Kitchen Stuff

This article is about Stove (or hobs), Chimney and sink. I purchased these items today.

Chimney

Things you need to look in a chimney. Do research about all these before making a choice.

• Size - Comes in 2ft, 3ft and some in 2.5ft. There are bigger models too! Chimney has to cover your cooking hobs (or stove).
• Fitting - Side, Corner or Center. 
• Appearance - All steel, or with glass cover. (I feel glass is difficult to maintain)
• Sucking capacity - It will be in cubic meter /hour. Requirements depends on your cooking.
• Filters - Two types - Mesh and Baffle filter. People said baffle is better for oil (or non-veg) cooking.
• Brand - Installation setup and post-service (Faber and Kaff are good? More are there)

Motors comes with life-time warranty. Glass has no warranty. Steel doesn't require much!
Prices start from 7k to 1L. Some are even 2L.

Stove

• Distance between burners. Take tape and measure. 10" is good. Less 9" is bad.
• Number of burners and layout
• Size of each burner (Large, Medium and Small)
• Built in or kitchen top.
• Glass top or steel make. Glass needs to be careful. Cold water should not fall on it during hot.
• Size - 2 ft, 3 ft or 2.5ft

Deals: Together there will be around 30-40% discount.

Sink
Again these are in different sizes.

• Bowls
  Length - 35cm to 55cm. Comes in different lengths
  Width - Standard ~20inch
  Depth - 8" and some or 9"
• Drain board.
• Make - Steel (standard, may be scratches), Granite (made of granite powder, looks good, but can have air gaps and may leak)
• Position of tap. Some will have holes or covered holes
• Reversible or not. If you are having drain board, some of them cannot be rotated.

Deals: 10% discount is norm.Some give 12% too.

How to find your assembly constituency?

Happy New Year 2014!

This year is going to be all time favorite for news channels as Congress, BJP and new child AAP are fighting for elections. In my native state too, there are uncertainties in Andhra region. So is the case with many other states.

Coming to the point... I tried to register in Bangalore and I was not able to find out which constituency I belong to. So this blog is about that - "Finding your assembly constituency".

Initial googling said that there is a map based search in http://ceokarnataka.kar.nic.in/. But I didn't find it there. Either it is removed or hidden or I can't see the link.

Then tried some other places .. Finally came up with solution.

1. You have to know your main areas
2. In google, search for your place and in ceo website. Eg. "borewell road site:ceokarnataka.kar.nic.in/"
3. This should give some links. (pdfs)
4. Open any one pdf 
5. Check if there are near by places and confirm your place.

  

Hope this helps a lot!

 

SBI Home Loan 2

About SBI Maxgain scheme

What is it?
If you have some money, you can transfer it to your bank loan account. Interest will not be calculated on that amount. You can take out this money anytime you need it.

How is it useful?
In savings bank you get 4%-6% interest. FDs will give you ~9% (but have locking period). If you keep in SBI Maxgain, then you get ~10% interest (same as bank home loan rate).

When to not to use it?
If you can invest in other places where you get more than 11%, then dont put money in this account

What to do?
After house registration, we need to go to RACPC and get a form. This form will tell that house registration is done and now our bank account can be converted to OD account (Maxgain account).

Take this form and give it to the Bank (not RACPC). The bank will convert your account to OD account. You will receive a cheque book (blue color for current account).
If you need online access, you can get it. But make sure you are comfortable as huge amount of money is saved.

More to add later!

SBI Home Loan

This is a looooong process. And also process may change in course of time.

Buying a house can be broken into the following steps.

1. Identify the house
2. Documents verification
3. Downpayment
4. Applying to loan
5. Loan approval
6. Part payments
7. Registration
8. Occupying the house
9. After-effects

Terms 

RACPC : The processing office of SBI

Market price :The actual price a person buys from builder

Government Guidance value : In each area, govt fixes some minimum value. Say MG Road, 15000, Whitefield 4500. It depends on apartments, location, facilities, etc.


STEP: Identifying a House
    This depends on your choice - budget, location, number of bedrooms, facilities, etc. You need to search a lot of places, take suggestions, compare different builders. Ask feedback from owners of previous projects. DO NOT LISTEN to MARKETING PEOPLE.

STEP: Documents you need to ask and verify

• Ownership of the land
• Mutual agreement between builder and land owner, if applicable
• Road connection to main road
• Approved plan of the construction

Get these documents and get them verified by a lawyer outside.

STEP: Downpayment

In order to get the loan processed, you need to make min of 5%. However banks generally recommend having 10% down payment.

So if your house is 50L, bank will expect you to pay 10L upfront and sanction loan for 40L.


Loan Process

It is a 2 sided process. Bank has to approve you and also the project.

1. Your approval depends on your salary, stability, assets, marital status, other EMIs, company, nature of job, previous credit history
2. Your builder approval depends on original documents, his history, etc.

1. Check with your builder whether they have approval from SBI. If not then it will take more time than expected. SBI has to approve the builder first.

STEP: Applying to Loan

1. You need to have a SBI savings account. So keep it ready. If it is joint account, both need to visit the bank.
2. Once you have the Savings account, fill the loan applicatio. Most of the other documents your builder will prepare. (Sale agreement, etc)
3. The bank will start the verification process of you and your builder. Once it is ready, they will call you. You will also get an SMS with the loan sanctioned. (In some cases you may not get the full amount for which you applied)
4. You need to visit the RACPC with any supporting documents. You need to sign a lot of documents.

Insurance

95% of the cases, SBI will push for insurance. Even you have lot of LIC policies, they will push for it. For a loan of 40L, 15 years, total premium will be 75,000.  15,000 for 5 years.

• You can pay the premium at one shot. In this case it will be less
• You can pay the premium in installments. 5 years option is provided.

You can pay the premium either directly or from the loan part. If it is from loan, they will sanction additional amount (subject to your paying capacity)

STEP: Payments to Builder

You and your builder will have an agreement on the payment deadlines. As soon as it over (say completion of 5th floor), builder will send you a release form. You need to sign that document. This document will be sent to SBI. Then bank will release the amount to the builder.

STEP: Registration

How to calculate the registration cost
Major components: 1% registration fee + 5.6% stamp fee
Extras : 15k (depends on your bargaining skills / agent)

Example: If your house is 1260 sft and market guidance value is 1750/-
                Price = 22L + Car parking = 25L
                Registration cost = 25,000
                Stamp paper        = 1,40,000

Registration Process

For registration, you need to ask available date from SBI and book an appointment. Go to RACPC, fill the form with registration date. You need to sync with builder before choosing date.

In some cases, you will get a slot on preferred date
* You started the process late. Normally slots get filled before 7-10 days.
* If it is auspicious day, then all slots will be over very fast.
* If taxes are increasing, then people will rush before deadline (happened Aug 1 2013)

In these cases, you can get it registered by yourselves.

The following DDs need to be taken on the name of SUB-Registrar, <Place> (Shivajinagar, etc)

1. Stamp paper cost (5.6%)
2. Registration cost (1%)

If you are doing registration by yourselves, then 2 more are required

1. MoD (Memorandum of Declaration) fee (= 1% of your loan, rounded to 100. Suppose loan is 40,68,000. Then fee = 4100) 
2. MoD registration fee = (1% of your loan)

 Either these DDs can be obtained by yourselves or from the RACPC (from your home loan).

E stamp paper

In Karnataka bond papers are banned. Now a days everything is on e-stamp paper.

No need of any broker. Simple process. Takes 15 minutes.

• Go to the bank or e-stamping center (Check in website)
• Fill the form (very simple)
• Name
• Purpose
• Amount
• Give the form, pay cash.
• Wait for some time.
• They will call you once the e-stamp paper is ready.
• Get it. and fill what is required.

House Rental Agreement

This concerns more in Bangalore!

• Rents are more compared to other cities (except Mumbai)
• Advance is 10times (some exceptions these days)

Tips:

• Get both your and your wife names on the agreement. Useful for address proof at some later stage. (only if married!)
• Get your agreement on e-stamp paper worth Rs. 100/- if deposit is close to 1L or 200/- if more than 1Lakh. (2013)
• All terms and conditions to be written on the agreement.

Before e-stamp paper, people get the agreement on a normal stamp paper (worth 20/- or 50/-). Get it notarized. Costs around 100/- to 200/-

Kids Day Care

Some charges around Kundalahalli.

Klay                         :  40,000    11,000
Klay for Qualcomm : 25,000    9,350

Kindle Kare

Application Fee     300
Registration Fee  5000
Monthly Fee        6400
Refundable Deposit     5000

They have fees for Less than 6 hours and Less than 3 hours