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10 Points to consider before buying Property in auction

Shitanshu Kapadia
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0
10 Points to consider before buying Property in auction

You can save a lot of money by buying a property in the auction. The property sold in the auction is generally 20-30% cheaper than the market cost. If you’re looking to buy your first home, therefore, Property Auctioneers are a great place to look if you’re struggling to buy at market value.

Navigating the property auction landscape requires a keen understanding of property auction finance. Potential buyers should proactively explore financing solutions tailored to the unique demands of auction transactions, ensuring they have the financial flexibility to seize opportunities and successfully acquire their desired assets. With careful consideration of property auction finance, participants can position themselves strategically in the competitive bidding environment.

Recently I attended a bank property auction along with my friend. It was indeed a very good experience. I was surprised that the property was sold at 40% lower than the market rate.

Many investors and property buyers get lured by the reduction in the property price and they blindly purchased the property in the auction without understanding the pitfall. I am not saying that you should not purchase property in the auction. However, you should be cautious before purchasing property in the auction.

If you are planning to purchase property in the auction this post is for you. In this post, I will explain the property auction process and also discuss points to consider before buying property in the auction.

Also Read – 10 point checklist before buying property

property auction

What is a property auction?

Property auction is the public sale of property, generally organized by the bank. A Property sold in the auction is repossessed property. When people default on paying home loan EMI three times or above bank can auction the property to recover the home loan money.

How does a property auction work?

  • Property auction is a simple process where the bank first set a minimum reserve price for the property.
  • Every participant (the bidder) needs to give EMD (Earnest Money Deposit). EMD is returned back if the property is not sold to you.
  • A bid is accepted by every bidder. This bid will be either in seal envelope or spot open bidding.
  • The property is sold to the highest bidder in the auction. If you win the bid you have to pay 25% of your bid amount to confirm the deal.

10 Points to Consider Before Buying Property in Auction

#1 Legal Disputes

Properties sold in the auction are disputed properties. Bank sells the property on “as is” basis. No legal information about the property is available. Bank does not provide access to any property documents. So, there are chances that the Title of the property is not clear and the property has been sold to the property owner more than once.

Bank does not take responsibility for any legal disputes that arise once the property is sold via auction. You need to be ready to fight a legal battle in court on your own.

#2 No factual information

The information available for the property is very limited and may not be based on fact. It is risky to purchase the property in the absence of factual information. I have come across instances where the bidder realized afterward that heavy property tax was unpaid. A bidder had no choice but to clear the dues.

Also Read – 10 mistake to avoid while making Rent Agreement 

#3 Uncertainty about No dues

You cannot ascertain that all pending dues of the property are paid by the property owner. A person who can default on EMI can default on other things also. In many cases, it is seen that utility bills, society dues, or maintenance costs are not paid for several months.

#4 No Black Money

In a property auction, you need to pay the entire money in white only. As you are directly dealing with a bank you cannot expect the bank to accept black money. You need to consider this point before buying property in the auction.

#5 No Home Loan

You cannot get a home loan on the auction property. The reason for not giving a home loan is (1) Disputed property (2) Already mortgage and NPA for the bank.

#6 Confirming party

The original borrower or defaulter should become the confirming party in your sale agreement/deed. This is to ensure that in the future he/she should not file a case in court to cancel the auction.

#7 The minimum reserve price of the property

The Minimum reserve price of the property is very important in the property auction. You should survey the market and satisfy yourself with the price of the property. The minimum reserve price should be at least 20% lower than the market price.

#8 Repairs in property

Before participating in a bid you should actually visit the property to find out the repair cost associated with the property. Check for leakage and other maintenance costs.

Also Read – RERA Act – 10 Key Feature you should know 

#9 Other costs

Look for other costs such as registration of property, stamp duty, society transfer fees, the cost of moving into a property, etc.

#10 Legal Help

You may need to involve an advocate or sought for legal help for the disputed property.

Where to look for property in the auction?

You can find detail about property auctions at the following places.

Conclusion –

You are likely to get the property at a cheaper rate in the bank auction. However, there are multiple issues and pitfalls associated with the property auction. So you need to be cautious before buying property in the auction.

10 Tips to be successful in a Job Interview

Shitanshu Kapadia
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0
10 Tips to be successful in a Job Interview

Finding a good job in and earning a handsome salary is a dream seen by many young individuals. It is known fact that you need to clear the job interview for getting a job. However, research reveals that more than 70% people feel anxiety, fear, and competition while facing job interview. Here are tips and tricks that will reduce your anxiety and help you to be successful in Job Interview.

Job Interview Tips

10 Tips to be successful in Job Interview

(1) Take extra care while making CV

The aim of making CV is to show your potential employer that you are the best person for the job. Your CV is the first thing which interviewer see. It should leave a very good impression to the interviewer.

Take extra care while making CV. If the interviewer does not like your CV or he/she find a silly mistake in your CV, then it can adversely impact your selection. So, make sure to be cautious when preparing the CV. You can always reach out to professionals, like CV Experts or similar other specialists that can help you curate the the CV as per your tastes.

In a majority of companies first cut short listing is done based on the CV. So, if your CV is not good you may not get shortlisting for the interview. A few tips about making a good CV are given below.

  • Your CV should look like a professional.
  • Don’t use big paragraphs. Use bullet points. It is easy for the Interviewer to read bullet points.
  • Describe your skill and job experience properly.
  • Your CV should be free from spelling mistakes.
  • Highlight the points which are relevant for the job.
  • Ask experts to carry out proofreading of your Resume.

Also Read –5 Reasons to Leave Job and Start Business Today

(2) Give importance to theoretical knowledge while preparing for the job interview

You should give importance to theoretical knowledge while preparing for the job interview. I know many incidents where people with good practical knowledge do not succeed in a job interview, as they are lacking in theoretical knowledge.

If I talk about myself I spend 60% of my interview preparation time in improving my theoretical knowledge. It gives a boost to my confidence and increases my chance of getting successful in the Job interview.

Don’t take interview casually. It is a competition where you need to prove yourself that you are the most eligible person for the job.

(3) Place yourself in the place of employer

I advise you to think like interviewer whenever you are preparing for the job interview. Place yourself in the place of the employer. Think what qualities job interviewer will be searching in the ideal candidate.
In addition to that understand skill requirement for the job position and showcase the same while you appear for the job interview. You can also hide the qualities that are not required the job.

For example: If you are going to appear for the marketing job, you should highlight your traveling hobby and if a job is for the operations you should not highlight this hobby. You should modify your CV as per job requirement. Make your CV more effective for the job.

Similarly, if you place yourself in the place of job interviewer you will come to know many things which will be helpful for cracking job interview.

(4) Make a list of frequently asked questions for the Job Interview

The majority of questions in job interviews are common. So, I advise you to make a list of frequently asked questions for the job interview and prepare for the same.

Here is a list of some most common questions asked during the job interview.

  • Tell me about yourself
  • Walk me through your CV
  • Tell us about your current job profile, what is your role?
  • Why you want to change your job?
  • Why do you want to join this company?
  • What is your strength/ weakness?
  • Why should we select you?
  • Why did you choose this specialization?
  • Why your marks are very low in XYZ exam?
  • What has been your biggest achievement till date?
  • What is your ambition in life?

In addition to that make a list of few common question related to your industry and be ready with answers.

I am not saying that you by learn by heart answers of all these questions. However, you should mentally prepare what to answer in case these questions are asked in the interview.

For example – If someone ask that, what are your strength? You will defiantly answer him/her by mentioning your strength. However, it may so happen that you will forget to mention one of your important strength. If you are well prepared it will never happen.

(5) Visualize and run job interview process in mind

Before giving any interview I visualize job interview process 2-3 times in the mind. This improves my confidence level and also helps me in facing job interview.

Starting from what to wear in the interview, what to carry, how to make a gesture, how to introduce myself I try to visualize everything. I find this technique very useful.

(6) Carryout mock drill about Job Interview

If you don’t have experience of giving job interview, it is advisable to carry out mock drill of the job interview. You can request your friend or senior to help you in conducting this mock drill. Take this activity very seriously it will defiantly make a difference and help you in bringing success for the job interview. If no one is available you can give an interview by sitting in front of the mirror.

Usually, interviewers look for common qualities like confidence, subject knowledge, suitability, and ability to work in the team while taking an interview. Make sure while practicing you express all these qualities.

(7) Give importance to nonverbal communication

In addition to verbal communication, you should give importance to nonverbal communication. Multiple things come in nonverbal communication like your body language, tone, the way you sit, eye contact, your dressing sense everything matters.

You should take care of following –

  • You should reach the interview venue on time.
  • You should wear a decent formal pair while appearing for the job interview.
  • Your voice should not be dull. Enthusiasm and confidence are required for the job interview.
  • Friendly gesture and smile is important for the job interview.
  • You should research about the company. Gather as much information as possible.

Furthermore, grooming plays a significant role in nonverbal communication. Visiting reliable salons or barbers Fitzrovia (or elsewhere) ensures you look polished and presentable. A fresh haircut, well-groomed beard, and overall neat appearance can boost your confidence and leave a lasting impression. By taking the time to care for your grooming, you demonstrate professionalism and show that you take the interview seriously.

(8) Don’t give any contradictory answer in the job interview.

The interviewer can ask any question to check your honesty. You should answer all questions carefully and honestly. You should not give any contradictory answer in the job interview.

For Example – If you have already said that this is your dream company, an interviewer might ask you in more detail about services or product offered by the company. Now if you don’t have basic knowledge about your dream company it is but obvious that you are not an honest candidate.

Also Read – Online Jobs for Students – Easy without Investment

(9) Select Job Interview language based on your comfort level

If you are expert in English and Hindi language you can skip this step. However, if you are not good at English this point could be an important point for you.

The majority of job interviews are taken in English. However, at few places where verbal communication is less important interviewer may prefer other local languages. If you are not comfortable in English you should approach interviewer and express your concern.

(10) Overcome the fear of Rejection

You should overcome the fear of rejection in the Job. Remember even the best candidate face the rejection in the Job interview. Don’t give up. Your effort will defiantly see the success.

Video – How to Crack a Job Interview?

Final thoughts –

Friends, I hope that Job interview tips given here will help you in improving your success rate for the interview.

I will be waiting for your feedback and job interview-related questions.

Cryptocurrency Trading – New way to make money online

Shitanshu Kapadia
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4
Cryptocurrency Trading – New way to make money online

Bitcoin is the fastest-growing digital currency all over. A return given by Bitcoin in the past year has flattened all other asset classes. However, trading in Bitcoin is a risky affair and not allowed legally in India. Bitcoin is a virtual currency controlled by shadow people in an unregulated environment, without any real guarantee of return. In this post, I will share information about Bitcoin, and how it is different than regular banking system or the stock market.

Cryptocurrency e-commerce

What is Bitcoin?

Bitcoin is the first decentralized digital cryptocurrency. It can be saved, spent, invested, traded and even stolen. It is open source peer to peer digital currency launched in 2009. Bitcoins are like a virtual digital coin that you can send using the internet. No middle man or transaction fee is involved while dealing in BTC.

However, bitcoin is one of the most expensive currencies. You need to spend $585 to purchase 1 BTC. If we talk in term of INR you need to Rs.40000 to purchase 1 Bitcoin.

Bitcoin is not a physical coin. It is paperless, transparent and electronic form of money.

How to purchase Bitcoin?

Bitcoin can be purchased from different bitcoin currency exchange networks. These networks allow users to buy and sell BTC from their chosen form of currency including INR, USD, and Euros. Some of the most popular BTC currency exchanges are given below.

  • Unocoin
  • LocalBitcoins

You can even purchase bitcoin from the individual. Bitcoin can be kept in a digital wallet or in BTC client.

How to make money using Bitcoin trading?

You can make a lot of money by buying and selling bitcoin online. Bitcoin trading is like the stock market. It is high risk, high reward affair. Follow the steps given below to start bitcoin trading.

  • Create your account at exchange and deposit funds.
  • Start observing Bitcoin market (Up down movement of BTC)
  • Select a right strategy for trading – Day trading, Swing trading or long term investment.
  • Purchase BTC at a lower value and sell it at a higher value to earn a profit.

Make sure to check brokerage charged by exchange and minimum lot size before starting.

Advantage of Bitcoin

  • Bitcoins are transferred directly from person to person through the internet without going to bank or clearing house.
  • Fees of transferring BTC is very low or nil.
  • No prerequisite or arbitrary limits.
  • Your account can not be frozen.

Disadvantage of Bitcoin

  • Not regulated market
  • Bitcoin is Decentralized and managed by Shadow people/miners
  • Currency is highly volatile and does not offer guaranteed returns.

Is bitcoin trading legal?

Legality of bitcoin depends on upon your location. Some of the countries allow usage of this digital currency, however in some country it is illegal.

  • Bitcoin in India has become legal.Many online trading platform provides facility of trading in bitcoin.
  • In the USA Bitcoin is declared as a commodity and traded without any concern.
  • In Bangladesh trading in BTC is not allowed. The rule says “anybody caught using the virtual currency could be jailed under the country’s strict anti-money laundering law”.

To know the legality of bitcoin in your country click here.

Over to You –

What is your take on this new form of digital currency?

Do you think the usage of Bitcoin will grow in India?

Do you trade in bitcoin?

Do share your experience with all.

Personal loan or Gold loan which is best option?

Shitanshu Kapadia
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0
Personal loan or Gold loan which is best option?

personal loan

A personal loan is an option selected by many individuals in the financial crises. Another alternative of personal loan is gold loan or loan against fixed deposit. If you looking for a personal loan for your immediate cash requirement it is better to go for gold loan or loan against fixed deposit instead of a personal loan.

In this post, we will discuss key difference between these two loans and also reach to the conclusion that Gold Loan is better option compare to personal loan.

What is Personal Loan?

  • The personal loan is loan given by the bank without any collateral.
  • This loan is given by bank considering your income eligibility.
  • A personal loan can be used for any purpose including medical expense, marriage expense, home improvement, purchasing household items or to pay your credit card debt.
  • This loan is given to the salaried individual and self-employed.

Also Read – Things to remember before giving loan to friends or relative

What is Gold Loan?

  • The Gold loan is given by the bank or financial institute by taking gold as collateral.
  • The Gold loan is given based on the quantity of gold and its value.
  • The gold loan can be used for any purpose like a business, medical expense, marriage etc.
  • This loan can be given to the gold owner irrespective of profession.

What are the difference between Personal Loan and Gold Loan?

Processing Fees

The bank does not ask for any guarantor or any security deposit for the personal loan. Bank does verification of your income documents. As time and efforts are involved in this process bank will charge processing fees for the personal loan. The processing fees generally vary from 0.5% to 1% of loan amount.

In the case of Gold loan, no processing fees are charged by the NBFC (Muthoot Finance). However, the bank may charge processing fees for the gold loan. You can negotiate with the bank to waive off the processing fees on the gold loan.

Interest Rates

The interest rate applicable on the personal loan is very high compared to Gold Loan. The gold loan can be availed with 12-15% interest. However, for the personal loan, you need to pay the interest rate in the range of 18-24%. The main reason for a high-interest rate on the personal loan is no collateral requirement.

The difference in interest rate is making personal loan much more costlier compare to gold loan.

Repayment Tenure

The repayment tenure of personal loan varies from 1 year to 5 years. This means you need to repay the personal loan amount in 5 years.

However, the gold loan is available only for the shorter time duration of 12 months. So, if you are in the position to repay the loan in 12 months you can take a gold loan.

Also Read – Credit Card Loan or Personal Loan

Pre-payment Charges

A personal loan is payable with fixed EMI, spanning over fixed period of time. If you wish to do Pre-payment bank will charge you pre-payment charges. This charge varies from bank to bank. However, it is usually in the range of 1-2% of the outstanding principal amount.

In a gold loan, no pre-payment charges are applicable. You can do repayment and close the gold loan at any time.

No EMI

In the personal loan, you need to pay Fix EMI and you cannot default. You need to carry principal and interest burden throughout the loan period.

However, in the gold loan, you can have an option of NO EMI. This means you need to only pay interest amount and a principal amount can be paid at the end of loan period. This feature reduces burden on the borrower considerably.

In nutshell Gold loan gives following benefits –

  • Faster processing time as gold is given as a collateral.
  • No or very fewer documents are required.
  • The gold loan is less costly as no need to pay processing fees.
  • The interest rate is low in gold loan compare to personal loan.
  • You can avail No EMI option and reduce your burden considerably.

Personal loan or Gold loan which is best option?

Looking at the features and benefits mentioned above it can be said that that Gold Loan is Best Option compared to personal loan. Gold loan is less costly and offers multiple other benefits compare to personal loan. A comparison of a gold loan and a personal loan in graphical form is given below.

personal loan

Where to get a Gold Loan – Bank or NBFC?

You can take a gold loan from Bank or NBFC. Some of the most popular NBFC’s offering gold loan is as follows.

  • Manappuram Gold Loan
  • Muthoot Finance
  • Muthoot Fincorp

In addition to NBFC banks like HDFC Bank, ICICI Bank, Union bank of India, Bank of India etc also offers a gold loan.

NBFC are preferred choice by many individuals due to simpler documentation and faster processing. However, if you look at the security of gold and interest rate bank is a more recommended option. Gold loan is offered by the bank at much lower interest rate compared to NBFC.

Conclusion –

From above discussion, it can be concluded that Gold loan is best option compare to personal loan.

If you have idle gold parked in your locker and you have immediate requirement of cash you should contact the bank to avail gold loan instead of personal loan.

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