The Rise of Rental Fraud

Tenants Are Conned into Paying Upfront

Rental fraud is a common occurrence and happens when prospective tenants are conned into paying a fee upfront to the landlord to rent a property.

Often the property will not even exist. Occasionally, it will have been already rented out to someone else. Unfortunately, the customer then loses the fee he or she has paid, and that person will also miss out on the dream property they had their hearts set on.

Conmen will often suck their victim or victims into the scam via online advertising. The adverts will appear genuine because realistic photos are used to illustrate the property on the website. Sometimes the victim will indeed visit the property to view in person, but most times the payment is handed over without prior viewing, which is a foolish move.

According to the UK’s national centre for fraud and online crime, Action Fraud in 429 cases prospective buyers reported losing £5,000 or more.

And between April 1 2014 and 31 March this year, a total of 18,645 rental fraud reports were made to Action Fraud, with victims losing almost £2,000 each.

The organisation sees a rise in reporting levels during July and August. This peak is generally due to prospective buyers looking for holiday accommodation. Alarmingly, holiday fraud accounts for around 27 per cent of all rental fraud reports during this period.

University Students Are Frequently Targeted

And once the new semester at university begins, conmen will make college students and undergraduates their targets. Fake lettings are renowned for springing up around this time, with the conmen cruelly taking advantage of the large number of young people desperate for housing.

There is plenty of Property Inventory Software on the market such as https://inventorybase.co.uk/. This is a data-gathering tool that enables renters to create property reports easily on their iPhone, Android or iPad. The app will then convert the data into a document that can be digitally signed by the tenant on-site.

Generally, there is a lot of advice online for prospective tenants. It’s important to be aware of the standard advice – never feel pressurised into signing and always do your homework by verifying references. It is also a good idea to check reviews. Most importantly, if it looks and sounds too good to be true, then it probably is.

Apply home loan online in India

There has been a high increase in the number of people buying homes in India. Buying a home is a desire for many people across the world. It is also one of the biggest purchases that a person can ever make. But due to financial hurdles, a number of people become unable to bring this desire into reality. But, do you know that you can buy a home even when you do not have much money in your bank account? Yes, there are many lending institutions in India that you can use to get a home loan.

The high increase in the number of people going for home loans in India has triggered a drastic increase in the number of lenders. This has become a challenge when it comes to spotting the best lender in the industry. It is therefore very important to take your time to do a little research before deciding on any. When you are equipped with the right piece of information you can hardly make a wrong choice.

One of the best methods that you can use to decide on the best is by reading the reviews of a particular lender to see what his previous clients are saying. This will help you know about the lender based on the experience that the previous customers had with the lender. Another equally effective method is involving an expert in your search.

The growth in the home lending industry in India has made the services to be readily available to the clients. The lending companies have now taken their services online. You can now apply home loan online; right from the comfort of your home. All you will be required to do is log on to the website of the lender and read through the requirements of the company and fill the online form on their website.

The good thing about applying for a home loan online is that the clients go through a simple process unlike when doing it at the lenders’ office or on hard copies. It is a process that will help the loan applicant save a significant amount of his/her time and money. Here are some of the factors that you should put into consideration before you apply home loan online in India.

EMI

It is very important to know the equated monthly installments that you will be required to pay by the lender. This will give you a good structure for your home loan as well as help you decide on the best repayment plan. Seek professionals for home calculation to learn more about the interest that you will be required to pay.

Extra charges

Are there any extra charges that you will incur? With the stiff competition of home loan providers in India, it is easy to be persuaded into applying for a loan without full information. Take you time to consult with the customer care of the lender to get all the details of the loan.

Check your credit score

To know your credit score, you can check with the Credit Information Bureau (India) Limited (CIBIL). The points are given based on the applicant’s credit bill payment, loan repayment, existing loans, bank account statement among other factors.

How Can One Get More Returns while Investing in Upcoming Projects?

If you are an end user interested in property investment, would you opt for any builder if same/similar offerings are being provided by a known name? The answer would be a resounding ‘No’.

Until a few years ago, the best known names in the residential property business were not offering homes which were economical and liveable at the same time. The norm was that the higher the property cost, the greater are the amenities. However with the recession in the real estate market has changed those dynamics. Builders are now ready to focus on the demands of the end users and the trend of affordable homes has emerged successfully. Tata Value Homes has successfully launched its maiden projects in this category. Now the parent company Tata Housing has launched numerous projects to meet the demands from buyers from all walks of life.

What Pitfalls to Avoid in Affordable Homes?

End users have demanded affordable homes from builders. Everywhere in the prime territories, builders are investing in the development of affordable properties. However there is a distinct possibility that a lot of them may have mistaken affordable housing for cheap accommodations. This means that many would try and cut costs. The end result may be a sub standard property. This is the reason why many investors may remain apprehensive of all new offerings in the affordable section and otherwise.

However this is where one would benefit from investing in Tata Homes. Tata Housing has launched numerous affordable housing projects via the subsidiary company called Tata Value Homes. The parent company has also launched a couple of standard housing projects in Bhiwandi and Bhubaneshwar. There are luxury homes launched in Mumbai and Gurgaon.

The prime benefit that an investor would have with Tata Housing is that of the Tata brand. It would be hard to find a person who would not be aware of the brand. The umbrella group has marked its presence in all industrial sectors ranging from media to technology to automobile to power. There is virtually no business sector that has remained untouched. The century old brand is synonymous with reliability and honesty. Not a lot of people may be aware of the latter, but Tata Group is known for its ethical working. The company has been known to pull out of deals where there were the slightest of doubts about the legitimacy of transactions. Therefore if Tata Ariana has been launched in Bhubaneshwar, there has been a sustainable business idea behind the launch.

This brand value goes a long way to benefit investors. One can expect good quality homes to be delivered from the group and chances are god that they will. Tata Housing as well as Tata Value Homes have the experience in construction, the right kind of capital backing and a reputation to live up to.

The Tata Home Buying Week

For a period of a week, the Tata group is offering exclusive deals on the purchase of Tata homes. The company has once again collaborated with housing.com. This is the second time since the first launch in November 2014. The buyers would win an iPad Air with every purchase. They would also get to enjoy an interest rate as low as 7.99% for the first five years of repayment.

In Conclusion

Whether one invests in Tata Santorini for Spanish style homes or the magnanimous offerings of Tata Primanti, the deals are applicable for all purchases on housing.com.

Should You Apply For Pre-Approved Home Loan?

The increasing property prices across India and the desire for better living have meant that there are hardly any working individuals who can afford to buy an apartment without opting for a home loan.Taking a loan for buying a flat is after all not such a bad proposition as you get dual benefit of tax advantage and at the same time do not have to utilize your entire lifetime savings in getting a shelter for yourself.As per the guidelines issued by Reserve Bank of India (RBI), the loan to value ratio (LTV) for home loans of up to 20 lakhs is 90 percent, for home loans from 20 to 75 lakhs is 80 percent, while LTV for housing loans above 75 lakhs is set at 75 percent,proving to be a great help in your home buying process. The only dilemma that you face as a home buyer is whether you should opt for pre-approved home loan or applyfor it once you have your apartment finalized. Opting for a pre-approved home loan is a much better option and it has more advantages than drawbacks. However, all pros and cons related to pre-sanctioned loans should be carefully scrutinized before opting for it.

Advantages of pre-approved home loan

Allows you to plan your finances better

One of the important benefits of these loans is that you get to know your home loan eligibility in advance and can plan your finances better. In case your loan eligibility is lesser than your requirement, you can always add a co-applicant to increase your eligibility.However, it is important to note that all co-applicants should be co-owner of the property. The process of applying for these loans is also easy and most banks and financial institutions enable you to apply home loan online. Once the online application is done, their representative will come to your home to collect the required documents in order to analyze your credit worthiness. The list of documents differs on the basis of your employment, and mandatory documents required to be submitted for salaried individuals are different from self-employed and business owners.

Prevents you from unpleasant surprises

The other reason why pre-approved loans are so important is because they prevent you from getting aftershocks and unpleasant surprises. There is no fear of deal falling through as you already know your loan capability, the equated monthly installments (EMIs) to be paid and the down payment amount that you have to arrange for. You can search your property on the basis of your financial abilities. This goes a long way in expediting your home search process and makes the entire transaction easy, smooth and hassle-free.

Disadvantages of pre-approved home loan

Processing fees is generally non refundable

This could be termed as one potential drawback for pre-sanctioned home loan. However, it must be noted that the processing fees even though non-refundable is a minuscule amount. In addition to this, there are many banks that increase the validity of the pre-approved loan by few months to enable you to purchaseyour home. Also, not all banks charge the processing fee for pre-approved home loan.

Interest rates do not change

The other disadvantage with these loans is that the interest rates are fixed at the time of approval and do not be change if they fall when the loan is actually disbursed. This should not be an issue if you have opted for a floating rate home loan as the interest rates can be adjusted once the amount is released by the bank. http://cash-enavi.com/should-you-apply-for-pre-approved-home-loan/ http://cash-enavi.com/should-you-apply-for-pre-approved-home-loan/ http://cash-enavi.com/should-you-apply-for-pre-approved-home-loan/Also, in India the interest rates are not often changed by RBI in a hurry. So they neither fall norincrease within months and there is anappropriate method that is followed to give the retail customers enough head room to adjust to changing rates.

Conclusion – The pre-approved home loan come loaded with several discounts and benefits and play a key role in making your home buying experience pleasant and satisfying. Like any financial product, they too have their set of drawbacks.However, none of these would pose any major challenge to you and can be easily overcome. It is thus advisable to opt for pre-approved home loan to expedite your property transaction.