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what you can do if you fail to repay your home loan

A WAY OUT
Here’s all you need to know about what you can do if you fail to repay your home loan

First-time home-buyers need a lot of effort to arrange funds to buy a house. Therefore, a home loan is seen as a great enabler to invest in your first home. However, under certain circumstances, if the borrower fails to pay the loan EMI on time, then it leads to financial distress.

So what happens if a home loan borrower fails to pay their EMI on time? What are the repercussion and recuse options in such situations?

FAILURE TO PAY HOME LOAN EMI

Lenders classify a home loan as a Non-performing asset (NPA) if the borrower fails to pay his home loan EMIs for 90 consecutive days. Once it is classified as a NPA, the lender will issue a 60-day legal notice to the borrower asking him to pay his dues. If the borrower still fails to honour his commitment during this period, the lender will issue a 30-day public notice notifying the auction of the property and its valuation as assessed by the lender. Therefore, the borrower gets at least five months after his first EMI default before his lender takes possession of the property and auctions it.

NAVEEN KUKREJA,

CEO AND CO-FOUNDER, PAISABAZAAR

WHAT CAN A BORROWER DO TO OVERCOME DEBT DISTRESS?
Options available to home loan borrowers under debt distress are:

NEGOTIATE WITH THE LENDERS AND RESOLVE THE PROBLEM;

BORROWERS CAN EXPLAIN THE REASON FOR NOT PAYING THEIR LOAN ON TIME WITH VALID REASONS SUCH AS AN ACCIDENT, FINANCIAL CRISIS OR LOSS OF JOB;

THE BORROWER CAN ASK THE LENDER TO REFINANCE THE HOME LOAN;

LIQUIDATE EXISTING SAVINGS AND INVESTMENTS TO REPAY OUTSTANDING EMIs;

BORROWERS THEMSELVES CAN SELL THEIR PROPERTY AND PAY BACK THE AMOUNT INSTEAD OF BANKS TAKING OVER IT AND SELLING;

THE BORROWER MUST TAKE HIS LENDER IN CONFIDENCE IF HE PLANS TO SELL THE PROPERTY HIMSELF.

ACTION BY BANKS
According to experts, banks usually prefer to consider all feasible alternatives before seizing the property and auctioning it off. So if the borrower is unable to service his EMIs repayments due to temporary reasons such as job loss, a medical emergency or loss of income due to an accident, he should convince his lender with relevant documents regarding the temporary nature of his problems during the notice period itself. If convinced, the lender may restructure his loan rates and other terms and conditions to lessen his burden.

“To recover a home loan, lenders sell or seize the assets or mortgaged property of the borrower. This is an authority given to lenders under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act) to protect their interests. Banks usually do not resort to selling the property immediately and try resolving the case by understanding the reason behind non-payment of EMI and further ease the process of repayment. Property is sold by the bank only in certain extreme cases.”

ANUJ PURI,

CHAIRMAN, ANAROCK PROPERTY CONSULTANTS

HOW MUCH TIME DOES THE BORROWER GET BEFORE THE BANK AUCTION?
Experts point out that proceedings by a bank in taking the property of the borrower into their possession and disposing off it are undertaken under the guiding factors of SARFAESI Act. Proceedings also begin when the account of the borrower is considered as a NPA (i.e. when the EMI is not paid by the borrower). In this case, lenders issue a 60-day notice to the borrower. This notice is usually a reminder to the defaulter stating the issue of not paying EMI for three months consecutively.

In case the defaulter is non-responsive even during the notice period, the bank goes ahead with the sale of the mortgaged property of the borrower. During this period, the borrower can resolve the issue or raise an objection to the notice.

HAVE YOU DOWNLOADED THE TIMES PROPERTY APP YET?

Since Times Property has always been a pioneer in using the latest technology, in the advertising realm too, we have taken a major step to ensure a reader-friendly experience.

Download the Times Property App and take a visual tour of the projects by:

HIRANANDANI CONSTRUCTIONS

This ad in the current edition is embedded with the AR feature.

This application will support both, the Android as well as IOS system.

For downloading the app:
STEP 1 Go to the app store and search for Times Property App;

STEP 2 Download the app and install it;

STEP 3 On the app, swipe down to initiate camera for the AR experience. Scan the ad or the logo (called the marker) to initiate augmentation (which can be a video or walkthrough). Markers are visual cues, which trigger the display of the virtual information.

 

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Be the first to comment - What do you think?  Posted by admin - July 21, 2018 at 7:15 pm

Categories: Co-operative Housing Society   Tags:

SMALL SIZE, RIGHT PRICE

With sales velocity pacing upwards in the last few quarters for compact housing projects, the demand-supply chain seems to be finally working in tandem with each other.
Read on…

Small is the new big – is a phrase that has become increasingly popular in the past couple of years, particularly in the real estate market. In fact, the need for housing has gained momentum lately due to an increased population density across our urban centres and a growing trend towards rural to urban migration.

Hence, on the back of this trend and the prevailing market sentiment, apartment sizes in the Indian metros are definitely shrinking as developers increasingly deploy compact homes that are affordably priced. Incidentally, the demand for such houses is currently the highest.

“In theory, reduction in the size of a house results in the reduction of the price point at which it is sold. And a lower price point means many a ‘fence-sitter’ will opt to buy the home. Therefore, developers are increasingly focusing on developing projects, which offer compact homes to the potential buyers,” says Niranjan Hiranandani, president, National Real Estate Development Council (NAREDCO).

RISING ON THE POPULARITY CHARTS:

The Indian ethos still encourages everybody to invest in real estate. Hence, even today it is a priority for most of us. However, post the global financial crisis, not only has the world market not recovered completely, but also the Indian market, particularly, the real estate sector, has not shown a big spike. Against this backdrop, there has been a series of initiatives undertaken by both, the developer fraternity as well as the government to boost the sector.

“Most developers have understood the pulse of the market and have realised that creating the right-sized homes is the key to ensuring sales velocity as it meets the demand of the customers while creating value for the end-user. Furthermore, the thrust of the government towards accomplishing its ‘Housing for All’ agenda with a clear policy focus on the affordable housing segment, has resulted in a growth in the number of affordable housing developments across centres. In short, compact homes are creating the right buzz in the market – as these are projects where the ticket size of the house is directly proportional to the price of the home,” says Ramesh Nair, chairman, CII Real Estate Conclave 2018.

Also, with millennials increasingly focusing on building a varied asset class, they are eyeing the realty market as they would rather spend their monthly income on paying off the EMI than hefty rents. “Compact housing provides locational connectivity, affordability, ease of maintenance and meets the demand of younger urban professionals. Also, developers are offering innovative designs in these units to ensure that they are aesthetically appealing while addressing the daily needs of the dweller. From mezzanine lofts that double up as a study to a folding Murphy bed; wall panels that can extend into dining tables to mirrors creating an illusion of space, developers are investing in making units lively in their appeal so that compact homes turn out to be the perfect combination of aesthetics and affordability,” mentions Shubika Bilkha, director, The Real Estate Management Institute (REMI).

FINANCIAL EDGE:

On the back of the various incentives rolled out to developers and buyers of affordable housing by the government, which is fully intent on meeting its ‘Housing for All by 2022’ agenda, banks readily provide home loans for compact housing buyers. Besides, many finance companies have a loan bandwidth from Rs 5 lakh to Rs 40 lakh and the target audience varies from drivers and domestic servants to youngsters who have started fresh in their career, who wish to tap into the growing affordable market segment.

Under the Pradhan Mantri Awas Yojna (PMAY) too, one gets the additional benefit of a subsidy amount of Rs 2.68 lakh (condition the size of the house is below 1100 sq ft) from the central government if the overall family income is below Rs 18 lakh, with the investment being the family’s first home purchase).

“Prices have stagnated in the last couple of years and it is not going to drop any further looking at the current market trends. Also, the realty segment today is being driven by end-users and not investors wherein the focus is on synchronisation between one’s income and the house price. And with compact housing showing significant movement, the way forward for developers would be to scientifically plan projects where the ticket size of an apartment will hold the key,” says Dr Samantak Das, chief economist & national director, Research, Knight Frank India.

THE DEMANDSUPPLY DYNAMICS:
According to a recent report released by ANAROCK Property Consultants, the trend of shrinking apartment sizes is prevalent across property markets:

• The average size of new properties in NCR was 1,853 sq ft in March 2018, which dropped to 1,323 sq ft in the month of April;

• Bengaluru too followed this trend with property sizes shrinking from 1,300 sq ft in March to 1,160 sq ft in April. In fact, if we consider the trend at an annual level, it emerges that flat sizes in Bengaluru’s new projects reduced from 1,478 sq ft in 2017 to around 1,334 sq ft in 2018;

• Other cities like Pune, Hyderabad, NCR and Kolkata also followed suit with average sizes of properties seeing a downward trend over the last two years.

Be the first to comment - What do you think?  Posted by admin - at 7:11 pm

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GOODBYE PLASTIC!

Adhering to Maharashtra’s plastic ban initiative, premium trains from Mumbai to Delhi will begin serving meals in bagasse ware

The railways have started manufacturing bagasse packaging to serve food aboard premium trains along the Mumbai-Delhi route, such as Rajdhani and Shatabdi. The idea is to transition completely to bagasse in phases and liberate the railways from plastic that is strewn across the seats and floors of long-distance trains.

As per railway officials, an average of 1.5 tonne of garbage is retrieved from trains coming into the city. “Almost 90 per cent of this garbage is plastic, which includes food packets that passengers order while aboard the train.” The railways hopes that by introducing biodegradable food packets, they will be able to tackle this menace. “Currently, our food packets, including plates and cups are made of either thermocol or plastic. Hence, if we transition to biodegradable materials, we can safely dispose into BMC dustbins,” say officials.

The State of Maharashtra decided to ban plastic in its territory beginning June 23 this year and the move has been welcomed by most government authorities. But the initiative by the railways, namely the Indian Railways Catering & Tourism Corporation (IRCTC) who provide the food in these trains has just scratched the surface. IRCTC general manager (West Zone, Mumbai) says, “Right now, we have planned only for the trains from Delhi to Mumbai but eventually the bagasse packaging will be introduced in trains that will be going from Mumbai to Delhi as well.”

DID YOUR KNOW?

The Central and Western railways have almost 100 long-distance trains entering the city every day, with each train bringing their share of garbage.

WHY BAGASSE?

Made from leftover
sugarcane, bagasse is
flexible and thick
enough to hold food.
Unlike paper products,
this material can also
hold liquid food;
Bagasse is easily
available in India as
the sugarcane crop re-
quires tropical condi-
tions;
The decomposition
process of this material
is natural. Unlike paper
products that release
methane, bagasse de-
composes organically.

IT’S OFFICIAL

In a statement to Times Property, IRCTC says, “We have launched environment-friendly bagasse-based food packaging on a trial basis on eight select Shatabdis and Rajdhanis originating from New Delhi. IRCTC reaffirms its commitment to a cleaner and greener India and hence, will gradually introduce bagasse products, which are the fibrous remains after extracting sugarcane juice, for serving meals to passengers in all the Rajdhani, Shatabdi and Duronto trains. Bagasse is used to make disposable cutlery and containers in which meals will be served. Proper collection and disposal system through composting will ensure environmental sustainability.”

Be the first to comment - What do you think?  Posted by admin - at 7:10 pm

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TRASH ON TRACK

About 2 lakh tonne of garbage is dumped daily along the railway tracks in Mumbai and this official data holds a mirror to the city’s appalling culture of dumping waste in public spaces

If you are among those who carelessly dispose the packaging of your snack from the train window, stop and think again. You are contributing to around 2 lakh tonne of waste, muck and garbage that the railways is losing sleep over, due to the entailing efforts required to clean it up.

The railways in Mumbai are as important as the oxygen we breathe, due to the city’s unique network of suburbs. Railway officials have been asking commuters to work on their civic sense but the Mumbaikar just isn’t listening. In fact, officials from both the central and the western railway say that the efforts put in towards cleaning up the garbage is almost the same as running the services.

Last year, the Western Railway (WR) sent a proposal to the Railway Board in Delhi, asking permission to impose a fine of Rs 500 on a commuter littering on railway property. But the proposal is still stuck in limbo due to the logistical difficulties of the plan.

The Central Railway (CR) recently asked the Brihanmumbai Municipal Corporation (BMC) to deploy clean-up marshals who are empowered to impose a fine of upto Rs 100 on individuals caught littering and spitting along the railway lines. However, this plan too is under consideration.

CR chief public relations officer Sunil Udasi says, “We have been cleaning up the muck that accumulates along our lines. It is quite a task for us; when we go back to the same space where we have worked, almost half or even all of our work is undone by people who come and dump garbage there again.” He further adds that the biggest challenge is the physical effort needed to clear the garbage off the tracks (due to the nature of the current infrastructure of the railway line), “We have been trying to get the JCB cranes into small and tight spaces next to the railway line where the garbage is dumped. Then we have to make sure that there is separate electricity provided to them in order to actually work there.”

A regular traveller from Mumbai to Nagpur, Jacob Sathe

(68) says, “I am not saying the railways is not doing their work. In fact, there are a lot of machines on the station through which they try to keep the stations clean. But I feel that people have become even more uncivilised.”

REALITY CHECK
WR chief public relations officer Ravinder Bhakar says, “It takes almost all departments in the night to contribute towards picking up the garbage. We would like to appeal to Mumbaikars to do their bit, by not throwing their personal trash from a running train.”

WHAT IS MUCK?
Muck is not only garbage but also comprises human waste as many slum dwellers tend to use railway tracks for defecation. It takes both the central and western railway 5 ‘muck special trains’ every night to clean up the mess Mumbai makes.

Be the first to comment - What do you think?  Posted by admin - at 7:03 pm

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PETS AND THE CITY

Have a pet at home? Are you aware of your civic rights and duties as a pet owner?

The joy of being a pet guardian should not be discomforting for those around you. When you make the conscious decision to welcome a four-legged friend into your home, it is essential to ensure that you abide by the rules and be a responsible citizen as well, because the luxury of having a pet also comes with the responsibility of being a good citizen.

WHAT ARE YOUR CIVIC RIGHTS AND RESPONSIBILITIES AS A PET OWNER?

According to the revised guidelines for pet owners by The Animal Welfare Board of India, which operates under the Ministry of Environment, Forest and Climate Change,

A pet is akin to a perennial toddler and therefore deserves the same attention throughout its life.

Pet owners are advised to ensure that their pets are not a source of nuisance to others. In doing so, they may, however, distinguish between reasonable and unreasonable, lawful and unlawful claims as to their pets being a source of nuisance; however, no amount of pressure should lead to abandonment of a pet animal. Doing so is a violation of law.

Pet owners are advised to either clean up when the pet defecates in public premises or participate in other solutions to maintain cleanliness.

For instance, you can have designated pet corners in the complex/park where pets can be trained/encouraged to relieve themselves; a corner can be designated where pet poop can be collected and composted.

Although barking is a dog’s natural way of communication, it is crucial that the barking isn’t causing a lot of noise for the neighbours.

The pet owner should make sure that their pet is clean, healthy and vaccinated.

Leashing of pets in public places is advisable; this assures passersby that they are safe and makes their walk comfortable. Leashing also ensures the safety of the pet.

Meet Ashar, Emergency Response Coordinator – PETA India and Animal Welfare Officer (H), Animal Welfare Board of India – Government of India says, “Domesticated animals like dogs and cats who we bring into our homes are living, breathing, thinking, feeling individuals who have needs specific to their species and who absolutely must be considered as family members. Wild animals, on the other hand, like fish and birds are inadequate to be kept inside homes. They have needs like flying and swimming long distances that we cannot meet. Animals are not inanimate objects to be bought and sold or discarded at our whims. Because there are too many dogs and cats and not enough good homes, and since pet shops and breeders are notorious for keeping animals in horrid conditions, it is advisable that you adopt a pet from an animal shelter or the street if you have the time, patience and the resources to look after the pet.”

LEGAL EYE

The Animal Birth Control (Dogs) Rules, 2001 framed under the Prevention of Cruelty to Animals Act, 1960, provides that – “The owner of pet dogs shall be responsible for the controlled breeding, immunisation, sterilisation and licensing in accordance with these rules and the law at the time being in force within a specified local area.”

Animal guardians from Mumbai, Thane and Navi Mumbai and other municipal corporations which provide a license for keeping dogs as companion animals must obtain such a license from their ward office/dog control cell.

The same is to be renewed every year. This is important because the license also helps confirm the dog is yours in case of theft or dispute.

Be the first to comment - What do you think?  Posted by admin - at 7:01 pm

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SAVE THE RAINWATER REVOLUTION

Rainwater harvesting is our only hope in the face of impending water scarcity. A few experts offer solutions on recharging wells and installing rainwater harvesting units at home. Read on…

It’s magical when it rains after a hot summer and the earth laps it up. Nature has its way of recharging the groundwater table every monsoon. But, do we allow it free rein?

By concreting roads, pavements and open spaces, we are doing gross injustice to this natural process causing most of this precious resource to drain into the sewers. There’s abundant scope to harness the rain, recharge wells, store rainwater and use it for drinking and our daily needs. All it takes is an action plan for Rainwater Harvesting (RWH) on a war footing.

REINING IN THE RAIN

PREP BEFORE CONSTRUCTION:

If you pre-plan the RWH system before constructing your house, you can aesthetically design/camouflage/ showcase the RWH elements. The RWH unit usually requires a number of pipes, which act as collectors and direct the collected water to the harvest zone. The route needs filters, which improve the quality of water collected. Today, people are aware of the advantages of RWH systems and look forward to installing them. This, fuelled by mandatory norms by the government, has created good demand; hence, professional companies have invested into this area and are offering it as a complete solution.

MINIMAL COST:

You can lead the collected water into a harvest pit or around a borewell. It depends on the collection area, which essentially is the roof. The run off from the surrounding surface area can also be led into the same harvest pit. So, you can begin with one RWH pit, which is about two feet in diameter and 10 feet deep, filled with gravel, sand and material, which will help absorb and retain water, and then percolate down slowly into the earth. The cost of a RWH system for a medium sized house is Rs 22,000 to 25,000.

RECHARGE, RESTORE

SWIFT SOLUTIONS:

There are two ways that the authorities can work towards recharging the groundwater.

1 Clean and desilt lakes. A freshly desilted lake can recharge upto 20 litres per sq m per day. A lake like Bengaluru’s Jakkur with a 50-hectare water spread can actually recharge 10 million litres of water per day;

2 Make recharge wells and incentivise them at the household level. Recharge wells are typically three feet in diameter and 20 ft deep, lined with precast concrete rings and can pick both, rooftop rainwater and water from clean storm drains and send it to the aquifer at sometimes 10,000 litres an hour.

RWH TECHNIQUES:

Rain barrel: Connect rooftop drain pipes to a HDPE tank. Thereafter, tie a piece of cloth at the end of the pipe as a filter.

Sump tank: Rainwater filters are available in the market. Connect them to the rainwater downpipes and lead them into an existing/newly built sump tank.

Recharge wells/existing wells: Connect rooftop rainwater pipes to an existing well or a new recharge well (typically three feet in diameter and 20 feet deep).

Recharge borewells: If you have a defunct borewell, connect rooftop rainwater pipes through a filter to the defunct borewell casing and recharging the aquifer.

Be the first to comment - What do you think?  Posted by admin - at 6:57 pm

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