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August 2015

10 reasons why your home loan can be rejected post sanction

home_loans

By Mr Brijesh Parnami, Chief Executive Officer, Destimoney Advisors

For many it takes years of hard work and determination to be able to see the dream of owning a house come true. Similar was a case with Aakash Sehgal, who always dreamed of calling a home his own ever since he joined his first job, at 23. While he saved persistently be able to buy a new house, he knew he would have to approach a bank or some financial institution to seek a home loan. Accordingly, he made it sure to follow the do’s and don’ts of the loan procedure very acutely such as maintaining his credit score, be consistent with his job and others.

His dedication bore fruit the day he found a house he absolutely loved. He felt half of his battle was won when he got a pre-approved home loan. However, the joy did not last as just before his loan was about to be disbursed, Aakash was notified that his sanctioned loan has been cancelled.   While majority of people face procedural glitches while obtaining a home loan, for Aakash it was something unlikely.

In case of a pre-approved home loan, while the seeker is required to undergo all documentation process, the bank does not run a check on the property’s title. This formality is done once loan is actually sanctioned and this is when the complication occurs. Let us explain few possibilities that may lead to cancellation of such pre-approved home loans.

  1. Lender not funding that particular developer

Normally, bank loans are sanctioned for a property wherein the developer is well recognized by the bank or the lending institute. The developers have to undergo much scrutiny to gain the approval tag. It may not take much for a developer to fall off the eligibility bracket. Your bank might cancel the loan if the developer no more falls under its approved criteria. Make your checks!

  1. Particular project not funded by the lender

In some cases the developer may have the lender’s approval, but this approval may not be valid for all projects under its banner. Therefore, one of the reasons behind cancellation of your approved loan can be that while the developer is recognized by your bank but the particular project is not approved and hence funded for by your lending institute at that particular time. The approval may come in a month or two but it is advisable to book a home where both, the developer and the project, are funded by your lending institute. Avoid the hassle.

  1. Particular floor does not fall under eligibility criteria

Lending institutes and bank follow many measures and parameters while giving approval for funding a property. Sometimes, your sanctioned loan may be cancelled just because the particular floor on which you have booked your flat is not funded by your bank. Make inquiries!

  1. Property is not in the geographic limit of lender

With available land shrinking at a fast pace, developers are today exploring outskirts of Delhi NCR to build housing projects. While these developers are stretching their boundaries by turning outskirts into new townships, many a times these extended limits fail to fall within the approved geographic bracket of the bank or the lender. In case where your dream is located in an area beyond the approved geographic limit of your lender, there are chances of your loan being cancelled. Check the lender’s geographical bracket!

  1. Lender does not fund commercial property or residential property under commercial use

In case of pre-approved loans, lenders just check the creditworthiness of the seeker and his/her eligibility for the loan process. The checking of property comes later. Many lenders do not offer loans under-construction or ready commercial property, or residential unit that is currently under commercial use. Therefore, be sure that you clear any such discrepancy or doubts with your lender before approaching for a loan.

  1. Lender no more funds for type of loan you are seeking

With rise in competition lenders have evolved various policies and loan types to loans easier. In fact, they keep changing their criteria every now and then to better suit their market needs. Therefore, one of reason behind cancellation of your sanctioned loan may be that your lender has stopped lending the kind of loan you are seeking, and you were not aware about it. Keep track of policy changes!

  1. Developer gained a bad repo of late

Many a time, a sanctioned loan gets cancelled just because a developer enters into a watch-list or even a blacklist of the lender due a recent bad borrowing, fund-flow matters, statutory issues, labor issues or even personal matters of the directors. In such a scenario, chances are more likely for the lender to refuse to disburse your sanctioned loan.

  1. You fall from the eligibility criteria

Like credit score is imperative while you seek a loan, in case of pre-approved loans too, credit worthiness plays a pivotal role. While in case of normal loans, the lenders run a check before sanctioning your loan, in pre-approved loans, the lender double-check your financial movement a day before disbursing the loan. Therefore, during this time if they find that you have defaulted on any payment in between with any other lender(s) or availed another loan, it might affect your eligibility for loan disbursement. Also, you may fall from the criteria in case you have borrowed a loan in between, making the present one a third loan, as the lenders have a policy of not sanctioning a third home loan.

  1. Exposure limit for the developer

Every bank or financial institution sets an exposure limit to your borrowing amount. This exposure restricts the upper limit for your loan. In case of home loans, while seeker is prescribed with an upper limit, an exposure limit is also set for the developer. This means that a bank will have a certain amount beyond which it would not sanction any loan for that particular developer. Therefore, many a times a sanctioned loan is cancelled because either the developer you chose do not fall under the loan amount that sought for.

  1. Lender has stopped providing funds

This could be the worst of all possible reasons. Many lenders, especially private financers tend to shut down their mortgage wing if they fail to make profit in the business model due to less margin, low business volume, recovery issues etc. Although, in no circumstances you can predict this misfortune, it is always advisable to seek loan from respected bank or reputed private financer.

Siemens iQ700 transforms your kitchen into the new living room

Siemens iQ700 transforms your kitchen  into the new livingroom

Mumbai, August, 2015 – Delivering towards its long standing India commitment, Siemens Home Appliances yet again presents another ace technological marvel to the aspirational Indian. The German market leader in built-in kitchen appliances today announced the India entry of the much awaited iQ700 series of ovens range, coffee centre, warmer drawers and dishwashers. Equipped with a compelling product promise in the bouquet of appliances offered, the series is touted to make Indian kitchens as beautiful as the living room. In other words, kitchens would become the show stopper at homes with the new Siemens iQ700 series. This series will thereby kick start its journey to connect further on with the discerning audience in India.

Siemens Home Appliances known for bringing futuristic technology, outstanding engineering and design excellence to Indian homes, has once again proved its technological and innovative prowess; with the new iQ700 series. Your Kitchen will no longer just be utilitarian space with this new range of kitchen appliances, but become the most luxurious space in your homes. It is designed to make the kitchen experience simpler and relaxing. iQ700 is engineered to offer healthy cooking options like baking, steaming, grilling. Also, the dishwashers offer perfectly clean and dry dishes.

Speaking on this occasion, Ms. Bhavya Shah, Head of Brand Marketing, BSH Household Appliances Manufacturing Pvt. Ltd. said, “Kitchens today are more than just a cooking space and consumers like flaunting their kitchens just like their living rooms. Kitchens thus are slowly transforming into the new living rooms. Siemens is committed to offer the best in class products to its consumers. With the iQ700 series, Siemens reaffirms this faith by offering a visually aesthetic range of appliances with futuristic technology that blends perfectly with the rest of the home, to its discerning customers in India.”

The Siemens iQ700 series constitutes of superior features which will be the new talking point in your home.

Ovens Range: The ovens range includes Ovens, Combi Microwave Ovens, Combi Steam Ovens and Microwaves and is designed to blend in with the rest of the house, while ensuring the food cooked in it stands out. With many clever, innovatively designed functions, the iQ700 ovens range makes cooking easier and comforting. The iQ700 ovens offer a wide choice of cooking functions, making them a perfect companion when you cook. The key features in each of these products are as follows:

  1. Ovens- TFT Color & Graphics Display with direct touch|4D Hot Air |coolStart function |softMove door| activeClean: Pyrolytic self-cleaning fucntion
  2. Microwave- TFT Color & Graphics Display with direct touch|Grilling function | cookControl: 10 automatic cooking programs | Oven Interior LED light | Stainless steel oven interior
  3. Combi Microwave Oven- TFT Color & Graphics Display with direct touch|4D Hot Air |coolStart function |softMove door| VarioSpeed
  4. Combi Steam Ovens- TFT Color & Graphics Display with direct touch|4D Hot Air |coolStart function |softMove door| roastingSensor Plus & PulseSteam

Coffee Centre: The sophisticated, fully automatic built-in iQ700 Coffee Center would spoil you for choice with the wide selection of 17 different beverages, ranging from a strong and aromatic ristretto to a milk-froth dream of a cappuccino – all available at the touch of the OneTouch Function. The intuitive design and TFT color touch display assures you simplicity in usage. With all these options, it’s truly your ultimate coffee destination at home. The coffees that can be made with this machine are as follows: Ristretto | Espresso | Espresso Macchiato | Café Crème | Cappuccino | Latte | Macchiato | Café Latte | Milk froth |Warm milk | Hot water for varieties of tea. The key features of the coffee machine to watch out for are the TFT Color & Graphic Display, One-touch coffee shop, SensoFlow system, coffeeSensor System and AromaDouble shot function.

Warmer Drawers: Whether you are keeping food warm, preheating, crockery, proving, thawing delicate frozen foods or simply in need of extra storage space, a fully coordinated Siemens warming or accessory drawer is a must have for all modern kitchens. The iQ700 range also has a push and pulls mechanism, so the door opens and closes with just a touch of a button. The warmer drawer can accommodate a weight of up to 25kgs at once and the key features are Frameless glass design, Stainless steel cavity, Blue indicator lights and the Rotary control function.

Dishwashers: With state-of-the-art technology, the new iQ700 built-in dishwashers make washing and drying faster and more flexible than ever. The dishwashers wash dishes at a scalding temperature of above 70 degree Celsius, which isn’t possible while traditionally washing them. With their neat and clean built-in design, they blend in perfectly with the rest of your kitchen. The key features of the dishwasher are the superior Zeolith drying technology, varioSpeed Plus, Shine & Dry, varioFlex Pro baskets & varioDrawer Pro and iQdrive Motor.

The iQ700 series is synonymous with luxury and makes the kitchen stylish and technologically advanced. Siemens believes in manufacturing appliances which make life easier and hassle free, which re-iterates this belief in iQ700 range. The new series will be available at all Siemens Brand stores and leading kitchen dealer outlets across India.

Customer Service: The Siemens customer service is geared to solve all problems and queries, be it before or after purchase and thus has azn exhaustive network of 300 service centers across India.

CREDAI Expo at Hotel Park Plaza

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Bangalore, August 22nd, 2015:  The CREDAI Expo held at Hotel Park Plaza at Marathhalli. The event saw unprecedented success with thousands of potential clients browsing through a range of projects by CREDAI members.  The Expo hosted 49 builders and 7 banking institutions that provided comprehensive information on quality real estate projects in the vicinity.

Mr.K.K Malpani, Founder President, CREDAI Bengaluru, Mr.R Nagaraj, Chairman, CREDAI Karnataka, Mr. Suresh Hari, Secretary, CREDAI Bengaluru, Mr.Naresh Survarna, CEO, CREDAI Bengaluru were present in the event.

Speaking on the inauguration of the event, Mr.K.K Maplani, Founder President, CREDAI Bengaluru says “Buying property is a little tedious task for everyone. But our developers are supporting all the customers. Also member developers are supporting CREDAI. The good work of the developers will be appreciated”.

During the inauguration Mr.R Nagaraj, Chairman, CREDAI Karnataka said “We are providing housing for the entire fraternity. The construction cost and other costs have gone up. But our builders have not increased the price from last year. This is the last opportunity for the buyers to buy their dream home at a lesser price. There is a lot of speculations that real estate market is not doing well, but in reality the market is very stable. So there is no need for the buyers to worry”.

Emphasizing on the event Mr.Suresh Hari, Secretary, CREDAI Bengaluru said “ This is the last expo of this season. We are expecting more customers this time that the previous two expos. There are 2 reasons for this. One is since it is election day, after voting people are free to come here and check the properties. Second reason is this place is very conveniently accesible. Also several bankers are giving attractive discounts on home loans”.

Bangalore’s real estate is witnessing growth now. An exhibition of this nature helps connect people to quality builders. The ability to browse through each project in detail, avail of financial advice and some great discounts, makes an expo like this, a highly anticipated one each year.

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Mantri Developers and Senior Bangaloreans hail India’s 69th Independence with a green pledge

Sapling Plantation 3

Bengaluru, August 15, 2015: Bangalore witnessed the 69th Independence Day celebrations in the most unique way ever commemorated in the country! Collaborating with Mantri Developers, the senior citizens of Bangalore and children from their surrounding communities ushered India’s historic day with a remarkable cycle rally. This was followed by plantation of 69 saplings around the carnival site that the seniors pledged to sustain regularly in a bid to urge fellow Bangaloreans to “go green”. It was a sheer display of the grit and dedication exemplified in a spectacular way by the elder population of Bangalore who proved that age is indeed just a number. Organised at Mantri’s site in Manyata Tech Park (Mantri Lithos and Mantri Energia), the gala event marked a celebration not only of the joyous occasion also but paid  tribute to India’s silver generation – some of them recounting experiences of the actual eve of Independence in 1947.

Mr Venkatesh Reddy, 85, said, “I remember vividly the eve of 1947 – Nehru’s world famous Tryst with Destiny speech, the unfurling of the tricolour above Lahore Gate of the Red Fort, the kite flying all across the country. What a proud moment indeed! Hence we thought of showing the country what it meant to achieve independence and what we can do to honour the freedom martyrs.”

Mrs Savitha Iyengar, 70, said, “Much has definitely changed between 1947 and 2017 in Bangalore. What we miss most is the abundance of greenery and hence decided to out the “green signal” to our younger generations on this day. We are happy that Mantri supported us in our efforts.”

Senior Citizen Cycle Rally 2

Kicking the celebrations at 8am by hoisting the national flag and humming the national anthem, the 69 senior citizens were joined by 69 teenagers in a cycle rally to reinforce the practice of a cleaner and greener environment. Following this, they all joined hands to plant 69 saplings to send out a clear message that India’s future lay in its future generations. Therefore, for a sustainable and greener India, it is important that its children believe and implement sustainable practices. The zeal and enthusiasm displayed by the elder participants exemplified the old adage that “everyone is the age of their heart.”

Mrs Snehal Mantri, Director HR and Marketing, Mantri Developers said, “When some senior members of the Mantri community sought my support for their Independence day celebrations with the idea of sending out much the needed ‘green signal’ to the society at large, I immediately decided to go ahead as it is a social responsibility of every citizen to be environmentally conscious. Within no time and with sheer hard work and passion of the elder citizens, the planned celebrations grabbed more eyeballs and gathered more supporters than ever anticipated! This just proves the idiom that “You are only as old as you feel.”

She further added, “I am encouraged and thrilled by their energy and I request them to “seize the day” and continue to enthral and inspire us by their continuous efforts. I will promote more greener initiatives  with them through our CSR Wing, Mantri SEVA (Support and Encouraging Voluntary Action) that is already undertaking several green initiatives for civic development.”

Also noteworthy was the post event, impromptu initiative that everybody partook of. First, all shopkeepers around the area were briefed on various ways to reduce the use of paper, polythene covers and disposable plastics, and help in maintaining cleaner surroundings. Second, as they pledged the review the saplings every week, they garnered support from nearby residents to sustain the same!  Witnessing Bangalore’s silver generation unite with its future ones for such an imminent cause on a India’s landmark day will be etched in Bengaluru’s memory as an evergreen experience.

Crestron Announces its Flagship Software Engineering Lab for Asia

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Rockleigh, Bangaluru, August 11, 2015: Crestron announced the grand opening of its software engineering lab based in Bengaluru, India, the company’s first facility outside United States.  Three years in making, the new technology office represents Creston’s strategic directions to expand its engineering research and development capabilities globally, beginning with this facility in Asia.

Established in Bengaluru, kwon as the “Silicon Valley of India”  the new technology lad draws on the wealth of engineering resources in the region to innovate, extend and continually improve on Crestron’s offerings to customers. The 7,500 sq ft facility is located on the ground floor of the Beta Tower in Sigma Technological Park and managed by Tony Yueng, Executive Director, Crestron Asia, a highly respected industry veteran. The lab focuses on software and firmware and already has developed successful product releases including the MyCrestron Residential Monitoring Service.

“We highly value the skills and talents of our employees in India and we will continue to cultivate and grow them as we further  expand, said Fred Bargetzi, CEO, Crestron.

Jumeirah Group signs agreement with Oxley Malaysia to operate a luxury hotel and to brand residences in Kuala Lumpur

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Dubai, 12 August 2015Jumeirah Group, the global hotel company and a member of Dubai Holding, has signed management agreements to operate a 190-room luxury Jumeirah hotel and to brand 273 premium residences in the heart of Kuala Lumpur, Malaysia. The agreements were signed by Mr. Dato’ Othman Hj. Omar, CEO of Oxley Malaysia, and Mr. Gerald Lawless, President and Group CEO, Jumeirah Group.

Jumeirah Kuala Lumpur hotel and Jumeirah Living Kuala Lumpur residences will be set within one of the three towers which make up the landmark mixed-use development that is set to transform the skyline of Kuala Lumpur. The three towers, interconnected via a retail podium, will be located in the middle of the Kuala Lumpur City Centre precinct within easy reach of the Petronas Twin Towers, Maxis Tower and the Kuala Lumpur Convention Centre. Construction of the development, which will cover an area of more than 12,500 square metres (135,000 square feet), is expected to start in 2016 and complete in 2021.

Jumeirah Living Kuala Lumpur residences will be located on the lower floors of the tower, and Jumeirah Kuala Lumpur hotel will occupy the upper floors offering spectacular views across the city. The hotel will feature 190 rooms and suites, an all-day dining restaurant, a fine dining restaurant, a lounge and a bar, as well as a finely appointed Club Executive and a Talise wellness facility comprising a spa, fitness club and swimming pool.

Mr. Ching Chiat Kwong, Chairman and CEO of Oxley, said: “We are pleased to announce we have taken a step forward with the milestone agreement with Jumeirah Group to build a hotel and residences in Kuala Lumpur.  This partnership with Jumeirah Group further enlarges and reiterates our presence in the Malaysian market.  We are excited, delighted and proud to be Jumeirah’s first business partner in Malaysia to introduce the Jumeirah experience, an epitome of luxury, to guests staying in our hotel. Jumeirah Group has created a portfolio of world-class hotels with excellent operational performance and with this hotel being the first Jumeirah hotel in Malaysia, we are confident of this holistic journey.”

“Kuala Lumpur is both a travel and business destination to many.  We believe our hotel and residences which lies in the heart of a bustling city with close proximity to the many landmarks of Kuala Lumpur is a gem to travelers.  We are looking forward to begin this successful relationship to deliver a truly luxurious experience with Jumeirah,” added CEO of Oxley Malaysia, Mr. Dato’ Othman Hj. Omar.

Speaking at the signing of the agreements, Mr. Gerald Lawless, President and Group CEO, Jumeirah Group, said: “Our agreement with Oxley Malaysia paves the way for Jumeirah’s entry into the important Malaysian market. This highly prestigious development further reinforces the reputation of the Jumeirah brand and will greatly appeal to our loyal customers who stay with Jumeirah in our properties across Europe, the Middle East and Asia. We are proud to have been chosen as a partner and look forward to the launch of a new expression of outstanding luxury in the Malaysian capital.”

Jumeirah Group’s entry into the Malaysian market is a significant milestone for the company as it continues its ambitious expansion plans. The Group currently operates 23 hotels in Europe, the Middle East and Asia and has a further 25 Jumeirah and Venu properties in the pipeline. Jumeirah Group operates a full-service office from Singapore focused on development and sales, offering expert regional advice and support. In addition to Jumeirah Himalayas Hotel in Shanghai, China, which opened in 2011, there are currently 11 projects in the Asia Pacific pipeline being developed in India, Indonesia and China. The Group is in negotiations for further properties across the region including in Thailand, Cambodia and Singapore.

Boracay beach resort deal secures Mövenpick Hotels & Resorts a piece of Philippines paradise.

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Dubai (United Arab Emirates), 10 August 2015: Mövenpick Hotels & Resorts has secured its own piece of paradise in one of Asia’s most exclusive holiday destinations, having signed a deal to manage the Sol Marina Resort, which will soon be renamed Mövenpick Resort Boracay, in the Philippines.Located in the north west of the island on idyllic Punta Bunga Beach, famed for its white powdery sand and aquamarine waters and considered one of Asia’s luxury resort hotspots, the upscale 333-key property will start welcoming guests in December 2015.

The property will not only shore up Mövenpick’s presence in the Philippines, where it already manages Mövenpick Hotel Mactan Island Cebu, but also bolster the hospitality firm’s portfolio of resort properties in top Asian locations. In Thailand the company operates two resorts in Phuket and one on Koh Samui, while construction is underway on properties in leisure destinations such as Pattaya, Thailand, Quy Nhon, Vietnam and Bali, Indonesia.

“Signing a property in Boracay is a significant development for Mövenpick, as it cements our presence in one of Asia’s most established resort destinations,” explains Andreas Mattmüller, Chief Operating Officer, Mövenpick Hotels & Resorts, Middle East and Asia.

“Punta Bunga Beach, with its crystal-clear waters and soft white sand, is unspoiled and truly idyllic, attracting discerning travellers from all over the world from both the upscale leisure and corporate meetings segments.”

Mattmüller also notes how the Filipino culture marries well with Mövenpick’s ‘We make moments’ guest promise, which guides the hospitality firm’s service ethics world over.

“The Filipinos have a happy attitude towards life; in the Philippines you will always receive a warm welcome,” he adds.

Mövenpick Resort Boracay will comprise a cluster of three buildings nestled around the lagoon pool with most of the resort’s rooms and suites boasting sea views. Designed to give guests the ultimate luxury experience, the Presidential Suite will be housed in a stand-alone villa, featuring two bedrooms and a private pool.

Key resort features will include family rooms; a kids club for young children and a games area for teens; and several dining outlets including Italian, Japanese and Korean restaurants plus a lobby lounge, beach club and swim-up pool bar. Meetings and events facilities will span a ballroom that can accommodate up to 450 guests for a seated dinner, three multi-function rooms and a boardroom.

The property’s owner, Ambassador Alfredo Yao, who is also the founder and owner of the Philippines’ largest beverage producer, Zest-O and a partner in AirAsia Zest, Philippines, says signing the management agreement with Mövenpick Hotels & Resorts marks the start of a “new exciting era” for the resort.

“The rebranding of Sol Marina as Mövenpick Resort Boracay will mark a new beginning for our beautiful property, steered by the capable team at Mövenpick Hotels & Resorts, which has a formidable reputation as one of Asia’s top resort operators,” says Yao.

Shades of Dubai ! The Avari Dubai Hotel introduces its Holiday Getaway Package!

Avari Dubai Hotel_Olive Tree Restuarant (1)

This season, witness the essence of Dubai hospitality at The Avari Dubai Hotel with its special Holiday Getaway Package. The package has something for everyone to enjoy right from the opportunity to experience the real grandeur and beauty of Dubai with an atmosphere that’s just perfect to unwind and relax. Not forgetting the incredible entertainment, mouth watering food and a spectacular location, The Avari Dubai Hotel promises not only value for money but also the experience of a lifetime!

 Avari Dubai Hotel_Olive Tree Restuarant (2)

The longer you stay, the lesser you pay is the highlight of the Holiday Getaway package, by offering a great discount to its customers where in they can pay by paying AED 798/- for all 3 nights, one can also extent the stay by paying AED 1,500/- for 6 nights which includes the Avari World Traveler room, welcome drinks on arrival, a sumptuous complimentary buffet breakfast as well as complimentary internet services. That’s not it, in this package one can also avail of the complimentary shuttle to the major shopping centers in Dubai. For the guest leisure and comfort, this package includes complimentary pick up & drop service from Dubai International Airport.  The package is valid till 30th September, 2015

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Mr. Ramzi Assily, General Manager of The Avari Dubai Hotel stated, “One great fact of convenience about Dubai is that everything in the city is centrally air conditioned and thus, it’s the ideal place to visit all year ‘round, come summers or winters! Hence, we’ve come up with a great Holiday Package, to welcome tourists and ensure that even kids  have a leisurely time and a comfortable stay here at the Avari Dubai Hotel. We also have special discounts offers on certain excursions like Desert Safari – Dhow Cruise – Wild Wadi – Atlantis Aqua venture.” So come be a part of this pleasant celebration with Avari Dubai Hotel and gift yourself an experience you’ll never forget!

For hassle free reservations contact: +971 4295 6666 or email to reservations@avari-dubai.ae Website: www.avari.com

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