Karnataka minister announced no landlord should take rent during lockdown

R. Ashok, a revenue minister from Karnataka, said that landlords could not charge rent from tenants during the lockout. He said that action will be taken against the landlords if they force the tenants to vacate the property due to non-payment of rent.

"In this epidemic situation, action should be taken against the house owners in which owner can be imprisoned for up to one year or more under the National Disaster Management Authority," as he said.

However, if the order was not only for tenants belonging to economically weaker sections or people of the society, it did not make it clear.

Although the relationship between a tenant and an owner falls under the Karnataka Rent Control Act, 2001, the government may issue an amendment or an ordinance under the Act to chart instructions regarding collection of rent and eviction.

According to tax experts, Fiat can be challenged in court. Ashish K Singh, partner at law firm Capstone Legal, said, "In my opinion, the exercise of powers under the National Disaster Management Act for rent-related disputes would be challenged before the High Court or the Supreme Court." "It is clear that the NDMA's mandate does not cover the relationship between landlord and tenant."

The state government has taken cues from Singapore passing the COVID-19 Act 2020, which allows a tenant unable to pay rent and other dues under commercial leases from rental payment obligations for six months Seeks temporary relief.

According to property brokers, many prospective house buyers have postponed their plans to buy the property, which has boosted demand for rented houses in Bangalore.

Potential house buyers are expected to moderate prices and home loan rates.

Do not buy a home in India without reading it

Very few people in the country can wake up and buy a home. For the rest of us, making a huge financial decision like buying a home takes a lot of thought and planning. We have listed the most important aspects you need to consider before making this huge financial investment.

1. Set a budget

The way you calculate how much you spend on your home should be based on how much you make and how much you can comfortably pay on EMI. You should not struggle nor live by mouth due to number of EMIs. You start by adding all the sources of income you have i.e. 

 Salary + Freelance work + Bonus = Total Monthly Income

Now, cut your monthly expenses by this amount. If you think your expenses are too high, look at the areas on which you can cut expenses. EMI ideally should not exceed 20-25% of your net pay home pay. If your EMI is 40–50% or more of your net income, you may neglect other goals to pay the EMI, or may struggle if an unexpected expense arises.

2. Save amount for your down payment

The Reserve Bank of India (RBI) and the National Housing Bank have stated that housing finance companies and banks are not allowed to lend more than a certain percentage of the fair market value of the property. It is a LoanTo Percentage Value (LTV) ratio. For example, If you are looking for a loan amount of Rs 30 lakh, then you can get a loan up to 90% of the value of the home. For loans between Rs 30 lakh and Rs 75 lakh, LTV is 80% and above Rs 75 lakh, it is capped at 75%.

To buy a home for Rs. 50 lakhs, you will get at least Rs. 10 lakhs are ready and then you can borrow the rest. Therefore, depending on how much you have saved, you can decide your budget for the home. Or, you can start investing in debt schemes, investing in mutual funds, through monthly SIPs, to build your savings.

3. Decide where to buy a home

Do your research on which areas are growing, it is better to invest here than going to already developed area. The posh areas will be very expensive and you cannot appreciate the rate you want. Growing areas may be more economical and a better option. If you want to avoid congestion in the city, check out the options in the suburbs. While it may be tempting to buy a home in other cities, it is not a good idea. There are many cases in which buyers who were not familiar with the new city got stuck with the wrong project.

You should also be aware of rental rates and resale rates in the area in which you are investing. It shows you how risky / safe investment will be here.

4. See the best time to buy

In India, the most popular time to buy a home is during summer. It is understandable that children are on their summer vacation and easy to relocate as a family, this does not disrupt their school life. Since summer is a popular time, there are many builders who offer special discounts and offers to attract buyers; you can keep an eye on these. This offer also happens during the festival season, so timing is a must. If you want to buy a resale home, be patient. There are many home owners who sell their property at great rates. You can get a home in a great bargain, there are investors who now want to load property that they bought a few years ago at a 0% margin or even for less than what they paid for. Now is your time to grab these homes.

5. Choose the right home

If you are buying a home for as an investment, do not be hasty. Shop; see more and more options before choosing a home. Talk to several builders, talk to the residents and don't leave with your first home.

See reviews, work with experienced teams like SuGanta.com who can show you many options, give you the best deals and even negotiate for you on your behalf. Find out more here. Hire home inspectors and get excellent lawyers so that your documents and home are sound.

Good luck on your home purchase! And remember, SuGanta.com is here to help you in every way. Leave us a message or reach us at SuGanta.com.

How smart house devices can save you money?

A 'smart house' is a discussion that has caught the attention of many house owners. From the popular Amazon Echo or Google's House Pod to essential smart house devices such as television sets, people are eager to see these devices to upgrade their house's look as well as electricity bills. Globally, market penetration of these cool, smart house appliances is projected to touch 38.7% by 2021, a big jump from 2016 when the rate was only 8.2%. Such large-scale development shows the popularity of these smart house appliances and paves the way for greater innovation and advancement in technology.

Most popular smart house appliances include smart refrigerators, smart thermostats, smart air conditioners, and even Wi-Fi routers. These smart house devices can be remotely controlled via the smart phone app by you or anyone at house. Enabling control of these devices from an app ensures that you can turn it on and off at any time and from anywhere. This will definitely reduce power consumption and many users have been stunned after seeing a substantial reduction in their monthly bills. While these devices are expensive, they can save you money in the long run. So, make a smart decision and get the necessary smart house device for your house today.

Smart Thermostats 

It is possible to control these smart thermostats via any device connected to your Internet, such as a tablet or smart phone. Since they are operated via Wi-Fi, you can control them from any remote location as well. For example, if you have left your house and have forgotten to lower the temperature, you can do it from your office, and do not need to stay indoors for any changes. These smart devices for your house understand your living pattern and change or adjust accordingly. Smart thermostats can ensure that no heat is being wasted and temperature changes can occur if it makes sense that no one is at house.

Smart ceiling fans

These ceiling fans work in the same way as a smart thermostat. Like other smart devices, these fans can be operated through Internet-enabled devices such as smart phones and tablets. They are thus allowing you to start, stop or change the speed of the fan through the application on your mobile device.

Smart light bulb

Clap for these smart bulbs! Smart bulbs are the future of the 21st century smart world. Replace your existing bulbs with these smart bulbs, and you are sure to save some extra money. When watching a movie, if you want to lower your room's light, do it through an app in your smart phone, just no need to get up to turn the light on or off. Is your child scared before entering a room with low light? Install smart bulbs that switch on any movement felt or switch off bedroom lights directly.

Smart outlet

To get a small start towards smart devices, you can start by installing smart plugs. These plugs help you control any device such as your bedside lamp, iron, or any electronic items attached to the socket so that if you leave your house in a hurry, do not remember that you unplugged the curling iron There is no need for it or not worry, just do it from your smart phone.

Conclusion

All these smart devices for your house are meant to add extra convenience to your life and will save you some money in the long run. If you want to make your house smart, you can start with the devices listed above.

How Credit Cards Can Help Tenants During Coronavirus Epidemic

More and more people are adopting digital payments to pay rent to their landlords. And while paying digitally, credit card is the best option as it not only gives reward points but also free credit period.

The nationwide lockdown has required a lot of lifestyle changes for many of us and has shown us our ability to adapt to change. It has initiated some very welcome steps in our day-to-day lives and has changed traditional ways of doing things.

Let us look at the change that has come to the real estate industry in a few days. The changes that industry giants envisioned will only happen in the distant future. For example, we have come a long way from the time when a trip to a physical property was mandatory to finalize an asset. Today there are many customers who have finalized a property for rent through a video walkthrough!

The most sensational aspect of the change is the payment of rent through credit card. But the current situation required customers to move faster in the process. Rent is the biggest monthly expense for most of us these days. And while paying rent through credit cards helps us win a lot of reward points and cannot be stressed enough at this point, Indian consumers have been slow to catch the trend. However, three factors have catalyzed the adoption of this method - a buffer period offering credit card payments, fear or inability to handle cash payments, and, unfortunately, fear of layoffs. 

Many state governments have urged landlords not to take rent from tenants for the months of March-May 2020 as the epidemic has affected the livelihoods of many people. But it cannot be enforced, and it is up to individual landlords to pay a three-month rent or postpone it or take out the middle ground.

There has been a sudden increase in the number of people availing the service of paying rent through credit cards. Credit cards offer a much needed buffer period or flexibility for tenants to make payments. This ensures that rent is paid to the landlords on time and the tenants do not have to face liquidity crisis. They get a free loan period of about 45 days.

Most customers do not want to conduct any cash transactions for fear of infection with notes. Furthermore, the lockdown has ensured that no one can physically move out of their homes. This is why more and more people are adopting digital payments to pay rent to their landlords. And while paying digitally, credit card is the best option as it not only gives reward points but also free credit period.

We are going through difficult times and many companies are unsure whether they will have to let go to keep employees away because the current situation has a huge business impact. Paying rent through credit cards matters a lot in such a scenario, as the current crisis is temporary, and it makes sense to have additional liquidity until more clarity comes. Until things return to normal, and the state of the economy improves, it is prudent to take advantage of liquidity that digitization has opened up.

It is worth seeing the silver layer with the clouds of darkness. The way the infection has occurred may not be the best, the cause of the infection may be the worst ever but it has helped the Indian people take a giant leap. The epidemic has set the pace more disciplined and a more efficient way of closing transactions. Once the situation gets better and we hope that it will be real soon, then we will enter a more efficient, a more digitally equipped era and it will only be for our benefit.

Maharashtra Housing Department advises landlords to postpone rent collection for 3 months

In a month of April 2020 the Housing Department of Maharashtra issued a circular asking landlords and house owners to postpone the collection of rent in view of the lockdown situation for tenants for at least three months. It has also been said that landlords should not evict tenants for not paying rent during this period.

The circular signed by Housing Secretary Sanjay Kumar went viral on social media. Many zamindars are within a fixed range whether the government had the legal power to enforce it.

The lockdown has an adverse effect on people's income and employment. “Many people face difficult financial situations. A large number of people are not able to pay their regular rent. Therefore, recovery of rent should be postponed for at least three months and no tenant should be excluded for non-payment of rent, said in the circular.

The proposal is to be implemented with immediate effect. Issuers have gone well with landlords whose only source of income is rent. However, in the words of Housing Minister Jitendra Awadh, “Many people are experiencing economic difficulties as a result of the epidemic. The government has taken this step keeping in mind that it will be difficult for tenants to pay the rent in future.

Rents in Mumbai are skyrocketing and the move is a sigh of relief for the majority of tenants. Rajesh Prajapati, a member of the managing committee of the Housing Chamber of the Government of Maharashtra, said, "At the moment, the government feels that landlords are in a better position for economic devastation based on rental income."