real estate fall, but also need to make decisions on whether to keep the head office in London or move to the greener pastures of EU.

Pound Pounded?

A hit on the pound will definitely make the people living in UK lower their standards of living and hence the exports from GCC Countries to the UK will fall. This would also mean that the number of visitors from UK to the Gulf countries fall, especially in light of the significant growth over the years, QIA has a vested interests with ownership in Heathrow airport as well as the company owning British Airways, and the obvious government owned Qatar Airlines.

Despite all the odds, Britain needs to strengthen the relationship between the two regions and that competition will only carve the way for other regions like EU and USA taking the rivalry to another level, where rate cuts and better trade relations will only welcome the GCC Countries.

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Finance & Economy Knowledge Based Articles