Suresh: R2I: Dubai to Bengaluru

[pariwar]

Could you please share the contact number of Sivakumar? I am also looking for a villa in north Bangalore.

Hi Tejas,
The villa that I have purchased is in South Bangalore - Mylasandra/Raja Rajeshwari Nagar and not North Bangalore.

[jburu]

great writeup and wish you all the best.

[oncemore]

Hi Pariwar, Nice post and good luck with your move. Could you please share which furniture shop/s you purchased all your furniture & appliances from. Did you go for all readymade? We are moving to Blore shortly and need to buy furniture for the entire house. Any pointers would be very helpful. Thanks

[Sanjiv]

Hi Pariwar, Nice post and good luck with your move. Could you please share which furniture shop/s you purchased all your furniture & appliances from. Did you go for all readymade? We are moving to Blore shortly and need to buy furniture for the entire house. Any pointers would be very helpful. Thanks

I recommend getting your furniture made as much as possible. You can ensure quality materials and better value for money and customize it to your liking and dimensions. It will be painful to ship all your stuff as the customs will simply harass you at the ICD bangalore and you will have to spend the whole day waiting there.

[maeswaran]

GulfIndian,
The imminent possibility of getting the pink slip motivated me to start thinking on alternatives. I had enough of working for somebody else and hence decided to plunge into the entrepreneurial arena. The fear for a Gulf based Indian, especially with children in school, is the timing of the employment termination.

Current thoughts on R2I for good are hovering around May end this year. However, for various purposes (including NRI status for Assessment Year 2010-11) I am seriously considering R2I, beginning of October. That way, I would have not only achieved most of my financial plans but also would have stayed over 180 days outside the country (NRI status). From there on, I get two assessment years, i.e. 2011-12, 2012-13 as RNOR status. The tax benefit will be a definite plus.

Nice to see a R2I diary from a Gulfian.

I am also R2I ing shortly.

Can you pl clarfify what is RNOR status and if I move by end of this month (march 2010), how it woulld affect me

[Sanjiv]

Nice to see a R2I diary from a Gulfian.

I am also R2I ing shortly.

Can you pl clarfify what is RNOR status and if I move by end of this month (march 2010), how it woulld affect me

RNOR is resident but not ordinarily resident for income tax purposes. It has been answered on another thread please use search.

[r2k]

Basic Information:


Simultaneously, I had started comparing bank interest rates for a housing loan and chanced upon a scheme called SBI Max Gain. At that time being offered at 8% for the first year and 8.5% for the second & third year, followed by floating rate for simultaneous years. The uniqueness and advantage of this was that it is offered as an overdraft account. Maximum loan amount was INR 30 lacs in this case.

Let me explain the method it works.
Say loan disbursed of INR 30 lacs. An overdraft account is opened which will show - 30 lacs. Interest will be calculated on the -(minus) figure in that account @ 8% for the first year...and so on as described above. Every month this account needs to be fed with the agreed amount say INR 30,000 from another account/bank or cheque deposit etc. A debit per month of the principal amount...say INR 6,000 is also effected from the overdraft account. Therefore the balance in the OD account is INR 29,74,000/-. The monthly interest is calculated on this figure and deducted from the balance on standing orders. So, where is the advantage....If you find yourself with surplus amount say INR 1 lac, park it in the OD account and the interest is calculate only on INR 28.74 lacs for the next month. If you have INR 29.74 lacs and can park it in the account, VOILA! no interest whatsoever. The additional advantage is that this is an OD account and therefore you can withdraw the 1 lac or 28.74 lacs/ part of that amount at any time and the interest will once again be calculated on the -(minus) figure in the OD account. You continue paying the principal component every month and have liquidity available. Brilliant scheme, if you have liquidity and for liquidity.

Thanks for your post. I had a question about SBI loan - is MaxGain has to be linked with a property to start with? Or the loan approval is based on your income and later you can add your property title to the loan?

[pariwar]

Hi which furniture shop/s you purchased all your furniture & appliances from.

Hi Oncemore,
I purchased beds from Sri Sai Furnishers, a small non-descript shop @ Hormavu circle. The contact person is Manoj Kumar and his number is 98860 88688. From my experience most of the large shops are providing sub-standard material combination at higher prices. On a comparative, Manoj Kumar is genuine, has his own factory and is a pleasure to deal with. Don't go by the standard stuff that he has on display in his small showroom, ask him for his catalogues and he can make one exactly like what is displayed. The finishes are very good.

I chose to modify some of his standard designs and getting custom built beds made for myself with large storage space. The wood he is using is teak for the frames (you will not get this in any store) and bonded ply which is very very durable. Very equitable pricing too. Mention Suresh from Dubai, have referred a couple of people to him and they are also very satisfied with his work.

He can custom build wardrobes and other wood furniture also. Mine were being provided by the builder and hence the only requirement was to give him designs and ensure that he used quality ply wood, laminates and veneer sheets.

Appliances have been purchased from Dubai as the comparative costs in India are high. It is being shipped as a 20 ft container load and I am able to get much better pricing this way.

[pariwar]

Thanks for your post. I had a question about SBI loan - is MaxGain has to be linked with a property to start with? Or the loan approval is based on your income and later you can add your property title to the loan?

Hi r2k,
I am reasonably sure that it has to be linked to a property. Besides the financial data that I provided about myself, they required a whole lot of documents from the builder re: title, agreements, katha paid certificate etc. for getting the legal opinion on the property.

[chaitra75]

Hi
It was very useful information you have shared with all of us. Thanks a lot. Also your blog has changed an important decision which I was thinking of. We have a site in Mylasandra and we were planning to sell it. After reading your blog I am thinking of going ahead and constructing there. But what is your opinion of that area? Has it improved? What about the commuting facilities there? Did you manage to get admission in Hillview? Pls post info on all these as I also have 2 kids and schooling is something to really look for. Does the school have bus facility to this area?

Thanks and wish you very good luck and best wishes
chaitra