Construction
Home Maintenance
Interior Design
Renovation

It’s that time of year again. People are in a festive mood and the time for celebrations is upon us. This is also a time that is looked at as a fresh start or in the case of 2020 a fresh re-start.

No doubt your dream home construction plans were abruptly halted this year. But the market is optimistic and the forecast looks clear so why delay anymore? Housejoy has created a range of exclusive offers for all your residential house construction and renovation needs this Diwali. From brick to roof, we have you completely covered and a little bit pampered. 

Want to start construction of your new house but still haven’t started? Waiting because you haven’t found a trusted builder? Well, try the best construction company for you!

At Housejoy, we have exclusive home construction offers tailored for this very scenario.

Home Construction: 

Under this scheme, there is no immediate payment required to start building your dream home. Once your project is finalized we will commence the construction process. Only after the footing is completed do you need to pay. You get to see our speed and expertise before you even pay us a penny.  We’re not limited to just construction offers. If this scheme is picked then you also get furnishings worth Rs. 2,00,000 to help make your house a home.

It’s quite literally raining gold as well! 10gms worths of gold plus plush interiors worth Rs.50000 and more offers are

 

Floor Addition/ Renovation:

Sometimes you don’t want to shift out of your current home but wish it would be bigger. That’s completely possible with a floor addition. But the problem with floor addition is the additional expense that sometimes becomes exorbitant. For a very limited time, Housejoy is offering a Floor Addition/Renovation plan that takes off Rs.100 per sq. ft. You’ll thank us when you see how much this reduces your total cost. No matter the size of the floor plan, you enjoy a discount of Rs.100 per sq. ft.  But if that wasn’t extravagant enough, we’re also adding Rs. 50,000 worth of furnishings! It’s time to expand your base of operations.

 

Interiors:

Being the festive season, it is common to want to touch-up your home interiors. But in 2020 the demand for interior modifications and changes has been at an all-time high. No doubt this is due to the fact that your home is now also your office, restaurant, pub, and resort. We at Housejoy have always offered very competitive pricing for Interior work but because this year has been hard enough already, we figured you could use a little more help. Enjoy FLAT 15% off on the total value of any project. You heard it right! No matter the size of the project, no matter the duration or any additional issues. You get a clean 15% discount on the final total value. No additional terms or conditions applied.

Waiting on these offers wouldn’t be the best idea as time is running out fast. So why wait for the festive season to run out? Call us now to book a service!

Technology seems to be the need of the hour in combating a lot of factors that were out of our control a decade ago. There really was no way to watch over your house when you weren’t ‘at the house’. But, now security systems have changed our perception of home security, here are a few reasons why:

Installing the system is no rocket science

The idea of a fully digitalized security system for your home may sound like it’s going to be an expensive affair. However, the reality is that smart home security systems come at competitive prices as a result of their increasing demand. The cost of a home security system today is cheaper than buying a new fridge. The installation is even simpler with some model, sometimes omitting the necessity of an electrician to install. As an added bonus, most security systems come with app controls, this not only helps you with the installation process but also with the maintenance and customer support options. 

 

Burglars beware!

A smart home security system will generally detect a burglar before they even have a chance to cross the front door. Many home security sensors come with in-built alarms that trigger if they detect any form of movement in a specific area. Furthermore, it’s hard to miss a camera that’s aimed at your front door. Burglars are aware of this which is why homes with security systems generally have a lower number of burglaries than homes that don’t.  This makes home security systems effective against crime.  

 

Insurance is IN.

Insurance is a must. If you’re insured against theft, then the value of said items can be reclaimed from the insurance companies, luckily. However, the insurance agency will set up their own investigation process as many people just hide their goods and report them as stolen to get some extra money. Although this process is strenuous and takes a large amount of time to get your claim verified, what the CCTV cameras capture help you with insurance claims and police investigation.  

 

Home automation is the future

Smoke detection sensors, motion sensors, baby monitors, trip sensors, and heat sensors have made it almost impossible for an intrusion to go undetected. Furthermore, each and every component of your security system can be accessed, controlled, and monitored from your phone. Smart, right?

 

Take a good look at your smart home!

A smart home that has a security system, will include, cameras, fire detectors, sensors, and digital locks. For smart homes with elderly people and infants, this is a blessing. There are uncountable cases where the caretaker you hired for elderly family members are abusive and untrustworthy or the number of baby sitters that mistreat your child. A home security system means you can monitor your family members at any time and even look into potential problems that your hired help may be causing. These systems provide a feed to your phone so as long as you have an internet connection, you can check out your home and its safety from anywhere in the world. 

We’re always finding ways to create better homes, smarter homes, faster. Get in touch with one of your experts and construct your dream home, your way

There is no debating the adverse effects of the 2020 Global Pandemic on the economy. Multiple companies have shut down and others have had to drastically reduce their overheads while few have had to lay off multitudes of workers. On the other hand, people who have kept their jobs have found themselves with a decent chunk of disposable income owing to not having many avenues to spend during the pandemic. There is no travel, offices have encouraged work-from-home policies, and restaurants and pubs, though open, are still not seeing the same attendance they once used to.

 Yes, the national debt is at an all-time high due to the unprecedented number of layoffs and lack of opportunities but the ones who have maintained their income are looking to invest rather than let the money stagnate in their accounts. A study was conducted by 99acres to gauge the average person’s view of safe investments. It revealed that 31% of people still looked at real estate as the safest form of investment followed by fixed deposits at 24%, gold at 23%, and the stock market at 20%. Remember that these studies are conducted based on surveys taken from both common laymen and industry experts.

There is no particular reason that a simple survey should give conclusive answers to such a large financial decision. However, when one looks further into the real estate market of 2020 some more factors come into play. Let’s keep focusing on the buyer for now. In a survey conducted by ANAROCK, 42% of people who were planning to own a house in January 2020 have abandoned those plans in the wake of the Covid19 pandemic. This is understandable as the uncertainty of the market, as well as job security, may have affected the decisions of the 42%. But what of the 60%? For some reason, the majority of people are still looking to go ahead with their plans for homeownership.

Consumer behavior is a term that almost anyone and everyone in the construction will be well versed with. It is the one thing that offers a bird’s eye view of the real estate market potential. Simply put, buyer sentiment is a measurement of the average desire for purchasing or owning a specific item. This is recorded with an incredibly large amount of data and conducted surveys. It should go without saying that buyer sentiment in the real estate market around the world is worse than it has ever been. A survey done by NAREDCO (National Real Estate Development Council) in association with FICCI and the consultancy Frank Knight showed that users were happy to go ahead with their house construction in Oct-Dec 2019 but that sentiment fell by almost 30% in the first three months of 2020. This was a historic low for the survey. Furthermore, the stock market has expectedly not given favourable returns this year crushing any willingness to take up any risky investment no matter how small the risk. 

Where then is the silver lining?  

Let’s come back to the 60% that still intend to go forward with their intentions of owning a home. First, let’s understand that 60% is a majority of people surveyed. This means that the majority of people in the market for a home think it’s a good time to go ahead. Were the people in this number specifically of a certain income bracket then the same would have been mentioned rather HIGHLIGHTED in the report. However, there is no indication of the same which means that this 60% is not necessarily loaded with disposable income. Yet, the majority of the Indian real estate buyers are still moving towards their investment. Chairman of ANAROCK Anuj Puri said-” It is not a very good time for those who want to buy homes for the sake of investment. Prices are unlikely to rise in the short-to-mid-term and rental yields remain unattractively low at 2.5% to 3%.”

While rental numbers are expected to rise come 2021, the takeaway here is that a large number of people in that 60% are people who wish to own a home to live in, not rent it out. The pandemic has shown a large populace that renting is anything but a viable option during a crisis. This would also explain the sudden surge of millennials switching from renting to owning as their generation was the worst hit during this pandemic. People have suddenly realized the disadvantage of having accommodation that is directly dependent on monthly income. A large number of landlords have even been contacted by their tenants inquiring into purchasing the property they are currently occupying. 

But the biggest reason for this optimism in real estate and construction industry is coming from the primary regulator of this market. — the government and reserve banks.

The central government recently passed a waiver over compounding interest that was payable by borrowers who had opted for a moratorium on their loan equated monthly installments between March 1, 2020, and August 30, 2020. The central government had also filed an affidavit seeking a waiver of interest on loans up to Rs. 2 crores albeit for a select category of borrowers that had a CIBIL score over 750.

The cherry on the icing, however, is the interest rates of banks for the people who aren’t eligible for a waiver. As mentioned in our previous blog, real estate loans are looking at interest rates that have never been lower. With the RBI’s knack for reducing repo rates in the past, home loan interest rates have plummeted. With an all-time low in interest rates, monthly installments have slashed and become more approachable to borrowers. The 60% of still-interested buyers are aware of this. Coupled with the fallen bargaining power of real estate developers and builders, there really isn’t a better time to buy a house. 

Owning a home or building one is a large investment and should involve a stringent amount of thought and deliberation. Luckily at Housejoy, we do the thinking for you when it comes to constructing your dream home

Still unsure? Call us now to schedule a meeting with our in-house experts.

construction

If there’s one thing you’ll notice about most housing firms, it’s the stunningly beautiful homes they showcase in their brochures and advertising. The large windows, the countertop kitchens, and the spacious bedrooms overlooking what seems to be a Windows XP wallpaper could convince anyone to start bucking up on their plans to get their own home. But if you think practically then a few issues come to light. A kitchen that big fits great in a 4000 sq ft house but in anything smaller and you end up with a kitchen larger than your living room. Large windows may not be a great idea for a west-facing room as it might end up turning that room into an oven. Even a spacious bedroom looks smaller when you’re standing in the middle of it because you’re an average Joe, not a photographer who understands perspective.  

At Housejoy we strongly believe in the phrase ‘Seeing is Believing’. Sure, we could showcase some lovely homes to reel you in and then let our high-quality services do the rest, but we wanted to go a step further. When it comes to building your own dream house, we need YOU – the customer, to have complete clarity on every single component of your residential home construction. From the materials used to lay your foundation to the lighting fixtures, we want you to be completely certain about every decision you take. At Housejoy, we feel that the best homes are built when both the customer AND the builder work together on YOUR unique vision. 

Welcome to our newly built Construction and Interiors Experience Center

 

The Kitchen 

Need to get a feel of your future kitchen? Try standing in it! From teak cabinets to hub top stoves, we have unfolded your imagination. 

 

The Living Room

Sometimes you visualize your TV room in your head but not this time! Figure out seating and lighting options that you desire by sitting in our TV room and trying out the lighting.

 

The Decor

No more staged photos! Experience our living rooms and you might even fall in love with our décor choices.

 

The Bedroom

From bedroom to bathroom, you’ll have a strong grasp of our capabilities and your preferences. An unbeatable team for your budget home construction. 

 

The Building Materials

We understand that interiors are only a part of your dream home construction. What keeps those interiors safe and secure from the outside elements are the materials that are used in creating the walls, floors, ceilings, and roofs. Of course, not anyone would want to keep gravel and bricks on display. Luckily we’re not just anyone! 

 

The Process

We take you through the entire process of construction step by step. How? you ask, well, visually of course! We’ve constructed the various stages of construction so that you have the freedom to understand each stage individually.

 

Come and take a tour of India’s first-ever Construction & Experience Center today to better understand the home construction process and we’ll help simplify the process of building your home.

Visit our experience centre: 

L-371 5th Main Road,

Opposite Liss Arcade

Sector 6, HSR Layout

Bengaluru -560102

 

 

2020 has no doubt been the year where you have spent the most amount of time at home. For those of us who have a balcony, we can safely say that that’s where they’ve spent most of their time.  For being such a trooper and doing your part, we’ve decided to help you improve your spot because everyone deserves a break worthy of the work they put in.

 

Furniture on Double Duty

While you may feel that small balconies have little more to offer than a view, you simply haven’t been thinking with multi-purpose furniture. Double-duty furniture like a storage box that converts into a seat or a foldable shelf. Better still is accordion furniture. As the name suggests, accordion furniture can be stretched like an accordion to accommodate seating for more people. This type of furniture is deceptively sturdy and can be molded to fit anywhere between 2-8 people. Pallet furniture is also a good idea for small balconies as they can be reshaped and modified to custom fit your balcony.

 

Lighten up with Light Scale barriers

There are times when you end up with a sizeable balcony to sit and relax in but you still avoid it! This is mostly because a large balcony means nothing if you can’t enjoy the view. Noisy streets and shopping complexes that are bang opposite your apartment make it difficult to enjoy your extended space. The solution for this is a light-scale barrier. It is not very difficult to cover up your balcony and make a whole new room out of it. Glass is generally not recommended as it tends to increase the heat within that space (yes even sun-ban reflective glass won’t help). The best options are light wooden grids or blinds/curtains. Grids made of light wood material are not very expensive and look classy but they are not a temporary fixture that can be removed and placed back easily. Chick blinds or zebra blinds not only isolate your home from the outside environment but they can also be raised and lowered like moving a curtain.

 

Light Done Right

Even if you are able to block the outside noise, there’s no pleasure to be had from a balcony covered in darkness. While most modern balconies come equipped with an overhead light, these are often utility-based. Standing lamps are impractical for both large and small balconies so hanging lamps are generally the way to go. Another option is string lights which can be manipulated and customized to your preferences. String lights also take up the least amount of space so they’re generally the go-to for small apartments. Chinese lanterns while looking beautiful are not the best idea if your balcony is open and without a screen. These types of lanterns get dirty very easily and not to mention a single thunderstorm could completely destroy them. When considering lighting be sure to observe the environment and space before installation.

 

Plant Ahead

Plants are seemingly one of the easiest ways to spruce up your balcony but they can also be one of the most high-maintenance additions as well. If you choose the wrong type of plant, you might end up killing it. Choose plants that thrive under a lot of sunlight as opposed to plants that might dry up. On the other hand, if your balcony tends to get only 3-4 hours of direct sunlight, it may be a good idea to place indoor plants instead of outdoor ones. More than the plants, it’s the confusion of placing them efficiently.  Hanging pots are generally the go-to for small balconies but in some structures, they might end up obstructing your view. A planter wall takes up no additional space and can accommodate a large number of hanging pots. Faux plants are another option for people who cannot find the time to maintain real plants. A sheet of faux grass can also make for a good floor seater.

 

Leave your Guests Floored

99% of all balcony floors are made up of concrete with zero pattern design or colour. These empty floors tend to give a drab effect to your balcony even if you have explored other décor options. Yes, painting the floor is an option but it is also expensive to implement, modify, or remove. As mentioned previously faux grass carpets work really well both for seating and décor purposes. Another option that has only recently come to India are deck tiles. Deck tiles are pieces of wooden furniture that can be easily placed on any hard surface and can completely change the look of any area. The tiles interlock similar to a jigsaw puzzle so they are quite easy to place but the best thing about these tiles is that they are just as easy to remove. 

Get the look you’ve wanted for your balcony with these simple hacks. Too relaxed to DIY? Then call in the experts and let them give your balcony an insta-worthy makeover.

Initially in India, the concept of gated communities and housing societies was experienced only by people working in the government sector or the armed forces. Over the past two decades, the demand for exclusive housing communities for the affluent is on the rise. This is mainly due to the multiple benefits they claim to provide. However, a housing society may not be the best arrangement if you intend to move into your own house. Here are a few reasons why owning homes can prove to more beneficial in the future

 

Maintenance comes at a high cost

Remember that in a co-operative housing society, you are not living alone. You have your own independent house but that house is one of many.  It’s true, that it takes a small army to maintain a housing society because it does – cleaners, handymen, security guards, gardeners, and more, these people are paid based on the maintenance charges that are levied on every single house in the society. These maintenance charges not only include their salaries but also includes the upkeep of all facilities in the society. If you can’t swim, you still pay for the pool. If you don’t play sports, you still pay for the courts and equipment. And if you skip on these payments for any reason there are heavy fines and penalties that are levied on you which keep increasing until you pay up. 

 

Parking can cost you

Do you own multiple vehicles? Then gear up for a fight. Housing societies, as a rule, provide only one parking space per house. This is because unlike large scale apartment complexes, Housing societies provide parking spaces that are usually right in front of your house. Most modern housing complexes include a garage in the floor plan so you park your car in your house itself. This means that unlike apartment complexes, there is no extra space or vacant spots where someone could park a second vehicle or accommodate a visitor. Even some of the most luxurious housing societies require visitors to park their vehicles at the front gate.  If somehow another house has a parking spot that they’re not using, be prepared to pay very high fees to ‘rent’ that space.   

 

Committee Concerns

Housing associations are created with a very clear intention in mind. They are meant to oversee the maintenance and operations of the entire society. These associations are comprised of homeowners from within the society, so it is a logical structure to oversee the society’s operations. However, as most people who have lived in a housing society will tell you, that it does get a little challenging when dealing with associations. The only association that you need to think about when living in a house is probably with the next door friendly neighbour.

 

Secure with Security

Ask any person living in a housing society if they have ever been hounded by salesmen or vendors and they will most likely respond in the affirmative. You might wonder how this is possible since housing societies market themselves as secluded homes without these problems. The truth, security businesses provide the security guards. The vetting and verification process of these guards is anything but exhaustive plus you end up paying more for the same level of security simply because it’s a housing society. 

 

The Convenience Store Factor

The biggest selling point of a housing society apart from security is the convenience factor. Most housing societies have shopping complexes, gyms, parks, pools, and leisure centres within the society premises. Furthermore, the premises are kept clean by the maintenance staff.  However, there is one issue in the workings of most housing societies and that is proximity. In metropolitan cities, there is little to no chance of making a housing society in or even remotely near the heart of the city. Housing societies require a massive amount of open land, most townships and housing societies are located near the outskirts of the city or city-regions where there is little to no development. Places like malls, offices, and hospitals that are easily accessed by independent homeowners are too far for people living in housing societies. This becomes a bigger problem when you realize that public transport services are extremely sparse in areas with a very low population density.

Living in a housing society or owning your home, at the end of the day the convenience e of the homeowner will need to be considered. Construction of homes can be easier if the cost is made affordable, at Housejoy we ensure that the people with plots don’t have to wait long or save for years in order to begin constructing a home. Find out more about how you can start constructing your own home today.

construction

 

 

WFH culture continues to thrive as certain companies have begun sending over the required furniture to set up a professional workspace at home. These plans were not considered in your initial residential home construction so here are a few things to keep in mind while setting up your very own #WFHSpace

 

The Right FurnITure

When setting up a home office, it is natural to want the best in terms of your furniture. The temptation to make a workspace that doesn’t remind you of your office will be strong.  Opt for office chairs with strong lumbar support and if you’re a tall individual go for high-rise chairs. The same goes for your table. It doesn’t need to be large but it should accommodate your required work items with space to spare. You define your comfort, so keep experimenting until you find that sweet spot.

 

Let there be Natural Light

A common mistake done by most people who are setting up a home office is to sit under sharp and bright bulbs to keep them alert and awake. This is mostly done out of habit as offices in business parks tend to have a lack of natural lighting. Those neon bulbs can increase eye strain and even cause dull headaches over prolonged exposure. The smartest way to combat this is to set up or move your workspace to a region that is washed with natural light for most of the day time.  Natural light is proven to improve overall productivity and alertness in workers. The lack of natural light further increases feelings of confinement and can be an unpleasant experience for claustrophobes in the long run.

 

Add Some Colour To Your WFH Life

Colour can sometimes be overlooked, but it’s so much more important than you think. Just think about how much the sounds in your surroundings affect you. If your setup overlooks an ongoing construction or a busy road, your workday is probably not going great. This is because your auditory receptors are irritated. Similarly, your visual receptors can be subconsciously affected without you even realizing it. Just like lighting, the colours that surround your workspace need to be examined and decided thoroughly. While it may seem tempting to use cool and calming colours like turquoise or lilac, these will have a detrimental effect on a brain that’s supposed to be alert. Go for colours like purple or sharp yellow that invoke creativity. Conversely, you can also go for neutral colours like white or grey if bright colours aren’t your thing.

 

Make a Mesh of Things

Let’s face the facts. Your WiFi is THE most crucial component of WFH. It’s what keeps you connected to your office and without it, almost no work would get done. During this phase, you might want to invest in internet plans which offer higher speeds and more data, but it’s an exercise in futility if your workstation is poorly located. Believe it or not, your WiFi router sends signals in very specific directions in your home. If these signals are obstructed from reaching a specific device, the device will simply not connect even though your internet service is working just fine. What obstructs these signals? Concrete, brick, and metal. The very things that make up your walls could very well obstruct your WiFi and slow it down. To fix this, you can set up your workspace and router in close proximity of each other. Better yet would be to get a Mesh WiFi system which places additional receptors around your home to improve your WiFi signal.

 

That’s Your Spot

Every single aspect we’ve spoken about until now could be solved simply by efficiently planning the location of your workspace. From lighting to your WiFi access, you need to think at least more than once about where your home office would fit best within your house. It goes without saying that corridors and passageways are not a good idea at all even if you stay alone. Remember, your home office may be a newly added area but it should not be an obstruction.

Don’t place yourself in a corner just because you feel it saves space, it may keep your room more open but if you’re cramped where you work then the purpose of a comfortable workspace is lost. Speak to our experts when it comes to creating your WFH niche and get productive. Your boss will be pleased you did!

The cost of home construction will depend on many factors – the locality, materials, builders, etc. If you’re planning on constructing your home under a certain budget and have received quotes from various parties, this table will help you gain a clearer understanding of the stages involved and the cost incurred at these stage. Here’s a break-up of the approximate cost of home construction:

 

Foundation
Earthwork and Excavation (Labour) ₹ 24,024
Layering and Curing Concrete (Material + Labour) ₹ 24,120
Providing and constructing the SSM (Material + Labour) ₹ 57,390
Providing and laying Concrete ((Material + Labour for footing, column and plinth beam) ₹ 1,05,534
Total Foundation Cost  Rs 2,56,279

Steel Structure
Footing  (Material + Labour) ₹ 35,360
Column  (Material + Labour) ₹ 10,400
Plinth Beam  (Material + Labour) ₹ 13,000
Total Steel Structure Cost Rs 58,760

Roofing
Providing and laying Base (Material + Labour) ₹ 1,31,040
Column (Material + Labour) ₹ 73,069
Beam (Material + Labour) ₹ 72,345
Slab (Material + Labour) ₹ 24,137
Lintel (Material + Labour) ₹ 39,791
Chajja (Material + Labour) ₹ 45,864
Staircase (Material + Labour) ₹ 90,090
Granite Slab ₹ 32,760
Total Roofing Cost Rs 3,78,056

Super Structure
Column (Material + Labour) ₹ 85,280
Beam (Material + Labour) ₹ 1,27,920
Slab (Material + Labour) ₹ 1,70,560
Lintel (Material + Labour) ₹ 41,820
Chajja  (Material + Labour) ₹ 20,910
Staircase ₹ 1,27,920
Total Super Structure Cost Rs 5,74,410

Wall Construction
6inch Thick Cement Block (Material + Labour) ₹ 2,85,285
4 inch Thick Cement Block (Material + Labour) ₹ 1,31,040
Total Wall Construction Cost Rs 4,16,325

Flooring Cost
Material + Labour Rs 3,60,360

Wall Tiles
Kitchen (Material + Labour) ₹ 14,089
Washroom ₹ 65,739
Utility ₹ 15,562
Total Wall Tiles Cost Rs 95,390

Wood Work
Doors (Material + Labour) ₹ 4,29,975
Windows (Material + Labour) ₹ 9,00,900
Grills (Material + Labour) ₹ 1,29,675
Total Wood Work Cost Rs 14,60,550

Painting
Internal (Material + Labour) ₹ 2,29,320
External (Material + Labour) ₹ 81,627
Total Painting Cost Rs 3,10,947

Plastering
Ceiling (Material + Labour) ₹ 1,09,200
Internal Walls (Material + Labour) ₹ 2,73,000
External Walls (Material + Labour) ₹ 1,77,450
Total Plastering Cost ₹ 5,59,650

Electrical and Plumbing Work
Electrical ₹ 4,09,500
Plumbing ₹ 4,09,500
Total Cost of Plumbing and Electrical ₹ 8,19,000

 

Total Construction Cost ₹ 52,89,000

 

The actual cost of home construction may not be this clear, there are other statutory and legal charges that can be about 0.5% of the total property cost. Housejoy offers low budget home construction with trained professionals and the best in technology.

*The figures mentioned are an approximation and prices are subject to increase or decrease depending on various factors.

construction

Whether you prefer buying a pre-constructed house or build a home from the ground up, you are inevitably in for a high cost. A home construction loan is an option that can help many ascertain a life long dream.

 

Residential home construction is a large endeavour to manage and more than the construction process itself it is a large amount of documentation that can sometimes be overwhelming.

 

But don’t give up yet! You know what they say – “Where there is a will, there is a way!” And the way in our case is Home Construction Loans. These loans enable you to commence your dream home construction even if you don’t have save-up capital.

 

Now, it’s time to get to the important stuff – Eligibility, Interest Rates, Documents Required, and ‘How to Apply for it’.

 

Eligibility

For Salaried Professionals:

  • Age: must be a minimum age of 23 and should not exceed 60.
  • Income: Must have a minimum monthly income of Rs.25,000 in metro cities and Rs.20,000 in other cities.
  • Loan Amount: can avail a minimum of Rs.80,000 to a maximum of  90% of Home Value based on their eligibility.
  • City: Is eligible in 180 cities across India.
  • Co-Applicant: Not mandatory, but only immediate family members can be a co-applicant.
  • Employment: Must have at least 2 years of work experience and should have 6 months of experience in the present company.
  • CIBIL: Should have a CIBIL score between 650 to 749+

For Self Employed Professionals:

  • Income: Must have minimum monthly income of Rs.25000 (in some banks 10,000) per month and above.
  • Loan Amount: Can avail a minimum of Rs.1,00,000 to a maximum of  Rs.35,00,00,000 based on their eligibility.
  • City: Is eligible in 180 cities across India.
  • Co-Applicant: Not mandatory, but only immediate family members can be a co-applicant.
  • Employment: Should have at least 5 years of turnover before they can apply for the loan.
  • CIBIL: Should have a CIBIL score between 650 to 900

Well, that’s the eligibility criteria to apply for a home construction loan.

 

Interest Rates

Wondering how much interest you need to pay for a home construction loan? Well, it actually varies from bank to bank, but it generally falls between 8% to 19%. Allow us to shed some more light home construction loan interest rates*.

Axis Bank – 7.75% to 8.55%

Bajaj Finserv – 9.05% to 10.30%

Citibank – 7.50% to 8.25%

DHFL – 9.5% onwards

HDFC Bank – 6.95% to 8.20%

ICICI Bank – 6.95% to 8.05%

IDFC Bank – 7.oo%

Indiabulls – 8.99%

IndusInd Bank – 8.00%  to 16.00%

Kotak Mahindra Bank – 7.40% to 9.70%

LIC Housing – 6.90% onwards

PNB Housing Finance Ltd. – 8.85% to 9.95%

Punjab National Bank – 7.00% to 7.60%

Standard Chartered Bank – 8.86% to 9.19%

State Bank of India – 6.95% to 7.50%

Tata Capital – 8.50%

Reliance Home Finance Ltd. – 9.75% to 13.00%

Vastu Housing Finance Corporation Ltd. – 12.5% to 16.5%

*rates are subject to change.

For more information, you can contact the financial institution and ask for details.

 

Documents Required

Here is a checklist of the documents you need to present while taking a loan:

  • Passport Size Photographs
  • Identity Proof: Passport / Driving License / Voter ID / PAN Card / Aadhaar Card.
  • Address Proof: Driving License / Registered Rent Agreement / Electricity Bill (up to 3 months old) / Passport.
  • Employment Appointment Letter: Mandatory if the current employment experience is less than 1-year.
  • Financial Documents Required:
    – Last 3 months salary slips.
    – 6 months bank statement.

– 2 years Form 16.

  • Property Documents: Sale deed, Khata, transfer of ownership.
  • Advance Processing Cheque: A cancelled cheque for validation of bank account.
  • Financial Documents Required:
    – For Salaried Individual: 3 month salary slips, Form 16 and bank statement
    – For Self-Employed Individual: IT returns for the last 2 years along with computation of

income tax for past 2 years certified by a Chartered accountant

  • Complete Home Loan Application form duly filled.

 

How to Apply

 

This is the easiest part! All you have to do is maintain a folder with all the documents ready and then fill the form in the financial institution(offline/online) and you’re all set. It would take about 4-6 weeks to get the approval of your home construction loan based on your eligibility, credit score, and state you reside in for your home construction loan.

*Courtesy: Paisabazaar.com, Bajaj Finserve, Vastu HFC individual websites.

Now that your documents are ready, you can look forward to building your dream house. Housejoy offers low budget home construction services at an attractive price with top-notch quality. We have the best architects and engineers on board with us

construction

The time has come to move away from the old ways of construction. The whole process of searching for a contractor, getting used to missed deadlines and eventually compromising on quality is no more. With Housejoy you can expect completely transparency, the best materials, timely completion and no additional costs to your dream home construction. Here’s how it works when you choose Housejoy for your construction project:

 

Step 1: Finalizing of construction package by customer

 

 

There are fixed packages for construction . The packages differ based on materials, interiors, etc. Packages can be customized as well.

 

Step 2: Initial Booking and Advance

 

 

Once the package and rates have been decided, we create a booking agreement which will include the quotation. After approval, the booking advance payment will be made.

 

Step 3. Drawing and Design Discussion

 

 

You will discuss your plans and ideas with the architects and designers who will then draw up a plan. Our in-house team of designers will discuss and share multiple designs based on your suggestions. There are numerous plans that will be drawn up – like the site plan, the floor plan, cross section, elevation and more.

 

Step 4: Main Agreement Signed

 

The main agreement is made and signed by all parties. This agreement will have all the details and terms like timelines, materials, payment basis, laws, etc. Once you’ve signed the main agreement, your project is officially underway.

 

 

Step 5: Project Schedule Creation and Execution

 

 

A schedule will be created for the project. This will outline the entire process in a step-by-step manner and include all the work in store. It starts from the contracts, permits and documents needed to the site work, laying of foundation, carpentry, plumbing, electric, roofing, interiors, hardware, cleaning, walk-through and handover. Any delays in the schedule carry a penalty, this encourages the construction to stick to a specific timeline.

 

Step 6: Monthly Cash Flow Creation

 

 

A consolidated cash flow plan is created according to the project’s timeline and budget. You pay according to the requirements of the specific stage. The bills for the actual work done will be sent on a weekly basis. This will include material and labour cost.

 

Step 7: Progress Tracking and Audit

 

 

Our tech-driven platform enables you to track any phase of the project whenever you want, from wherever you are. Automated progress reports and payment flows will be updated on the app so you can track your progress with the simple tap of a finger. During the entire process, you will receive updates via Whatsapp and follow ups thrice a week. CCTV cameras will be installed on the site and you will have complete viewing access of the residential home construction in process.

 

Step 8: Project Completion and Handover

 

 

All projects will be completed on time and after a walk-through and final check, you will receive the keys to your dream home.

Not only is the process transparent and convenient, you’ll have the best team working on every aspect of your residential home construction to ensure completion on time with no unwanted surprises.

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