Home Loan – The fine art of lending / It all begins with Homes / Dream Homes / Healthy and Safe Homes

A loan advanced to a person to assist in buying a house or flat is Home Loan.

A sum of money borrowed from a financial institution or bank / NBFC to purchase a house. Home loans consist of an adjustable or fixed interest rate, repayment period and payment terms.

When a person applies for a home loan, some of the typical things they have in mind are whether they should go for a fixed interest rate or a floating interest rate, what’s the ideal repayment period, the terms and conditions they would be comfortable with, prepayment clause, etc. However, seldom does one think about the entire concept of a “home loan” from the lender’s perspective. What does your bank think about when looking at your loan application?

In Their Shoes: Home Loans from a Lender’s Perspective:

HDFC, LIC Housing Finance, PNB Housing Finance, Diwan Housing, ICICI Bank, SBI, India Bulls, etc. the leading lenders in India, consider some of these following points before giving out home loans:

  • In their own words, the first and foremost criterion is whether the Customer is Genuine or not; that is why they ask for the KYC, all identity proofs and legal documents to make sure that Mr.X is actually Mr.X and not Mr.Y and also to check his banking / credit history.
  • Assessment of Repayment capability of the borrower: For this, the lenders check what percentage (50% – 70%) of Yearly income of an applicant should be considered for EMI calculation of the loan amount to be granted. This is for ascertaining the amount of loan applicability as also his repayment capacity. Last few years income proof is also needed to be submitted.
  • Banking / Credit Track: ICICI along with other banks bank examine the nature of banking and the banking habit of the borrower. The borrower may otherwise be very well off but there can be chronic cheque bounces from his/her end or maybe unable to manage money etc. This is a very important criterion for providing home loan.
  • Checking the legal & technical prospect of the property to safeguard the home buyer:
    Title: ICICI bank and all other banks and institutions carefully check whether the property in question clearly stands in the name of the borrower and the property is free from any encumbrances. They also carefully scrutinise the entire history of the title of the concerned property from legal point of view.
    Technical aspects: The technical aspects of the property are very carefully checked. Such as whether the flat or building is constructed in strict accordance to the sanctioned plan. Let us explain with a simple example. Say the builder took permission from the government /Municipal Corporation to build G+ 4, but instead he builds G+6. In this case, the building becomes illegal and the banks will not provide home loan for this particular property to safeguard the buyer from illegal transaction and undue harassment.
  • While granting a home loan, lenders generally ask the applicants to submit a copy of their bank’s account statement, for six months to a few years. These are very important documents from the lender’s perspective, for determining the applicant’s home loan eligibility. Here’s what the lenders look for, in a bank account statement:
    • The existence of any loan being serviced
    • The level and nature of activity
    • Inward and outward cheque returns
    • Account balance and nature of debits
  • Finally, the clauses of the loan agreement are extremely important for the lender. When submitting a loan application, the borrower needs to agree to the clauses of the loan. The lender disburses the loan only when they are satisfied with the warranties of the borrower. This gives the lender the right to impose penalties on the borrower if any clause is dishonoured during the loan tenure.

Home Loan & Home Inspection must go hand in hand

Home is one of the biggest investments one make in his/her lifetime. And to make this dream come true, we have numerous banks giving out Home Loans. With the home loan, one either buys a home or an apartment or builds a home etc. So their dreams are fulfilled…for the time being.

Reality hits when after moving in, the truth behind their four walls comes infront of their eyes. No matter how unfortunate it may seem but they are bombarded with unexpected situations. Situations which may have arose as Home Inspection was not carried out. Their dream home turns into nightmare with damp / seepage issues (For more on Moisture / Damp / Seepage issues refer to the link – www.macj-abuyerschoice.com/real-estate/moisture-damp-seepage-invisible-silent-killer-unsuspecting-criminal/) ruining their favourite wallpaper or paint flaking off or something or the other. Now the damp in their walls have dampened their spirits. There could be other issues , Rust, Termites, inferior materials / brick work / improper RCC structure causing cracks, sub-standard wall plastering, inferior flooring causing cracks / black spots, tiles with mismatches and found to be broken and cracked at several places, electrification of inferior quality causing short circuiting / damaging the wiring, conduits and other electric appliances making life of the occupants risky, no proper drainage for the outflow of water causing seepage/leakage in the ceiling, poor internal installations of units e.g, water, light, gas, power, sewerage, doors, windows, etc. A person has put in so much hard work in acquiring a loan, then building a home or buying it and now he/she doesn’t deserve to face this.

If these issues are taken care of at the time of unit completion / delivery by conducting a thorough home inspection / audit, it will help take corrective action today at a nominal cost / time and probably avoid unnecessary potential future damage and high costs. It will also help you talk to your seller to have the issues taken care of at that stage. It will in general increase the life of the home by many years and help you to know your home better.

In fact, home inspection will also serve as a guide to the seller to understand the issues and take corrective correction before selling. This will add to his credibility and saleability of the unit.

It will also help home loan lenders to assess the quality of the home and ensure that the same is healthy and safe.

Hence, home inspection will benefit all stakeholders (including seller / buyer / developers / realtors / lenders).

We at MACJ – A Buyers Choice Home Inspections are committed to keep your prized possession healthy & safe.

Conclusion

Getting a home loan today is much simpler than before. Loan providers are more flexible, but money is always lent with the intention of getting it back. That is why lenders carefully draw up loan agreements. They seek to ensure that they do not go into a loss-making agreement with a borrower. As a borrower, one must read the terms and the conditions of the loan beforehand. Ensure that they suit you, as only then will you be able to repay the loan in a proper way.

Last but not the least – know “How Healthy & Safe your Home is” – get a professional home inspection done. Understand, how healthy and perfect is your home, whether it is upto the mark in terms of all (damp, electrical, material type, masonry, plumbing, civil, door, window, etc.) conditions or not. Get a Pre-inspected home or get a Professional Home Inspection done on the home before / after taking the home loan. Get a complete healthy and safety check up of your home (new or existing). For more information on Professional Home Inspection visit www.macj-abuyerschoice.com. GET YOUR HOME INSPECTED!!!

Electrical Safety at Homes

Electricity can turn you off.
Be careful with power, or this will be your last hour!
Be an Electrical safety hero. Score an accident zero.

Electricity is part of our lives. We use it from the moment we wake up and throughout the day. Although we feel intolerable without electricity, the fact is that numerous accidents, mostly fire related accidents are caused due to electric hazards. Electric current can race through a person who contacts an energized electrical circuit or an object or that has become energized, such as metal and water. The current can cause a shock, severe burns, heart attack, or electrocution. Even a small amount of current can be fatal. We sometimes forget how powerful and dangerous electric faults can be, and so though not always but at maximum times we are the ones to be blamed for the electrocution or fire caused by electricity. The simple reason is negligence from our side be it while laying an electrical layout, while supervision of work or during usage e,g. wire connections ,wire jointing  or wire gauge. Hence, make electrical safety at home one of your prime concerns.

Potential Intrusion/Damage Areas

Whereas an electrical fault can occur at any point at the entire wiring system, the main potential areas are:

  • Meter room
  • Distribution Box in your home / flat / apartment
  • High wattage electrical Appliances
  • Overheating wires
  • Socket outlets and lighting fittings

Damages

The human body conducts electricity very well. That means electricity passes very easily throughout the body. Direct contact with electrical current can be deadly.

  • Electrical shock can result in paralysis, minor or major burns, heart attack.
  • Fire caused due to electrical fault, overheating or electrocution can create huge damage to both life and property.
  • The worst damage it may cause is death.

Some Warning Signs:

Majority of the times general accidents occur due to electrical issues from the symptoms that are in front of us but generally we overlook those things. We are providing a general list of the things one needs to take care of as soon as you observe such instances at your home:

  • MCB (Miniature Circuit Breaker) that trips frequently or sparks during operating
  • Flickering lights
  • Overheating —Wires getting heated quickly, Discolored switch plates or outlet covers (though not visible usually)
  • Electrical shocks — even a mild tingle
  • Damaged wire insulation (though not visible usually)

Safety Issue: Double phase power used in single phase switch board.

Naked wire used for switch to switch parallel connections, will increase current loss and decrease efficiency.

Switch socket board close to sink, will get affected due to water splashing during sink use.

Visual Image of Electrical Joint Box

IR image showing heating at wire joints inside due to faulty connection.

Some Basic Electrical Safety Tips:

An electrical system at home consists of large aspects and needs expert supervision but there are few basic things which can be taken care by anyone. Some such things are mentioned below:

1) Always use RCCB (Residual Current Circuit Breaker) for short circuit protection or shock protection.
2) Keep switch / socket boards away from reach of children, use safety caps on all unused electrical outlets.
3) Ensure along with the assistance of a licensed technical personnel that the earthing system is working fine at your home.
4) Do not use any electrical appliance or operate switch / socket bare foot at wet areas. Remember that water and electricity are a deadly combination.
5) Do not keep any electrical point close to shower / bathtub / sink / wet areas.
6) Do not use any electrical appliances during thunderstorm / wind / rainy weather; better to keep them off during those times.
7) Always use IS marked electrical products.
8) Always get your electrical works done by a licensed electrician.
9) Never attempt to repair any kind of electrical fault by yourself until you are an electrician or electrical engineer.
10) Do not plug a bunch of stuff (sockets / instruments) into one outlet or extension cord.
11) Do not pull out an electrical cord from the socket board by pressure.
12) Do make sure all electric cords are tucked away, neat and tidy.
13) Gets professional home inspection of your home done periodically to know the details of your home including electrical safety.

Our experience and expertise – MACJ – A Buyers Choice Home Inspections

We being a professional home inspection company comprises of experienced technical personnel and we have inspected more than 800 homes in apartments, standalone units, bungalows, Office space and even heritage type buildings in Kolkata alone where we have been able to detect and provide remedy for numerous electrical problems / issues which have benefitted our customers. Infact, most of them have rectified there problems / issues as per our advice and are happy and satisfied that they got their home inspection done at the right time. We inspect your home as our own. Your Safety is our first priority and a proper home inspection is our commitment.

Key Parameters of Our Inspection:

1) Electrical Safety (Our first priority during inspection).
2) Thorough inspection of the electrical wiring system  (Detailed Wiring connection & Wire Gauge)
3) Inspection of each and every switch / socket boards (Operation and wiring).
4) Position of installation of electrical fan, light points, switch & socket boards.
5) Need Based DB / MCB charting (Value added service that comes with every inspection giving you the exact location of the load distributed from each MCB)
6) We ensure you home free of electrical shock & electrical accident, and better service life of electrical equipment along with electrical safety.

Moisture / Damp / Seepage – The Invisible Silent Killer : Unsuspecting Criminal

Moisture is an important concern to building designers since it is the single most important agent of building deterioration. Moisture control is fundamental to the proper functioning of any building and hence it is important to protect occupants from adverse health effects and to protect the building and its contents from physical damage. Moisture is also the prime reason for electronics getting damaged. There are ways to combat this invisible demon from wreaking havoc on your home and health. We need to catch this unsuspecting criminal red handed before it carries out its dastardly acts.

Some Trigger Points /Warning Signs

  • Flaking of paint/wallpaper/wall
  • Presence of Termite
  • Woodwork deterioration
  • Dark patch in wall / ceiling
  • General odour, musty smell from clothes
  • Soggy paint/wallpaper/wall
  • Visual leak
  • Mold growth
  • Rust
  • Collapsed False ceiling
  • Damaged electronic devices
  • Allergenic or immunological illness, infections, skin irritation in humans

Potential Sources (initially hidden and then gradually spreads)

  • Ceiling, Walls, Floor
  • Doors & Window
  • Roof, Terrace, Basement
  • Plumbing leaks
  • Concealed leak (insulation on Air Conditioner gas pipe, drain pipes)

Potential Issues that may arise

Health Hazards – Too much moisture can negatively affect health

When mold or mildew grows in your home, its airborne spores can travel through your air ducts and be inhaled. These spores can cause allergies, infections, skin irritation, and more. Asthma is also triggered by the sensitization of dust mites accruing humid, wet regions of a structure. Common hazards include:

–    Upper respiratory (nasal and throat) symptoms & lower respiratory illness in otherwise healthy children
–    Cough, wheeze
–    Asthma symptoms in sensitized persons with asthma
–    Allergies, skin diseases
–    Dyspnoea (shortness of breath)

Mechanical Problems

When humidity settles on toilet tanks, water pipes, HVAC systems, and other mechanical objects, it can slowly cause rust or fungus and lead to failed parts & mechanisms. Failed parts can prevent proper operation & may mean costly fixes.

Electronic problems

Electronics are especially susceptible to damage by condensation. Moisture can corrode contacts inside and lower insulation resistance, which may cause short circuits.

Issues in the External surface

–    Major architectural deterioration like Cracks, popping of plaster, some parts of plaster.
–    Deterioration of structural elements like concrete / steel, reducing the self-life of the building.

Issues in the Internal surface

–    Termite infestation leading to deterioration of wood-works.
–    Molds growth.
–    Efflorescence of walls, tiles, stones.
–    Bleaching and flaking of paint.
–    Deterioration of carpet & furniture.
–    Popping and removal of plaster.
–    Collapsing of ceiling.

Solution

  • Once spotted, one must find the main source of moisture before embarking on a programme of treatment and prevention involving a combination of good ventilation, heat, damp-proof courses and good maintenance.
  • Before initiating any kind of repair, it’s highly important to understand what caused the issue.

Moisture Intrusion Assessment through Thermal Imaging Technology By MACJ – A Buyers Choice Home Inspections

Detecting moisture intrusion problems is an application for thermal imaging. Moisture intrusion may be identified through basic visual inspection if it has led to obvious defects, such as staining or mold growth.  By the time visible evidence has presented itself, however, significant damage may have already been done.  In many cases, moisture or water intrusion may have been developing for a while before obvious signs become apparent.  By employing thermal imaging technology, we can locate moisture / damp issues before they become large problems and lead to serious damage, as well as gather details in cases where moisture intrusion has already become obvious.

Scope of Work

We provide one stop solution in collaboration with a Global MNC using Thermal Imaging Infrared Technology having experienced team:

  • Moisture mapping assessment through inspection and thermal imaging technology.
  • Scanning of the walls, ceiling & floor with Thermal Imaging Technology.
  • Inspection of the related Plumbing systems / Shafts.
  • Identifying the source of seepage, moisture, damp.
  • Step wise solution recommendations.

Result

  • Long Term Solution
  • Mostly non-destructive solution
  • Cost of repair much lower
  • Life of property and humans increases or does not Deteriorate

Our Expertise & Direct relevant experience

  • Moisture/ damp/ seepage/ leakage assessment of Residential units / Offices / Bungalows.
  • Moisture/ damp/ seepage/ leakage assessment through thermal imaging of a premium commercial office of one the largest business groups in India.
  • Inspection of untraceable leak in a large banquet hall – water dripping into lower floors.
  • Inspection of Damp / Seepage of basements in buildings (old /new) with premium multiple units
  • Damp / Seepage assessment of roofs of buildings (residential / commercial).
  • Moisture/ damp/ seepage/ leakage assessment through thermal imaging of a premium office complex and of a premier shopping mall.

Moisture Intrusion

Moisture intrusion can be the cause of building defects, as well as health ailments for the building’s occupants. We should have at least a basic understanding of how moisture may enter a building, and where problem areas commonly occur.

Some common moisture-related problems include:

  • High indoor humidity and resulting condensation;
  • Expansive soil, which may crack the foundation through changes in volume, or softened soil, which may lose its ability to support an overlying structure;
  • Undermined foundations;
  • Metal corrosion;
  • Mold growth, mold can only grow in the presence of high levels of moisture. People who suffer from the following conditions can be seriously harmed (even fatally) if exposed to elevated levels of airborne mold spores:
    • asthma;
    • allergies;
    • lung disease; and/or
    • compromised immune systems.

Note:  People who do not suffer from these ailments may still be harmed by elevated levels of airborne mold spores.

How does moisture get into the house?

Moisture or water vapour moves into a house in the following ways:

  • Air infiltration, air movement accounts for more than 98% of all water vapour movement in building cavities. Air naturally moves from high-pressure areas to lower ones by the easiest path possible, such as a hole or crack in the building envelope. Moisture transfer by air currents is very fast (in the range of several hundred cubic feet of air per minute). Replacement air will infiltrate through the building envelope unless unintended air paths are carefully and permanently sealed;
  • By diffusion through building material, most building materials slow moisture diffusion, to a large degree, although they never stop it completely;
  • Leaks from roof;
  • Plumbing leaks;
  • Flooding, which can be caused by seepage from runoff or rising groundwater; it may be seasonal or catastrophic; and
  • Human activities, including bathing, cooking, dishwashing and washing clothes. Indoor plants, too, may be a significant source of high levels of humidity.

Climate Zones

Moisture vapour problems are driven primarily by high indoor relative humidity levels, combined with low outdoor temperatures during the winter. The problem is largely driven by high outdoor humidity and low indoor temperatures during summer months. Mixed climates are exposed to both conditions and can experience both types of problems. Humid climates, in general, will be more of a problem than dry climates. Wind-driven rain is the main cause of leaks through the building envelope.

Inspectors can check for moisture intrusion in the following areas:

Roofs

A roof leak may lead to the growth of visible mold colonies that can grow unnoticed. Roof penetrations increase the likelihood of water leaks due to failed gaskets, sealants and flashing. The number of roof penetrations may be reduced by a variety of technologies and strategies, including:

  • Parapet wall joints and flashing.
  • Proper slope and adequate drain outlets with proper grouting around.
  • Termination of drain outlet / plumbing pipes in a channelized way.
  • Suitable water proofing course on roof surface.
  • Electrically powered HVAC equipment; and adequate flashing.
  • Oftentimes, inspectors discover missing, incorrectly installed or corroded flashing pipes.

Plumbing

  • Distribution pipes and plumbing fixtures can be the source of large amounts of moisture intrusion. If the wall is moist and/or discoloured, then moisture damage is already in progress. Most plumbing is hidden in the walls, so serious problems can begin unnoticed.
  • One of the most important means of moisture management in the bathroom is the exhaust fan. A non-functioning exhaust fan overloads the bathroom with damp air. If the exhaust fan doesn’t work recommend switching the wiring or switch. The lack of an exhaust fan should be called out in the inspection report. The fan should vent into the exterior.
  • The bathroom sink, in particular, is a common source of moisture intrusion and damage. Although overflow drains can prevent the spillage of water onto the floor, they can become corroded and allow water to enter the cabinet.
  • Use a moisture meter to check for elevated moisture levels in the sub-floor around the toilet and tub.
  • Bathroom windows need to perform properly in a wide range of humidity and temperature conditions. Check to see if there are any obvious breaks in the weather stripping and seals. Are there any stains or flaking on the painted surfaces?
  • Check showers and bathtubs. Is the caulking is cracked, stiff or loose in spots? Are there cracked tiles or missing grout that may channel water to vulnerable areas? If some water remains in the bathtub after draining, it may be a warning sign of possible structural weakening and settlement in the floor beneath the tub.

Foundations

Model building codes typically require damp-proofing of foundation walls. The damp-proofing shall be applied from the top of the footing to the finished grade. Parting of foundation walls should be damp-proofed in one of the following ways:

  • bituminous coating;
  • 3 pounds per square yard of acrylic modified cement;
  • 1/8-inch coat of surface-bonding cement; or
  • any material permitted for water-proofing.
  • Brick pointing and plastering at Tie beam to Plinth level with proper curing.

In summary, moisture can enter a building in a number of different ways. High levels of moisture can cause building defects and health ailments.

MACJ – A Buyer’s Choice Home Inspections” has launched professional Home Inspection Services for the first time in India, in collaboration with a leading Multinational “A Buyer’s Choice Home Inspection” present in 19 Countries and having more than 200 Franchises. The Companies Core Competencies is moisture, Damp, Seepage, Leakage assessment with the help of State of the Art tools and equipments and giving non destructive solutions. For further details contact 8584855470.

Guide To Take A Home Loan For Your Dream Home

Before taking any home loan, consider these points which will help you to get the best from your home loan.

1. DON’T BORROW MORE THAN YOU CAN REPAY

It’s very important to understand how much home loan you need for your new home and how much you can repay on the set tenure by the lending institution. It is always crucial to maintain a good credit score in your CIBIL records which indicates your financial stability.

In any loan track, it is very often seen people missing EMI payments and ending up paying fines or surplus amount to the lenders. But, this doesn’t stops here, once you miss any of the EMI payments, the lenders start analysing your credibility and ultimately it affects the Credit Score.

So, it is recommended please understand the present and future loan repayment capability of yourself and judge properly before taking a hefty home loan amount. This becomes a perfect strategy of saving lot of money and a measure to keep your CIBIL records positive for further loans and credit cards as and when required.

 2. KEEP TENURE AS SHORT AS POSSIBLE

It becomes an obvious choice for the all the home loan borrowers to avail a loan for a long period so that the EMI instalments remain low and can be easily managed over the long period of time. But, if you can opt for further simpler plans available with SBI home loan, HDFC home loan, Axis Bank home loan, LIC Housing Finance home loan etc., where they will give you Flexible EMI instalment options, more often referred as FLEXI Plan or similar. The loans are broadly divided into these simple to understand categories:

a. Home loan with delayed start of EMI payments
b. Home loan with increasing EMIs
c. Home loan with decreasing EMIs
d. Home loan with lump sum payment in under-construction property
e. Home loan with longer repayment tenure
f. Home loan with waiver of EMI

For some ready guidance one can check with HSBC Lump Sum Repayment Calculator online through this link: https://goo.gl/K6zmPX


CHOOSE THE RIGHT HOME BEFORE TAKING THE HOME LOAN, GET THE NEW HOME INSPECTED WITH HOME INSPECTION PROFESSIONALS.


 3. ENSURE TIMELY AND REGULAR REPAYMENT

To maintain a timely and regular home loan EMI repayment, one must understand the above options given in details, so that it becomes easier for the borrower to choose the right home loan plan and set the right strategies of repayment options based upon these simple home loan options offered by numerous banks in India:

a. Home loan with delayed start of EMI payments

After market research on numerous home loans, if one checks SBI’s Flexipay home loan where it gives an option to go for a moratorium period – of anywhere between 36 months and 60 months during which the borrower don’t need to pay any EMI but only the pre-EMI interest. As soon as the moratorium period is over the home loan EMI begins with an enhanced pre-agreed rate on upcoming years.

b. Home loan with increasing EMIs

This home loan is linked to the borrower’s monetary growth i.e. growth in income. This specific type of home loan are beneficial for young age borrowers whose incomes increases as they grow in their career over the loan period. This helps the borrower to avail higher loan compared to a normal housing loan.

c. Home loan with decreasing EMIs

Just in contrast, it is exact opposite of the above; this is ideally suitable for people who take home loan at an age of 30+ where their home loan repaying capability goes down with their age ahead.

d. Home loan with lump sum payment in under-construction property

This type of home loan is often beneficial for the borrowers. For e.g. on INR 60 lakh home loan of yours’, if the EMI is ‘x’ amount, by starting to pay the EMI, the total outstanding will stand reduced to about INR. 40 lakh by the time the property gets completed after 36 months. The new EMI will be lower than what you had paid over previous 36 months.

e. Home loan with longer repayment tenure

Lot of banks is offering these long repayment tenures for your home loans, like HDFC, Axis, Indiabulls Home Finance Ltd., LIC Housing Finance and ICICI. They will give you multiple options to extend repayment period up to 65-70 years of age up to loan amount of 70 Lakhs or more. This might help lot of borrowers of any age where 2 generations can take the responsibility of repaying the loans for their dream home of their family.

f. Home loan with waiver of EMI

Lot of bank offers exclusive home loan EMI waiver schemes. The offers normally works like, if you pay regular EMIs on time for 10 years period, they’ll waive off 6 months EMIs if the total home loan period is 20 years and the minimum home loan amount is INR.30 Lakhs or more.

 4. DON’T BORROW TO SPLURGE OR INVEST

Investments are always good but definitely with all sort of risk calculation need to be taken care of from beginning. Multiple options of investments are there in the market like Equities, Bonds, Mutual Funds, Real Estate etc. Real Estate being the most trusted ones till few years back where the rate of home loan interest was around 7% and the real estate industry booming with 20% growth. For last few years the real estate business has taken a complete shift of home loans costing around 10% and real estate cost is rising just by 5% max. So, it is no more an ideal investment these days that you invest on real estate for good return with borrowed capital from banks in the form of Home Loan.

SO, THINK BEFORE YOU INVEST WITH BORROWED CAPITAL!!!


CHECK YOUR HOME HEALTH WITH  PROFESSIONAL HOME INSPECTION COMPANY.


5. TAKE INSURANCE WITH BIG-TICKET LOANS

Firstly, let us give you this link to calculate a tentative amount on how much insurance is required when you plan for a home loan: https://goo.gl/NQRfKx

This is really important if you plan for a big home loan, you must also plan for an insurance to cover the same or your family will be in spot to pay the EMIs without any safety on the same. Don’t skip this step as for many reason it might happen that the cash flow get stranded for a specific time or for a prolong time for the borrower, where this insurance will cover up the gap for those periods to incur substantial loses against the home loan for your dream home.

BIG TICKET LOANS MUST BE ALWAYS COVERED WITH INSURANCE!!!

6. CHOOSE YOUR LENDER CAREFULLY – SUBSTITUTE HIGH COST LOANS

Always keep on your home loan research both before and after taking the home loan. As it is often seen that lot of banks are competing on lowering their interest and EMIs on home loans, but now the competition doesn’t remain on the same ground rather they are trying to add-on values on the home loan repayment options with regular home loan schemes with flexible repayment options.  Even if, you have already taken a loan from a specific bank, if you find a better deal you can have the loan portability schemes from numerous banks with easy options of changeover. All you need to keep a constant eye on the changing rates and offers in the home loan market so that if you get better options and easy transfer of the balance home loan from your existing lender to your next lender for better deals and advantages.

7. UNDERSTAND THE FINE PRINT

There are lot of Home Loan options waiting for you with some mind boggling lowest interest offers, be it SBI Home Loan, HDFC Home Loan, DHFL Home Loan, PNB Housing Finance, LIC Housing Finance, Diwan Housing Finance or Indiabulls Home Finance Ltd. it’s your foremost job to read and know every possible opportunities and loopholes in this biggest decision of taking a home loan for your family. So, decide wisely what all can affect you on multiple default and changing rule situation due to different socio-economic conditions also. During all the discussion with different lending institutes, never forget to note the loan getting documents and rules, repayment procedures and defaulter rules in repayment procedures. You must know how a default in a single EMI can affect the total home loan procedure or EMI payment structure.

8. KEEP FAMILY IN LOOP ABOUT LOAN

It’s a long term loan and it is always better to involve all your near and dear ones to discuss thoroughly on the home loan, as it is for the whole family, everyone must know about the same and can help you to take the right decisions.

9. HOME INSPECTION

Last but not the least – know “How Healthy & Safe your Home is” – get a professional home inspection done. Understand, how healthy and perfect is your home, whether it is upto the mark in terms of all (damp, electrical, material type, masonry, plumbing, civil, door, window, etc.) conditions or not. Get a Pre-inspected home or get a Professional Home Inspection done on the home before taking the home loan. Get a complete healthy and safety checkup of your home (new or old). For more information on Professional Home Inspection visit www.macj-abuyerschoice.com.

GET YOUR HOME INSPECTED!!!

What to expect from a Kitchen or Bathroom Inspection?

Looks can be very deceiving when you first view a property. We live in an era where many DIY (Do it yourself) renovators enjoy having a go at modernizing their homes. Some choose to renovate without licensed tradespeople, which opens a can of worms to possible problems. A home may look stylish – but who knows what’s lurking behind that façade?

Property inspections are important for both new and older properties. In older homes, an inspector may be checking for damage that occurs over time. In new builds, your inspector will be checking that all aspects of the home comply with the latest standards and rules.

The kitchen and bathroom are two areas of a home that will always require a thorough pre-purchase inspection. These rooms often hold the most plumbing and electrical services in the one area and are prone to moisture damage, corrosion and decay. At MACJ – A Buyer’s Choice, our inspectors work hard to ensure new homeowners won’t have to spend big money to rectify the issues down the track. These are just some of the things our expert inspectors look for when inspecting a kitchen and bathroom.

Kitchen Inspections

The kitchen is often the main hub of the home and has the most services running into the property. Cooking, washing and a high use of appliances happen within the kitchen, so it’s essential a thorough inspection is made of this area. Your safety as well as the efficiency of your home in day to day life could be seriously impacted by a defective kitchen.

Kitchens cost a lot to install, so the last thing you need is to move into your new home and find that the kitchen needs to be repaired, or needs proper finishing because an inspection wasn’t booked before settlement.

What property inspectors should look for in the kitchen

  • Exhaust fans turn on and off
  • Sink drains away when filled with water
  • Sink mixer is fastened into sink and has cold water on the right and hot on the left
  • Under the kitchen sink is inspected for leaks or moisture damage
  • Lights turn on and off
  • Benches are inspected for damage and moisture
  • Dishwasher turns on and off
  • Check for no drips on water connections to appliances and the sink
  • Power points are in working order.
  • Ceiling, walls and architraves are checked for structural or water damage.

Bathroom Inspections

Even the most modern or carefully renovated bathrooms can have hidden problems that aren’t easily seen by the buyer. The bathrooms in the property you purchase must not only abide by the local Standards, they should also be usable without any problems to the new homeowner. Some of the underlying issues in a bathroom aren’t noticeable unless an inspector checks the problem areas that are common to some properties.

What property inspectors should look for in the bathroom

  • Floor tiles on the floors and walls are inspected for cracks
  • An inspection of moisture on the floors and walls
  • All bathroom taps will be checked for leaks and that they turn off correctly
  • Shower rose will be checked for drips after it’s been turned on
  • Taps will be checked to see handles and buttons are intact
  • The shower tray will be checked to ensure there are no leaks and the waste drains the water away
  • Shower screen will be inspected for seal damage, cracks or chips, and that it swivels/closes as needed
  • Ventilation will be checked to ensure it’s adequate for the bathroom
  • Seals around the bath will be inspected
  • Location of the floor waste in both the main bathroom and ensuite will be checked
  • Basins will be checked to ensure they drain away
  • Pop-up plug and waste will be checked to ensure they don’t get stuck into place
  • Vanity cabinet will be checked for moisture and possible leaks
  • Lights will be turned on to check for blown bulbs
  • Walls will be checked for water damage
  • Toilet pans will be checked for cracks
  • Toilet will be flushed to ensure no leaks through the pan collar and that the cistern cuts off after being filled
  • Check for cistern leaks both outside and inside the cistern
  • Check for the rubber seal connecting the cistern to the toilet pan doesn’t leak
  • Ensure the buttons on the cistern press down as required
  • Check architraves for moisture or water damage.

As you can see, there is more than meets the eye when it comes to inspecting the kitchen and bathroom. If a few of these problems are missed, they can cause a new buyer distress, inconvenience and big cost in repairs. Yet they could have been avoided if a pre-purchase inspection had been organized!

The team at MACJ – A Buyer’s Choice wants to ensure your property doesn’t have any hidden issues that will cost you money in the long run. If you want to know the true state of the property you’re purchasing, trust MACJ – A Buyer’s Choice to give you a comprehensive report.

Insight of Home Inspection

Okay, you made one of the most important decisions in your life: you’re buying a home!  You found your ideal home.  It’s in your desired neighbourhood, close to everything you love, you like its design and feel, and you’re ready to finalize the deal.

But, whoa … wait a minute! Buying a home isn’t like buying a new smart phone online. If you discover something’s wrong with your new home, you can’t return it for a refund or an even exchange. You’re stuck with your buying decision. Purchasing a home is an important investment and should be treated as such. Therefore, before finalizing anything, your “ideal” home needs an inspection to protect you from throwing your hard-earned money into a money pit.

A home inspection is a professional visual examination of the home’s walls, ceiling, floor, doors, windows, electrical & plumbing systems, Damping, Moisture in the wall, and the general safety.

There are really two types of home inspections. There is a general home inspection and a specialized inspection. Most general inspections cost Rs. 15 per/sq.ft. The cost of the specialized inspection varies from type to type. If the inspector recommends a specialized inspection, take that advice because buying a home is the single most important investment you’ll make and you want extra assurance that you’re making a wise investment.

A home inspection helps to find potential expenses beyond the sales price, which puts homebuyers in a powerful position for negotiation. If there are any issues discovered during the home inspection, buyers can stipulate that the sellers either repair them before closing or help cover the costs in some other way. If the sellers do not want to front the money to complete the repairs, buyers could negotiate a drop in the overall sales price of the home!

Perhaps even more importantly, a home inspection buys you peace of mind. Your first days and months in a new home will set the tone for your life there, and you don’t want to taint that time with worries about hidden problems and potential money pits.

Damping/Moisture – Damping/Moisture problems are one of the most common issues found during home inspections. The repair cost can be huge reaching upto thousands of rupees.

Plumbing – Don’t underestimate the plumbing. Small leaks can cause damage to the adjacent wall and can destroy the interior or expensive wooden furniture in your home. Your home inspector will look for visible problems with the plumbing such as leaky faucets, water stains around sinks and the shower, and noisy pipes. Stains on walls, ceilings, and warped floors show plumbing problems.

Electrical Systems – Faulty electrical wiring or wrongly installed socket board can be too risky and can be a threat to life and property, therefore it is one of the very crucial and important elements in the house, which need to be taken care of on a regular basis. When thinking of the electrical system, even a small problem can cause bigger injuries. Electrical problems might seem small, but they can blossom into bigger catastrophes. Make sure your home inspector examines the electric meter, wires, circuit breaker, switches, and the GCFI outlets and electrical outlets.

As you can see, a small investment of a few thousand rupees for a general home inspection can save you tons of money and future headaches. A Home Inspection will unveil all the trouble spots hidden in your home and give an idea about the real time health condition of your home.

Different Questions on Home Inspection

What does a home inspection include?

A standard home inspection includes:

Areas of Inspection
Interior Living Space (Bedrooms, Living & Dining, Hall Areas, Alleys, etc)
Bathrooms, Kitchens, Lofts, Balconies, Servants’ Quarters, Lobby Area, Garages, etc.

Systems & Components Inspected
Ceilings, Walls, Floors, Doors, Windows
Electrical system, Plumbing system and fixtures
Cabinets and countertops, Applicable installed appliances, etc.
Ventilation & Exhaust systems, Water Supply, Heating and air conditioning system

Inspection Coverage

  • Material Types
  • Installation & Finishing
  • Operations & Functionality
  • General Safety

Why do I need a home inspection?

Buying a home could be the largest single investment you will ever make. To minimize the cost incurred due to unexpected difficulties and, you’ll want to learn as much as you can about the newly bought or existing house before you buy it. A home inspection may identify the need for major repairs or builder oversights, as well as the need for maintenance to keep it in good shape. After the inspection, you will know more about the house, which will allow you to make decisions with confidence.

If you are about to buy a new home, a home inspection can identify problems and suggest preventive measures that might help you avoid costly future repairs.

If you are planning to sell your home, a home inspection can give you the opportunity to make repairs that will put the house in better selling condition, and you in a better bargaining position.

Why can’t I do it myself?

Even the most experienced homeowner lacks the knowledge and expertise of a professional home inspector. An inspector is familiar with the elements of home construction, proper installation, maintenance and home safety. He or she knows how the home’s systems and components are intended to function together, as well as why they fail.

Above all, most buyers find it difficult to remain completely objective and unemotional about the house they really want, and this may have an effect on their judgment. For accurate information, it is best to obtain an impartial, third-party opinion by a professional in the field of home inspection.

What is Home Inspection? Learn the Basics of It!

In India, when people are being asked this particular question, they generally find the term itself, quite alien! And why not? Even the major metropolitan cities of India are not quite familiar with the home inspection stuff. Basically, it’s a whole new concept to us, Indians, yet, home inspection services have a multi-billion dollar business opportunity, in India.

Home Inspection – Simplified

Professional home inspection is a process through which your home or property condition is examined thoroughly by certified home inspectors. All accessible areas of your home, for example, wall, ceiling, floor, doors, windows plumbing & electrical systems and alike are examined to identify the existing or possible issues /damages.

How Home Inspection Can be Beneficial to You?

As per the home inspectors, the most crucial condition faced by Indian homes or properties are leakage, excessive moisture or damp, as it is popularly known by. Due to the humid Indian weather, excessive moisture ruins any property, even the new ones, sooner and easier. MACJ – A Buyer’s Choice Home Inspections, has brought to India advanced American technologies in the professional home inspection industry. Through Moisture Intrusion Assessment they can not only detect the damp issue at an early stage, but also provide guidance towards an effective and long term solution.

MACJ – A Buyer’s Choice Home Inspections has the finest expertise to uncover safety issues, suggest best possible solutions and submit a detailed inspection report. You can be benefitted by professional home inspection services, if you are a –

  • Home Owner
  • Property Buyer
  • Home Seller
  • Interior Designer
  • Real Estate Developer
  • Real estate Consultant
  • Stake Holder

How MACJ – A Buyer’s Choice Home Inspections Can Ensure Safety for Your Family?

A safe home is the happiest home! Home inspection doesn’t only make sure that your home stays healthier and looks beautiful for a longer period. But, it identifies several hidden hazards that are commonly responsible for a number of unwanted mishaps. MACJ – A Buyer’s Choice Home Inspections inspects water supply systems, exhaust systems, doors, windows, staircases among others, so that you and your family stay safe. For workplaces or any property as well, the examinations by MACJ – A Buyer’s Choice Home Inspections have proved to be useful, constructive and comprehensive.

How Can Home Inspection Ensure Safety for Your Family?

To ensure the safety of your family, it is a good idea to periodically review your home for safety hazards, paying special attention to smoke detectors, potential electrical hazards (including overuse of surge protectors and/or electrical cords), anything that could potentially cause a fire (or impede a hasty exits in the case of fire), and anything that could potentially cause a slip or fall within the home.

You work hard to keep your family happy, healthy and safe but accidents can happen to anyone, without warning. A Property Inspection in your home to help keep your loved ones safe.

A pre-purchase Home Inspection forms an important part of the home buying process. But you would be surprised to know that very few people consider it and fewer get it done. It could be because in the short run Home Inspections seems to be a time consuming and expensive process. Though forgoing an inspection can cut down costs and fast-tracks the process, one cannot deny the fact that it is essential to ensure a safe home ownership. Let us examine a few important areas covered under a Home Inspection, and why they are necessary.

Keeping an eye on installation, finishing and operational issues:-The life of a building depends upon its structural integrity. Over a period of time, unattended weak components of walls & ceilings, doors & windows, could give in to stress and collapse, thereby causing injury or a fatal emergency. What could seem to you as a negligible crack on a wall, can be a potential hazard that could bring the roof down. You can do away with all of that by taking the service of Home Inspection experts. They can spot defects, find the level of damage and at times, can assess the costs involved in bringing the house back to shape.

Checking for electrical wiring systems:-An audit of the electrical systems is important to create a safe environment for you and your family. Testing power sockets, wiring safety, circuit breakers (which protect you from electrical accidents), assessments are few of the areas covered under this audit. Besides ensuring safety, this will also help you in managing your energy consumption effectively. And at times, home inspectors can provide you with a basic dos and don’ts on electrical maintenance as well.

Checking for plumbing & general fire safety:-From overhead tanks to hand-wash faucets, the home inspector will check for visible cracks, rusts or corrosion. Unattended leakage of water over a period of time could corrode wooden structures and destroy furniture. Besides being an eyesore, damaged wooden flooring or furniture can also cause accidents. With fire safety, inspection helps in taking note of emergency equipment in place. Depending on the size of the house, smoke alarms or fire extinguishers have to be installed. One should always check with the inspector and be sure that the fire safety equipment conforms to the fire standards of your civic authority.

Identifying unsafe areas of a home:-Besides assessing the aforementioned areas for safety, an inspection will also reveal certain places or parts of the home that are potentially hazardous. These can include loose window panes, slippery stairs, weakened gas lines etc. Overlooking such dangerous components can cost you a lot financially and emotionally in the event of a mishap.

It can be quite tempting to save a little money by opting out of a pre-purchase building inspection. But by spending a few thousands on inspection you can secure the biggest investment of your life in a better way. You might have become emotionally attached to a particular home and would have started dreaming of your future in it. But it is always safer to conduct an inspection and keep yourself clear of any potential emergencies. The feeling of living in your own home is great. But the feeling of owning a home that is safe and sound is even greater. The home inspector will point out problems and explain them so that you understand them. The home inspector will explain why routine maintenance is needed to keep your home in top condition. This will help you to ensure that the home you are purchasing is safe for your family. Hence a Home Inspection is a wise choice. By being proactive today, you can ensure your entire family safety and enjoy the results of your Home Inspection.