Important points to keep in mind while buying a house in 2022

Mar 30, 2022 | Blog, Buyer Concerns

Introduction to buying a house in 2022

 

Almost every Indian dreams about owning the roof above their head. In a country where renting a house is not the goal for a majority of people, it is important to have proper knowledge about the important aspects of buying a house. The real estate sector in India has suffered a lot as a result of the repercussions of the pandemic.

 

Reports indicate that at present, a high inventory of unsold units exists in major cities. Additionally, the market indicators are also pointing at favourable price points for buying a house this year. To know what the Union Budget 2022-23 has in it for the real estate sector, check out our blog post here.

 

As these combined factors account for a buyer-friendly market, it is great news for people scouting for apartments. However, keeping in mind a few things while buying a house would make the commitment a stress-free one.

6 Crucial points to keep in mind while buying a house in 2022

 

First of all, don’t jump the bandwagon seeing the falling rates of home loans! It is one of the biggest mistakes that many people end up making. They buy a house that is way too expensive, just because the home loans are being offered at low rates. This type of calculation usually goes wrong sooner or later.

Especially, if you were assuming to have more income in the future. Although it is great to be positive, it may not always happen at the expected time. Even a worldwide economic interruption such as COVID-19 could cause a great problem. 

 

COVID-19 has also taught people the importance of having an emergency fund. Although most of the youth are either spending money or shifting into investing, saving money is still one of the most important things that should be taken seriously. While investing is a great idea to grow your income, there is always a small chance of failing.

So, even if you do invest, have a proper amount allotted to the emergency fund, which will remain untouched. Having a home loan is probably one of the biggest liabilities of a person’s lifetime. Don’t make it more burdensome by taking wrong decisions. Always ensure to have enough savings to sustain for 6-12 months without new income flowing in.

 

The next step is to ask yourself an important question while buying a house. Would you prefer to stretch yourself at present and pay as much downpayment as possible? Or, would you pay an extremely comfortable amount as a downpayment and continue to pay monthly instalments for a bigger tenure?

There is no right or wrong answer here. It is all about choices and present needs. Perhaps, you need to shift to a new house as soon as possible. But, keep in mind that paying a large sum as a downpayment will reduce the tenure and you will end up saving a little more than a person who pays a small amount at the beginning.

On top of this, you will also have to ensure that you don’t empty your hand by spending the emergency fund. In conclusion, an emergency fund and a bigger downpayment will go a long way in reducing your financial pressure.

 

Now, let’s talk about the EMI for buying a house. You have to be cautious regarding the commitment you make to the bank. A larger EMI will free you from your loan sooner. But, have you calculated your monthly requirements well enough?

Are you prepared for months when you will have more expenses than usual? Here, the emergency fund can help. Just make sure it is large enough to handle this type of situation multiple times. Along with that, it’s a good idea to cut down your unnecessary expenses as much as possible while buying a house.

 

When we talk about home loans, we absolutely cannot skip the most important thing needed to get one! Your credit score. Make sure that you have checked your credit score and it is above 750. A high credit score is needed to even get started in this process.

Banks will not provide you with a large home loan if your records are not good. Also, regular checks must be done to ensure that your updated score is correct. Otherwise, it would affect your approval chances negatively. After all, you must have been dreaming of buying a house for so long. So donot take your credit score lightly.

 

The Union Budget 2022-23 has made an important announcement regarding all non-agricultural, immovable property with selling price and stamp duty value above 50 lakhs. It says that a homebuyer must deduct TDS at the rate of 1 per cent when buying a house or any other property, based on the amount paid to the seller or stamp duty value, whichever is larger.

 

Hopefully, you found a few important pointers regarding thing things that you must consider while buying a house in 2022. To read more informative blogs, keep checking out this space again soon.

 

About Protech:

We at Protech make constant endeavors to help build better properties in both the residential and commercial sectors in Guwahati. We ensure minimal wastage of resources during construction, especially water. Also, you will find a lot of Vastu compliant properties.

If you too are looking forward to buying a house in Guwahati, Assam, Protech Group is the best option. Our years of experience in the real estate industry and understanding of the market allow us to introduce you to the best in the city.

To know more, you can connect with our experts today by clicking here. We also hope that you enjoyed this read. Don’t forget to check out our blog again soon.

5 greatest tips to improve your CIBIL score sooner than expected

Mar 29, 2022 | Blog, Buyer Concerns

Top 5 tips to improve your CIBIL score

CIBIL score is something to really take care of because you never know when you need to apply for a loan. Perhaps, your children need to apply for their higher studies, or you might be planning to buy a house. If you take things with proper accountability and make informed choices, you are good to go. We have listed down 6 tips that we think might be of help to you to improve your cibil score.

Pay your credit card dues on time to improve your cibil score

 

Always make sure to repay your credit card dues on time. If you cannot pay the full due, at least pay the minimum amount that is mentioned in your credit card statement. This will not only save you from late payment fees, but also help maintain and improve your cibil score rating.

Needless to say, cut down your credit card expenses if you feel that you might face problems paying a particular expense.

Understand the basics of proper credit utilization to improve your cibil score

 

The credit approved for you is on the basis of your repayment capacity. If you utilize your full credit limit consistently, it reflects badly on your credit rating. The best way to maintain a good CIBIL is by utilizing a little over 30% of the credit card limit and paying the dues on time.

You can improve your cibil score further by increasing the card limit to make bigger purchases and pay on time. Also, it is detrimental to apply for multiple credit cards and loans.

Keep a check on your credit score

 

As CIBIL and such credit rating agencies are third party organizations, which depend on the data shared by the banks and other financial institutions, there is a good chance that errors creep in the rating. A lot of customers have reported errors in their credit score at some point in time.

When you are aiming to improve your cibil score, it is best to check the CIBIL score periodically and report any anomalies that are found. Having said that, checking your CIBIL score frequently can adversely affect your rating, as it means that you are a frequent credit seeker.

Build a good credit history to improve your credit score

 

You can build up a good credit score over time by applying for different types of loans and paying them back on time. A good history of paying back all the dues on time is a factor that every credit companies look at closely while sanctioning new credit.

By different types of loans, we mean long and short-term loans, unsecured and secured loans. If a particular loan was not paid on time due to some unavoidable reasons, and that had affected your credit score, the above strategy will help you correct your credit score.

Avoid multiple loans on multiple PAN cards if you want to improve your credit score

 

It is evident that when we need capital, we tend to find ways to get more capital from banks, micro-finance institutions and NBFCs. We may present multiple PAN cards of family members to get multiple loans.

This is a very dangerous intention because it is very likely that you won’t be able to pay back the loans, and you will fall under a debt trap. It will become very difficult to improve your credit history and CIBIL score from thereon.

About Protech Group:

We at Protech make constant endeavors to help build better properties in both the residential and commercial sectors in Guwahati. 

If you too are looking for commercial and residential properties in Guwahati, Assam, Protech Group is your solution. Our years of experience in the real estate industry and understanding of the market allow us to introduce you to the best in the city.

To know more, you can connect with our experts today by clicking here. We also hope that you enjoyed this read. Don’t forget to check out our blog again soon.

7 Simple things every pet owner must do to ensure having pet-friendly homes

Mar 8, 2022 | Blog, Home Décor

“Our perfect companions never have fewer than four feet”- Sidonie Gabrielle Colette

If you have a pet or planning to get one, you must ensure that you are definitely doing these 7 things to ensure pet-friendly homes. Pets need care and monitoring just like small children.

As a pet parent, you must give some extra time and effort to make adjustments around the house. This will make sure that the company of your furry friends brings more joy to you than having to deal with the downsides of increased responsibilities.

Avoiding Rugs and Carpets are one of the most important ways to ensure pet-friendly homes

 

If you have young pets, it is best to avoid furnishing your home with exquisite rugs and carpets to ensure pet-friendly homes. They may look good but can accumulate a lot of hair and bacteria. Also, it can become a breeding ground for small fleas. It can be very unhygienic in the long run as these will camouflage your pet’s hair.

Avoid open wires to ensure pet-friendly homes

 

Having open wires around the house can be dangerous to your pets. Especially if they are on their teething stage. Ensure to use cable protectors so that your pets do not chew on them. It is one of the most important steps to ensure pet-friendly homes

Keep fragile items out of reach of your pets to ensure pet-friendly homes

 

You could lose the most expensive decor piece at any moment as they can knock it over while having a fun time. Nevertheless, keep medicines, expensive items and chemicals tucked away inside cabinets to ensure pet-friendly homes! As pets are adventurous, they might end up discovering these items while sniffling and cause tragic accidents.

Go for easily removable and washable upholstery

 

Pet hair sticks easily in certain fabrics. It is best to buy sofa covers that can easily be removed and washed occasionally. There are a lot of pet-friendly options which are scratch-proof and don’t absorb odor.

Keeping your dustbins covered with a lid is paramount to ensuring pet-friendly homes

 

Pets have a strong sense of smell and checking the dustbins out of curiosity may be one of their favorite things to do. That can undoubtedly spread a lot of dirt in the house. Therefore, always keep the dustbin covered with a lid.

Investing in a good vacuum cleaner is necessary to ensure pet-friendly homes

 

If your pet sheds a lot, it is a great idea to invest in a good vacuum cleaner. Pet hair can cause allergies in some people and it is very difficult to get rid of from your sofa and bed. Nevertheless, you must brush your pet outside the house at least once every two days to reduce the mess.

Avoid potentially toxic indoor plants to ensure pet-friendly homes

 

You must keep in mind that certain indoor and balcony plants are potentially toxic to your paw buddies. Lilies, Oleander, Tulips, and Chrysanthemum could be life-threatening too. Therefore, do some research and ensure that only pet-friendly plants are introduced into the house.

Hopefully, these tips will help you get started in welcoming your pet home or introducing your pets to your new home. For more helpful tips and information, keep checking out this space soon.

About Protech Group:

We at Protech make constant endeavors to help build better properties in both the residential and commercial sectors in Guwahati.  

If you too are looking for commercial and residential properties in Guwahati, Assam, Protech Group is your solution. Our years of experience in the real estate industry and understanding of the market allow us to introduce you to the best in the city.

To know more, you can connect with our experts today by clicking here. We also hope that you enjoyed this read. Don’t forget to check out our blog again soon.

7 Best Home Decor Tips for your Dining Room

Feb 21, 2022 | Blog, Home Décor

Have you been contemplating matching the look of your dining room to the rest of the house? The internet can surely give you a lot of ideas. The only problem is it has too many of that. You may be very eager to learn some quick tips on how to instantly give your dining room a pretty makeover.

If your last search on Google, Pinterest, or Instagram about dining room home decor baffled you, our article will be a breath of fresh air to you. Read till the end to learn a few simple home decor tips for your dining room that can help you out.

Decide your preferred style for the dining room

If you have not decided what your new dining room must look like, think about it for a moment. Do you prefer an intimate setting with cosy, upholstered chairs? Or, do you prefer a more formal set of tables and chairs? This is the best place to start planning for the change.

Add a rug below the dining table to give a sophisticated look to the dining room

Rugs are a great way to enhance the look of your dining room. It is ideal to have a rug that is 600mm (23.5 inches) wider than the table on all sides.

Add some colours to your walls to avoid a dull and boring dining room

Wallpapers are one of the simplest upgrades that can instantly boost the style of your dining room. You can also apply a fresh coat of paint. It is inexpensive and a fabulous way to serve the purpose.

The right kind of lighting is neceassary for a spectacular dining room

This is necessary because the right ambience can add a lot of personality to the space. Pendant lighting provides a great focal point for the table and elevates the look up a few notches.

Design companies are putting new and artistic spins on what is normally expected and finding the one that suits your style isn’t a herculean task anymore.

Add a floral centrepiece to the dining room

A well-made floral centrepiece can remarkably change the look of your dining room. Your guests will surely be impressed with this statement piece. Especially, when you add this to a specially curated tablescape, depending on the occasion.

Use wall hangings and paintings on the wall of the dining room for an interesting look

These are another great addition to the plain boring walls. Consider putting some time to do your research on what can be done. The right one will provide a sophisticated balance to the whole room.

Use round tables in small spaces to avoid inconvenience in your dining room

If your dining room is not separate from the living room, it is best to use a round table. This is apt for small spaces because there will be no sharp edges that would come in the way.

You can go further beyond the recommendations by adding more decor accents such as flowers, bowls of fruits, elegant candles, etc. However, it is all about preferences. Nothing is written in stone. Having an expensive kitchen and creating one that looks expensive is not necessarily the same thing.

Hopefully, our post has provided you with some simple and no-fail ideas for refurbishing and transforming the look of your old kitchen. If you were stumped on how to go about it, just start with one of these easy tips. For more useful tips and informative blogs, keep checking this space for more.

About Protech Group:

We at Protech make constant endeavors to help build better properties in both the residential and commercial sectors in Guwahati.  

If you too are looking for commercial and residential properties in Guwahati, Assam, Protech Group is your solution. Our years of experience in the real estate industry and understanding of the market allow us to introduce you to the best in the city.

To know more, you can connect with our experts today by clicking here. We also hope that you enjoyed this read. Don’t forget to check out our blog again soon.

Budget 2022-23 – What’s good in it for the Real Estate Sector?

Feb 15, 2022 | Blog, Real Estate

Like any other business, the real estate sector is also looking forward to many path-breaking announcements in Budget 2022. Every year, the announcement of the Union Budget gives rise to a lot of discussions on media.

Finance Minister (FM) Nirmala Sitharaman presented the Union Budget 2022-23 to Parliament on Tuesday 1st, Feb 2022, at 11:00 a.m. It is the 10th Budget under Narendra Modi Ministry and the 4th Budget presented by FM. Also, it is the second Digital Budget that has been declared after the Pandemic. The Union Budget 2022-23 focuses heavily on digitization, urban development, and sustainability

This year’s budget was based on a vision of the next 25 years and it has focused a lot on infrastructural development. It has filled the real estate sector with optimism as the Government has tried to uplift the economy by planning on bringing a paradigm shift towards a usual business approach.

Here are few things that the real estate sector can look out for in Budget 2022-23

 

 

Rs 48,000 crore is allocated to the Pradhan Mantri Awas Yojna (PMAY). Placing focus on bringing transparency in the realty sector as well as affordable housing for everyone will play a crucial role in providing a much-needed boost to this industry. Also, it is the main highlight in the budget for the sector.

This allocation will help create opportunities for jobs in all the related sectors. Connectivity has always helped real estate. As road construction gets augmented with the construction of national highways, the industry is likely to benefit.

After a challenging period induced by the pandemic, the real estate sector was hoping for more fiscal and policy support. This will now contribute significantly to the creation of 60 Lakh jobs by the government and the big target of $5 trillion.

This time, urban planning has taken the centre stage too. A high-level committee for urban planners and institutes will be framing policies for development. This will provide an impetus to the real estate sector by helping transform Tier 2 and 3 cities.

Mass transit systems will bridge the gap between the big cities and the small ones. It means that we can expect to see tier 2 and 3 cities becoming important economic growth centres.

Activities in real estate will likely propel the demand for the warehousing and logistics sector too. Establishing a strong logistics network in the country will provide an impetus to the development of infrastructure in the country.

It will positively affect the development of the housing sector in the country. The Emergency Credit Line Guarantee Scheme (ECLGS) extension up to March 2023 will go a long way in supporting the Ministry of Micro, Small, and Medium Enterprises (MSME). Through Ease of Doing Business 2.0, digitization and fintech innovation are encouraged.

Budget 2022 has commendably increased the expenditure to boost demand and investment. Direct real estate measures were focused on providing infrastructure status to Data Centres. Also, there was a profound focus on urban capacity building, digitization of land records, and proposed Special Economic Zone (SEZ) law.

Thus, boosting employment, employing tax exemption, single-window environmental clearances, better coordination between the Centre and State governments for approvals, and uniform registration of deeds will help augment the real estate sector in a significant way.

There were not many provisions for tax savings for people. But the economic growth will lead to increased income that will support retail consumption.

No matter what, it looks like the real estate sector is gearing up for some good changes in the coming months. We all are free to have an opinion, but only the long term effects can tell how effective these measures were.

What did you think of this year’s Budget? Comment down below and keep checking this space to read more informative blogs coming in the future.

 

The Art of Vastu Shastra – Radiate Positivity in your Balcony

Feb 3, 2022 | Blog, Vastu

We are back with another addition to our “The Art of Vastu Shastra – Radiate Positivity,” series. If you are here for the first time or haven’t read the previous blogs, check them out here. In this blog, we will be focusing on the Vastu of balconies that should be followed to radiate positivity.

Do you love the idea of reading your favourite book or sipping your cup of morning tea on your balcony? Most probably, you answered positively. The significance of balconies differs from person to person. People have different ideas for customizing this special outdoor space. Some people like to make it a private affair while others decorate it to enhance the beauty of their house. But did you know that even balconies should be Vastu compliant? Yes! And here, we will be talking about the 10 most important Vastu rules for balconies.

  1. Balconies should always be constructed in the North, East, or North-East directions. The science behind this is that these directions get the maximum amount of sunlight as compared to others. The South and the West directions should be avoided as they result in a serious imbalance of energy.
  2. It is ideal to have a lower-floor balcony as compared to the main building compound. Also, roofs must always slope towards the North or East directions.
  3. Avoid tall, heavy, or too many potted plants in the balconies as they tend to block the beneficial solar energy from entering the house.
  4. Never cut or extend balconies haphazardly at your whim without considering Vastu rules. This will only lead to serious bad luck.
  5. Balconies must not project out alone in the North or East directions as they cut the vital portion of the house. These directions are related to the brain and inhabitants may therefore suffer from mental disturbances.
  6. Balconies must ideally be square, or rectangle-shaped. They should not be rounded off. Although some modern homes have round balconies, Vastu says that balconies and the walls should always meet at right angles.
  7. A balcony must have muted shades such as muted pinks, blues, greens, and earthy tones such as subtle beige, light yellow, etc. They project light and invite beneficial and positive energies to the house.
  8. Avoid using bulky furniture on the balcony. It is best to use light and small seating furniture in the South corner of this space. The West side of the balcony is also considered beneficial as you face the East or the North.
  9. Adding a swing in a balcony is auspicious according to Vastu, along with being a great addition to the overall décor. Place one that faces the North or South directions, and it will transform the look and feel of the area.
  10. It is said that having a North-East facing small-sized fountain on the balcony will invite wealth and abundance into your home. They are in sync with the water element of the direction and hence, are considered auspicious.

We hope that you can take away some of the key points to note while constructing a balcony or while buying a new house. Balconies are important for balancing the energy of the house and constructing a Non-Vastu-compliant one will only drain the wealth and happiness of the residents. It is said that balconies in the South direction attract litigation and fire hazards. That’s glum and depressing. Therefore, it is best to abide by the rules of this ancient Indian Science which is proven to bring good luck, happiness, and prosperity to a home. The Vastu-compliant properties are even priced higher in the real estate market. To read more informative blogs like this one, keep checking this space for more.