Property Thane

January 2020

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Are you applying for loans ?
Here is what you have to keep in mind when you give lenders
permission to access your Credit Report

Your Credit Report can often be difficult to read, and understanding the terms credit bureaus (like CIBIL/ Equifax) use at arriving at your score can be even more challenging.

Did you know that if you make multiple loan applications to buy a house, it can adversely affect your credit score – whether you are granted the loan or not? To know why this happens, you need to be aware of what Enquiries are. Usually your Enquiries are part of the section at the bottom of a Credit Report (CR). This article explains the difference between the various types of enquiries in order to minimize any damage to your credit score arising from these enquiries.

What is a hard enquiry?

A hard enquiry occurs when a potential lender (a bank or other formal financial institution) accesses your Credit Report in order to determine your credit-worthiness as part of their lending decision making process. For instance, if you want to buy an apartment and decide to apply for a housing loan, the bank can access your Credit Report through a hard enquiry. Asking for an increase in your credit card limit could result in a hard enquiry. This allows a lender to get detailed information about your credit history. A hard enquiry is detrimental to your credit health because it implies that you are in need of credit.

What is a soft enquiry?

A soft enquiry typically occurs when an individual or company checks your Credit Report as a kind of informal background check on your financial health. This typically will include your own check on your Credit Report, or when a bank wants to know whether you qualify for a pre-approved loan offer.

These soft enquiries made by banks do not require your permission and, more importantly, have absolutely no impact on your credit score.

How does a hard enquiry impact my credit score?

It is good to know that a single hard enquiry on your CR will only marginally lower your credit score. Other factors like your payment history and credit utilization are given more weightage when calculating your credit score.

The problem arises, however, when you have multiple hard enquiries on your Credit report. This can happen when you make multiple loan applications in a relatively short period of time, automatically leading to an increased number of hard enquiries on your Credit Report. For example, you might decide to apply to several banks for a housing loan, hoping to increase your chances by applying to multiple lenders simultaneously. However, each of the banks will make a hard enquiry, leading to a significant lowering in your score. Similarly, you might be looking to buy a house and a car and might apply for both housing and auto loans in quick succession (say, within 3 months). Each of the loan applications will result in a separate hard enquiry and have a consequent adverse impact on your score. Potential lenders will be wary about lending you money when they see repeated credit applications on your CR.

WHY SHOULD I LIMIT HARD ENQUIRIES?

The reason hard enquiries need to be minimised is because when potential lenders see several such hard enquiries on a credit report, they tend to assume that the consumer finds it difficult to get credit and he/she is applying to multiple sources for money out of desperation.

If you already have several hard enquiries on your CR, each additional enquiry will have a greater detrimental impact on your credit score.

HOW DOES A SOFT ENQUIRY IMPACT MY SCORE? SHOULD I MINIMISE THEM?

There is no reason to be worried about soft enquiries since they have absolutely no impact on your credit score. For example, you can check your credit score as many times as you like without it having any impact on your score.

HOW DO I MINIMISE THE NUMBER OF HARD ENQUIRIES ON MY CR?

• Avoid making multiple loan applications to different banks/ financial institutions for a single purpose (i.e. for a single housing purchase).
• Avoid making multiple loan applications within a short period of time, even if they are for different purposes (i.e. – applying for a housing loan and auto loan).
• Once you know your credit score, it might be advisable to only apply for loans/credit cards where you think you have the greatest chance of approval. This eliminates the need for a large number of applications and the resultant number of hard enquiries.

CONCLUSION

It is impossible to avoid hard enquiries entirely if you are in the market for credit. In the future, (like is already the case in mature economies like the US), potential employers or landlords could also access your Credit Report. It is important, therefore, to be educated on how to manage hard enquiries so that your credit score does not suffer.

	Hard Enquiry	Soft Enquiry
WHEN	While applying for a loan (personal, card, auto, business, etc.)	When checking your own credit score or when banks check to determine whether you qualify for pre-approved offers
IMPACT ON SCORE	Negative impact increases with the number of enquiries	No impact at all on score
PERMISSION	Permission of the applicant is required	No permission required
INFORMATION CONTAINED IN THE CREDIT REPORT	Extensive, as banks need detailed knowledge of your credit history	Limited
TIME FRAME OF IMPACT	Part of report for at least 2 years	Has no impact

Also read: Affordable Housing: A Checklist before You Invest

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Source: www.creditmantri.com

January 2020

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Owning a house is every body’s dream but the price tag plays a key role in determining where one finds the right abode. It is important for purchasers to be alert and ensure that they are getting a good value for their money. To help buyers in making decisions, we have listed some points to keep in mind while hunting for a dream house in the affordable housing segment.

Land determines the price

The affordability of a project is directly linked to the location of the land, which is a major determinant of its price. While off-beat locations have a price advantage and are not congested, they come with their share of issues too. These include: a)

Clarity of title

Land on the fringes of cities is generally bought from farmers who do not have clear land titles. Also, documentation for the land is often not readily available at the Panchayat level.

It is essential to ask the develop er for the title search report, which should then be vetted by a lawyer.b)

Land conversion

In most cases, since the land is purchased from farmers, it is compulsory for it to be converted from agricultur al land to non-agricultural land for the purpose of constructing residential projects. The customer should ask the developer for a copy of the no objection cer tificate (NOC) from the town and country planning department of the state, certifying the change in land zoning.c)

Lack of infrastructure

To avoid being saddled with a place where basic amenities such as water and electricity are not available, the buyer should enquire about the laying of sewagedrinking water pipelines and electricity cables by the government de partments. It is also important to check that the internal infra structure is being developed si multaneously to make the proj ect self-sufficient.

Space utilisation

Is it too cramped? In a bid to maximise the permitted land coverage, the developer tries to ensure maximum utilisation of the Floor Space Index (FSI). It is therefore, advisable to check the layout of the project to see if the distance between two blocks is more than the minimum prescribed distance (as per local bylaws), so that you don’t end up shaking hands with your neighbours.

The commute

Upcoming locations also suffer from issues of intermittent connectivity via buses, cabs and autos, while metro and train connectivity is mostly absent in such places.

Safety and security

The lack of infrastructure also means that street lights, police stations, fire stations and general security in such areas, will not be comparable with the more densely-populated city areas. Also, it makes more sense to fi nalise a project in an area with high occupancy in nearby projects.

Construction delays

Just because there is a great amount of buzz about a particular area, one cannot conclude that it is free of problems. The buyer should ask the developer to share the profile of the project’s customers or enquire from the brokers about the actual availability of units in that particular project.

Past record in executing affordable projects

Building affordable projects requires specific skill-sets, like the ability to have quick execution timelines.In a bid to deliver the projects on time, some progressive developers have started using technologies such as pre-fabricated materials and aluminiumwooden jump form work (MIVANDOKA). A key characteristic of affordable projects is that they usually have standardised flats and these technologies help cut down construction timelines.

There is no immediate goldmine

If the developerbroker is selling dreams of price appreciation within a short period, ensure you do your own research before falling for their claims.Off-beat locations take time to appreciate in value, since their livability quotient is low and takes time to build up.

Also read: Top factors for property investments

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Source: content.magicbricks.com

 January 2020

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During house-hunt, what demands more prominence. One cannot live in a standalone residential building with nothing around it. Shravan Kumar, a Hospitality Professional in Abu Dhabi says, “I want to invest in Pune where the connectivity is good and markets nearby. Please help.” Similarly, Durga Radhakrishna asks, “I need a locality which will not pose any trouble infrastructure wise. Please give me some information.”

Here are top factors that you should consider:

Infrastructure plays a critical role in the livelihood of people in any locality. It dominates the choice of certain residential projects

over the others. A wellplanned infrastructure that includes fine lines of transportation, connectivity and accessibility of social infrastructure and other utilities are some of the key factors that a buyer keeps in mind while finalising an apartment.

While infrastructure is definitely a key aspect, there is no denying the fact that the liveability quotient too cannot be ignored. Aspects like social infrastructure, malls, schools, medical stores, hospitals, restaurants and the amenities that are provided by the builder, go a long way in deciding whether a potential home-buyer would be interested in buying a home or not.

Distance from workplace, power and water back-up and the overall configuration of the house are also important elements. With space crunch in most big cities today, emphasis is on the need to have open spaces within their housing complexes.

A good location is something you can always bank on. Even when big cities have failed to accommodate the growing influx of the migrant population, there is always a search for the next best location. Over time, these locations register a price rise owing to spurts of development like increasing number of commercial and business investments and planned transport corridors. Subsequently, demand for housing increases.

Also read: Home Loan Norms Demystified

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Get More Information About Residential flats in thane ghodbunder road For More Real Estate In Thane Details Visit Propertythane.com

Source: content.magicbricks.com

January 2020

Source : Freepik.com

During house-hunt, what demands more prominence. One cannot live in a standalone residential building with nothing around it. Shravan Kumar, a Hospitality Professional in Abu Dhabi says, “I want to invest in Pune where the connectivity is good and markets nearby. Please help.” Similarly, Durga Radhakrishna asks, “I need a locality which will not pose any trouble infrastructure wise. Please give me some information.”

Here are top factors that you should consider:

Infrastructure plays a critical role in the livelihood of people in any locality. It dominates the choice of certain residential projects

over the others. A wellplanned infrastructure that includes fine lines of transportation, connectivity and accessibility of social infrastructure and other utilities are some of the key factors that a buyer keeps in mind while finalising an apartment.

While infrastructure is definitely a key aspect, there is no denying the fact that the liveability quotient too cannot be ignored. Aspects like social infrastructure, malls, schools, medical stores, hospitals, restaurants and the amenities that are provided by the builder, go a long way in deciding whether a potential home-buyer would be interested in buying a home or not.

Distance from workplace, power and water back-up and the overall configuration of the house are also important elements. With space crunch in most big cities today, emphasis is on the need to have open spaces within their housing complexes.

A good location is something you can always bank on. Even when big cities have failed to accommodate the growing influx of the migrant population, there is always a search for the next best location. Over time, these locations register a price rise owing to spurts of development like increasing number of commercial and business investments and planned transport corridors. Subsequently, demand for housing increases.

Also read: Home Loan Norms Demystified

Back to All All Real Estate Articles

Get More Information About Residential flats in thane ghodbunder road For More Real Estate In Thane Details Visit Propertythane.com

Source: content.magicbricks.com

January 2020

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A look at the factors that determine eligibility and aspects to keep in mind

What are the factors based on which home loan eligibility is calculated? What is the typical ratio of income to loan amount considered by lending institutions?

The ratio may vary, but a general thumb-rule is to consider 60% of the net take-home monthly income and then 60 times this amount to calculate overall home loan eligibility. With a FlexiEMI scheme, using a step-up plan, one can stretch this amount further too.

How does a reduction in home loan interest rates affect the repayment and eligibility amount of new applicants?

A reduction in interest rates will in turn reduce the monthly interest component in the EMI. For example, on a 15 year loan, for every 25 basis-points reduction in interest rate, the EMI will come down by Rs15 per lakh per month.

If someone is applying for a home loan now when rates are reducing, what are the aspects to keep in mind to maximize eligibility amount?

Customers should opt for a flexible rate of interest, which will allows the EMI, and the interest component within it, to move in tandem with interest rates. Additionally, customers can avail of FlexiEMI schemes, specifically the step-up model, through which they can maximize their eligibility. Through step-up, a customer can pay smaller EMIs at the start and gradually increase the amount with time.

With subvention schemes, the EMI begins only after taking possession. How does this work and what are the aspects that home buyers need to keep in mind?

Customers should evaluate the project in a comprehensive manner to see if it will get completed in the stated time frame. In most cases the ‘payment holiday’ is given via the builder. Customers should check whether the builder is bearing the interest only or the principal as well, during this period. They should also check whether the interest rate on the home loan is fixed or flexible at the time of initiating the loan.

What is the importance of a credit score from a banker’s perspective while deciding loan eligibility? What should be done to ensure a good credit score?

A general thumb-rule is to take a CIBIL score of 700 and above as a good score. Customers can achieve a good credit score by maintaining a good repayment track record, not defaulting on loans or delaying loan EMIs and even credit card payments, which are factored in to most credit scores.

Also read: Property Insurance Demystified

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Source: www.dnaindia.com

January 2020

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Our society has done insurance for the building for a certain amount. What are the aspects that the insurance of a building typically covers and why?

Typically, a society takes the insurance of building for standard fire and special perils, which covers perils such as fire, lightning, explosion, aircraft damage, riot, strike, malicious damage, storm, tempest, flood and inundation, impact damage, subsidence and landslide/rockslide, bursting and/or overflowing of water tanks, apparatus and pipes, missile testing, leakage from automatic sprinkler installations and bush fire. Earthquake and terrorism are add-on covers, which can be opted for by paying an additional premium.

As cooperative housing societies are entrusted with managing administration as per guidelines of cooperative housing societies act and insurance is part of society administration, the societies have to take insurance.

What would normally not be covered?

The policy does not cover consequential losses, losses on account of delay, warlike perils etc., losses caused by pollution or contamination, bullion or unset precious stones, any curios or works of art for an amount exceeding Rs.10000 or currency unless expressly stated in the policy.

Is a comprehensive policy available that covers the structure as well as contents of individual flats?

Yes, individual flat owner can opt for comprehensive policy such as the home package policy, which includes the coverage for building and contents against the risks of fire and other allied perils as detailed above. Home insurance policy also offers other covers as burglary for contents, electronic equipment insurance for electronic items, machinery breakdown insurance for household electrical / mechanical items such as air conditioner, washing machine, refrigerator etc., personal accident insurance, workman insurance for domestic servants, all risk insurance of jewellery and valuables and laptop etc.

In case of a calamity, what happens if individuals have insured their flats but the building itself is not insured?

Claim will be payable to individual owners only for the assessed loss not exceeding the sum insured under the policy.

What type of insurance policy should housing societies and their members ideally opt for?

Housing societies can opt for fire insurance including flood and earthquake for the building. They may also take insurance covering their other exposures. Burglary, money insurance, workmen insurance, public liability, machinery breakdown for DG set/ pump house etc., are some of the other policies, which they can consider taking. Individual flat owners can opt for fire insurance including flood and earthquake for contents, burglary for contents, electronic equipment insurance for electronic items, machinery breakdown insurance for household electrical/ mechanical items such as air conditioner, washing machine, refrigerator etc., personal accident insurance, worksman insurance for domestic servants, all risk insurance of jewellery and valuables and laptop etc.

Is any tax deduction or rebate available?

As of now, there is no such provision available for any tax savings.

How can one make an ‘apples to apples’ comparison of property insurance options?

All insurers use the same wording for standard fire and special perils policies and add on covers like earthquake, terrorism thereof. However, companies have customised home insurance covers. Even here, the wording for fire insurance cover conforms to the standard fire and special perils policies wording. Generally, the additional covers like burglary for contents, all risks for valuables, breakdown cover for gadgets etc., are comparable across products sold by various companies.

Ideally, the customer should take an insurance policy which adequately covers his requirements. All that the insured has to do is to prepare a list of assets he has at home and map them against the various insurance covers available under the home insurance policy.

Also read: Shift Percentages in Your Favour

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Source: www.dnaindia.com

January 2020

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It is a dream for every Indian to own a home of his own and in order to fulfil this dream one needs to know the eligibility criteria before applying for a home loan. While home loans are offered based on various factors, the interest rate may differ based on the specifications and requirements provided by the customer. This is where the credit scores play an important role while applying for a home loan.

While not every home loan seeker looks closely into the credit scores offered by CIBIL and other agencies, it is extremely important as these scores have the capacity to help vary interest rates as much as a full percentage point.

For a customer seeking a home loan of Rs 10,00,000 with an average simple interest rate of 10% for 10 years, he would be paying an interest of Rs 5.85 lakh. Whereas, a marginal reduction of 50 basis points in the interest rate can let the customer save up to Rs 5.52 lakh.

Home loan providers or financial institutions look at several variables on the credit report, one of them being outstanding debt. The credit score offers a holistic view on the financial ability of a customer and hence forms an important element in the process of a home loan.

Listed below are some of the key pointers to help improve one’s credit score which will in turn have a positive impact on the home loans process.

Current payment management

Pay your bills on time. A delay in any credit card dues or other EMIs can have a major negative impact on your credit scores. Moreover, rebuilding it into a positive score can be a lengthy process. To help you remember when you need to make certain payments, get a system in place and try to incorporate automated payment systems such as ECS facilities. Make sure your current payment patterns are good and reflected in your credit report. One should be aware that paying off a collectable account will not remove it from your credit report and that it will stay there for few years.

Avoid multiple bank accounts

At the initial stage of your financial building exercise, avoid opening multiple bank accounts. Have a maximum of two accounts, which includes your personal and salary account for salaried and current account for business individuals. The reason for the same is that multiple bank accounts lowers one’s average account age which would eventually have a large impact on one’s credit scores. Moreover, multiple bank accounts are a risky practice for a new credit user.

Check your limits

It is important to keep a track of your credit limit. Do not use the entire credit limit at one attempt, space it out over a period of time. One can also raise the credit limit depending on the spending habits as well as the confidence to repay the spent amount.

Check on credit report

This is a good way to evaluate your credit worthiness. Your credit score repair begins with your credit report. Your credit report contains the data used to calculate your score and it may also contain errors hence regular checks should be done to help mitigate errors. Make sure that there are no incorrect payments listed in any of the two accounts. One can get the mistakes corrected by contacting the credit bureau.

Heed payment reminders

As mentioned earlier, making your credit payments on time is one of the biggest contributing factors to your credit scores. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due. This is a crucial function which enables you to consider automatic payments from one’s bank account.

Reduce the debt you owe

The first thing one must do is reduce the use of credit cards. Make sure you make a list of all accounts and check recent statements to determine how much is the outstanding balance and the interest rate levied on it. Facilitate a payment schedule/ plan that provides an available budget for debt payments towards priority payments.

Update your credit report

Your credit report is checked a year or so before buying a home. That gives you time to correct errors in the report and change the spending habits to improve your score. Make sure every personal and saving bank account detail is reported correctly and update the same in case of any discrepancies.

If you’re buying a home soon, try not to apply for any new credit cards. Though it’s not always avoidable, you should try and resist from opening new streams of credit in a short time. Maintaining a good credit score is not a daunting task. Following the steps enlisted can ensure a healthy and secure financial future.

Also read: 5 Personal-Finance Habits of Wealthy Entrepreneurs

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Source: www.dnaindia.com

December 2019

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Just about every entrepreneur wants to see their business turn into the next Airbnb or Uber. While a successful startup relies on great marketing and delivering a needed product or service, this isn’t what necessarily makes the biggest difference for the bank accounts of the world’s wealthiest entrepreneurs.

In reality, accruing and maintaining wealth stems from smart personal-finance habits. Your startup doesn’t need to turn into a billion-dollar business for you to achieve your wealth goals. By implementing the same personal-finance habits used by many of the most successful entrepreneurs, you can dramatically improve your financial situation. Here are five to get you started.

1. Create a motivating list of money goals.

As important as it is to have a budget, one area where the wealthy differentiate themselves is by having clear-cut money goals. Writing down a list of financial goals and reviewing them each day will give you a clear direction regarding the actions you need to take to improve personal wealth and the profitability of your business.

2. Devise an action plan for spending and saving.

Not having a plan for spending and savings habits is one of the biggest pitfalls that keeps entrepreneurs and others from achieving their wealth goals. For greater insight on this, I reached out to Spencer Barclay, founder and CEO of Savology, who explained, “The problem stems from the fact that many of us simply don’t track where our money is going, which can undermine the financial goals you’re working toward.

Serious budgeting means planning ahead for how you will spend and save your money and then tracking every expense. When you are cognizant of your spending habits, it becomes much easier to keep them in check and contribute more to your savings goals.”

With this information in hand, you can then start finding ways to reduce your expenses. This could mean switching to a less expensive internet provider for your business, or simply cutting out your daily trip to the coffee shop on your way to work.

3. Diversify risk by generating new income streams.

According to Tom Corley’s book, Rich Habits: The Daily Habits of Successful People, 65 percent of all self-made millionaires have at least three sources of income, and 29 percent have five or more income sources. The significance of these numbers isn’t just in the fact that these individuals are earning money through multiple businesses, as well as interest income, rentals or capital gains. By establishing multiple income streams, these entrepreneurs are diversifying and lowering their personal financial risk.

The idea is similar to creating multiple revenue streams within your business. By selling through new channels or introducing new products, you create additional opportunities for sales growth. Even if one channel or product starts to underperform, your business remains profitable because of the stability provided by other income streams. Diversifying your personal finances can lead to similar results.

4. Invest to create passive income.

Where does your extra money go after you’ve paid off your necessary monthly expenses? For business owners, finding ways to invest the profit back into the company is key to fueling further growth. The same holds true for your personal finances.

Many investment experts recommend implementing the “buy and hold” strategy as a way to generate passive income over time. According to Investopedia, a long-term study of this strategy covering the years 1926 to 2010 found an average 12.1 percent annual return for small stocks and a 9.9 percent annual return for large stocks. This even accounted for the three market crashes that took place during this time frame.

Continually adding money to a savings or investment account will allow your growth to compound over time. This passive income serves as the perfect supplement to the money you take home from your entrepreneurial efforts.

5. Stay aware of the market.

Research from CB Insights reveals that 42 percent of startup failures are attributed to a lack of market need for their product or service. Lack of market awareness can directly impact the success of your business and your personal finances. Wealthy entrepreneurs make an effort to stay up to date on broad trends that could impact their business and personal finances. For example, changing interest rates can dramatically influence your long-term costs for taking out a loan for a new business venture. This could also affect buyer spending habits, influencing the market for your products.

Becoming proactively aware of market shifts will alert you to monitor trends or events that could affect your business and other investments, allowing you to take timely actions that protect your assets. Even something as simple as adjusting your pricing in anticipation of a market change could help you avoid incurring major losses.

For many, achieving personal financial security requires changing habits or a long-adopted mindset. This may seem like a challenge, but the end result is well worth it. By taking full control of the way you use your money, you can grow your personal wealth while also increasing your startup’s chances for long-term success.

Also Read : Start up

Source: www.entrepreneur.com

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December 2019

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Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.

Overview of Startup India Action plan

In order to meet the objectives of the initiative, Government of India Action Plan that addresses all aspects of the Startup ecosystem has been announced. With this Action Plan the Government hopes to accelerate spreading of the Startup movement:

• From digital/ technology sector to a wide array of sectors including agriculture, manufacturing, social sector, healthcare, education, etc.; and
• From existing tier 1 cities to tier 2 and tier 3 cities including semi-urban and rural areas.

The Action Plan is divided across the following areas:

• Simplification and Handholding
• Funding Support and Incentives
• Industry-Academia Partnership and Incubation

Highlights of the action plan

Simplification and Handholding

Compliance Regime based on Self-Certification – Startups shall be allowed to self-certify compliance (through the Startup mobile app) with 9 labour and environment laws. In case of the labour laws, no inspections will be conducted for a period of 3 years. Startups may be inspected on receipt of credible and verifiable complaint of violation, filed in writing and approved by at least one level senior to the inspecting officer. In case of environment laws, Startups which fall under the ‘white category’ (as defined by the Central Pollution Control Board (CPCB)) would be able to self-certify compliance and only random checks would be carried out in such cases.

Startup India Hub – To create a single point of contact for the entire Startup ecosystem and enable knowledge exchange and access to funding.

Rolling-out of Mobile App and Portal – To serve as the single platform for Startups for interacting with Government and Regulatory Institutions for all business needs and information exchange among various stakeholders

Legal Support and Fast-tracking Patent Examination at Lower Costs – Under this scheme, the Central Government shall bear the entire fees of the facilitators for any number of patents, trademarks or designs that a Startup may file, and the Startups shall bear the cost of only the statutory fees payable. Rebate on filing of application: Startups shall be provided an 80% rebate in filing of patents vis-a-vis other companies. The scheme is being launched initially on a pilot basis for 1 year; based on the experience gained, further steps shall be taken.

Relaxed Norms of Public Procurement for Startups – In order to promote Startups, Government shall exempt Startups (in the manufacturing sector) from the criteria of “prior experience/ turnover” without any relaxation in quality standards or technical parameters. The Startups will also have to demonstrate requisite capability to execute the project as per the requirements and should have their own manufacturing facility in India.

Faster Exit for Startups – Startups may be wound up within a period of 90 days from making of an application for winding up on a fast track basis, as per the recently tabled Insolvency and Bankruptcy Bill 2015, which has provisions for voluntary closure of businesses. This process will respect the concept of limited liability.

Funding Support and Incentives

Providing Funding Support through a Fund of Funds with a Corpus of INR 10,000 crore – In order to provide funding support to Startups, Government will set up a fund with an initial corpus of INR 2,500 crore and a total corpus of INR 10,000 crore over a period 4 years (i.e. INR 2,500 crore per year) . The Fund will be in the nature of Fund of Funds, which means that it will not invest directly into Startups, but shall participate in the capital of SEBI registered Venture Funds.

Credit Guarantee Fund for Startups – Credit guarantee mechanism through National Credit Guarantee Trust Company (NCGTC)/ SIDBI is being envisaged with a budgetary Corpus of INR 500 crore per year for the next four years.

Tax Exemption on Capital Gains – With this objective, exemption shall be given to persons who have capital gains during the year, if they have invested such capital gains in the Fund of Funds recognized by the Government. In addition, existing capital gain tax exemption for investment in newly formed manufacturing MSMEs by individuals shall be extended to all Startups.

Tax Exemption to Startups for 3 years – The profits of Startup initiatives are exempted from income-tax for a period of 3 years. The exemption shall be available subject to non-distribution of dividend by the Startup.

Tax Exemption on Investments above Fair Market Value – Under The Income Tax Act, 1961, where a Startup (company) receives any consideration for issue of shares which exceeds the Fair Market Value (FMV) of such shares, such excess consideration is taxable in the hands of recipient as Income from Other Sources. Investment by venture capital funds in Startups is exempted from operations of this provision. The same shall be extended to investment made by incubators in the Startups.

Industry-Academia Partnership and Incubation

Organizing Startup Fests for Showcasing Innovation and Providing a Collaboration Platform – To bolster the Startup ecosystem in India, the Government is proposing to introduce Startup fests at national and international stages.

Launch of Atal Innovation Mission (AIM) with Self-Employment and Talent Utilization (SETU) Program – The Atal Innovation Mission will establish sector specific incubators and 500 ‘Tinkering Labs’ to promote entrepreneurship, provide pre-incubation training and a seed fund for high-growth startups. Three innovation awards will be given per state and union territory, along with three national awards, as well as a Grand Innovation Challenge Award for finding ultra-low cost solutions for India.

Harnessing Private Sector Expertise for Incubator Setup – To ensure professional management of Government sponsored / funded incubators, Government will create a policy and framework for setting-up of incubators across the country in public private partnership.

Building Innovation Centres at National Institutes – In order to augment the incubation and R&D efforts in the country, the Government will set up/ scale up 31 centres (to provide facilities for over 1,200 new Startups) of innovation and entrepreneurship at national institutes

Setting up of 7 New Research Parks Modeled on the Research Park Setup at IIT Madras – The Government shall set up 7 new Research Parks in institutes with an initial investment of INR 100 crore each. The Research Parks shall be modeled based on the Research Park setup at IIT Madras.

Promoting Startups in the Biotechnology Sector – 5 new Bio-clusters, 50 new Bio-Incubators, 150 technology transfer offices and 20 Bio-Connect offices will be set up in research institutes and universities across India. BIRAC AcE Fund in partnership with National and Global Equity Funds (Bharat Fund, India Aspiration Fund amongst others) will provide financial assistance to young Biotech Startups.

Launching of Innovation Focused Programs for Students – An innovation core program targeted at school kids aims to source 10 lakh innovations from five lakh schools, out of which the the best 100 would be shortlisted and showcased at an Annual Festival of Innovations, to be held in Rashtrapati Bhavan. A Grand Challenge program called NIDHI (National Initiative for Developing and Harnessing Innovations) shall be instituted through Innovation and Entrepreneurship Development Centres (IEDCs) to support and award INR 10 lakhs to 20 student innovations. Uchhattar Avishkar Yojana, a joint MHRD-DST scheme has earmarked Rs. 250 crore annually to foster “very high quality” research amongst IIT students.

Annual Incubator Grand Challenge – The government will identify and select ten incubators, evaluated on pre-defined Key Performance Indicators (KPIs) as having the the potential to become world class, and give them Rs.10 crore each as financial assistance to ramp up their infrastructure.

Source: www.entrepreneur.com

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March 2020

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Earlier, principles of Vastu Shastra were for the conservative, and Feng Shui was for the more modern mindset; but now you have astrologers and pundits offering you a combination of both. You can see houses that have their beds and sofas placed according to Vastu, and décor adhering to Feng Shui; like a Buddha facing the door and wind-chimes over the windows. These two ancient sciences have a solution for almost anything, and with the internet exploding with tips, guides and how-to blogs, it is easy to lose sight of what you really wanted to achieve when you started out. Here is a Vastu-Feng Shui 101 with basic Vastu for the home and Feng Shui suggestions in terms of the direction of furniture, décor selection, temple placement, and the works!

Place of Worship

A place of worship is an integral part of an Indian home. Some may not believe in the ideas of Vastu or Feng Shui, but, when it comes to something holy like a temple, the flow of energy definitely needs to be appraised and tuned. There isn’t much fuss here; just a few simple steps for the positive energy to flow into your home. Based on Vastu shastra for home, the rooms of worship, prayer and meditation should ideally be located in the north-east area of the house. Alternatively, they can also be in the north or the east area. While worshipping, one should face the East, and idols should not exceed 6 inches in height. It is advised that one should not sleep in the same room as a place of worship. An ideal position would be one where you face east or west while praying. The guidelines for the place of worship are nearly the same in Feng Shui and Vastu Shastra for the home.

The Bedroom and Wealth

The master bedroom should be located in the southern section of the house, and if the bedroom is located in the north, it’s believed that the likelihood of unrest in the family increases. The bed should be placed in such a way that the headboard is towards the south or the west while sleeping, always avoiding to sleep with their head towards the north. Family members should avoid taking meals in the bedroom as doing so is believed to cause ill-health, especially if they eat while sitting on the bed. Keeping divine idols in bedrooms should be avoided. If the house has more than one floor, then the master bedroom should be on the top-most floor, and the ceiling should be level and unbroken. This maintains a uniform energy through the room, which in turn gives one a steady state of mind. Basic Vastu remedies advise that children’s rooms should be in the north-west or the west and, for higher levels of concentration, they should have a separate study close to their bedrooms. Wealth and cash should be stored in the north, which means you should be facing north when storing or retrieving cash, and jewellery should be kept facing the south as it’s said to increase the wealth.

Other Parts of the Home

• The dining room should be facing west as it is ruled by Saturn that symbolises the path of Bakasura, the representation of the hungry.
• If you plan to keep plants at home, it is suggested that you avoid thorny plants like cacti, and avoid growing plants along the north and east walls.
• The north-east, north-west, north, west and east corners are best for a study room. These directions attract the positive effects of Mercury increasing brain power, Jupiter increasing wisdom, Sun increasing ambition and Venus helps in bringing about creativity in new thoughts and ideas. Alternatively, the study room can also be located in the same direction as the bedroom. The study room and place of worship situated adjacent to each other or in the same room is an ideal arrangement.
• The main gate of the house should have two panels. The main door on the outer side should not open inside the house, and the doors in the house should not creak.
• The bathroom should ideally be located in the east or in the north-west, but never in the north-east. The wash basin should be mounted on the eastern wall of the bathroom and the geyser should be installed in the south-east corner.

Interiors and Decor – Feng Shui for Homes

Feng Shui and Vastu shastra for home may seem a little unusual to someone who hasn’t followed these practices before, but now there are a variety of items to choose from and you can embrace your choice in your own way. While there was just one kind of laughing Buddha that people gifted each other earlier, there are now idols of many different poses. One very beautiful item of décor from Feng Shui is a small water-flowing system which recycles water, where the water flows inside instead of outside. The significance of this is that just like the water in the fountain, good health, wealth and happiness will always keep flowing into your life.

Keep in mind the basic Feng Shui tips, like you are not supposed to purchase a Buddha or bamboo plant for yourself – it is supposed to be gifted to someone during an auspicious event like a house-warming. If your Buddha idol is kept facing the entrance of your house, it is said to bring happiness to your family. Wind-chimes placed on bedroom windows minimise fights at home and problems between the members of the household.

Also read: How to choose the right colours for your home, based on Vastu

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