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Real Estate

Check out the latest changes in motor insurance rules for car and bike owners

A motor vehicle owner should be up-to-date with the latest changes in motor insurance rules. This will prevent them from ending up in any financial or legal issues in future. Here we have tried to provide insights into latest update on motor insurance policies to keep you informed.

The Greatest Concern in India of Uninsured Vehicles

The statistics reveal that 70% of the two-wheelers and 25% of the cars we see on the roads are uninsured. While most people show a great deal of excitement while purchasing their first two-wheeler or four-wheeler, the same excitement is not visible in securing them through a proper financial cover.

The situation is not much different even for commercial vehicles. At least 40% of the commercial vehicles we encounter on the roads happen to be uninsured. Government of India understands the criticality of the situation posed. That is why it has made some changes in the existing laws related to motor insurance.

How insistence on long-term motor insurance will alter the scenario?

As per accident reports of 2017, out of the 4 lakh accident cases that year, 1.34 lakhs were fatal. After witnessing such alarming statistics, the government has decided it is time to alter the rules of motor insurance for new vehicles so that people take security and cover more seriously.

While the laws already make it compulsory for all vehicle owners to have their vehicles covered, now the new vehicle owners will have to mandatorily buy long term insurance covers. While the long-term insurance cover of minimum 3-5 years will prove a bit heavy on your pockets, the many merits associated with it will cover up for the same.

Some Points Worth Noting About The Change in Policy Rules

There is no need to panic for existing vehicle owners as the updated laws of motor insurance apply only to motor owners who have purchased the car or bike on or before September 2018. Vehicle owners who are renewing their existing insurance policies do not endure any change.

The Insured’s Declared Value of the vehicle does not undergo any alterations. The vehicle owner has to pay increased premium for 3-5 years only for third party liability. There is no change in the own-damage section.

The Major Benefits Associated with Long-term Motor Insurance

Before you decide about the pros and cons of this amendment, have a look at the many merits associated with the law:

  • If a third-party death is caused as a result of an accident, the liability is unlimited and you may end up paying crores of rupees. Such financial burdens can be avoided if you have a proper motor insurance cover.
  • A personal accident cover comes very cheap today but it will cover you in case you meet with an accident. On the contrary, you may end up spending a fortune treating your injuries in case you do not have a proper insurance cover to protect you in such times of need.
  • The Insurance Information Bureau ( IIB) can now match information provided by the RTO ( Regional Transport Office) and insurance company making it easy to spot the uninsured vehicles even after countless years of registration.
  • The police can also play their part in spotting the uninsured vehicles if they have data regarding the same on their smartphones or tablets.
  • Another welcome change by the IRDAI is the increase in the sum insured to the owner driver to Rs 15 lakhs.
  • The long-term insurance cover for motor vehicles will ensure that more vehicles are now covered for accidents and such other mishaps.

The Current Premium Rates After This Latest Update

  • The third party premium rates for vehicles below 1000cc is Rs 5286 for a period of 3 years which is a saving of roughly Rs 200 over the previous premium.
  • The vehicles above 1000cc have to pay a premium of Rs 9534 which is remarkably more than the previous premium. The difference of Rs 945 is a bit too much.
  • The vehicles above 1500cc also stand to lose with the latest update in motor insurance policy. The owners will have to pay a premium of Rs 24305 for 3 years duration and this is roughly Rs 600 more than the previous premium.

General Views Regarding Latest Updates in Insurance Policies

While there is a decrease in premium amount in the first slab, there is an increase in the other two slabs. The opinions regarding the change in policy rule making long-term policy a compulsion do vary from person to person. Here we have listed out some of the significant opinions:

Tapan Singhel, MD & CEO of Bajaj Allianz believes that making a long-term policy mandatory will address the issue of under insurance to some extent. Most motor owners buy an insurance when they buy the vehicle because it is mandatory but never take renewing seriously. Such amendments in policy is thus inevitable.

Tarun Mathur, the Chief Business Officer at General Insurance, policybazaar.com states that this can be used by car sellers to buy their vehicle insurance policies at increased rates.

Some Tips To Help Customers Buy Right Motor Insurance Policy

A person who is well informed will never land up in frauds. Here are some simple tips to help vehicle owners purchase their motor insurance wisely:

  • Always compare rates of different insurance policies before selecting the best
  • Always opt for reputed firms like Future Generali so that you are never faced with frauds or unexpected financial situations.
  • If any of the points mentioned is not clear or poses an element of doubt, get things verified first.
  • Always retain a copy or proof such as receipts of the premium paid for the policy you take.

Most vehicle owners do not understand the seriousness of road mishaps. An accident may happen any time and if it does happen, you may end up paying a lot of money for injuries. Fatal accidents may leave you at losses that you can never imagine. Buying a good motor insurance is thus your best way to be prepared for such happenings.

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Real Estate

Here are the Professionals You’ll Work with When Buying a Home

Purchasing a home is serious business. You’re investing a tremendous amount of time, energy and – of course – money into this endeavor. Unless you’re something of a real estate guru yourself, you’re going to want the input of industry professionals to help guide you along this process. Prospective home buyers who forego this and instead act on their own can miss out on thousands in savings and are prone to quickly becoming confused by the jargon and expressions used in real estate.

In this article, we’ll explain who you will be working with as you get closer to your dream of owning a home. These individuals are important assets that will make a world of difference along the way.

Why Hire the Professionals?

Some individuals you will have no choice but to interact with, such as appraisers and the home seller’s real estate attorney. However, it is up to you whether you will recruit the help of professionals for yourself. We strongly advise you create a team to help you, lest you fall into one of many potential mortgage and home buying pitfalls.

Real Estate Agent

A qualified real estate agent is able to connect you to homes in your desired area and within your price range. They’ll also factor in other specifications, such as amenities, that you’ve deemed important to you. On top of that, they will also help to negotiate with home sellers, which can drive the asking price down by thousands of dollars.

Mortgage Broker

Mortgage brokers are so incredibly valuable because they work for you, not for a specific lender. These professionals act on the interests of their clients to help them find the lender that will offer the best rates and terms for the individual. Because mortgage brokers are paid by the lenders they have connections to, this service typically comes at no cost to you!

Real Estate Attorney

When buying or selling a home, there is a lot of legal jargon to come to terms with and a lot of documentation that will need to be read, signed and filed properly. Your attorney will help you to keep all matters relating to the legal proceedings associated with home buying in order. They will also communicate with the seller’s attorney whenever necessary.

Insurance Broker

Homeowner’s insurance is an essential when purchasing a home – you literally can’t buy a home without getting the home insured. An insurance broker will help you to find the best policies for your needs and help you to make a final decision on a homeowner’s insurance policy.

Appraiser

This individual is going to be a part of the experience, no matter what. They will determine the value of the property before you make an offer, thus keeping you from drastically over-paying for the property.

Inspector

A home inspector is another person you can expect to have no choice but to interact with. These industry pros inspect the property so that they may advise the buyer and the seller of any major repairs that need to be made to the home or the land on which it resides.

It’s Always Worth it to Hire a Qualified Team

There is no over-stating the value that hiring professionals within the real estate industry has. You can save a tremendous amount of time, energy and money by outsourcing many of the aspects of home buying to somebody else. Don’t let the cost of hiring such individuals deter you. Oftentimes, what the home buyer saves makes up for the money spent.

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Real Estate

Five Essential Elements in Include in a Rental Lease Agreement

Every state differs when it comes to rental lease agreements, but there are some common elements among all of them that are essential to have in writing before you hand over the keys to your property. Make sure that you include all the pertinent information in a rental lease agreement up front so that both the tenant and the landlord are clear on expectations, due dates, and money issues. Check with your own state for more specific information that may need to be included in lease agreements.

Most legal rental agreements will require the following five essential pieces of information regardless of state or county. These are the basic details that will be included in every single rental lease agreement, everything else is contingent on the state laws and how each landlord handles certain issues as follows:

  1. The legal names of the landlord and the tenant(s)
  2. The legal address of the rental property or rental unit (and sometimes an actual description of the property – Florida law requires this)
  3. The amount of the rent and date due, to whom the rent is to be paid, and where the rent is to be paid
  4. Length and expiration of the lease (this will vary depending on if it’s a month-to-month lease, a long-term lease, or an expired lease that has not been renewed yet)
  5. Security deposit amount and details (amounts and details will vary by state and by landlord)

These top five legal elements are required in most states, including the top eight rental property states, which include California, Georgia, Florida, Illinois, Oklahoma, Tennessee, Texas, Vermont, and Washington. These eight states statistically have a larger percentage of rental properties than any other states in the country, thus they have more renters signing contracts. Each state will have some differences in their legal documents, but the top five requirements will remain the same from state to state.

Some states such as California and Georgia also require that a rental agreement include whether pets are allowed, the specific number of people allowed to live in a rental unit, who is responsible for paying utilities, and who is responsible for taking care of the yard. Rights of entry are also important to know in some states. Florida and Oklahoma include rights of entry in their lease agreements, whereas California does not. A right of entry is the right of one person (the landlord) to enter the property of another person (the tenant) and must be specified if required by law. It is important to know what your rights are as a tenant and a landlord so there are no surprises upon entry of the house or unit.

It is also important to know whether your state will accept oral rental agreements as well as written ones. Some states such as Vermont and North Carolina will accept oral lease agreements, which can be as binding as written agreements in a court of law. However, it is always better to put any contract in a written form so that it is more easily enforced, and the terms are specifically written out and signed off on by both parties.

Some states such as Washington even include in their rental agreements that the landlord must legally provide a copy of the rental agreement to each tenant that signs it.  Other states such as Tennessee specify in their lease agreements what their grounds for eviction are (nonpayment of rent is the largest reason for tenant evictions in Tennessee). Know what the property owner or manager wants to include specifically in their tenant lease agreement beyond the basic five elements before asking your tenants to sign it. Some property owners want to iterate very specific terms when it comes to their property and the land it sits on.

Sometimes there are advantages to using technology when it comes to real estate dealings, especially written lease agreements. To utilize technology to its fullest, Landlord Station is now offering online document signing that allows you to send and sign lease agreements that are secure and legally binding. Landlord Station has partnered with Adobe EchoSign so that you can make online contractual agreements much easier to create, share, revise, and archive. This makes lease agreement signings much easier and more convenient for your tenants; no more waiting for the property management office to open up during business hours. Documents can be sent over email and legally signed through this portal, saving you money on postage and time.

Reputable property management websites such as Landlord Station make it easy for you to find the latest information on real estate issues. Read the blog to find out more about topics such as the latest tenant laws by state, proper tenant screening, how to manage investment properties, and various other topics of interest to the property owner and manager.

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Real Estate

How To Find The Best Mortgage Lenders In Syracuse?

When the time for a loan has come, people always start researching their options. That’s probably why you’re reading this article too. In it, you’ll be able to see the difference between the options you probably already encountered. Make a comparison between them and choose what fits your needs best.

Read on and find out what different institutions offer. Some will be bad for you, and others will seem better. It’s important to look thoroughly and explore the options. Not everything is written with big letters. Some things are hidden but very important, so make a good choice.

Banks

Banks are the most accessible institutions lending money. They have flashing signs and lots of marketing ads where ever you turn. When you ask for a loan, they’ll promise you everything but they won’t say anything about your obligations. In the bank, be sure that you have more obligations than you have rights, so be very careful when you ask for a loan through a bank. Read about bad banks here.

Even though the bank’s employees will try to convince you, do know that the only positive side of the banks is that they probably have the best technology available for managing your money on the account. Banks have the highest interest rates and the worst mortgage loans in general.

Credit unions

Credit unions are a much better solution than banks. Why? Because they actually care about their clients who are not real type clients, but members. Members who are a part of the union trying to build a better society for everyone.

If banks are into profit, the credit unions are trying to make all members satisfied. That’s why interest rates are much fairer with them and the overall experience is much better. If you miss a monthly payment with the banks, you’ll probably get a call from an operator. If you miss three of them, you might get you mortgage activated. With credit unions, it’s not like that. See an example of such a union on this LinkedIn profile.

A person whose job is to track down your payment will also call you and ask if you’re having a hard time finding money. They’ll ask you to come over and see them so you can find a better solution together. Think of these organizations as something like a non-profit group dealing with money. Actually, their status officially is a not-for-profit organization which means they work just to make the money stay in the union and keep the members happy. The profit is not their main goal, and this gives you a lot more confidence to trust your assets with them.

Specialized mortgage lending institutions

There are also institutions that are specialized in working with mortgage lending. They offer mortgage loans and that’s all they do. In order to be successful, they offer their own programs that can be a great deal for some people. However, it’s not something you can change, choose from, or manage. These institutions have a limited offer.

However, sometimes they have great options. Their ideas are presented clearly and directly. The only thing you need to watch out for is to ask for their license. All lending institutions are required to have an FHA permit for work. Be sure you ask for it.

Private mortgage lenders

Private lenders don’t differ too much from the institutions. They also must have FHA approval. If they don’t, you should know that you might be having a job with a scammer. Private lenders are great because the person you’re talking to is lending you the money. You can see if you like them or not and make a decision if you can go through this deal or not. The main problem here is that private lenders often can’t meet your needs.

Homebuilders programs

A lot of companies that are into construction have their own lending programs. They act like mortgage brokers and offer terms that often are not bad at all. With them, you can buy a new home using their loans. These programs are good because you’re directly negotiating with both the homebuilder and the lender. Instead of wasting time and energy, you have both things covered in the same place. Read more about this here: https://www.investopedia.com/terms/c/construction-loan.asp

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Real Estate

What are thermally broken Extruded Aluminium Profiles?

Thermally broken profiles are mainly used in the manufacture of frames for doors and windows to provide superior insulation and guarantee waterproof capabilities. When the frames of aluminium windows are extruded they create complex cross-sectional shapes with multiple slots and ridges for the quick and easy installation of the glass panels. They are particularly useful in the manufacture of double or triple glazing held in one convenient unit. Although aluminium provides excellent thermal insulation, window frames can still reduce the effectiveness of double glazing unless additional sections are fitted.

How thermally broken Frames work

The technology involved in thermally broken frames is actually relatively simple. It involves placing a reinforced section in the form of an accurately shaped bar that conveniently slots into the interior of the aluminium profile. Usually made of a polyamide resin it is fitted into the interior of the frame and is concealed from view. It is an addition that provides superior heat retention, contributes to the control of the temperature during hot weather and insulates against noise. One simple layer ensures that the aluminium window frame is both airtight and waterproof.

The Advantages of thermally broken Frames

By incorporating a thermal break inside the extruded aluminium window frames you eliminate draughts and leaks. The efficient operformance of the windows is increased by as much as 80%. Aluminium window frames are rust resistant and guaranteed to provide up to one hundred years of reliable wear. A thermal break also helps provide extra security. And of course, aluminium window frames offer a low maintenance option as they never need painting.

Professional Engineering

The secret of success when incorporating a thermal break with aluminium extrusion window frames is in the tooling. Professionally designed dies or moulds are made to the highest specification to create the furrows and hollows needed to insert the polyamide thermal breaks. The intricate cross-sectional profiles of aluminium extrusions have a reassuring degree of accuracy that allows the two components to slot together with ease leaving no gaps. The extrusion process is perfect for manufacturing aluminium window and door frames that include a thermal break. Aluminium extrusions can be manufactured to lengths of up to thirty metres for designs that feature large picture windows. . Edmo for a complete cost-effective service for the manufacture of dies and aluminium extrusions for thermally broken window and door frames.

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Real Estate

Buying a Home at a Young Age has Many Advantages

Buying a home is one of the crucial milestones in your life. It not only has sentiments attached to it, but also makes financial sense.  These days, young professionals who gain financial stability early on in life, are thinking about various investment options. Property is a good choice as you are adding an asset and at the same time planning a viable long-term investment. Due to the appreciation in the real estate prices in the past two decades, investment in home is a good option. Home loan is a preferred financing choice for buying a residential property.

Another viewpoint in favour of home loans is that, if you stay in rented accommodation, you end up spending a huge chunk of your earnings in a lifetime. The rise in real estate prices may scare you from taking Home Loans at any given point, but if you defer your plan to purchase a home through Home Loans now, you may face more financial strain later on. It is best to avail a Home Loan when you are young.

Let us look at how does planning young, help you when you apply for Home Loan.

Advantages of Buying a Home at a Young Age

  • Higher tenure with lower EMI

When you apply for Home Loan early in your life you tend to start saving earlier. The lenders calculate the tenure backwards from your retirement age. Considering the retirement age to be 60 years, if a 40 year old applicant applies for Saraswat Bank Home Loan he can avail a maximum tenure of 20 years.When you opt for longer tenure of loans the EMI will be lower. Lower EMI helps in cushioning other monthly expenses. When you begin at a young age say 25, then you can easily expect to get a decent tenure of 20-25 years.

  • Less financial obligations

When you go from one life stage to another the cost of living also rises. The lifestyle changes usually demand higher spends. When you are young the responsibilities of spouse, education of the children, dependency of parents or elder family members, etc. are not there. You are at ease to apply for Home Loan, in absence of such financial obligations. 

  • Investment Potential

If you apply for Home Loan at a young age you have higher loan eligibility. One of the key considerations for the lenders is the future increment in the salary of the borrower. The probability of hike in salary for an applicant who is in his 20s or 30s is much more, than an applicant in his 40s.

  • Tax Exemptions

If you avail a Home Loan from any reputed financial institution like Mahindra Finance Home Loans, you are eligible to get tax exemption against the interest paid.

If you are staying at the property for which the Home Loan has been taken then you can get a maximum tax deduction against the interest paid for Rs.1.5 lakhs. However, if you have rented out the property then there is no such cap on the tax deduction against the interest paid on the Home Loan.

Under the section 80C of the income tax guidelines, you will also be eligible for the tax deduction against the principal amount repaid. Basically your tax savings would also advocate purchase of your property by applying through a Home Loan.  The young India must see it as a double advantage, by taking a Home Loan you save on your tax and build an asset for yourself in the process.

  • Fixed Asset

If you apply for a Home Loan at a young age, you do not have to pay rising rentals every year. You are well aware of the escalation in real estate prices in last few years. In fact you can adjust your EMIs to be same as the rent you were planning to pay. This way instead of paying rent and not building any asset; you have actually chosen to pay EMIs and also build a fixed asset for yourself.

  • Perceived Low risk

Financial institutions perceive the young professionals in their 20s and 30s to be low risk applicants. There are many reasons to believe so,

  • They have a stable income.
  • They possess relatively sound health.
  • They have a long working life ahead

Planning Aspects Young Buyers Should Keep In Mind

At the advent of festive season the salesmen and brokers try to lure young professionals to apply for Home Loans. They offer discounts and freebies which can be tempting and misleading for the young minds. Hence it is imperative that you see through such gimmicks and take a decision based on mere facts.

Some of the planning aspects young buyers should keep in mind when applying for Home Loan are as discussed below:

  • Surplus Funds

You must have some surplus money to be able to pay for the down payment. The lending institutions like Mahindra Finance Home loan provide the loan for 75% of the total value of the property. You must have sufficient funds to be able to do the balance payments, which will include the fees and charges for procuring the Home Loan, besides the down payment.

  • Unique set of conditions

Your situation in life, responsibilities, circumstances, and dependency of family members are different from others. Hence, you are the best to decide, the right time for you to Apply for Home Loan keeping the future liabilities in mind. The decision is yours, whether you have the capacity to bear the debt and what is your current equity.

  • Choice of investment

When you are buying a home at a young age you have the choice of investing in under construction properties. As you are young and single you can easily wait for a few years for getting the possession of the property. When you invest in such properties there is lesser burden of installment as each successive slab takes some time to get completed.

  • Credit Score

There are many certified institutions in India CIBIL, CRIF, Experian, and others which provide credit rating to individual buyers in India. This credit score is decided on the basis of many things like usage of your credit card, repayment of previous loans taken, etc. The score is measured on a scale of 300 to 900. For you to have higher chances of Home Loan approval, you must have a score of more than 700.

  • Documentation

You must collect the information about every step in the Home Loan application process. This will prevent you from miscalculating the finances. You must go through all the terms and conditions mentioned in the Home Loan document. You should pay extra attention to what is written in fine print in those documents. It will help you to take a well informed and calculated decision on when and how to apply for a Home Loan.

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Real Estate

Important Points to Consider When Hiring a Mini Digger

Mini diggers are used for all kinds of construction projects, they are highly versatile and great for both residential and commercial projects. But before you hire a machine, you should consider these important points.

Check for Underground Services

Many people make the mistake of digging without checking the surrounding area. If you are working on any project that involves deep excavation, you should always remember to assess the area for items such as:

  • Gas Pipes
  • Power Cables
  • Water Pipes
  • Underground Sewers
  • Drainage

If you’ve decided to rent a mini digger from a plant & machinery hire in Bognor Regis, you must remember to check for any signs of the items mentioned above prior to digging in the area.

Depth

Do I need to dig deep? How deep you need to dig will depend on what you are trying to achieve. For example, if you are installing a large swimming pool in your backyard, you’ll need to get down a considerable distance. In contrast, if you are trying to level a garden you won’t have to go down as deep.

Cost

When hiring a mini digger, you should consider the projects timeframe. You can hire a digger for a few days or even a few months depending on your requirements, but to save money you should calculate how long it will take you to complete your excavation.

Mini diggers are useful for a wide range of tasks, they can access tight areas and they’ve enough power to excavate a large amount of soil.

 

 

 

 

 

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Real Estate

Do I have a Personal Injury Claim?

Have you sustained physical or psychological injuries following an accident that was as a result of someone else’s negligence or intentional acts? If yes, then you could have a personal injury case. Personal injury is an injury or illness that arises due to another person’s carelessness. However, not all injuries mean you’ll have a successful personal injury claim – which is probably why you are wondering whether you have a personal injury claim or not.

Luckily, it is not hard to establish whether you have a case or not. A simple consultation with a personal injury lawyer in Toledo can help you determine that. And the best part is, top lawyers offer a free initial consultation, which is an excellent opportunity to learn everything you would want to about your case and the best course of legal action that you can take to enhance your chances of winning (if you have a case).

There are three basic requirements for a personal injury lawsuit, which you will have to prove before you receive compensation for your injuries.

  • That the responsible party was negligent
  • That the negligence resulted in the personal injury or property damage
  • That the injury caused you harm (compensatory damages)

Did you sustain a personal injury?

To file a personal injury claim, you must have sustained an injury – whether physical or psychological. If you broke an arm after a slip and fall in your office, you have suffered personal injury. Similarly, if you have experienced depression, insomnia or anxiety following an auto accident, you have sustained a personal injury. However, if you were involved in a minor crash and suffered no emotional or physical harm, you have not suffered personal injury.

Was the responsible party negligent?

To have a valid case, your injury must have been as a result of someone else’s negligence. Ideally, when a person acts negligently and causes harm to another, the negligent party is legally liable (or responsible) for their injury. According to the law, negligence is the failure to act with the same level of care as a reasonable person would under similar circumstances. You’ll need to determine that the responsible party acted negligently by proving that:

  • They had a legal duty to act in a particular way toward you
  • They breached that duty by acting or not acting is a specific way toward you
  • Their action (or inaction) resulted in your injury
  • You suffered injury due to the actions or inaction of the defendant and that the damage can be compensated with money

Are the injuries compensatory?

Lastly, you must have sustained a financial or personal injury that can be compensated by money damages. If you determine that the responsible party acted negligently, the insurance company may agree to settle the amount, or the court may award you, taking into account:

  • Medical expenses that resulted from the injury
  • Physical, mental and emotional suffering and pain
  • Lost wages due to missed working hours
  • Disability accommodating for your home or vehicle
  • Lower earning capacity due to the injuries
  • Loss of support and companionship
  • Diminished life quality