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Indiabulls Greens by Indiabulls in Panvel, Mumbai

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Indiabulls Greens by Indiabulls in Panvel, Mumbai

Last updated: 3 days ago
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  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

    I had booked myself a flat in tower Y. (Once upon a time layout)
    With the new layout, I have no idea whatsoever, where is tower Y.

    And with our excellent IB Customer Service, I ask them some question "A" and get a reply back for something else, say "B".

    Anyone else, booked in tower Y and aware, which bldg number has this been transformed to?

    Thanks,
    Vishal

    Comment


    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

      hi capt,
      i agree with shukla's response. further, please read complaints against IB home loans on consumer complaints forum. There have been several instances where IB has increased the home loan rates at their whims and fancies. if this is the case, then all calculations will go futile. i suggest avoid IB home loans at all cost.

      Comment


      • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

        Agreement Signing

        Originally posted by capt.vishal View Post
        Hi Everyone,

        I had signed the agreement a week back. I was just recently contacted by IB Home Loans who have offered to give 11% discount on the remaining installments if we go for a loan with this. They are calling this the ADF (Advance Disbursement Facility). I have given this some thought and will go ahead with this. Will save around 3.1 lacs outright. Has anyone else signed the agreement or availed the ADF??
        Hi Capt,
        Did you ask for any change in the clauses mentioned in the original agreement ? Did IB agree to any of the changes ?

        Comment


        • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

          I agree with Shuklar that this IB home loan scheme of full disbursal is not beneficial in the long run.
          Also please read the agreement clauses of IB home loan as it might have dangerous clauses like our panvel agreement! !?!!!!!

          Comment


          • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

            Originally posted by ShuklaR View Post
            Hi Capt,

            It 'only' sounds good as entire amount is disbursed and given to the builder upfront who receives it without any interest obligation. A part of this benefit is passed on to the buyer by means of a discount by the builder. As disburement is upfront in the case of an ADF, the interest application on the entire loan amount starts immediately. If you calculate the interest applied on the gradual disbursement done on the basis of the construction phases, you will conclude that gradual disbursement of the loan without any discount (in sale price) would be more beneficial where interest is applied only on the disbursed amount and not on the entire loan amount. In the case of current project where 'the completion' is not envisaged in a very near future, the ADF route would turn out to be even more costly.

            This only has made the ADF route unpopular.
            Hi Shukla,

            Thanks for your detailed explanation. I totally agree with you that it would be be cheaper if I take the usual loan. But in case of a usual loan I am not sure if I can get a tenure of 5 years starting from now. Since I am going for a total loan tenure of 5 years starting from time of disbursement my total interest amount over a period of 5 years (at 10% floating interest rate) is approximately 7.1 lacs for a loan of 26 lacs. By taking an ADF I am saving 3.1 lacs upfront. This means I am paying an excess of 4 lacs as interest over a period of 5 years. If I put the 3.1 lacs which I save upfront in a FD where the rate of returns post tax is 6 pct (say) I will still get around 1.2 lacs in 5 years as interest after tax deduction. Now remaining is 2.8 lacs which effectively means thats I am paying an average interest of Rs 4,667 / month for 5 years which is the worst case as other investment options will give higher yield. Also in case I make any pre payments (upto 25% of principal remaining )my interest amount will further reduce. I am really bad at calculations so some of the above may not make sense. Also if there is further delay in the project I guess in the normal loan you will be more at loss as you are now paying mainly interest more than principal. In case of ADF if you choose a lesser tenure you are starting to pay more of principal from the very beginning which makes more sense if you have taken the property purely for investment purposes.

            Your comments would be much appreciated.

            Cheers!!!

            Comment


            • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

              Originally posted by justtp View Post
              Hi Capt,
              Did you ask for any change in the clauses mentioned in the original agreement ? Did IB agree to any of the changes ?
              Hii,

              I tried to get some changes done but no luck. Also it seems very unlikely that they will make any changes (I hope I am wrong). Frankly I did not have time to get into all the mess.The agreement is totally one sided but trust me if you go to any other builder the agreement will have similar terms. Do let me know if anyone has been able to get the agreement changed.

              Cheers

              Comment


              • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                Originally posted by capt.vishal View Post
                Hi Shukla,

                Thanks for your detailed explanation. I totally agree with you that it would be be cheaper if I take the usual loan. But in case of a usual loan I am not sure if I can get a tenure of 5 years starting from now. Since I am going for a total loan tenure of 5 years starting from time of disbursement my total interest amount over a period of 5 years (at 10% floating interest rate) is approximately 7.1 lacs for a loan of 26 lacs. By taking an ADF I am saving 3.1 lacs upfront. This means I am paying an excess of 4 lacs as interest over a period of 5 years. If I put the 3.1 lacs which I save upfront in a FD where the rate of returns post tax is 6 pct (say) I will still get around 1.2 lacs in 5 years as interest after tax deduction. Now remaining is 2.8 lacs which effectively means thats I am paying an average interest of Rs 4,667 / month for 5 years which is the worst case as other investment options will give higher yield. Also in case I make any pre payments (upto 25% of principal remaining )my interest amount will further reduce. I am really bad at calculations so some of the above may not make sense. Also if there is further delay in the project I guess in the normal loan you will be more at loss as you are now paying mainly interest more than principal. In case of ADF if you choose a lesser tenure you are starting to pay more of principal from the very beginning which makes more sense if you have taken the property purely for investment purposes.

                Your comments would be much appreciated.

                Cheers!!!
                If you start paying full EMI (principal + interest) on your partly disbursed loan you could repay a bigger chunk of your loan if the construction gets delayed.

                Let me explain, basically if you take a loan from any bank during construction phase, you have option of paying pre EMI (only interest) or pay EMI for the amount disbursed or start paying full EMI on the complete loan (most beneficial one).

                With third option if at current construction stage only 40% of your loan is disbursed and you pay full EMI, a huge chunk of EMI would go to reduce the principal and it would circumvent the risk of delayed construction as well.

                Frankly ADF is a big risk, and with the kind of Builder attitude in India I would never opt for it.

                Comment


                • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                  gas cylinders or piped gas

                  One point i want to highlight which maybe someone here will be aware.
                  As per govt regulations use of gas cylinders in kitchen will not be allowed in high rise buildings. So in india bulls panvel are they providing piped gas in kitchen?
                  In that area drinking water and sewage pipelines are not layed yet so when are they going to lay the natural gas pipeline.
                  To my mind possession date is well beyond 2015.

                  Comment


                  • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                    Site Progress Photos

                    Here are few phots of Site progress. Some important points are mentioned below

                    1) For some sectors work has progressed to 2nd to 4th floor.

                    2) All walls are going to be RCC walls which are faster to construct and no plastering required, means fast pace of construction

                    3) MMRDA buildings ahve almost reached to 7th floor hight.

                    4) Interior road work is on to continue construction work in monsoon.

                    I am optimistic for possision in 2013 end.
                    Attached Files

                    Comment


                    • Re : Indiabulls Greens by Indiabulls in Panvel, Mumbai

                      Originally posted by capt.vishal View Post
                      Hi Everyone,

                      I had signed the agreement a week back. I was just recently contacted by IB Home Loans who have offered to give 11% discount on the remaining installments if we go for a loan with this. They are calling this the ADF (Advance Disbursement Facility). I have given this some thought and will go ahead with this. Will save around 3.1 lacs outright. Has anyone else signed the agreement or availed the ADF??
                      Dear Capt, I suppose that you have got the new location of your flat. Is it totally different in the level, location, etc.?

                      For the loan and agreement, have you registered the flat before?

                      How much time you have taken for whole priocess??.....agreement, loan and registrarion etc.??

                      Comment

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