The penetration of basic personal packages of insurance like health or home is dismally low. Health Insurance is less than 10 per cent of the people who can afford it. Home insurance is still less at hardly 1 per cent. So, there is scope for personal lines of insurance especially the retail lines of business to grow exponentially.
The budget factor can only lead to identifying one’s requirements and priorities with regards to location, number of bedrooms and amenities that one aspires to have. If the borrower has done his affordability calculation and knows his repayment and other expenses, then only one is technically and financially ready to borrow with full knowledge of his capacity to repay a loan, in addition to any savings one may be using as a down payment. These simple check marks will go a long way in deciding the future home and whether or not you are over leveraging yourself.
Credit Worthiness is defined by individual’s Credit Score which is calculated based on her/his credit history. Credit history is basically how much debt an individual owes or had in the past; how was the payment schedule – regular, timely, late, etc; how often does one borrow; is person a loan guarantor in any transaction; and so on so forth. All these indicate at borrower’s current financial health and repayment capability.
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“I am reading these newspaper reports about the real estate sector demanding so many things with the Union Budget. Most of these demands are for their financial health than understanding the market from common homebuyers’ perspective like us. Do we matter at all in this eco system where neither the government nor the developers understand what keeps us away from the property market,” says Shweta Sanyal, an advertising professional in Mumbai.
Noida developers have this time not only trapped the homebuyers but also the development authorities of Noida, Greater Noida and Yamuna Expressway. In more than 100 real estate projects the developers like ATS, Supertech, Unitech, Orris, Omaxe and Logix have defaulted on payment of land cost to the government in Noida, Greater Noida and Yamuna Expressway areas. The amount is staggering Rs. 10,000 crore.
Home Credit India Finance, a Non-Banking Financial Company (NBFC) has announced a festive campaign that offers customers, especially first-time borrowers in over 30 cities across 13 states, a chance to buy products of their choice at customized EMIs.