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legalupanishad · 1 year

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Mastering Home Loan Laws in India: Your Ultimate Guide

This article on 'Laws governing Home loans in India' was written by Farhat Sultana, an intern at Legal Upanishad.

Introduction:

Home loans play a crucial role in the Indian housing market, enabling individuals to fulfil their dream of owning a home. The demand for home loans has surged in recent years due to increasing urbanization, rising population, and the government's emphasis on affordable housing. This article aims to provide an overview of the laws governing home loans in India, which are primarily regulated by the Reserve Bank of India (RBI) and the National Housing Bank (NHB). The article will discuss key aspects such as eligibility criteria, interest rates, loan-to-value ratio, tenure, and foreclosure norms. It will also highlight the rights and obligations of borrowers and lenders, along with the redressal mechanisms available for dispute resolution. By understanding the legal framework governing home loans, individuals can make informed decisions and navigate the home loan process more effectively.

Home Loan Basics:

Definition and types of home loans: In India, a home loan is a financial product that allows individuals to borrow money from banks or housing finance companies to purchase or construct a residential property. There are various types of home loans available, including loans for purchasing a new house, buying a plot of land, renovating an existing property, or transferring an existing loan to another lender. Eligibility criteria for home loans: To be eligible for a home loan, individuals must meet certain criteria set by lenders. This typically includes factors such as age, income, employment stability, credit history, and the property's legal and technical aspects. Documentation requirements for home loan applications: Applicants need to submit certain documents when applying for a home loan. These include identity proof, address proof, income proof, bank statements, property documents, and any other documents specified by the lender. Interest rates and repayment options: Interest rates on home loans can be either fixed or floating. Borrowers have the option to choose between various repayment options, such as equated monthly instalments (EMIs), step-up or step-down EMIs, or flexible repayment plans.

Legal Framework for Home Loans in India

Laws governing home loans in India are crucial in ensuring the protection of consumers and the smooth functioning of the housing finance sector. The legal framework for home loans in India comprises various laws and regulations that aim to safeguard the interests of borrowers and promote transparency and fairness in lending practices. In this article, we will provide an overview of the relevant laws and regulations governing home loans in India. The Reserve Bank of India (RBI) plays a significant role in regulating the banking and financial sector in India. It formulates policies and guidelines that govern lending practices, including home loans. The RBI sets the interest rate framework, monitors capital adequacy norms, and ensures that banks adhere to fair practices while offering home loans. It also regulates non-banking financial companies (NBFCs) that provide housing finance. The National Housing Bank (NHB) is the apex financial institution for housing in India. It regulates and supervises housing finance companies (HFCs) and ensures their compliance with prudential norms and disclosure requirements. The NHB issues guidelines to HFCs regarding capital adequacy, income recognition, asset classification, and provisioning norms. It also sets regulations to safeguard the interests of borrowers, such as the maximum loan-to-value ratio and the requirement of maintaining escrow accounts. The Real Estate (Regulation and Development) Act, 2016 (RERA) is a crucial legislation that aims to protect the interests of homebuyers and promote transparency and accountability in the real estate sector. Under RERA, developers are required to register their projects with the regulatory authority, disclose project details, adhere to timelines, and maintain separate accounts for project funds. RERA also mandates the establishment of an appellate tribunal to hear disputes and grievances related to real estate projects. The Consumer Protection Act is another important law that impacts home loans in India. The Act provides a legal framework for addressing consumer grievances and ensuring fair treatment by financial institutions. It establishes consumer forums and commissions at various levels to adjudicate disputes and award compensation to aggrieved consumers. Home loan borrowers can seek redressal for issues such as unfair practices, excessive charges, and deficient services under the Consumer Protection Act. The legal framework for home loans in India encompasses various laws and regulations aimed at protecting the interests of borrowers and promoting transparency in lending practices. The RBI, NHB, RERA, and the Consumer Protection Act play crucial roles in ensuring the smooth functioning of the housing finance sector and providing recourse for consumers in case of grievances. It is important for borrowers to be aware of these laws and their rights to make informed decisions and safeguard their interests while availing of home loans.

Laws governing Home loans in India

Rights and Obligations of Borrowers

Laws governing home loans in India aim to provide a legal framework that protects the rights of borrowers while outlining their obligations and responsibilities. Borrowers are entitled to certain rights and protections under these laws. These include the right to receive complete and accurate information about the loan terms and conditions, the right to transparency in the loan agreement, and the right to fair and non-discriminatory treatment from the lender. Along with these rights, borrowers also have certain responsibilities and obligations. They are required to provide accurate and complete information to the lender, repay the loan as per the agreed terms, and maintain the property as per the loan agreement. Non-compliance with these obligations may lead to penalties or legal consequences. One aspect that borrowers need to be aware of is prepayment penalties and foreclosure charges. Prepayment refers to the early repayment of the loan before the end of the loan tenure. Lenders may impose penalties or charges for such prepayments. Similarly, foreclosure charges may apply if the borrower fails to repay the loan and the lender decides to foreclose the property. To address any disputes that may arise between the borrower and the lender, various dispute resolution mechanisms are available. These mechanisms include arbitration, mediation, and grievance redressal cells set up by regulatory authorities. These mechanisms provide a platform for borrowers to seek a fair resolution of their disputes without having to approach the courts. Overall, the laws governing home loans in India aim to strike a balance between protecting the rights of borrowers and ensuring their obligations towards lenders are met.

Recent Developments and Government Initiatives

Laws governing home loans in India play a crucial role in ensuring fair and transparent transactions between lenders and borrowers. The primary legislation governing home loans is the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, which empowers banks to recover their dues in the event of default. Additionally, the Reserve Bank of India (RBI) issues guidelines and regulations to regulate lending practices and protect consumer interests. In recent years, the Indian government has launched several initiatives to promote affordable housing and ease the burden on homebuyers. The Pradhan Mantri Awas Yojana (PMAY) aims to provide affordable housing to urban and rural households through interest subsidies and financial assistance. The Affordable Housing Fund (AHF) has been established to provide financing for affordable housing projects. Furthermore, homebuyers can avail of interest rate subsidies and tax benefits under various government schemes, such as the Credit-Linked Subsidy Scheme (CLSS) and the Goods and Services Tax (GST) regime. Recent legal changes have also had an impact on home loan borrowers. For instance, the introduction of the Real Estate (Regulation and Development) Act (RERA) has enhanced transparency and accountability in the real estate sector, ensuring the timely completion of projects and safeguarding the interests of homebuyers.

Common Challenges and Pitfalls

Laws governing home loans in India are designed to protect borrowers and ensure fair practices by lenders. However, there are common challenges and pitfalls that borrowers may face: - Issues related to loan disbursement and delays: Some borrowers experience delays in loan disbursement, which can cause inconvenience and affect their plans. It is important to carefully review the loan agreement and understand the timelines set by the lender. - Non-disclosure of terms and hidden charges: Borrowers should be cautious of hidden charges and non-disclosure of terms by lenders. It is crucial to thoroughly read and comprehend the loan agreement, including the interest rate, processing fees, prepayment penalties, and any other charges. - Fraudulent practices and unscrupulous lenders: There have been cases of fraudulent practices and unscrupulous lenders in the home loan market. Borrowers should research and choose reputable lenders, ensuring they are registered with the appropriate regulatory authorities. - Dealing with loan defaults and legal consequences: Loan defaults can lead to legal consequences, including foreclosure or property repossession. Borrowers should have a clear understanding of the consequences of defaulting on a home loan and explore options such as loan restructuring or negotiation with the lender to avoid legal proceedings.

Conclusion

In conclusion, the laws governing home loans in India play a crucial role in providing a legal framework and protection to borrowers and lenders. These laws aim to promote transparency, fairness, and stability in the housing finance sector. By ensuring compliance and addressing issues such as interest rates, loan eligibility, and foreclosure procedures, these laws contribute to a more secure and reliable home loan market in India.

References

- Aditya Kumar Tyagi, Position of Home Buyer in India, 4(1) International Journal of Law Management and Humanities (2021) - What Home Loan Rules And Regulations Should You Be Aware Of?, HDFC Bank, available at: https://www.hdfcbank.com/personal/resources/learning-centre/borrow/home-loan-rules-and-regulations-in-india - Divyani Ahuja, Latest RBI Guidelines for Home Loans 2022-23, Magic Bricks, 9 February 2023, available at: https://www.magicbricks.com/blog/rbi-guidelines-for-home-loans/127863.html Read the full article

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atshomecraftplots · 2 years

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leibal · 5 years

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House within a House is a minimalist residence located in London, United Kingdom, designed by alma-nac. alma-nac has completed a new self-build family home in South East London. In a city where land is scarce House-within-a-House offered a solution for densifying low-rise residential plots on the fringes of the city. By extending the accommodation it allows the house owners – a family of seven – to stay in the neighborhood. The resulting six-bedroom house utilizes the existing structure, while reinstating the rhythm of the Victorian terrace in this sensitive conservation area. On the upper floor the master bedroom rises over four meters to the apex of the roof, with a line of clerestory roof windows.

#minimalism #minimal #minimalist #minimal interior #interior design #leibal

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anangelicday-mrwolf · 4 years

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Wolfsbane : Noblesse Fanfic (post-ending)

(previous chapter)

Chapter 5 – Frankenstein’s Shadow

‘He wouldn’t give me that murderous glare of his just because it took only 2 days for me to get back here, would he?’ Thought Lunark as she fingered her hair once again, which she had brushed with care.

Although she came with a valid reason – Adne managed to unlock one of Ignes’s files less than 24 hours ago – she could not help getting worriedly conscious of the fact that the new file’s volume was so small compared to that of the first file she had delivered. So small she was not sure if this one even deserved to be labeled a file.

Fortunately for her, she was met with another reason not to chicken out and scram from Frankenstein’s island, upon picking up someone’s presence and tracking it down.

“You...?!”

Lunark exclaimed, identifying a very familiar man sitting by a tree perfumed with mosses.

“It’s been a while, 5th Elder. I mean, Lady Lunark.”

Lunark could feel her brain burning cold as soon as she assessed 3rd Elder’s face as he stood, for she had been dying to run into him.

“Sorry for not recognizing you for a sec. You’re missing a cloak.”

“...Well, on this island I’m not an elder of the Union.”

And no need for the clarification, thanks.

Lunark uttered an inner scorn as she scanned 3rd Elder’s outfit – black long-sleeved t-shirt and white pants. He looked so plain, so ordinary, so unlike a Union’s elder who at the same time used to be the right-hand man of the apex of the Union.

“Frankenstein told me everything. If I remember correctly, from now on you’ll be regularly stopping by in order to collect his old research data, to make use for treatment and rehab of werewolves that survived from... (The 3rd Elder winced ever-so-subtly before continuing.) From Maduke’s experiments... As well as invasion initiated by me and the 1st Elder.”

Lunark curtly nodded to show approval for the excuse she and Frankenstein devised for her visit, on the day she first arrived.

“Indeed. And thanks to a certain someone, Frankenstein and I have turned quite busy. I’m sure you’d know that neither of us has a lot of free time.”

No agreement or disagreement came from the 3rd Elder. He merely let his eyes escalate downwards to his feet.

“Anyways, what are you doing here? Seems to me you were moping or something.”

“Moping, huh...? Yes, maybe I was moping.”

“Really? The 3rd Elder? Moping? But too bad. The only interpretation I can make out of your confession is that you are bluffing in order to hide what you’ve been really up to. I know what you are like. And what you’ve done.”

The 3rd raised his eyes back to Lunark’s face in response to her sneer. However, he did not unzip his lips even a bit, perhaps because he knew he was in no position to prove her words wrong.

“While I’m at it, let me make one thing clear. Since Frankenstein chose to keep you close, I will not lay my hands on you. That I can promise. But in other words, that’s the only reason why I will ever leave you in one piece in the first place. Trust me – whenever I think about what you and the 1st Elder did to my people, I must fight my own urge to rip you into shreds this instant.”

Her audience stood frozen, taking in every syllable of her disdainful speech.

“If you ever plot something against Frankenstein, play hindrance in whatever he does, or take advantage of his hospitality, I WILL make you pay. And if he ever suffers a loss or damage because of you, I swear – I will make sure from then on, you won’t get to lift anything heavier than a spoon for the rest of your life.”

As she warned the 3rd Elder, Lunark’s face was surprisingly placid, her voice toned in its normal pitch. Still, the 3rd Elder could see she was as serious as she could be, for he felt as if he were up against a wrathful wolf about to lunge for its prey’s head.

Ironically, that was exactly what inclined him to point out what he just hypothesized.

“Funny.”

“What’s funny?”

“Please don’t get me wrong – I fully understand what you are saying. It’s just that... It sounded like you were giving a personal warning as ‘a woman caring for Frankenstein,’ not as ‘a werewolf warrior representing the entire wolfkind.’”

At once, Lunark’s pink eyes shuddered as if she were hit by a bullet.

“And it appears there is something more than comradeship or generosity at the basis of your words. Do you... Do you happen to harbor feelings for him?”

“Why would you care?!”

Lunark ended up stunning herself, her retort fashioned much sharper than she had intended.

“Does he know about this?”

And just like that, he completely turned the table on her.

“I’m not sure since when you have developed feelings for him, but I’m afraid your feelings will not be reciprocated. If I dare say, there’s a good chance your heart will wait endlessly for a single touch of light, only to wither into none, just like this nameless flower that has made poor haven under the shadow of this tree.”

“Did you take liking in reading poetry during free time? Moping is one thing, and now here you are, monologuing about flowers and shadow.”

“Yes, I did frame it a bit too fancy, but I was trying to be considerate. Apparently there’s a shadow in Frankenstein’s heart. Ever since we moved into this island, he has been leading an unusually reclusive life. I assume he tends to research and data categorization on this island and accommodates himself somewhere else.”

“...Why would you ‘assume’ that’s what he does?”

“Because he leaves every night and returns next morning, and I have no knowledge of what he does during his absence. I can only assume he fulfills his basic needs outside, since each time he returns in a new attire.”

The corner of Lunark’s eyes creased slightly upon unexpected discovery.

‘I did tell him to beware of the 3rd Elder, but... This is not exactly what I had in mind.’

It did not take long for Lunark to decide that her warning had nothing to do with Frankenstein’s behaviors. After all, Frankenstein and the 3rd Elder had been occupying this island before Muzaka made her his “secret agent.”

‘But why? There’s nothing strange in his caution against his enemy-turned-ally, but why would he choose the inconvenience of lodging himself away from a safehouse that comes with a perfect housing system?’ Lunark inwardly muttered to herself, reminiscing how awestruck she was during her tour of Frankenstein’s safehouse, impeccably furnished in terms of residential aspects that she even suspected he hired an expert designer for the job.

She was momentarily impelled to acquire more information on the matter, but she aborted the idea.

For the 3rd Elder learned something that could work against her in the future, there was no guarantee that continuing the conversation would be beneficial for her.

Therefore, she steeled her voice as she tried to conceal her fluster.

“So what? Like I said, it’s none of your business whether I have a crush on him or not. And what was that about my feelings and flowers? If you have time to come up with stupid metaphors and make yourself sound like 12th Elder before having dinner, just go back to your so-called moping session!”

Lunark turned herself away as coldly as possible. She had to refrain from telling him that if Frankenstein hears a word about this, she will murder him – that would only demonstrate how strong her feelings have grown.

As she kept her back straight and walked on, something caught her eyes. The next moment, her legs stopped altogether upon perceiving she was looking at a flower species she was highly familiar with.

‘This must be wolfsbane. Its color differs from the ones on our land, but the shape it blossomed into tells me it’s definitely a species of wolfsbane.’

As beautiful as it may be, wolfsbane possesses deadly poison, hidden behind aesthetic colors and contours that have won immense popularity among flower-lovers.

Ancient humans evidently were aware of wolfsbane’s toxicity, incorporating its poison in mythology as the beloved invention of Hecate, the Greek goddess of magic and witchcraft and the guardian deity of witches, and historically employing it as a kit to hunt wolves (a fact reflected in the flower’s etymology).

Thus in a way, wolfsbane is a botanical counterpart of a siren; let the creature cast its spell, and one may be irrevocably destroyed by its true nature.

‘And I guess for me, this flower is just like him...’

Lunark sighed heavily, emitting all the air supply she had been stocking, a proof that her life these days has become a total mess thanks to a certain blonde human.

‘I still can’t believe I was actually late to my lord’s recoronation because of him.’

The day Muzaka reclaimed the throne, Lunark was supposed to be in the very front of the werewolf attendants, as a warrior of wolfkind and one of Muzaka’s right-hand servants.

Alas, she was late to the ceremony because of Frankenstein.

At the time, she planned to attend the ceremony as soon as she was done talking to Frankenstein for one last time. Or rather, to be precise, she called KSA so that she could ask the KSA staff to relay her thank-you message for all the hard work he had done.

To her shock and dismay, she was met with a news that Frankenstein was gone, and even KSA had lost communications with him.

Out of severe alarm, she instantaneously requested communication with Tao and asked him what happened to Frankenstein. Tao filled her in about the reason why Frankenstein was gone, but not even he provided her with his location and plan, which were what really mattered to her.

After wasting her time talking to more people than she had in mind, as well as trying to restitch her mind, she realized she was late.

And until next day, until Frankenstein showed himself on the communications monitor out of blue to hand over his communicative coordinates for emergency use, she was on the edge of her seat for every second, like a job seeker waiting for the result of the very last job interview of her life after failing to hear back from dozens of potential employers.

Lunark knew very well that anything concerning the werewolf lord comes in as the top priority for a werewolf warrior.

‘But back then, I couldn’t think of the coronation ceremony at all because of him. Seriously... What have you done to me, Frankenstein?’

Yet she knew what was happening to her. She knew since who-knows-when, Frankenstein had taken property of every seam and corner of her heart.

‘This flower happens to be purple like him. Or rather, purple like that cursed weapon he wields.’

Great, now I think of him even when I see the color purple, thought Lunark, as she once again confirmed she was exhibiting one of those symptoms of love.

“Hopeless... This is just hopeless.”

“What is hopeless?”

Lunark jumped like a cat that spotted a cucumber at its rear end as she turned around in a flash. Luckily, Frankenstein dodged her hair fast enough and avoided getting slapped in the face.

“W-what are you doing here?”

“Says a guest to the owner of an island.”

Frankenstein shrugged, as if he had just heard the funniest thing in the world. And a mere shrug, with the push of his smile, was more than enough to shatter Lunark’s heart once again. Which was why she suffered a delay in noticing that he was not empty-handed.

He was holding a plastic case safekeeping a pair of sanitary gloves and plastic bags for sampling, along with a dirty yet well-honed gardening utensil, which hinted her what he was here for.

“I’m sure you have no interest in pressing flowers or gardening. Are you using this flower for your experiment or something?”

“Not an experiment. It’s for a personal need,” replied Frankenstein, as he kneeled and started poking and shoving around a wolfsbane’s root in a very professional manner.

“Why would you take a wolfsbane plant for a personal need? I don’t count myself as one of those lab people, but I do know that most of flower species classified under the category of wolfsbane come with poison. Well, though I doubt that its poison will be lethal for modified humans or non-humans, even if it is ingested entirely as a raw plant.”

“Right. And some wolfsbane species are so venomous that even a minimum touch on skin can cause traumatizing and even life-threatening effect on human body. However, wolfsbane is also available for medical use. Even these days, wolfsbane is used as painkiller and, depending on the situation, cardiac stimulant in traditional Korean and Chinese medicine.”

Frankenstein answered with a tone only expected from most popular lecturers in doctorate chemistry lectures. Nevertheless, Lunark’s face darkened even before he could finish his words.

“So are you going for the former or the latter? Are you ill? So ill you must carry a painkiller or cardiac drug all the time?”

“If I were to choose, I would say it’s the latter. But not exactly. And don’t worry – I don’t have any pain or heart issue.”

Frankenstein glanced at Lunark and was left with bewilderment as a result. She was staring at him as if he were just sentenced to death.

“...No need to give me that look. Remember that I told you a wolfsbane can be used to create drugs that stimulate heart functions? I have modified and adjusted the use and processing of a cardiac stimulant to instead use this flower as a source of a nerve stimulant.”

“Meaning...?”

“It’s for keeping me awake as long as its effect lasts, without any need for sleep.”

Frankenstein was hoping to relieve her of concerns, but Lunark did not look happy at all. Her forehead furrowed deeply, now her face so dark that in other circumstances, Frankenstein would have concluded one of her kith and kin met demise.

“Are you saying you haven’t slept at all ever since you moved into this island? Just how busy can you be? Do you have to stay awake for whatever you have at hand?”

“...I’m in no situation to indulge in sleep or dreams.”

Lunark bit her lips as the fact sank that she was wrong. When she talked to the 3rd Elder, she was glad Frankenstein was seemingly getting some sleep, at the very least. But he was not.

Lunark was about to amplify her voice to shriek what on Earth he would do outside this island, before she managed to hold her tongue.

Confronting Frankenstein about his activities outside would make him curious of the source of her intelligence, which would lead to a discussion on the discussion she had with the 3rd Elder. And Lunark was not sure if she could lie about her previous conversation, let alone her feelings for him.

In addition, knowing his personality, she could swear he would not listen even if she were to be a mom for him just this once. Given up on reasoning with him, she directed his attention to a speculation that just came up.

“I remember how you drank something from your flask when I first got here. Was that a drug you made with wolfsbane flowers?”

Frankenstein’s hands paused for a second in reaction.

Frankenstein remembered what he gave her as a reply when she inquired what he was drinking; he kept his answer as vague and not-worthy-of-attention as he could. And he surely did not mention to her in what form the tonic came in. Yet here he was, marveling once again that there was a reason why Lunark was made an elder of the Union.

“Yep. That was it.”

“I didn’t think this was what you meant when you said it’s like coffee to you. And I bet you were the one who came up with the recipe to cook up that drug.”

“Of course. The other uses for wolfsbane plant include fever reducer at the most, and apart from the use of wolfsbane, it’s been centuries since human medicine last had its effect on me. And speaking of which, I must go through a revision of my cookbook. The number of wolfsbane plant on this island is decreasing as we speak, so I won’t be able to make any more effective tonic unless I modify the amount of poison to be used.”

“So you’ve been basically feeding on this flower.”

“Yes, but it’s also partially because this island was never densely populated by this flower. Now I basically have to hunt for a needle in a haystack in order to find a wholesome plant.”

“...Want me to bring them to you?”

Frankenstein stopped his hands from pulling out a wolfsbane flower to gape at her.

“Well, there is this enormous colony of wolfsbane flowers near the boundaries of our territory. And no one has ever touched it as far as I know, since we’ve never imagined using this flower for medicinal purpose. And trust me – this colony is big enough to cover the entire Pacific. The thing is, the wolfsbane in our land is probably a different species from this one, because its flower is pink. I’m not sure if you can use it for your ‘recipe,’ but I can fetch one as a sample for my next visit. What do you say?”

Frankenstein was silent. His ears did prick at her suggestion; he could actually hear Beethoven’s Symphony No. 9 echoing in his head.

‘But if I say yes... I’ll end up running into her more often.’

Opposed to the obvious outcome, he briefly tried to come up with a way to very courteously turn down her offer, with a legitimate reason that will not hurt her feelings.

But of course, he knew he had no choice. He was aware of the ill effect he will bring upon himself if he were to say no.

“It’s fine. It’s all good as long as it comes under wolfsbane category.”

“So you mean...”

“From now on, bring me three separate wolfsbane flowers, if you please. And each flower must come with complete roots as well, undamaged, and hopefully in a sample bag like this one.”

“Okay. No biggie.”

Lunark had to control her voice so she would not sound too excited for having another defensible excuse to visit Frankenstein. Fighting against her glee, she forced the corner of her lips to stay uncrooked.

Partially due to her mind-numbing elation, and partially due to the fact that Frankenstein turned away as he invited her over to the safehouse, Lunark failed to notice that the shadow on his face thickened by a very slim shade.

*****

That night, Frankenstein walked through the corridor of another island he owned. He was at a stranded island dozens of kilometers away from his lab-slash-safehouse. Unlike the aforementioned island, this island housed not a single speck of green, an unparalleled embodiment of Lunark’s description of “a sandless desert with a gigantic cement appendage jutting out of the ground, prisoned by water at all sides.”

And this is where Frankenstein had been taking care of his basic human needs. And more importantly, this is where he had been secretly endeavoring to handle a dilemma that had lately cast a new shadow upon him.

Finally arriving at the special chamber at the heart of the building, he securely fastened the door in order to face the said dilemma once again.

“Answer to my call... Dark Spear.”

(next chapter)

Aaaaand here it is - the flower from which I came up with the title of this fanfic.

I didn’t plan on naming this fanfic Wolfsbane since the beginning. During the brainstorming stage, I landed upon some details about wolfsbane by pure accident, and as I read about this plant, I came to think this is exactly what represents the relationship of Frankie and Lunark and the progress they will make in this fic (and it’s related to wolf lol). The line in this chapter that says “let the creature cast its spell, and one may be irrevocably destroyed by its true nature” is what I had in mind as I sketched this fanfic.

By the way, there are two things about this chapter that isn’t canon in real life: (1) the fact that wolfsbane is used as a nerve stimulant and (2) the pink wolfsbane that can be found in nature. It is true that in traditional Korean and Chinese medicine, wolfsbane can be used as cardiac stimulant or painkiller. But in reality it is not used as a nerve stimulant; that part is my creation. In addition, pink wolfsbane does exist, but only as human-cultivated species; pink wolfsbane does not naturally occur. So for this fic, I created a wolfsbane species of my own (the purple wolfsbane that you would commonly see upon googling is Aconitum jaluense. The pink wolfsbane species that is introduced in this fic is Aconitum crescentonum). Hope that clarifies!

#fanfic #korean webcomic #korean webtoon #noblesse #frankenstein #lunark #frankensteinxlunark #wolfsbane

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rajsinghj · 2 years

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Plotted Developments: The Next Major Real Estate Trend in India

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Plotted Developments: The Next Major Real Estate Trend in India

Plotted Developments are scaling up on the real estate horizon and emerging as the hottest real estate trend in India. Basically, plotted developments are scathes of land area that are sold to develop homes, villas, condominiums, offices, retail or any other asset class. It is available within security aided gated communities, with high-end amenities and facilities that are essential for modern-day living.

Plotted developments in India, in general, and the NCR region, mainly shot up in massive numbers due to the influx of demands of a significant proportion of potential buyers in the last five years. Plot purchasers have grown pally with the idea as plotted developments are a much more economical and frugal investment choice rather than completed and constructed homes. The price affordability is within the range of the finances of the home buyers, and therefore, they are constantly gravitating towards buying plots.

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The Deen Dayal Jan Awas Yojana was started by the Haryana Government to promote ‘Housing for All’ by stimulating and motivating high density plotted colonies developments in medium and low potential towns of the state. It was one of the major contributors to the large scale plotted developments in many porsche areas of Gurugram. The DDJAY policy also allowed potential buyers to get various benefits like loans of up to 75% of the property value on plots from all towering public and private sector banks. It was one of the significant reasons that drifted buyers toward plot ownerships.

Another advantage of plotted developments that makes them buyers’ favourite is that purchasers have the autonomy to envision, design, customise, and build their houses according to their individual tastes, volition and preferences. Once they have bought the plot, they are free to craft and create their commercial, residential or luxury property. Plotted Developments are usually located in the suburbs, increasing the land value over time with a growing population and assuring higher returns in a long term period. Ultra-Luxury Homes and Vacation Homes are usually at the helm of plotted developments.

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The pandemic-induced conditions like social distancing and remote-working set-up have accentuated the sales of plots. More and more people were drifting in favour of plotted developments as it ensured complete Covid-friendly isolation and healthy seclusion from society at that point.

Many recreational and luxurious amenities come in handy, like swimming pools, clubhouses, gardens, jogging tracks, parks, lawns, amphitheatres, tennis and badminton courts for people’s entertainment and relaxation. Plotted Developments foster a sense of community living, an idea that is gaining a lot of traction these days. People have a tendency to reside in places with close-knit communities and a shared feeling of belongingness, which is axiomatically ubiquitous in plotted developments. People feed off of collective communitarian bonding and exude strong support, safety, and security.

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To cut a long story short, plotted developments are riding high at the real estate apex, owing to the affordable prices, asset longevity, development flexibility, and high-end amenities. It is catering to peoples’ desires and registering massive sales, reflective of its popularity among the masses.

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architectnews · 3 years

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Paradise Walk Jiangchen, Wuhan

Paradise Walk Jiangchen, Wuhan Shopping Mall, Office Tower, Residential Building, New Chinese Architecture Photos

Paradise Walk Jiangchen in Wuhan, China

4 Dec 2021

Architects: CLOU

Location: Wuhan City, Hubei province, People’s Republic of China

Paradise Walk Jiangchen

With the nearby Yangtze as the key inspiration for the building and its inner workings, Paradise Walk Wuhan Jiangchen evolves around river-themed interior spaces that distinctively enrich the retail experience and social encounter in a notion of water and movement. Centrally located in Wuhan’s CBDs on top of a multi-line transport node, the mall takes on multi-level TOD characteristics, to discharge, channel, host, and gather large visitor volumes within its V-shaped footprint.

As one of Central China’s flagship malls, Paradise Walk Wuhan Jiangchen sets new standards for large-scale urban retail in conjunction with mixed-use and TOD components: Its site straddles Wuhan’s Central Business District and Financial Street Business District on top of Fanhu Station, served by 2 metro and 25 bus lines.

This transit base induces a dichotomy in the functional setup of the retail floors: its hub character strives to swiftly accept, channel, and distribute large passenger volumes vertically into the business zones, while the retail aims at attracting and retaining visitors to dispense them horizontally into its multiform commercial environment.

On a triangular plot topped by two office towers, the 110,000 sqm mall’s two wings converge towards the apex of the site, informing the placement of key spaces, their hierarchical order, and their distinct shape.

Reflecting Wuhan’s strong river bond, three key interior zones take up water themes, articulating them in spatial layout and material choice, to consequently evoke an emotional reaction in visitors:

The Source stands as the origin of water as it emerges from the ground. The spherical multi-storey atrium symbolises concentrated power in concentric monochrome patterns that energetically direct movement. The dense ceiling orbits are mirrored in the black-and-white circles of the floor to anchor the space at its base. Mirror accents in the vertical circulation create bright visual effects, with escalators appearing to cascade as they transport people from one level to another. Connecting to the metro hub, the Source is the discharge point of all activities into the development.

In the opposite wing, the Gorge creates a very different atmosphere: like a deep ravine, a narrow, elongated atrium extends across several storeys, offering select skyward views. Levels differ in strata-like bending to provide distinct spatial experience with every turn, in an ascending move towards the large skylight. Narrow wood-clad bridges crisscross the void, introducing a natural character that is taken up by the warm tones of the vertical surfaces.

The Bridge, the connecting element between the two wings, acts as a spatial and metaphorical hinge: a central zone for encounter and celebration, a communal gathering point, and a vertical and horizontal distributor. Red feature escalators cross a cylindrical void on multiple levels, moving visitors vertically through this pivot point.

From here, a linear event space stretches out to culminate in full-width landscaped stairs that lead up to a panoramic window: an elongated cantilever that prominently reaches out into the surrounding cityscape. The bridge narrative continues in the industrial feel of the bright red exposed ceiling structure.

Throughout the mall, strong colour accents mark spatial importance and activity. Diverse floor and ceiling patterns emphasise different ways of movement: waves and linear stripes create directional dynamics, while circles establish focal points. Clustered circles evoke ‘bubbling’ aesthetics that highlight feature zones. Ancillary and transitional spaces take up the bold patterns together with softer colours and warm textures.

The interior key zones and their dynamics are reproduced in the approach towards the exterior façade design:

The V-shaped massing is bisected by the focal glass protrusion of the Bridge, with the adjacent volumes receding in terraces, a gesture to the park across the intersection. Key functions such as cinema and sports zone are volumetrically expressed in protruding cuboid volumes that mark the building corners, entrance zones, and programmatic highlights.

In addition, the corners set out the colour identities of their respective adjacent facades, with each side of the triangular footprint represented in an individual colour scheme of gold, red, and blue. The strong hues diffuse in a dynamically pleated façade that adds three-dimensional depth and a clever twofold colour play, allowing for different aspects from every view angle.

Perforated metal screens feature diverse intensities in corrugation for further articulation and visual layering along the extended sides. This introduces lightness and differentiation to the stacked volumetric, effectively breaking down building mass.

Advertisement panels and oversized ‘shop windows’ create rhythm and animation, their scale reacting to the respective viewing distance they respond to the urban level, the speed of passing by, and the human scale that eventually attracts and draws individuals into the mall.

This multitude of spatial experiences helps create an environment that encourages visitors to return and explore time after time.

Paradise Walk Jiangchen in Wuhan, China – Building Information

Type: Shopping Mall, Office Tower, Residential Client: Gezhouba, Longfor Location: Qingnian Rd, Wuhan Construction Area: 370,000 sqm (Retail 138,711 sqm) Architecture/Interior Design: CLOU architects

Design Team: Jan Clostermann, Zhi Zhang, Jianyun Wu, Wenlei Ma, Christopher Biggin, Sebastian Loaiza, Jingshuang Zhao, Sara Fontana, Tiago Tavares, Principia Wardhani, Baolin Shen, Nan Zhang, Florencia Carvajal Model Maker: Yuelun Yang, Dandan An Planning Design & Towers: Tianhua LDI: Central-South Architectural Design Institute Co.,Ltd., Shanghai Kangye Facade Consultant: Keyuan Facade Lighting Consultant: COPA Signage Consultant: Trycool

About CLOU CLOU is an award-winning international design studio with multi-disciplinary expertise in masterplanning, architecture, interiors, and landscapes. The team design their projects on a variety of scales around community connectors and social spaces.

At CLOU, a team of more than 65 experienced architects from China and all over the world enjoy working collaboratively and imaginatively on a wide range of projects. Clients include retail and mixed-use developers, residential investors, hotel operators, and governmental and educational institutions. Across design and implementation, CLOU architects strive to create projects that positively influence the people involved in the making, the immediate and extended environment, and the communities that occupy and inhabit them.

Photography: Arch-Exist

Paradise Walk Jiangchen, Wuhan images / information received 041221 from v2com newswire

Location: Wuhan, China

New Wuhan Architecture

Contemporary Buildings in Wuhan, China

Sino-Ocean Sales Center in Wuhan, China Design: Waterfrom Design photograph : Yuchen Chao Sino-Ocean Sales Center Wuhan

Light Waterfall Design Architects: Kris Lin International Design image courtesy of architects practice Light Waterfall Wuhan / Light Waterfall Sales Center Wuhan Building

Huafa & City Hub Architect: Qin Yue-Ming photograph : JING Xu-Feng Huafa & City Hub in Wuhan

New Chinese Architecture

Contemporary Buildings in China

THE FIELD, Huli District, Xiamen, Fujian, South East China Design: TEAM BLDG, Architects, Shanghai photo : Jonathan Leijonhufvud THE FIELD, Huli District, Xiamen City

Tower C at Shenzhen Bay Super Headquarters Base, Shenzhen Design: Zaha Hadid Architects (ZHA) image courtesy of architectural office Tower C at Shenzhen Bay

Chinese Buildings

Comments / photos for the Paradise Walk Jiangchen, Wuhan design by CLOU Architects page welcome

The post Paradise Walk Jiangchen, Wuhan appeared first on e-architect.

#e-architect

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industrialplots · 3 years

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Reliance Industrial Plots Price Gurgaon

Industrial Plots For Sale in Jhajjar, Reliance Industrial Plots On KMP Expressway, Industrial Plots For Sale in Gurgaon, Reliance Industrial Plots For Sale in Gurgaon

Model Economic Township Limited (METL) is a 100% subsidiary of Reliance industries Limited, the largest Indian company in the private sector, and is engaged in the development of an integrated Industrial Township “The Model Economic Township” located on the western border of New Delhi in Jhajjar district, Haryana.

Development Around Reliance MET

Reliance MET region, located in the heart of the NCR Delhi, has attracted some of the top institutions in the country.

The second campus of the leading national institute All India Institute of Medical Sciences (AIIMS) is being developed over an area of 300 acres of land in village Badsa along MDR 136 within the MET area. The first phase of this facility would house the National Cancer Institute and Hospital. An outreach OPD department is already functional and work on the development of this super specialty hospital is to start shortly

The Indian Institute of Technology (IIT) Delhi, the premier institution in the country, has taken possession of about 50 acres of land for a research and development centre in village Badsa.

The Xavier School of Management - XLRI, the premier management institute in the country, has procured 40 acres of land in village Aurangpur on the SH 15A. XLRI has started construction of the Higher Secondary School followed by the Higher Education

SGT University is having a sprawling campus on approx 60 acres in village Budhera on MDR 136. The University is a residential campus with Medical college, Dental college, Engineering college, Law and many more courses

The Sehwag International School, owned by Mr. Virender Sehwag a Cricket Icon, is already one of the best residential schools with Cricket Academy in the region located at village Silani on the SH 15A

The Haryana Cricket Association (HCA), affiialted to Board of Control for Cricket in India (BCCI), is the apex body for promotion of cricket in Haryana and is developing a Cricket Stadium and Academy in Lohat village.

The company has various discrete land parcels of different sizes suitable for establishment of premier specialized institutions in the vicinity.

#Reliance met #Reliance Industrial Plots Price In Gurgaon #Industrial plots at reliance met

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capitol-avenue · 3 years

Link

Apex Quebec residential new property is on Well-connected to main NH-24 (NH-9), On 14-lane Expressway, 1.5 Kms from Metro Station. Apex Quebec projects located in Siddharth Vihar, Ghaziabad, It offers residential 2 BHK, 3 BHK and 4 BHK flats & apartment along with world class amenities, within a buy on best price range. The Apex Quebec amenities include swimming pool, children’s play area, club house, rainwater harvesting, power backup, indoor games, Vaastu compliance, ample parking space, maximum light and ventilation in each flat, 24x7 water supply, 3 Sides open plot, and yoga and meditation center.

#apex quebec

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sapientrealty · 3 years

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Gurgaon or the Millennium city went through immense change in the last twenty years. Presently, BPTP plots sector 70a Gurgaon is the most sensible spot of NCR. This has attracted land monetary benefactors from different bits of India similarly as abroad. As we look at the properties across Gurugram (as Gurgaon has been renamed), we find that BPTP plots sector 70a Gurgaon has offered a wide extent of options around here.Residential plots in Gurgaon is one of the huge exercises from BPTP. DDJAY Plots in Gurgaon is an extravagant region and BPTP Astaire Garden Plots Sector 70a Gurgaon has a bewildering region and organization. This BPTP Astaire Garden Plots Sector 70a Gurgaon based property is connected through NH8, Sohna Road and Golf Course Extension.

BPTP Astaire Gardens Sector 70A Amenities

Private Terrace/ Garden

Security / Fire Alarm

Centrally Air Conditioned

Servant Quarters

Intercom Facility

Air Conditioned

24 Hrs. Water

24x7 Power Backup

Yoga & Aerobics

BasketBall Court

Lift

Service/Goods Lift

Kids Play Area

Health Club

Club ClubHouse

Kids Water Park

Party lawns

Jogging Track

Rain Water Harvesting

BPTP residential plots in spr road Specification

Structure

RCC Framed Structure.

Wall Finishing External

Double coat Ace/Apex emulsion paint over a primary Coat.

Walls

Clay bricks / Fall -G masonry with cement mortar.

Sit outs

Kajaria / Johnson Ceramic/Porcelain tiles.Plumbing & sanitary

Concealed plumbing with Branded CP and sanitary ware fittings.

Elevators

standard make & suitable capacity lifts shall be provided.

Electrical

Concealed copper wiring with switches of sin type/ modular reputed make with adequate light ,fan and power points.

T.V, Telephone & Internet

Provided points of T.V and telephone, provision for intercom facility.

Car parking area

CC paving shall be provided at stilt floor car parking.

#astairegardenplots #buybptpplots #bptpsector70 #bptp #bptpgurgaon

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nitantgaurav · 5 months

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Apex Quebec | Apex Quebec Ghaziabad

Discover luxurious living at Apex Quebec projects in Siddharth Vihar, Ghaziabad. Choose from elegant 3 & 4 BHK apartments with terraces and servant quarters, boasting world-class amenities. Enjoy a pollution-free environment on a northeast-facing plot, with a 14-lane expressway nearby and a metro station just 1.5 km away. Experience upscale living with amenities like a lap pool, clubhouse, jogging track, and more. With convenient access to schools, hospitals, and entertainment hubs, Apex Quebec Ghaziabad offers the perfect blend of comfort and convenience.

Visit Our Site:- https://repp.tech/Quebec/

#Apex Quebec #Apex Quebec Ghaziabad #Apex Quebec Siddharth Vihar Ghaziabad

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newlaunchprojectinbangalore · 3 years

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What are the profitable new launches in Bangalore?

We buy a property anticipating the future. We all want our future to be safe and secure. So while investing we need to be precise in choosing the best property for us.

In the silicon valley of India, there are enormous projects evolving every day. Picking the profitable ones are a bit tedious. We have executed this for you. The listing is based on

● The location

● Price

● Resale value

● Builder/Developer Identity

Assetz Earth and Essence: This is a super luxury residential gated community located off the Bangalore international airport, North Bangalore.

The property has many residential fashions such as

● Plotted development

● Rowhouses

● Villas

This is phase 2 of the project with 90+ luxury plots. Earth and essence have got good neighbourhood surroundings. Each buyer can develop their dream homes from the grounds.

The rowhouses are stunning and astonishing with G+2 floors built-up structure. These magnificent bungalows have 2 living rooms, multiple bed suites and a courtyard. There are 75-row houses designed in this exquisite community.

These posh rowhouses come with exclusive features such as

● Backyard (includes space for dining)

● Skylights

● Natural ventilation

● Walk-in wardrobes

● Large attached balconies

● Internal landscaped courtyard

● Multi-level living space

● Alfresco living and dining

The villa project details are yet to be released from the builder’s end.

The vast 10 acres project has a world-class clubhouse designed on 1.5 acres. It’s wisely named as Earth club. This eco-friendly project has many world-class and advanced soothing amenities such as

● Sandpit

● Zipline

● Sprinkler plaza

● Infinity pool

● Trampoline

● Half basketball court

● Futsal field

● Treehouse

● Multipurpose hall +Indoor games

● Lounge

● Spa

● Changing rooms

● Showers

● Steam rooms

● Gym

● Badminton court

● Supermarket

● Tennis court

● Pool deck

● Organic farm

● Farmers’ market

● Community dining

● Interactive pipe

● Slide playground

● Swings

● ATM

Believe these amenities would suffice and delight our next generation as well. Living in such a property would bring great joy and satisfaction to us. Over this, the superior lifestyle is promised with these best in class facilities.

If you get a chance to buy these. Do not miss it.

DSR Vertex & Apex: It’s a RERA approved project. Vertex & Apex is situated in Thubrahalli, Whitefield. This is one of the primmest locations in the city.

The total land extent is 1.33 acres. There is a total of 77 units developing on the property. This luxury residential apartment ranges from 1215 sqft to 1575sqft. The DSR vertex and apex project have 2C+G+10,12 floors built-in structure. The project handover starts from March 2023 onwards. The DSR infra has provided ample amenities required in community living.

● 24Hrs Water Supply

● CCTV Cameras

● Covered Car Parking

● Gym

● Indoor Games

● Lift

● Multi-Purpose Play Court

● Multipurpose Games Court

● Rain Water Harvesting

● Security Personnel

● Swimming Pool

● Waste Management

● 24Hrs Backup Electricity

● Jacuzzi Steam Sauna

Rohan Upavan: This is an elegant residential apartment with an attached Orchard. The project is located of Hennur road, Bangalore. The builder has good reputation in the real estate industry.

The builder has provided with many offers exclusively for this project such as pay 5% & no pre-EMI till possession. There are 1,2 and 3BHK apartments designed in the locality. The property has G+19 floors buit in structure. This eco friendly project has many striking amenities such as

● Children’s play area

● Bio retention pond

● Orchard garden

● Multi activity court

● Organic garden

● Outdoor fitness park

● Reflexology Walkway

Above mentioned projects are running of with best offers there are many other genuine projects in the city. Lets discuss about it in the next thread.

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vishalsbpseo · 4 years

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Revised RBI Guidelines for Housing Finance Companies

As you know that our country is facing liquidity issues and the COVID-19 outbreak has not done any good to it especially the real estate sector. The government has been taking various measures to increase the liquidity inflow in the country. For the same, The Reserve Bank of India (RBI) made amendments to the administrative structure for housing finance companies (HFCs) on 22 October 2020.

The Apex Bank directed HFCs to lend at least 60% of their net assets to housing through the final RBI guidelines issued on 22 October, which is a follow-up to a drafted issued in June 2020. The RBI has also ordered HFCs and non-banking financial institutions, which may not currently lend an appropriate amount of their total housing loans, to achieve this stage by March 2024.

Net assets deployed for housing loans by HFCs

Timeline Min % of total assets Min % of total assets for individual March

March 31, 2022 50% 40%

March 31, 2023 55% 45%

March 31, 2024 60% 50%

[Source: RBI]

“These HFCs are expected to submit a board-approved plan to the Reserve Bank within a period of three months, including a roadmap to meet the above-mentioned requirements and a schedule for transition,” read the final RBI guidelines.

The followings are the highlights of the Amendment made for HFC by RBI:As per the RBI guidelines issues the word ‘providing finance for housing’ or ‘housing finance’ is not formally specified in past and hence they gave a formal definition of what housing finance means as follow:

Loans to individuals or group of individuals including co-operative societies for construction/ purchase of new dwelling units.

Loans to individuals for purchase of old dwelling units.

Loans to individuals for purchasing old/ new dwelling units by mortgaging existing dwelling units.

Loans to individuals for purchase of plots for construction of residential dwelling units provided a declaration is obtained from the borrower that he intends to construct a house on the plot within a period of three years from the date of availing of the loan.

Loans to individuals for renovation/ reconstruction of existing dwelling units.

Lending to public agencies including state housing boards for construction of residential dwelling units.

Loans to corporates/ Government agencies (through loans for employee housing).

Loans for construction of educational, health, social, cultural, or other institutions/centres, which are part of housing project in the same complex and which are necessary for the development of settlements or townships;

Loans for construction of houses and related infrastructure within the same area, meant for improving the conditions in slum areas for which credit may be extended directly to the slum-dwellers on the guarantee of the central Government, or indirectly to them through the State Governments;

Loans given for slum improvement schemes to be implemented by Slum Clearance Boards and other public agencies;

Lending to builders for construction of residential dwelling units.

All other loans, including those for furnishing residential units, loans to mortgage property for any reason other than the purchase / building of a new residential unit / s or the renovation of an existing residential unit / s as defined above, shall be treated as non-housing loans and shall not come under the scope of housing finance.

HFCs’ related to real estate builders:RBI’s update states that “In order to resolve double financing issues arising from loans to construction firms in the group and also to individuals buying flats from the group, the HFC concerned can only decide to loan for one. That is, in the projects of group companies, the HFC may either disclose the group company to the real estate market or lend to retail individual home buyers, but not do both. If the HFC intends to directly or indirectly take over any exposure in its group entities (loans and investments), the exposure may not be more than 15% owned by the group entity and 25% owned by the group entity for all other group entities. The HFC will follow the principles of arm’s length in letter and spirit with respect to extending loans to individuals who want to purchase housing units from companies in the association.”

Foreclosure Charges:No foreclosure fees / pre-payment penalties shall be imposed on any floating rate term loan sanctioned for purposes other than business to individual borrowers with or without co-obligators, as a measure of consumer security and also in order to bring uniformity with regard to the repayment of different loans by borrowers of banks and NBFCs. As similar regulations for HFCs are not currently recommended, it is suggested that these directives be applied to HFCs.

Liquidity coverage ratio (LCR) norms:LCR is the amount of liquid assets that banks set aside to satisfy short-term necessities. The RBI guidelines have ordered that HFCs preserve an LCR liquidity buffer, which will facilitate HFCs’ stability to possible liquidity disruptions by ensuring that they have adequate funds to withstand any acute 30-day liquidity stress scenario.

Timeline and ratio norms on LCR:All non-deposit-taking HFCs with asset size of Rs 5,000 crores and above, but less than Rs 10,000 crores, with the timeline as:

From 1/12/2021 1/12/2022 1/12/2023 1/12/2024 1/12/2025

Minimum LCR 30% 50% 60% 85% 100%

Housing Finance Companies with asset size of Rs 10,000 cr and above, and all the deposit taking Housing Finance Companies, irrespective of their asset size:

From 1/12/2021 1/12/2022 1/12/2023 1/12/2024 1/12/2025

Minimum LCR 30% 50% 60% 85% 100%

[Source: RBI]

While specifying that the minimum net-owned fund should be Rs 20 crores for a company to commence services as an HFC, the notification also specified that company will be excluded as HFCs and will be regarded as NBFC-Investment and Credit Companies (NBFC-ICC) unable to comply with these RBI guidelines within the fixed timelines. To get a conversion certificate to the same effect, they will have to approach the RBI, subsequently.

Banks can restructure builders’ loans on the basis of projects, says the RBI:

The Reserve Bank of India ( RBI) said banks should restructure loans from real estate firms at the level of the project rather than at the level of the developer. This implies that default would not affect loan restructuring for a builder at the corporate level. Since each real estate project would have its own set of risks, the RBI has directed banks to separately assess the risks associated with each project and call for credit restructuring on that basis.

However, to be qualified for restructuring, the project must meet some specific criteria. The banking regulator clarified that if the debt was classified as normal and not overdue, as, on March 1, 2020, lenders could restructure loans taken over by a developer during the current financial year. This assumes that financial institutions will only restructure loans from developers who have been consistently repaying their loans as of March 1, 2020, and who have not been overdue for more than 30 days. This also means that, under the COVID-19 stress fund, housing projects where defaults were made prior to the Coronavirus era would not be eligible to gain.[Source: RBI notification as of 22 October 2020]

For more information please stay connected to official website of SBP Group.

#housing finance companies #rbi guidelines #revised rbi guidelines for hfc

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sbpgroupprojects · 4 years

Text

Revised RBI Guidelines for Housing Finance Companies

Net assets deployed for housing loans by HFCs

Timeline Min % of total assets Min % of total assets for individual

March 31, 2022 50% 40%

March 31, 2023 55% 45%

March 31, 2024 60% 50%

[Source: RBI]

The followings are the highlights of the Amendment made for HFC by RBI:

As per the RBI guidelines issues the word ‘providing finance for housing’ or ‘housing finance’ is not formally specified in past and hence they gave a formal definition of what housing finance means as follows:

Loans to individuals or group of individuals including co-operative societies for construction/ purchase of new dwelling units.

Loans to individuals for purchase of old dwelling units.

Loans to individuals for purchasing old/ new dwelling units by mortgaging existing dwelling units.

Loans to individuals for renovation/ reconstruction of existing dwelling units.

Lending to public agencies including state housing boards for construction of residential dwelling units.

Loans to corporates/ Government agencies (through loans for employee housing).

Loans given for slum improvement schemes to be implemented by Slum Clearance Boards and other public agencies;

Lending to builders for construction of residential dwelling units.

HFCs’ related to real estate builders:

RBI’s update states that “In order to resolve double financing issues arising from loans to construction firms in the group and also to individuals buying flats from the group, the HFC concerned can only decide to loan for one. That is, in the projects of group companies, the HFC may either disclose the group company to the real estate market or lend to retail individual home buyers, but not do both. If the HFC intends to directly or indirectly take over any exposure in its group entities (loans and investments), the exposure may not be more than 15% owned by the group entity and 25% owned by the group entity for all other group entities. The HFC will follow the principles of arm’s length in letter and spirit with respect to extending loans to individuals who want to purchase housing units from companies in the association.”

Foreclosure Charges:

No foreclosure fees / pre-payment penalties shall be imposed on any floating rate term loan sanctioned for purposes other than business to individual borrowers with or without co-obligators, as a measure of consumer security and also in order to bring uniformity with regard to the repayment of different loans by borrowers of banks and NBFCs. As similar regulations for HFCs are not currently recommended, it is suggested that these directives be applied to HFCs.

Liquidity coverage ratio (LCR) norms:

LCR is the amount of liquid assets that banks set aside to satisfy short-term necessities. The RBI guidelines have ordered that HFCs preserve an LCR liquidity buffer, which will facilitate HFCs’ stability to possible liquidity disruptions by ensuring that they have adequate funds to withstand any acute 30-day liquidity stress scenario.

Timeline and ratio norms on LCR:

All non-deposit-taking HFCs with asset size of Rs 5,000 crores and above, but less than Rs 10,000 crores, with the timeline as:

From 1/12/2021 1/12/2022 1/12/2023 1/12/2024 1/12/2025

Minimum LCR 30% 50% 60% 85% 100%

All the non-deposit taking Housing Finance Companies with asset size of Rs 10,000 cr and above, and all the deposit taking Housing Finance Companies, irrespective of their asset size:

From 1/12/2021 1/12/2022 1/12/2023 1/12/2024 1/12/2025

Minimum LCR 30% 50% 60% 85% 100%

[Source: RBI]

Banks can restructure builders’ loans on the basis of projects, says the RBI:

[Source: RBI notification as of 22 October 2020]

For more information please stay connected to official website of SBP Group.

#revised rbi guidelines for hfc #rbi guidelines #housing finance companies

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