The primary concern of the HFC's in determining the loan eligibility is that you would be comfortably able to repay the amount you borrow. Your repayment capacity is determined by taking into consideration factors such as income, age, qualifications, number of dependants, spouse's income, assets, liabilities, stability and continuity of occupation and savings history.

You repay the loan in Equated Monthly Installments (EMI's) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement.

EMI or Equated Monthly Installments refers to the fixed sum of money that you will be paying to the housing finance company every month. The EMI comprises both interest and principal repayment. The size of the EMI depends on the quantum of loan, interest rate applicable and the term of the loan.

As you would have noticed, EMI tends to be higher when the tenure is short as the borrower has lesser time for the loan repayment. While EMI remains fixed, the outstanding amount keeps coming down as every EMI reduces the principal component of the loan amount. However when the interest rate goes up or comes down, banks have the choice of altering the EMI amount if the borrower does not wish to increase the tenure for loan repayment

The interest rates may vary from institutions to institutions and generally range from about 11% to around 14%. Essentially there are two types, the first one being the fixed rate of interest, which means that the interest rates remain unchanged for the entire duration the loan. This basically means that you do not benefit, even if the rates of interest drop in the market.

The second one is the Floating rate of interest is the one that fluctuates according to the market lending rate.

Salaried Customers Self-Employed Professional Self-Employed Businessman Application form with photograph Application form with photograph Application form with photograph Identity and Residence Proof Identity + Residence Proof Identity and Residence Proof Latest Salary-slip Educational Qualifications Certificate and Proof of business existence Educational Qualifications Certificate and Proof of business existence. Form 16 Last 3 years Income Tax returns (self and business) Business profile. Last 6 months bank statements Last 3 years Profit /Loss and Balance Sheet Last 3 years Income Tax returns (self and business). Last 3 years Profit /Loss and Balance Sheet. Processing fee cheque Last 6 months bank statements Last 6 months bank statements(self and business). Processing fee cheque Processing fee cheque

Yes. Resident Indians are eligible for certain tax benefits on principal and interest components of a loan under the Income Tax Act, 1961. Interest repayment of Rs. 1, 50,000 p.a. can get you a tax saving upto about Rs. 50,490 p.a. Moreover, you can get added tax benefits under Sec 80 C on repayment of principal amount upto Rs. 1, 00,000 p.a. that can further reduce your tax liability by about Rs. 33,660 p.a.

Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds (a clear and marketable title). Some lenders may also require collateral security like the assignment of life insurance policies, pledge of shares, national savings certificates, and units of mutual funds, bank deposits or other investments.

It takes around fifteen days for processing of one's application if the documented are in order. It takes another week for the company to check out the property papers and make the disbursement.

Home loans are generally provided for in the range of 75%-85% of the asset value. The amount of loan varies from institution to institution and it may vary from Rs.1 Lakh to Rs.1 Crore. The maximum amount, which one can borrow, is a function of many factors, which includes primarily the purpose of the loan. In addition, ones residential status whether resident in India or non-resident will also have a bearing on the maximum amount of loan that one can borrow. Generally, if one is a resident Indian, then he can borrow upto 85% of the cost of the property.

Repayment period options range generally from 1 to 20 years. A few lenders also offer a 30-year repayment period, usually at a higher interest rate. As a non-resident, you can avail of a loan for a maximum period of 15 years.

Interest rates are different from institution to institution and generally range from about 10.50% to around 15 %. The interest on home loans in India is usually calculated either on monthly reducing or yearly reducing balance.

In this system, the principal, for which you pay interest, reduces at the end of the year. Thus you continue to pay interest on a certain portion of the principal which you have actually paid back to the lender. This means the EMI for the monthly reducing system is effectively less than the annual reducing system.

The principal, for which you pay interest, reduces every month with every EMI. Generally HFC's follow the yearly reducing balance method, which accounts for your principal repayments, only at the end of their financial year. Thus, one pays interest on the principal that you have already returned to the HFC. The effective interest rate is thus higher than the quoted interest rate by around 0.7%. Banks and some HFC's, in contrast, follow monthly reducing-balance method, which results in a lower interest burden.

Home loans are usually accompanied by the following extra costs although these may vary from institution to institution:
a) Interest Tax: is the tax payable on the interest paid on a home loan and not the principal. This tax is some times included in the interest rate of the loan, or may be charged separately as interest tax.
b) Processing Charge: It's a fee payable to the lender on applying for a loan. It is either a fixed amount not linked to the loan or may also be a percentage of the loan amount. The loan amount received by you can be less than the processing fee.
c) Prepayment Penalties: when a loan is paid back before the end of the agreed duration a penalty is charged by some banks/companies, which is usually between 1% and 2% of the amount being pre paid.
d) Commitment Fees: Some institutions levy a commitment fee in case the loan is not availed of within a stipulated period of time after it is processed and sanctioned.
e) Miscellaneous costs: It is quite possible that some lenders may levy a documentation or consultant charges.
f) Registration of mortgage deed.

Yes, you can pay your loan ahead of schedule. However, it must be noted that housing finance companies charge a fee for early redemption of loan. This fee can vary between 1-2% of the loan amount being prepaid and may differ from HFC to HFC.

Banks fix the EMI based on the prevailing interest rate and hence EMI too is fixed accordingly. However, if the floating goes up, the interest rate gets altered and banks have the option of increasing the EMI amount. However, to avoid paper work, EMI amount is not altered if the interest rate hike is nominal. Instead, the higher amount towards repayment is recovered by increasing the tenure of the loan repayment.

A guarantor is expected to fulfill the commitments of the borrower if he fails to discharge his duties. As a result, if a borrower fails to clear his loans beyond a stipulated period, the bank has the right to direct the guarantor to honor the commitment subject to conditions.

The maximum duration of period of the loan is a function of your residential status and varies for every housing company, and is also different for every scheme.

As a resident Indian, you could avail of a loan for duration of 5 years to 20 years. As a non-resident, you can avail of a loan only for a maximum period of 7 years.

The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and progress of construction, as assessed by the housing finance company.

In many states in India like Karnataka, the Agreement for Sale between the builder and purchaser is required by law to be registered.

Orchids reflects a very unique design and concept that truly helps life bloom in all its splendor. Designed to be a green,smart and visually appealing residential space that will be home to 160 plus luxury apartments, it will also be an IGBC Gold rated Green project offering 2,3,4 BHK apartments and Pent house options. A very expansive, feature rich Club house will make Orchids a sought after residential abode for the discerning.

A Green building meets certain design and construction standards that should translate into increased energy conservation, healthy indoor air and lower operating costs for the residents of the building.

Orchids is targeted for pre-certified Gold Rating from Indian Green Building Council (IGBC).

It is located just off Tannisandra Main Road and is minutes away from leading IT workplaces like Manyatha Tech Park, Begamne Tech Park, Whitefield, International Airport, Outer Ring Road, Bangalore – Hyderabad National Highway, besides being close to many a place of daily convenience.

It takes about 30 mts to reach Orchids from the CBD via Nagawara X roads and Outer Ring Road or HBR Lay out. It takes just over 5 mts to reach Orchids from Manyatha Tech Park.

Prisha Properties imbibes outstanding ideas and values with a clear resolve to create quality living options that are unique , adding a new dimension to responsible and luxurious living.

BBMP

Approvals received..

The project will be home to 160 plus luxury homes.

Orchids offers 167, thoughtfully designed, 2, 3 and 4 bed room apartments spread over 3 blocks. For all its luxurious features and amenities, Orchids is surprisingly very affordable and offers attractive living options between 1440sft to 4380sft.

Please refer to the cost sheet provided on our website and also on request.

All Apartments are designed as per Vaastu for the three primary parameters of main entry door, kitchen and the location of the master bedroom.

Approval from HFIs is awaited.

There will be no modifications allowed due to the high level of standardization in the layouts and design. The designs however will be of maximum usability from a consumer point of view with an efficiency of close to 85% which is way above the industry standard.

The dwelling units will be delivered from early 2015 onwards, in a tower-wise manner. Given that we are using the latest concrete fabrication technology there should not be any significant delays barring force majeure.

Orchids is strategically located close to Bangalore's IT Corridor of ORR. It is also a very short drive away from the finest shopping and dining avenues of Hennur and Hebbal. So you get to save on commuting time and energies, not just to work but also whenever you step out for food , fun and frolic. The time you save, gets better spent as you unwind and rejuvenate yourself in the stimulating environs of your home and the numerous life enriching amenities.

Orchids is just off Thannisandra road which leads to International Airport and is also close to ORR reaching Railway station will be an easy affair.

Not really. One can reach the CBD in 30 to 40 mts time thanks to very good road connectivity to not just the neighboring business areas but also to the CBD.

Yes, subject to BMWSSB's feasibility and on payment of appropriate charges by each flat owner. Proportionate cost of the same will intimated in due course during the project completion or post completion.

Based on the booking amount and prior to signing the agreement of sale your Allotment will be confirmed and & informed to you.

No cancellation fees is charged if cancelled before execution of Agreement of Sale. However, an amount of Rs.3,00,000/-(Rs.Three lakhs only)will be charged towards cancellation charges if cancelled after execution of Agreement of Sale.

Yes, the land is freehold, marketable and free from all encumbrances and clear.

An Agreement of sale in completion will be issued to the Purchaser. Agreement of sale is also the primary document that facilitates Bank funding. Sale Deed is the other document that will be registered, on completion of the construction.

"Extras" mean Costs to be borne additionally by the purchaser at the time of registration/ possession except that of the cost relating to Car park, power/water/sanitary connections, Club House charges, Legal fee, maintenance charges, Service tax/COT, Registration and stamp duty charges are the other costs.

Since these are equated quarterly installments on request and consent from the purchaser and the builder the HFI will ensure timely disbursement of installments.

The property will be maintained by us, for two years till the formation of the residents Association. We thereafter transfer the responsibility to the Association.

Registration will be done only on completion of the Project and on payment of the consideration as per the payment schedule provided.

Yes, you may transfer the property by paying a transfer fee of Rs 3 Lakhs and have an assignment of rights executed.

The sanitary connections will not be connected to the mains, but a separate STP will be installed as per the norms.

A penalty clause would be specified in the sale agreement, towards this effect.

No these are not furnished apartments. We only offer the Basic units completed in all respect.

Yes. We will offer additional discounts.

Yes, to enable quick turn around, we will go in a phased manner for early possession. There will be two phases.

Bore wells and STP recycled water for maintenance

Construction has already commenced and Possession starts from First Quarter 2015.

Yes for limited no of vehicles.

Yes, the designs are earth quake resistant and are designed as per IS codes.

Prisha Properties India Pvt Ltd or a thirty party agency engaged by PRISHA.

The promoters are in the business of real estate for over a decade and have a strong pedigree in developing world-class residential projects.

Yes

One fully equipped, feature rich clubhouses with a total area of about 18000 sq. ft.

There is a one time contribution towards the Club Construction that is Rs.350000/-. Besides, residents have to pay a monthly membership charge.

No.

Rs.750/*- p.m for the first 12 months.To be reviewed and revised at the end of 12 months.

Each Car Parking will be charged at 2 Lakhs

Yes. There will be sufficient car parking space.

Orchids will have common STP and will be ready by the time declared habitable.