Urbanrise Blog

HOW CIBIL SCORE IMPACTS YOUR HOME LOANS

What is a CIBIL score?

CIBIL stands for Credit Information Bureau (India) Limited.  This first established credit information company in India gathers and maintains credit details of individuals and commercial bodies i.e. details of loans takens, its repayment details, credit card payments and so on. Based on these CIBIL gives a rating which is a three digit number ranging between 300 to 900 summarising the entire credit history of the concerned party be it an individual or an organization. Also referred to as the Credit Bureau, CIBIL  is licensed by the RBI and the Credit Information Companies Regulation Act, 2005 governs it.

The Significance of CIBIL Score 

The CIBIL score is a three digit number that ranges between 300 and 900. Higher the CIBIL score more is your established credibility among lenders. Every month different  banks and financial institutions report their customer’s credit-related transaction details to the bureau. This includes details of every loan taken, loan repayments made, outstanding information, new loans applied, loan %, credit card repayments in the period, applications for new lons, and so on. All this data is subjected to different statistical calculations and complex analysis to derive at the individual’s/organizations CIBIL score. A good loan repayment/credit card outstanding repayment history ensures a good score. Higher your score better are the prospects of getting a loan or credit card.

How does Your CIBIL Score and Your Home Loan Relate?

Your CIBIL score and Your Home loan approval process are very much related. When you apply for a home loan to buy a property,  the first thing the banker or the financial institution does is to check your CIBIL score. This is to evaluate your repayment capability and gauge whether  you are a high risk or low risk customer. Higher your CIBIL score better possibility for the approval of the loan, a lower score would delay the process and at times even culminate into the loan being rejected. Your credit score is the mirror of your loan repayment capability and your home loan lender makes the best use of  it to derisk the process. A good credit score of 750 or above is preferable and it brings with it an array of benefits –

  • Better home loan interest rate – A higher CIBIL score makes you eligible for a better loan interest rate for your loan.In many cases the lender offers a discount on interest rates to customers with good CIBIL score.
  • Sanction of Higher loan amount –  A good CIBIL score enables you for a higher home loan amount. Since your lender is convinced of your loan repayment capability and willingness they would be ready to lend a greater amount
  • Approval for Longer loan tenure – A  higher CIBIL score places you in a position to request and receive approval for a  longer loan period.
  • Easy and Quick Loan approval process – A  higher CIBIL score ensures an easy and effective process. Your chances are much higher of acquiring the desired amount of loan from the bank or the non-banking finance company (NBFC) you have applied for. Different banks benchmark different CIBIL score for approval, however most of them prefer a score of 750 or more.

How to Improve Your CIBIL Score?

You can get your CIBIL  score by applying directly on the official CIBIL website. A CIBIL score of 750 or more is definitely good news, else you will have to work towards improving it. Here are some means

  • Be prompt in your payments – The most definite way to maintain a decent score is timely payments of your credit card outstanding payment and EMIs. Though agencies might  ignore the first few delayed payments, repeated delays would definitely impact your good score.
  • The right mix of Loans – It is better to have a borrowing history with more secured loans (there exists a collateral or security). So remember to have a right mix of  secured/unsecured loans for a better credit report.
  • Always stay within your credit – It is advisable to remain within your credit limit, this would improve your score and exceeding that would have a negative impact.
  • Lesser is Better – Limit the number of credit cards and loans you acquire. Keeping it less will also help you repay them on time and multiple ones will also cause you to overspend leading to accrued debt in our life.

How to Invest in Real Estate?

Introduction:

A brainstorming session with family members can be the first step towards this important step. Here are some important aspects that you can focus this discussion on

  • An analysis of the different investment options will reveal the nature of different investments in the current scenario.  Crashing Stock markets, fluctuating gold prices, low interest rates on bank deposits and banks declaring themselves as insolvent, these will help understand that real estate investment is the wisest decision in current times.
  • A little more insight and analysis of the current situation will reveal that Investment in Residential real estate and not commercial buildings will produce rental income. As the result of the paradigm shift towards work from home, commercial buildings will not produce rental returns in the near future.
  • Now since this correct decision has been taken, here’s how to go about implementing it.

Decide on the Budget:

This is the prime factor on which other considerations like the nature of the property (Plot/Apartment), the choice of locality, the Sq.ft of the house & no.of rooms if it is an apartment or the area of the plot depends on.

Choose the City: 

It is always better to invest in metropolitan cities for the growth potential for the assets is very high there. There will be growing industries – Automobile, Manufacturing, IT and all this brings employment opportunities, and hence there is demand for residential properties to satisfy the needs of the professionals.

Also choose to invest in the same city where you are currently residing, for easy management and maintenance of the asset. If it is your first house, you will have the pride of moving from a rented house to your own house, if it is for investment it is sure to earn returns in the form of rent and also good appreciation.

Plot or Apartment: 

This is not a tough decision  and is basically governed by the basic requirement, Is the purchase of the property for immediate use or is it an investment?  In case of immediate use, should look for an apartment/villa in the suitable neighbourhood where you can  move-in in the next 3 months, this is to eliminate the burden of EMI and the rent for the current accommodation. If investment is the criterion then purchase of plot in a developing locality is definitely a good option as the investment will be less and the appreciation will be quite high.

Choose the builder :

The choice of the property developer is very crucial. Established and recognised promoters are reliable and also deliver on their promises. They can be relied to deliver on their commitment of time and also the design specifications. Choose RERA approved projects, for as a buyer your rights are protected and also there is transparency in the process and the necessary approvals are in place acquired by the developer.

Survey the Neighbourhood of the property:

Choosing a developed or the locality with scope for development is very important.  The appreciation of the property depends on this factor. Choose one which has good employment opportunities in the neighbourhood, this will draw more professionals who would want to rent properties close to their place of work, so there will be regular rental income. Similarly the property’s worth will also multiply.

Verify the documents & Seal the Deal :

Once all the above factors have been considered and the right property selected, proper verification of all the related documents (can link  to our blog will lists all the documents to be checked) is mandatory, help can be sought with legal consultation for this. Once verified the next step will be the registration of the property to seal the deal.

10 Tips to Upgrade Your House to a Monsoon Friendly

Monsoon is an exciting season for sure, the rustic smell of the soil before the rain, the cool breeze of air, or the sight of the tiny droplets of rain that pour down, when enjoyed from the balcony sipping a cup of hot tea is a pleasurable experience. However there are some challenges that monsoon throws at us. Be it the leaking walls or the unchecked drains that clog or the electrical wires in the damp walls that short circuit, features that can be well avoided with some careful planning and execution before the onset of monsoon.

Plan a Pre-monsoon examination of your house and ensure that you address these points

Leakages: perform a thorough examination of the roof, terrace (if you reside in the topmost floor of your apartment complex or own a villa), locate all the leakages, apply sealant and provide a waterproof coating for all. Sometimes water from the leaks in the roof and terrace can seep into the walls and make them moist and the paint would peel off, hence it is essential that you fix the leakages thoroughly before the monsoon and ensure that the waterproof coating dries before it. If budget permits waterproof coating of the entire terrace/roof is definitely preferred.

Drainage system: Ensure that the drainage system at home is clear of blockages, a regular de-clog routine every week is essential for this. Ensure that the drains in the terrace are cleaned to avoid dirt, garbage and dried leaves in case u have a terrace garden. Clogged drains in the terrace will result in rain water accumulating in the roof which can seep in through the finest of leaks in the roof. If necessary you can get a plumber inspect the drains at home to detect and fix leaks.

Electric Connections & Fittings: inspect all the electrical connections at home to ensure there are no loose/exposed wired or damaged/rusted fittings. When you find one or have the slightest of doubts, get a qualified electrician to inspect and fix it immediately. Cover all the electrical fittings that are outside, example those in the balcony or terrace, and that can be exposed to water, exposed ones can explode when water falls on them, a potentially dangerous situation.

Painting: It is best to plan all your painting activities of the house well before the monsoon. It is advised to paint the exterior and interior of the house once every 5-6 years, so that the building is maintained well and is protected from wearing out due to weather. A waterproof coating is preferred for the exterior, i.e. the roof and the outer walls, as it acts as a protective layer and prevents rain water from seeping through the walls

Doors & Windows: Wooden doors and windows will absorb moisture and swell up during monsoon. So remember to paint them or provide a sheet of protective sheet to prevent this. Remember to repaint your balcony grills, for unpainted ones rust and become weak, due to atmospheric moisture during this season.

Pre-emptive Pest Control: Insects breed during this moist season and is of serious health concerns. Perform a complete pest control activity to stop the breeding of mosquitos, flies and also the potentially highly harmful termites. Termites when untreated can completely erode the walls, wooden fixtures and damage the very foundation of the house.

Furniture care: A proper coat of varnish and other appropriate furniture care routine will ensure that the furniture at home stay fine during this season. Dampness at home can result in growth of fungus. A property treatment will prevent this and ensure the sheen of the furniture at home.

Ventilation & Sunlight: Ensure that there is ample ventilation at home and adequate exposure to Sunlight. It would be a better idea to have an additional set of curtains that are little light and also less expensive. Light curtains would allow sunlight to come in and also be easy to maintain during this season. Moist houses would have an unpleasant odour and also have a bad odour.

Wardrobe – Remember to place a few camphor balls or any other insect repellent in your wardrobe to keep silverfishes and other insects at bay. Your expensive clothes in your wardrobe should be put out in sunlight before monsoon to keep them clean and shiny

Tending to Garden – Remember to mow your lawn, prune your plants before the onset of garden. Keep your indoor plants outside each morning, so that they get enough sunlight and also some showers and bring them in during night.

Our Construction Sites are Open & Construction Has Started in Full Swing

We are happy and proud to share with you that this lockdown period from 24 March 2020 has only strengthened our bond with our esteemed Clients. Our Customer relations team and Sales team have strived relentlessly to continuously maintain communication with you. They have regularly shared the developments from and details of various lockdown period offers, and so on.

This communication channel has earned the faith of our esteemed customers and resulted in 182 new sales during this lockdown period, a testimony of the bond and faith we have developed with you over these years.

On the construction front, our technical & planning teams have analysed, reviewed and planned the activities at our sites to ensure that the loss of construction work during the lockdown period does not have any impact on the project progress and completion. Their efforts are focused on the timely completion of the project and timely delivery.
The moment Tamil Nadu Government gave permission to start construction, work at all our project sites has started in full swing from the 6 of May 2020. More than 1,300 labourers/construction workers had reposed faith in our organization and refrained from returning to their home states and stayed back at our camps during the lockdown period.

Our Admin and Project teams had taken all the efforts required to ensure that our labour force that was stationed at all our project sites were well taken care of. This care and concern of the organization reinforced the faith of our construction site workers and they choose to spend the lockdown period in the labour camps and once the orders for resuming the work was provided by the Government they immediately engaged in the construction activities at the sites with full vigour.

We wish to inform that our marketing offices & construction sites will function strictly following the guidelines set by the Government. All the necessary care and monitoring are put in place to ensure that guests, visitors, customers, and workers who are healthy and devoid of any symptoms are only provided admission to our office and construction sites. Regular Monitoring of the employees and site workers’ temperature and general wellbeing, and periodic sanitizing measures, strict enforcement to wear masks, and all other required measures are performed to be 100% sure that the place is completely safe.

We thank you once again for all the support and encouragement, and would like to inform you that:

OUR CONSTRUCTION SITES ARE OPEN & CONSTRUCTION HAS STARTED IN FULL SWING

OUR CUSTOMER CARE STAFF & OUR SALES TEAM’S ARE AVAILABLE AT OUR MARKETING OFFICES TO HAVE A CONVERSATION AND TO OFFER ALL THE REQUIRED HELP TO YOU.

Urbanrise launches Codename Independence Day on 17th, August 2019

Chennai gets Independence from Paying High Rents, Lack of Amenities & Poor Quality Construction

Having successfully launched the first two towers under Codename Million Carats at Padur, Urbanrise now launches the next two towers under the name of Codename Independence Day. The theme of this project launch at Padur is to get the Chennaites Independence from paying high rents, lack of amenities and poor quality homes.

Codename Independence Day is the answer to every aspiring homebuyer to own an apartment whose EMIs are lesser than the rent that they are currently paying.

Independence from the lack of amenities by living in these apartments with plenty of world-class amenities. It includes a 20,000 sq.ft clubhouse, swimming pool, basketball court, gym, multipurpose hall, children’s play area, indoor games and an 11,000-sq.ft retail arcade for all shopping needs. Urbanrise presents the true Independence by providing everything at the doorstep with Codename Independence Day, i.e. apartments with convenience.

Not only the affordable EMIs & plethora of amenities makes the project special but also its quality of construction turns the apartments into a prestigious project to buy in Chennai.

These apartments are constructed using the revolutionary MIVAN technology that stands as an example for durability & quality. Another advantage of MIVAN is its smooth finish and preventing the water seepage gives a damp-free living for lifetime.

“The best of all, is its price, starting from just 17.01 Lacs onwards.”

Urbanrise Codename Independence Day is built on an area covering 12.92 acres of land over 70% open space, awesome landscaping and 24*7 security makes this project a greenery filled secured gated community.

Codename Independence Day comes with easy accessibility and connectivity to IT Parks and Corporate hubs, Educational institutions, Hospitals, Bus stops, Proposed Metro Rail, Shopping Malls and Entertainment Hubs.

The project is popular for its location as it is being  developed at Padur right next to Chettinad Health City and is just 4 KM away from Siruseri SIPCOT, Asia’s largest IT Park and other IT Hubs like TCS, CTS, Polaris, and ETA Tech Park are close by.

Some of the best educational institutes like Chettinad Medical Institute, Hindustan University, Anand Institute, SSN College, and Dr. Ambedkar College are situated within 2 to 15 mins from the project. On the health front , Chettinad Health City, Life Line hospital, Supreme hospital, Madhura hospital and Vision hospital are nearby.

On the whole, this project is a right mix of Awesome Location, International Quality Design & Construction, World-class Amenities, Vaastu Compliant and the Best Pricing.

Trusting a brand name matters in Real Estate

Buying your very own Home is a turning point for every family. It is a key procedure that requests a ton of research and examination. In any case, with regards to settling on the greatest monetary choice of your life, the land mark you want to invest assumes a gigantic part in deciding the accomplishment of your wander. Aside from it being a renowned undertaking, purchasing a property in view of the brand estimation of the developer offers you a large number of advantages worth considering. In big cities like Chennai, most of the builders hand over homes according to the estimated date. This can be considered as a major reason why people choose Reputed Builders when it comes on buying their home.

Faultless reputation:

A very much famous landmark gets its esteemed status just by the perfect reputation of top notch homes it is known for. Aside from choice development quality and world-class civilities, a marked engineer will likewise offer you with an assortment of tasks in various areas to take into account a wide range of clients. They likewise offer a plenty of choices in the sorts of activities accessible for home purchasers whether to buy extravagant villas and Luxurious apartments or something like affordable budget homes. The variety of decisions gave coupled the validity of the manufacturers gives you most extreme consumer loyalty and guaranteed rate of profitability. Reputed builders maintain their decorum when it comes to their business, which is the major success in their business.

Committed client benefit:

A rumoured land mark gives foremost significance to client benefit. An upbeat client base is the thing that influences an association to develop so a marked engineer is ensured to not disillusion. As a decent practice, you can examine a landmark by bantering with family and companions who have just invest into them. Also, there are a wealth of property survey sites which give you a nearer knowledge into the uprightness of a marked engineer and the reliability they are known for.

Imperative legitimate endorsements:

The greatest preferred standpoint offered by praised land engineers is the lawful confirmation they furnish with every one of their properties. You can invests into them with furthest certainty and enjoy bother free exchanges that advantage both the home purchaser and the property developer. Understood land brands will be authoritatively enrolled under the focal government and state specialists. They additionally truly comply with the Real Estate Regulatory Act (RERA) and ensure your property is legitimately evident before the handover. They additionally give most extreme clearness on the assessments and obligations payable while purchasing a home with due significance given to the effect of GST on the land area.

Stores of understanding:

A marked land advancement organization is known for the times of understanding and learning they have in the business. They are the innovators who have made a benchmark in the matter of development. Besides, these land brands investigate every possibility to satisfy the notoriety they have worked over the previous decades. From property advancement displays to print and computerized publicizing, their believability is exhibited in each stage making investing into them the best choice to make.

Opportune handover:

The greatest test most land developers confront is the considerable assignment of giving over the property to home purchasers on time. Convenient hand exaggerates an essential part in building the brand and notoriety of an organization. Investing into a marked property not just gives you security and fulfilment, it additionally ensures high development quality and open to living for yourself and your family.

About Us:

URBANRISE is a Real estate brand in south India which is emerging as the fast-growing developer in Chennai. Founded in 2017 by a visionary team of energetic Real Estate Industry experts, URBANRISE is a brand of South India’s acclaimed and financially strong Alliance Group. Urbanrise’s mission completely focuses on affordable homes for all class people. One of our primary visions is to provide homes for all class people and raise the percentage of home-owners, which in turn positively creates a rise in the economy of the city as well as for the Nation.

 

Alliance Group is a dynamic, vibrant and self-motivated real estate development firm where actions speak louder than words. Proven by the international standards, high degree of professionalism and the credibility, Alliance Group has infused in the real estate industry. With 3.5 Crores Sq. Ft. (35 Million Sq. Ft.) of projects worth Rs. 14,000 Crores under execution at different stages, Alliance Group stands as one of the best and Trusted Builders in Chennai.

Disclaimer

We are currently in the process of revising our website in accordance with the Real estate Regulation Act, 2016 and the rules made under RERA which has been brought into effect in India from the 1st May, 2017.

Until our website is duly revised and updated, none of the visuals and information contained herein marked as "artistic impression" are artistic impressions being indicative in nature, are for general information purposes only, and will not be deemed as any legal agreement between Urbanrise and its customers. The visuals contained marked as "generic image" and other visuals /image /photographs are general images and do not have any correlation with the project.

The imagery used on the website may not represent actual or may be indicative of style only. Photographs of interiors, surrounding views and location may not represent actual or may have been digitally enhanced or altered. These photographs may not represent actual or may be indicative only. Computer generated images; walkthroughs and render images are the artist's impression and are an indicative of the actual designs.

No information given on this Website creates a warranty or expands the scope of any warranty that cannot be disclaimed under the applicable laws. The information on this website is presented as general information and no representation or warranty is expressly or impliedly given as to its accuracy. Any interested party should verify all the information including designs, plans, specifications, facilities, features, payment schedules, terms of sales etc. independently with the Company prior to concluding any decision for buying in any of the projects.

While enough care is taken by the Company to ensure that information in the website is up to date, accurate and correct, the readers/ users are requested to make an independent enquiry with the Company before relying upon the same. Nothing on the website should be misconstrued as advertising, marketing, booking, selling or an offer for sale or invitation to purchase a unit in any project by the Company. The Company is not responsible for the consequences of any action taken by the viewer relying on such material/ information on this website without independently verifying with the Company.

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