Haroun looked across the vast expanse of the lands of the Shire and saw his force. Finally it was time for him to fulfil his destiny, the one the Oracle made to his mother. It was said that he would be a warrior greater than his father, Alexander the Great, and would lead the worlds largest force in the war that would end the world. His battle hardened face carried many scars, but none of his expressions gave away the pain he felt for the great sacrifices he had to make to reach the position he was in. This was no time to feel the pain, he was a man on a mission, he was leading the largest force the world had ever seen in the mother of all battles. He was the commander in chief of the armies of Odysseus.
It was a three pronged combination, the left flank was led by the Witch King of Angmar, the fearsome head of the Nazgul, he led about 3 battalions of human soldiers along with 2 battalions of Druids led by their Master Sorcerers, he also had his main strike force - The Nazgul, led by his deputy Khamul - The Shadow of the East. The Nazgul were deformed men with mysterious magical powers, it is said they descended from a line of humans and socerers. The Nazgul rode on huge flying creatures called the Furies, who belonged to the line of Great Fire Dragons form the erstwhile kingdom of China. The Nazgul riding on Furies were almost impossible to fight, apart from the spells of fear they cast on their opponents, they could also shoot energy beams and were excellent swordsmen. The Furies were the unmatched lords of the sky, they could fly at speeds no bird had ever known, the only thing that could match them was the wonderful flying machine built by the Jedi. They could also breathe fire and were mentally connected to their lords the Nazgul, they didn't need any verbal instructions, their mental bond was enough to relay information.
The central formation was led by Haroun himself, it consisted of 8 battalions in total, each led by a great warrior, fighting monk or a magician. This formed a bulk of their army and consisted on the most powerful fighters ever seen in the world. The winners of Tekken and the Mortal Kombat tournaments were also fighting for Odeyssus under the personal supervision of Haroun. Haroun himself was protected by the elite andorid force provided by COBRA - the worlds biggest terrorist organization. How COBRA came about to help Odysseus in this quest is the subject of another story to be told in time.
The formation to the right was the slowest moving. However it was the one which packed the maximum power. The Robots from Megapolis with their seige machines were the ones who would break down the walls of Sattelite City. Apart from the machines, the Robots had at their disposal some of the deadliest guns and missiles which the world had never seen before. They were a peaceful science loving community which mostly kept to themselves, till Odeyssus made them the offer which would determine the future of their race some months ago. They were here to play their role in the world changing events which were about to unfold.
Markus the gatekeeper was the one who first noticed the seemingly never ending army marching towards their gates. The army was almost 3 miles long and stretched to a mile and a half in breadth. Just the sight was enough to scare any man to death, but Markus was made of sterner stuff. The chief gatekeeper had fought many battles alongside Achilles himself. He sounded the war horn. Within minutes the war council of Satellite city begin its first meeting in over 5 years. They never needed to fight, the fear of their army was enough to scare enemies away, and when they fought, they never lost. The only undefeated standing army of the world might have to go to war now. Grandmaster Yoda headed the meeting, Ajax, Achilles, Hercules, Thor, Obi Wan Kenobi, The Bride and Abhimanyu were in attendance.
Grandmaster Yoga was the spiritual leader and healer who had guided Achilles all this life, and now when the city Achilles had built was facing its greatest test, it was only natural that he turned to the wisest man in the world for advice. 'Powerful it is, their army' spoke Master Yoda, 'But fear you must not, The Force is with us, our greatest advantage'. ' How long do you reckon we could hold out before Lord Achilles will have to join the battle?' asked Ajax. 'We could easily hold out for 4-5 days on our own and push them back, but if Haroun enter the fray, the rules of the game might just change' said Hercules. They deliberated on battle strategies and tactics for some more time, till Achilles spoke. ' Thank you my brothers and colleagues, and Master Yoda, for always believing in me. Today our city, our land, the one which we built with our love and care faces its greatest test. 7 days is how long the war will last. I don't expect anything from anyone here, but I just want to ask you of one thing. Go out and fight like you have never fought before in these 7 days. Our destinies as warriors were written long ago and many of us are expected to perish. But no one can take these 7 days away from us. Let us fight together one last time for the City which is mother to all of us.' With these words he walked away from the hall to start his preparations for the war and Ajax gave instructions to the deadliest fighting force in the history of 4th age to assemble.
Saturday, November 27, 2010
Thursday, November 11, 2010
So Long and Thanks for the House..
I have been writing about my experiences in searching for a house and buying one over the past few weeks. This is the final post in this series when I finally get the keys to my dream house.
Story so far: After unsuccessfully searching through property portals I finally found a buyer for my house in Navi Mumbai. I started searching for a house in Chembur in Mumbai and found one within my budget, had a traumatic experience in getting a home loan.
Once a bank gives you a sanction letter for that elusive home loan, do not under any circumstances think that all your troubles are over and the bank will easily disburse the amount sanctioned. The bank still has a couple of tricks up its sleeve, namely the legal and technical evaluation of the house.
The legal is a straightforward step where the bank just goes through your registered agreement with the seller (in case you approach them for a loan after registering) or examines the draft sale agreement, this is mainly to ascertain the agreement value and the facilities / amenities and space included in it. Banks have a panel of legal advisors who do this and it takes 1-2 working days. Since most agreements are in a standard format, this should not give you any trouble.
Then comes the killer, the technical evaluation and the valuation. Technical evaluation means examining the building plans and permissions and determining if it matches what the seller is offering you. Typical documents which are checked are the municipal corporation / relevant authority approved building construction plans showing the areas of the flats and the Occupation Certificate given to the builder by the relevant authority (BMC in Mumbai). An OC (currently in news because of the Adarsh scam) is granted to the builder only when the entire construction is done as per the approved plans and all the relevant approvals are held.
Now if you are buying an under construction property, the OC is not required, just a copy of the commencement certificate (a document which allows the builder to start construction as per the approved plans) is required. Once the banks technical team (or an outsourced firm) checks these documents and ascertains they are in order they send a technical team to visit the house and confirm if its built as per plans and specifications. Be very very scared if you are buying a house in Navi Mumbai, because most builders here use their own concept of super built up area (to charge you extramoney), and usually it never matches the super built up area they are claiming to sell you. That’s one of the reasons why most agreements have carpet area (the actual usable area) mentioned. This is a problem typically with the smaller builders, none of the big guns will screw around like this because they depend of the banks to fund them as well as their customers.
Once the banks has checked the approvals and physically matched the specifications a bank appointed firm does a valuation of the apartment. This is where most of us get screwed. The banks sanction letter has a killer line in the fine print ‘ Bank shall disburse 80-90% (whatever is approved) of the agreement + stamp duty and Registration value OR 80-90% of the valuation conducted by a bank appointed firm whichever is lower’. This is the line which killed me both the times (in 2007 as well as 2010). Most of the times the valuation done by the banks valuers is lower then the agreement value. However most banks are accommodating here and have some sort of an understanding with the valuers and manage to get the desired valuation. Once again MNC and PSU banks screw you here and they refuse to manage this aspect leaving you in the lurch in the last minute.
Just imagine your situation when your bank informs you at the last minute (just a couple of days before you have committed final payment to the seller) that they will disburse Rs 4-5 lakhs less due to valuation issues. If you are on a tight budget like me, managing to arrange this amount in just 2 days is a tall order and can cause immense stress. Its too late to even go to another bank because the process of approval takes 5-6 days minimum. In some cases the seller has a clause in the agreement which enables him to charge you a penalty or interest on delayed payment screwing you further.
To cut a long story short, I faced this issue but luckily I am a bank employee and knew some people around, so a few emails and phone calls later the home loan department agreed to increase my valuation basis the podium parking (a 1st or 2nd floor parking area) which my builder had allocated to me (god bless him) which in the eyes of the valuation agency is much more expensive than a stilt (which is a standard covered ground floor parking) or a basement parking (I thought a basement is more expensive to build with the digging and all).
A few tips to tackle the final leg of this loan disbursal journey:
- I would strongly suggest going in for a bank approved project (if under construction) simply because the banks have all the documents required and wont pester you for it and also because the valuation is not an issue here because of an implicit agreement between the bank / financial institution and the builder.
- If you are buying a ready possession property directly from a builder, please go through a bank which has funded transactions in that building, makes life easier.
- Some banks / institutions agree to check the valuation upfront and let you know if there might be a problem with disbursement. Notably ICICI (in some cases) and HDFC. This is great news because the stress later on is just not worth it.
- If you are buying a ready possession property which is more than 2 years old from a seller and the society is not formed then you are screwed. MNC and PSU banks wont fund you. Private Banks will take a call on a case to case basis. Your best bet would be NBFCs like Deewan Housing, Indiabulls etc.
- In the above case if the society is not formed a NOC from the builder is needed to complete the sale. Most builders charge a fee for it. Currently in the Mumbai market the buyer and seller pay this fee jointly (usually in a 50-50 ratio).
- If you are buying a flat from a seller and a society has been formed, please check beforehand that the society has all the relevant documents which your bank / NBFC might require. In case the society is very old and has lost documents, please don’t bother wasting time with banks and head to NBFCs.
Wait my dear prospective home buyer, if you tackle the valuation leg do not think that disbursement is just a day away. Banks in this country still have some ridiculous rules to screw you. Some idiotic banks insist that the builder submit his KYC (not the firm of the builder like Raheja Constructions but Mr Raheja himself), obviously the builder will ask you to take a hike if you ask for it because he does not have any dealing with your bank and is not expected to share his personal documents without any rhyme or reason. In such a case, please scream at your bank, threaten to drag them to RBI and make a huge noise so the bank will finally relent and waive this condition.
Some general tips which I might have forgotten in my earlier posts:
- HDFC rocks in the business of giving home loans, they have been doing this business successfully for many years and is fair and transparent to its customers. In case you are looking at speed (occasionally with some errors) go to ICICI Bank.
- Please avoid MNC Banks as far as possible as they are very rigid with their rules and will give you attention only if you are a private banking or a client who gives them lots of mutual fund and insurance business.
- Go to PSU only if you know the branch manager very well and the rates are low enough to justify the long wait for approval and disbursal.
- Please make enquiries with prospective neighbors about the builder, if possible read the society notice board. You might find out something you didn’t know. Please discuss it upfront and get a clarification from the builder before signing on the dotted line.
So finally after two months of struggling with banks, agents, property portals and builders I finally paid off my builder and got possession of my new 2BHK house in Chembur. Hope the blog posts are helpful and make you prevent the stress and sleepless nights which I spent in this process. Your feedback and suggestions are hugely appreciated.
Story so far: After unsuccessfully searching through property portals I finally found a buyer for my house in Navi Mumbai. I started searching for a house in Chembur in Mumbai and found one within my budget, had a traumatic experience in getting a home loan.
Once a bank gives you a sanction letter for that elusive home loan, do not under any circumstances think that all your troubles are over and the bank will easily disburse the amount sanctioned. The bank still has a couple of tricks up its sleeve, namely the legal and technical evaluation of the house.
The legal is a straightforward step where the bank just goes through your registered agreement with the seller (in case you approach them for a loan after registering) or examines the draft sale agreement, this is mainly to ascertain the agreement value and the facilities / amenities and space included in it. Banks have a panel of legal advisors who do this and it takes 1-2 working days. Since most agreements are in a standard format, this should not give you any trouble.
Then comes the killer, the technical evaluation and the valuation. Technical evaluation means examining the building plans and permissions and determining if it matches what the seller is offering you. Typical documents which are checked are the municipal corporation / relevant authority approved building construction plans showing the areas of the flats and the Occupation Certificate given to the builder by the relevant authority (BMC in Mumbai). An OC (currently in news because of the Adarsh scam) is granted to the builder only when the entire construction is done as per the approved plans and all the relevant approvals are held.
Now if you are buying an under construction property, the OC is not required, just a copy of the commencement certificate (a document which allows the builder to start construction as per the approved plans) is required. Once the banks technical team (or an outsourced firm) checks these documents and ascertains they are in order they send a technical team to visit the house and confirm if its built as per plans and specifications. Be very very scared if you are buying a house in Navi Mumbai, because most builders here use their own concept of super built up area (to charge you extramoney), and usually it never matches the super built up area they are claiming to sell you. That’s one of the reasons why most agreements have carpet area (the actual usable area) mentioned. This is a problem typically with the smaller builders, none of the big guns will screw around like this because they depend of the banks to fund them as well as their customers.
Once the banks has checked the approvals and physically matched the specifications a bank appointed firm does a valuation of the apartment. This is where most of us get screwed. The banks sanction letter has a killer line in the fine print ‘ Bank shall disburse 80-90% (whatever is approved) of the agreement + stamp duty and Registration value OR 80-90% of the valuation conducted by a bank appointed firm whichever is lower’. This is the line which killed me both the times (in 2007 as well as 2010). Most of the times the valuation done by the banks valuers is lower then the agreement value. However most banks are accommodating here and have some sort of an understanding with the valuers and manage to get the desired valuation. Once again MNC and PSU banks screw you here and they refuse to manage this aspect leaving you in the lurch in the last minute.
Just imagine your situation when your bank informs you at the last minute (just a couple of days before you have committed final payment to the seller) that they will disburse Rs 4-5 lakhs less due to valuation issues. If you are on a tight budget like me, managing to arrange this amount in just 2 days is a tall order and can cause immense stress. Its too late to even go to another bank because the process of approval takes 5-6 days minimum. In some cases the seller has a clause in the agreement which enables him to charge you a penalty or interest on delayed payment screwing you further.
To cut a long story short, I faced this issue but luckily I am a bank employee and knew some people around, so a few emails and phone calls later the home loan department agreed to increase my valuation basis the podium parking (a 1st or 2nd floor parking area) which my builder had allocated to me (god bless him) which in the eyes of the valuation agency is much more expensive than a stilt (which is a standard covered ground floor parking) or a basement parking (I thought a basement is more expensive to build with the digging and all).
A few tips to tackle the final leg of this loan disbursal journey:
- I would strongly suggest going in for a bank approved project (if under construction) simply because the banks have all the documents required and wont pester you for it and also because the valuation is not an issue here because of an implicit agreement between the bank / financial institution and the builder.
- If you are buying a ready possession property directly from a builder, please go through a bank which has funded transactions in that building, makes life easier.
- Some banks / institutions agree to check the valuation upfront and let you know if there might be a problem with disbursement. Notably ICICI (in some cases) and HDFC. This is great news because the stress later on is just not worth it.
- If you are buying a ready possession property which is more than 2 years old from a seller and the society is not formed then you are screwed. MNC and PSU banks wont fund you. Private Banks will take a call on a case to case basis. Your best bet would be NBFCs like Deewan Housing, Indiabulls etc.
- In the above case if the society is not formed a NOC from the builder is needed to complete the sale. Most builders charge a fee for it. Currently in the Mumbai market the buyer and seller pay this fee jointly (usually in a 50-50 ratio).
- If you are buying a flat from a seller and a society has been formed, please check beforehand that the society has all the relevant documents which your bank / NBFC might require. In case the society is very old and has lost documents, please don’t bother wasting time with banks and head to NBFCs.
Wait my dear prospective home buyer, if you tackle the valuation leg do not think that disbursement is just a day away. Banks in this country still have some ridiculous rules to screw you. Some idiotic banks insist that the builder submit his KYC (not the firm of the builder like Raheja Constructions but Mr Raheja himself), obviously the builder will ask you to take a hike if you ask for it because he does not have any dealing with your bank and is not expected to share his personal documents without any rhyme or reason. In such a case, please scream at your bank, threaten to drag them to RBI and make a huge noise so the bank will finally relent and waive this condition.
Some general tips which I might have forgotten in my earlier posts:
- HDFC rocks in the business of giving home loans, they have been doing this business successfully for many years and is fair and transparent to its customers. In case you are looking at speed (occasionally with some errors) go to ICICI Bank.
- Please avoid MNC Banks as far as possible as they are very rigid with their rules and will give you attention only if you are a private banking or a client who gives them lots of mutual fund and insurance business.
- Go to PSU only if you know the branch manager very well and the rates are low enough to justify the long wait for approval and disbursal.
- Please make enquiries with prospective neighbors about the builder, if possible read the society notice board. You might find out something you didn’t know. Please discuss it upfront and get a clarification from the builder before signing on the dotted line.
So finally after two months of struggling with banks, agents, property portals and builders I finally paid off my builder and got possession of my new 2BHK house in Chembur. Hope the blog posts are helpful and make you prevent the stress and sleepless nights which I spent in this process. Your feedback and suggestions are hugely appreciated.
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