hi all,

been reading many threads from here... got a bit of head spin... saw few projects but then the possession is very late... going for resale... but not getting good options and the price is almost similar to new projects..

prashant / kartik pai / investinwest / realacres and all other senior members nees ye help and suggestions..
in pune since last 6 years and saw ps and wakad rate at 3000, but as a fresher never tght that i will be settling in pune .. :( so didnt invest or buy anything at that time ...
but now the same rates have doubled and the area where i didnt even go for rent (stayed in aundh instead of PS/wakad) now looking t buy ... but thats the case

i am looking for 2.5 bhk or 2 bhk ... and budget is around 55-56...
saw olympia wakad liked the plan and all but possession is dec 2015 ... :(
any negatives about that project ???

also please help me with the current rates and good projects/RESALE around wakad/ps ..
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  • Loan covers 80 -85% of your agreement value . Now whats the agreement value actually depends on the developer. While some club in MSEB + Dev+ Parking under infra charges & mention them in agreement, whilst others will have MSEB+Dev charges seperated out & parking is taken in black - usually depends on the builder.

    AFAIK service tax can be paid in slabs as & when the payment proceeds . Most of the projects I have visited till now have this facility but not many tell the buyer. Also stamp duty and registration is paid by the buyer in the form of DD or even online directly to the registrar office. I doubt if any bank covers stamp duty & registration in loan amount .

    BTW do you know that you can also negotiate on the DP part , many of us blindly stick to what they say. But most of the terms on payment sheet are flexible , you just need to haggle a bit . If you have cash then no probs paying it , but if you need time for arranging funds its always better to book with a token amount say 1 lac & then pay the rest before registration of agreement that takes place usually within 15-30 days .
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  • Originally Posted by kartikpai
    I doubt if any bank covers stamp duty & registration in loan amount .


    You can remove the doubt from your mind. The following PSUs give home loan on full value i.e. total consideration + stamp duty + service tax + vat+ registration + lbt + whatever white charges that are applicable on the agreement.

    Indian Bank
    Bank of Baroda
    Axis bank
    SBI
    Canara Bank
    Cosmos
    Syndicate

    The following banks give loan ONLY on agreement value, and don't cover rest costs.
    Vijaya Bank
    Dena (Maybe bargainable to full value)
    Union Bank of India

    Hope your doubt is gone :) I don't have data for private banks, but I don't think they will have any problem for giving loan on full value.
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  • Originally Posted by kingkrunal
    thanks man... .. even i am thinking of going to sbi ... any contact details for sbi ...
    also any idea for any reviews on olympia oxford group ... ??


    Sorry man, no contact for Pune West. Though I will strongly suggest to visit a number of SBI branches, because the rules change from branch to branch! Avoid the branch who has a hotshot young blood 'customer relation' officer or whatever. Most of the times he won't know $hit and will demand unrelated documents. Find a branch with a senior person handling a loan. You will need a very good contact person to walk you through the process.
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  • Originally Posted by TheTruth
    Sorry man, no contact for Pune West. Though I will strongly suggest to visit a number of SBI branches, because the rules change from branch to branch! Avoid the branch who has a hotshot young blood 'customer relation' officer or whatever. Most of the times he won't know $hit and will demand unrelated documents. Find a branch with a senior person handling a loan. You will need a very good contact person to walk you through the process.


    I find it funny that these nationalized banks are saddled with NPAs even after such long winded and supposedly thorough process. Atleast SBI and United bank NPA news has been posted on these forums.

    I know it is unrelated, the reasons for those NPAs might be something else. But I just found it funny that they have such stringent checks for a common man, but there may not be proportionately stringent check on higher amounts.

    Private banks ke liye home loan lene wala salaried guy is probably the lowest risk. Someone got my number from some property exhibition and has been calling me religiously for 3 months whether I have shortlisted any property! In the end I had to tell him to give me 10% rate of interest if I should go with you.

    BTW, assuming 50L loan amount - hdfc is charging 10.75 interest rate, while SBI is at 10.15. Surprisingly Icici is lower at 10.25 (but they are thieves, and they will increase it to the max for existing customers after 2 years.)
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  • Originally Posted by TheTruth
    You can remove the doubt from your mind. The following PSUs give home loan on full value i.e. total consideration + stamp duty + service tax + vat+ registration + lbt + whatever white charges that are applicable on the agreement.

    Indian Bank
    Bank of Baroda
    Axis bank
    SBI
    Canara Bank
    Cosmos
    Syndicate

    The following banks give loan ONLY on agreement value, and don't cover rest costs.
    Vijaya Bank
    Dena (Maybe bargainable to full value)
    Union Bank of India

    Hope your doubt is gone :) I don't have data for private banks, but I don't think they will have any problem for giving loan on full value.


    RBI made a norm in Feb 2012 about the LTV calculation of the loan , here is the extract form the norm ..

    RBI/2011-12/383
    DBOD.No.BP.BC. 78 /08.12.001/2011-12

    February 03, 2012
    The Chairmen and Managing Directors / Chief Executive Officers of
    All Commercial Banks
    (Excluding Regional Rural Banks)
    Dear Sir/ Madam
    Housing Loans by Commercial Banks – Loan to Value (LTV) Ratio
    Please refer to our circular DBOD.No.BP.BC.69/08.12.001/2010-11 dated December 23, 2010 on “Housing loans by commercial banks – LTV ratio, risk weight and provisioning” wherein it was advised that in order to prevent excessive leveraging, the LTV ratio in respect of housing loans should not exceed 80 per cent. However, for small value housing loans i.e. for loans below Rs. 20 lakh (which are classified as priority sector advances) the LTV ratio should not exceed 90 per cent.
    2. In this connection, it has been brought to our notice that banks adopt different practices for deciding the value of the house property while sanctioning housing loans. Some banks include stamp duty, registration and other documentation charges in the cost of the house property. This overstates the realisable value of the property as stamp duty, registration and other documentation charges are not realisable and consequently the margin stipulated gets diluted. Accordingly, banks should not include these charges in the cost of the housing property they finance so that the effectiveness of LTV norms is not diluted.
    Yours faithfully,
    (Deepak Singhal)
    Chief General Manager-in –Charge




    Link to this circular : Reserve Bank of India


    Cause even when I was haggling for the home loan , I found the same issue since my Stampduty and registration charges were not covered.


    Still if it covers it , well & good for the end buyer. :)
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  • thanks all for the response... will be visiting sbi today and also vardhman heights with a resale in Rose icon in ps ... any reviews on rose icon ???
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  • Originally Posted by kartikpai
    Link to this circular : Reserve Bank of India


    shhhhhhh..... we don't want those bank people to know about this!

    In any case, the point is bit moot. Because if the loan is 80% of the total cost including all the extra charges, still bank has the full collateral. So the non-realization part of such taxes is not entirely correct.

    Maybe that's why banks are ignoring this circular :)
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  • this was the main reason for my doubt.. i had came across this circular in my round 1 of property search ...
    any reviews on rose icon in ps ??? :)
    want to go for ready possesion or nearing possession ... hoping to get a good deal
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  • Originally Posted by kingkrunal
    this was the main reason for my doubt.. i had came across this circular in my round 1 of property search ...
    any reviews on rose icon in ps ??? :)
    want to go for ready possesion or nearing possession ... hoping to get a good deal



    I had visited rose icon while I was searching for a flat - for rent . I found it satisfactory according to my requirement that time. However the only thing that concerns me at this moment is pimple saudagar is slowly turning out to be a commercial hub & honestly the road on which rose icon is located lacks the proper infra to accomodate all the development . Add to that a big commercial complex ( vision 9 ) coming up bang on that road , I am not very sure how busy will the road get in the near future . Monopolization in the name of IT while marketing every consumer good from day to day supplies to basic needs makes me re consider this option from a far fledged perspective .

    Check with local residents for issues related to construction & water - some societies have serious water issues there.
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  • yup the road is small considering the flats.... let me see the same today ... it is a resale and read to move in..
    btw why there is no owner group for olympia in iref... didnt find till date
    :(
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  • Originally Posted by kingkrunal
    this was the main reason for my doubt.. i had came across this circular in my round 1 of property search ...
    any reviews on rose icon in ps ??? :)
    want to go for ready possesion or nearing possession ... hoping to get a good deal


    Well, i dont hold GK developer in high regards but this is the only project that i came close to liking. Had visited this project during my property search phase and found 1-2 flats available for sale (new- by builder) but didn't like those coz of top floor + ill placed building location (new blocks are deeeep inside the society..more like ON nashik phata road).

    Anyway, amenities wise the society is decent..have seen the functional gym there plus PCMC's new garden is going to come right next to rose icon project. Moreover society is almost complete so you can be sure that no building will come right opposite your balcony in future

    Cons - tacky layout (depending on the building you looking flat in - 1.5 bhks sold as 2), just average quality and the proposed commercial development all around. I remember someone's comment i read on IREF - Shivar chauk has become more like a circus...its funny and frustuating at the same time in the evening and entire Shivar garden road is going down the same route..with so many commercial projects (1-2 are yet to start next to rose valley on the screwed up piece of road).

    LOT depends on the price that is quoted...do let us know! ATB! o
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  • ps house was not able to visit as the rented people were not at home today ... went to ravet 3bhk it was indraprabha resale via another agent
    top floor huge rooms balcony which was completely covered by opposite building.. was able to see what those flat owner were watching on tV .. :P
    so wifey ruled out .. she is again coming back to olympia... still searching for any one who booked in OLYMPIA ... any one knock knock :)
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  • Originally Posted by kingkrunal
    ps house was not able to visit as the rented people were not at home today ... went to ravet 3bhk it was indraprabha resale via another agent
    top floor huge rooms balcony which was completely covered by opposite building.. was able to see what those flat owner were watching on tV .. :P
    so wifey ruled out .. she is again coming back to olympia... still searching for any one who booked in OLYMPIA ... any one knock knock :)


    my friend has booked a flat in olympia, I was also intersted but has doubts on location .
    My friendis not on IREF, what do you want to ask, I can get his answers to you...
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  • Originally Posted by INJAXN
    my friend has booked a flat in olympia, I was also intersted but has doubts on location .
    My friendis not on IREF, what do you want to ask, I can get his answers to you...


    thats great thanks a lot for the response..
    just the details regarding how is the builder and sales team after the booking is done ? when is the possession promissed ? the construction work ... is on schedule? and any bad expi in case
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  • yesterday visiteed royal glory and entrada -- they are charging 50% terrace and qouting 5100 non negotiable... the plan looks ok ..
    and they said they have many projects in past ... any idea about this 5 star group ???
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