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Are You Eligible for a Home Loan

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You have always aspired to build a home of your own, haven’t you? Well, several people live by this dream and work very hard to realize it. Home loans are a way to help all such people to pursue their dream of living in their own home. But not everyone is eligible for a home loan. The bank or financial institution will help you only if you are eligible to receive the help. Even when you apply for a loan, you have to keep several factors in mind and prepare your applications accordingly. We are not saying that it guarantees success but it will surely help to improve your chances.

This is one of the most important questions that need to be answered when you apply for a loan. Ideally, the financial institution will study your income and basis the analysis, they will conclude whether or not, you are eligible to pay the EMI’s of the loan that you have applied for.

If you have more debts on your head, your credit rating drops. This rating is affected even if you are a defaulter. In order to be eligible for a loan, you have to have an excellent credit rating, only then will the bank consider you worthy of lending money.

Before entertaining your loan application, the bank will want to know about the property. For example, there are certain developers and builders who are blacklisted by financial institutions. If your home or property has anything to do with them, the bank is most likely to reject your loan.

The bank is not sitting there to do community service, is it? If they lend you money, they want to be absolutely confident that the repayment will happen. So, even in cases where the applicant is unable to pay, the bank uses his or her assets. Therefore, when you are applying, you must be able to show sufficient assets to fall back on.

Usually, people who have retired from active service are not eligible for home loans. This is because they are not expected to have the ability to pay back massive amounts. However, in cases where the individual is able to show sufficient assets and a stable source of income, the bank may make an exception.

Getting a Better Home Loan Rate

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Home loan rates are currently lower than they have been in quite some time. The large inventory available in the housing market combined with these low interest rates have inspired many individuals to purchase a home; either their first home or to upgrade to a better home.

In order to save the most money possible on your home mortgage; however, you will need to make sure that you obtain the lowest home loan rate possible. Fortunately, today that is much easier than in the past when our parents and grandparents were purchasing homes. While they typically only had local financing options available to them, today we are able to go online and research home loan rates to find the best rate and terms to suit our needs.

Besides shopping around for the best home loan rate, it is also important to make sure that you have taken the time to have your credit in order before you actually begin the process of shopping for a home mortgage. This is a common mistake among many first time home buyers. Even if you are certain that you have made all of your payments on time and have not missed any payments at all, it is still a good idea to check your credit report at least six months before you plan to purchase a home to make sure that there are no mistakes reported on your credit report. Notices of late payments and delinquencies could result in a higher interest home loan rate on your mortgage. Ensure there are no mistakes ahead of time and be sure to correct anything that has been inaccurately reported before you apply for a mortgage.

If you happen to find something on your credit report that is inaccurate, write the credit reporting bureau and inform them of the mistake. Provide supporting documentation to prove your case such as canceled checks or receipts showing the debt was paid in full. Follow-up to be certain the derogatory item has been removed from your credit report.

When possible, try to make as large of a down payment as possible on your mortgage in order to obtain a lower interest rate. While it is possible to purchase a home with only a small percentage down payment, you will generally be considered a lower risk if you are able to make a larger down payment. This can translate to a lower home loan rate. Making a down payment of at least 20% will also help you to avoid private mortgage insurance, or PMI, which will also help you to save on your overall monthly mortgage payment.

Principles of Interior Design

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Whether you are working with existing furnishings and fabrics or “starting from scratch” with an empty room, you should always use the elements and principles of design as a guide in choosing everything. The elements are your tools or raw materials, much like paints are the basics to a painter. The elements of design include space, line, form, color, and texture. The principles of design relate to how you use these elements. The principles of design are balance, emphasis, rhythm, proportion and scale, and harmony and unity.

Visual equilibrium in a room is called balance. It gives a sense of repose and a feeling of completion. A well-balanced room gives careful consideration to the placement of objects according to their visual weight. The elements of line, form, color and texture all help determine an object’s visual weight, which is the amount of space it appears to occupy. Balance also refers to how and where you place the elements (line, form, color and texture) within a room. To maintain balance, try to distribute the elements throughout the room.

o Formal balance, often referred to as symmetrical balance, creates a mirror image effect.

o Informal balance uses different objects of the same visual weight to create equilibrium in a room. It is more subtle and spontaneous and gives a warmer, more casual feeling.

Emphasis is the focal point of the room. The focal point should be obvious as you enter the room; it is the area to which your eye is attracted. Whatever is featured, as the center of interest -a fireplace, artwork or a window treatment framing a beautiful view – must be sufficiently emphasized so that everything else leads the eye toward the featured area. You can add emphasis to a natural focal point or create one in a room through effective use of line, form, color and texture.

Rhythm supplies the discipline that controls the eye as is moves around a room. Rhythm helps the eye to move easily from one object to another and creates a harmony that tells the eye everything in the room belongs to a unified whole. Rhythm is created through repetition of line, form, color or texture. It can also be created through progression. Progressive rhythm is a gradual increasing or decreasing in size, direction or color.

Size relationships in a room are defined by proportion and scale. Proportion refers to how the elements within an object relate to the object as a whole. Scale relates to the size of an object when compared with the size of the space in which it is located.

A well-designed room is a unified whole that encompasses all the other elements and principles of design. Unity assures a sense of order. There is a consistency of sizes and shapes, a harmony of color and pattern. The ultimate goal of decorating is to create a room with unity and harmony and a sense of rhythm. Repeating the elements, balancing them throughout the room, and then adding a little variety so that the room has its own sense of personality accomplishes this. Too much unity can be boring; too much variety can cause a restless feeling. Juggling the elements and principles to get just the right mix is a key to good design.

Interior Design Tips and Tricks

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Today, the idea of interior design has significantly revolutionised, and the designers and homeowners are decorating and designing creative and innovative interiors through wooden furniture, marbles, sofa cum bed, lounge chairs, granites and much more. Thus the concept of best interior design has become a never ending process, and there is always something new you can learn or apply in your interior to improve it in a better way.

Interior design companies provide numerous interior design ideas online with the photos on the websites to have a better understanding of the style and design.Thus one can conclude that interior design gives a genuinely modern and aesthetic appeal in the house. It adds more value to the home along with the exceptional beauty. So have a look at some smart tips and tricks to have a more significant and impressive look in the interiors of the house.

Paint the walls in lighter and softer colours: There are thousands of paint colours available with different shades, tones and tints and each one gives a different look. So stick to the colours like beige or cream or grey for the living room where the flow is necessary. And if you have small rooms, then painting them with neutral and light colours helps them look larger. Conversely, rooms with darker shades seem more smaller than it is.

Give your furniture some breathing room: Gracious and luxurious interior means space to move quickly so resist overcrowding a room. You don’t need to fill up space with lots of furniture. Spend more of your budget on fewer but quality and attractive furniture pieces to give a better and impressive look to your house.You can go for a fabric sofa along with wingback chairs to have a sense of balanced and designer look in the home.

Use decorative items to add a beauty in the house: Home needs some accessories to provide an enchanting look. Decorative mirrors, antique artwork pieces, wooden items, metal or acrylic, etc. can be placed on the coffee table tops, bedside tables, tea carts and much more for extra dimension and texture. Pictures from magazines and children book’s can be framed and hung in children rooms. Arrange candles, books and family photo frames on the nest of tables, bookshelves to add a charming look in the room.

Layer your lighting: Every room should have three types of lighting: ambient light from ceiling fixtures to provide overall illumination, task which should be fixed over a reading nook or a kitchen island, and accent light, which provides more decorative and highlighting feature to the house. Thus proper lighting in the room creates a brighter and pure ambience in the home.

Create a focal point: As there are leading roles and supporting members in any production, the same holds for interior design. Choose furniture in every room that can make a focal point to anchor the room and rest can be treated as secondary pieces. Focal points in the house create a dramatic look. In the bedroom, a poster bed with curtains or an upholstered headboard can draw attention, in the living room a mantel and art piece can provide impressive look. In the kitchen, a wooden display cabinet with designer patterns on it gives a stylish look to the house. Thus whatever it is, central points will always create a visual appeal in the home.