Real Estate Listings

Archive for April, 2011

Properties In Dubai Flying Fast

Investors all over the world consider Dubai to be one of the safest places to invest in. Dubai’s economic growth has caught the attention of investors from all over the world. The number of projects and developments that have taken place in Dubai is making it easier for foreign nationals to invest in Dubai. One of the main reasons for this unprecedented development is the changes in laws pertaining to holding of freehold property by foreign nationals. In May 2002 the crown price issued a decree giving rights to foreigners to own freehold property.

Dubai has often been called the land of opportunities and has an unblemished track record of infrastructure and industrial growth. Dubai holds a record for carrying out the maximum number of largescale projects every year making it the one of the largest players in the real estate sector. The taxfree shipping port is an added advantage for overseas investors to invest in the Dubai’s property market.

More than 900 million has been invested into the real estate market of Dubai. Some of these projects have been completed where as others are in the development stage. What makes Dubai stand out is that buyers can choose properties depending on the budget they have. You can choose to invest in a towering building buy a lavish villa or own an exotic island. You name the property that you want to buy and you will find it in Dubai. No wonder celebrities like David Beckham Michael Jackson and Rod Stewart have all bought properties in Dubai.

Expensive properties are not the only properties in Dubai flying fast. Today the local population of Dubai prefers owning a property rather than pay high rent to a landlord. There are many builders that have built single bedroom flats to cater to the requirements of the local population. These flats are not expensive and can be easily bought by the working class person. The real estate boom in Dubai has not only benefited the investors but also the real estate agents and brokers in Dubai. With business flourishing their earnings has increased manifold.

Even though the mortgage market of Dubai is not fully developed there are other schemes available to provide financial aid to people investing in the property market of Dubai. These schemes have made it easier for people intending to buy properties in Dubai. Payments for property bought can be made in installments which make it easier for people with minimal finances to buy properties. Easy finance availability is another important reason why properties in Dubai are flying fast.

People who have invested in the real estate market of Dubai are seeing their investments grow in leaps and bounds. People can get high returns on investments made in the real estate sector either by selling properties or by renting them out. In both cases high returns on investment can be expected. High returns is an important reason why many people are building luxury homes in Dubai.

Rent in Dubai is also on the rise which enables you to get high returns on the property without having to sell it. So be a part of this property boom and don’t delay the purchase of your ideal property. With the property market booming you could regret delaying your decision.

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Pre-qualify Before You Buy

When a bank or a financial institution gives you a commitment for loan approval it is termed as getting prequalification for loan. Loan prequalification puts you in a better position to get a loan approval.

What is included in Loan Prequalification?

When you decide to go in for prequalification you should be aware about it features. Here is a look at what these are:

Loan prequalification is basically an oral commitment from the lender to you for loan approval.

Assurance given by lender is based a rough check of your financial papers. No verification is done into your actual financial situation at this point

Prequalification happens before you have applied for a loan

You can apply for loan prequalification not just by going in person to the lender but also through phone and internet.

Benefits in Loan Prequalification

There are many advantages in prequalifying for a loan. You get an oral commitment from the bank which can help you to get the actual loan approval faster. There is not much paperwork involved in this application. You dont have to pay anything to prequalify.

Points to keep in mind before going for a prequalify

When you go in for loan prequalification you have to be prepared on certain points. Though a lender will be fine with giving you a large loan amount you must be financially strong to replay the amount. Find out what is the monthly instalment on loan with interest for the loan type you wish to take. You also need to make yourself aware of others sources of expenses such as loan processing charges closing costs commission to real estate agent and so on.

Information to prequalify

When you decide to prequalify you need to provide certain types of information to the lender. Here is a look at what they are:

• The amount of money you get by way of income which can be on a daily monthly or yearly basis. This is important as the lender will want to know how much of disposable income you have with you after you have complete paying your debts.
• The yearly tax expenditure information must be kept ready.
• Information on your employment history till present is important. You need to get ready information on employment period with the companies that you have worked with so far.
• You need to get ready details about the assets that you own such as your vehicle or perhaps some land investment that you have made.
• You credit report is very important as it shows you ability to repay a loan. So you have to have this ready.
• Details of your monthly expenditures is important fro the lender to determine your financial security and ability to repay the loan.
• Mention the addresses of the places where you stay and also where you have lived for the past three years to show you stability in applying for a loan.
• In case you had undergone a bankruptcy or foreclosure problem earlier your lender will want to know about it.
• Your current bank balance in various bank accounts.

Disadvantages of PreQualifying

There are some drawbacks in prequalifying for a loan and as someone opting for loan prequalification you should be aware of them.

The amount of money for which you get a prequalification may not be correct as the lender only skims your financial papers. You may need more than what you have prequalified for and this means when you actually apply you should be prepared to pay a higher monthly loan repayments. Prequalifying for a loan does not guarantee that you will get the loan. It is only an oral commitment from the lender.

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Outer Ring Road Building Investment Inroads In Bangalore

Owing to the development of Outer Ring Road ORR Bangalore has witnessed a rise of around 3540 per cent in the plot values along ORR. Areas such as Sarjapur Road Kanakpura Road and Bannerghatta Road are the new hubs of real estate development. Demand for prime residential and commercial properties has increased in the last two quarter and to cater the same real estate developers are moving towards the outskirts of Bangalore.

The proposed 21.56 km Airport Expressway is further leading to ORR development. In addition to providing better connectivity within the city it will also create business opportunities for many in the vicinity. Considering this the developers are using the available space on the ORR for commercial and residential real estate developments.

Increasing connectivity of ORR has further open channels for development in social infrastructure such as schools colleges hospitals and this will further appreciate Bangalore commercial and residential real estate values.

The real estate capital values at Sarjapur outer ring road increased from Rs 2500 per sq ft to Rs 4800 per sq ft in the last two quarter and industry experts expect it to grow more in future. Because of the availability of space for lifestyle projects and the increasing connectivity ORR is the most preferred location for premium housing projects and Bangalore.

Besides Bangalore Development Authority BDA is also taking some significant steps to develop ORR. It is constructing a 60 meter underpass project at ORR and Ramamurthynagar and a 530.35 meter four line underpass at Magadi RoadChord road.

BDA is also executing ORR work between Mysore RoadMagadi Road for a length of 5.7 Km at a cost of Rs 92 crores. With all these developments underway ORR is unlocking new growth paths for the already booming Bangalore Real Estate market.

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