Home loan borrowers have experienced a rollercoaster ride of highs and lows over the past few years. The interest rates hovered around six to seven percent about four years ago. Until a few weeks ago, they had touched 13-14 percent. Today, some banks offer a modest eight percent home loan interest rate. The fluctuations in interest rates have an impact on a borrower's EMI dues and loan tenure.

Scenario 1: When rates go up

Increase in the interest rates translates into greater burden on the borrower. The borrower has to pay more from his pocket towards his home loan. When rates go up, the borrower has the option to either increase his EMI or tenure. Increase in EMI keeping tenure constant means greater cash outflow every month towards your loan. Increase in tenure keeping EMI constant amounts to increasing the number of years you'll be repaying the loan.

Scenario 2: When rates go down

A reduction in rates is good news that borrowers yearn to hear. When interest rates go down, the monthly EMI amount comes down automatically. Otherwise, the borrower can keep the EMI constant and bring down his loan tenure. This way he will be free of debt sooner.

Scenario 3: When you switch

When a borrower switches from fixed to floating, or vice versa, the EMI and loan tenure depends on the principal outstanding. The new rate of interest applicable after you pay the conversion fee also determines the quantum of loan. The borrower could fix at a higher rate or float at the prevailing market rate. It is up to the borrower to adjust the EMI or tenure of the loan to his convenience.

A home office should be comfortable and spacious

Designing a home office offers a convenient space to work from home. This room should be sophisticated and offer all the top-end facilities that you would require to work comfortably.

Space

While constructing your house, you can pick a space that has an attached terrace or opens out to the outdoors. If it is located on the second floor, it should offer a good view and provide good natural lighting and ventilation. A sliding glass door can lead to the terrace. Blinds are helpful to control the amount of sunlight falling into the room at different times of the day. The terrace can have recliners to relax when you want to take a break. Potted plants in both corners of the terrace will keep it looking simple and cheerful. If you have a large expanse, then you could design your home office on one side with a wall partition. On the other side, you can decide to have another room, maybe a bedroom or a study cum library. The partition can have two doors that can open into the room.

Furniture

If you have a casual, eco-friendly theme in your home, a huge wood and wicker chair will be comfortable and sober. A contemporary desk in wood with drawers designed aesthetically will allow space for storage and look good. The surface should be expansive to accommodate a desktop or laptop, personal memorabilia, a telephone, a pen stand, an artifact or a plant in a vase. Chest of drawers for storage on both sides of the desk can be used to keep important files, folders, and books pertaining to your field of work. Small artifacts can be placed on top or you can place a fresh flower in a tall vase with a small glass bowl with coloured glass pebbles. Contemporary artifacts in wood will give a modern, stylish look. Keep the wall colour neutral since you need many pieces of furniture in this room. A painting with a simple subject or theme in bright colours will enhance the wall space above the cabinet. A small wicker basket can be used to keep the latest copies of magazines. Another one can be used to throw any waste.

If you have business associates coming down frequently to discuss project proposals, then additional seating is required. A plush, comfortable sofa with leather, suede, or silk upholstery will allow you to carry on discussions or watch a presentation. On the wall opposite to your desk, where there is a wall partition, a wood cabinet can be designed to place an LCD TV and a music system. This can have sliding doors from the side or from the top to conceal and lock it at times when you don't use it. The space on top and by the side of this system can be used to keep a bust in marble or a small bamboo plant.

Flooring

Vitrified tiles are popular these days and give a clean, contemporary feel. To distinguish the seating area from the rest of the space, there can wood flooring only for this area. The flooring in the rest of the space can be done using vitrified tiles. Marble is another option that gives a smooth, sophisticated look.

Some rights a buyer of property has been given by the Transfer of Property Act

Abuyer of a property has some rights and liabilities. According to the Transfer of Property Act, a buyer of a property is entitled to some rights and has some responsibilities, which need to be fulfilled statutorily.

• Interest of seller

A buyer is bound to disclose to the seller any fact about the nature or extent of the seller's interest in the property of which the buyer is aware, but of which he has reason to believe that the seller is not aware, and which materially increases the value of such interest. An omission to make such a disclosure is fraudulent.

• Payment

The buyer is liable to pay, at the time and place of completing the sale, the purchase money to the seller or such person as he directs. The payment should be as per the agreed terms and conditions. Where the property is not sold free of encumbrances, the buyer may retain out of the purchase money the amount of any encumbrances on the property existing at the date of the sale, and should pay the amounts so retained to the persons entitled to it, to get the encumbrance released.

• Charges

The buyer is liable to pay all public charges and rent which may become payable in respect of the property, the principal money due on any encumbrance subject to which the property is sold, and the interest due. Once the ownership has been transferred to the buyer, the buyer is liable to pay all the statutory charges like municipal taxes, property taxes, cess, electricity and water charges etc.

• Loss or damage

After the ownership of the property has passed to the buyer, he has to bear any loss arising from damage or decrease in value of the property, not caused by the seller. The buyer becomes liable for any loss or damage to the property as soon as he becomes the owner and the seller ceases to be the owner of the property.

The buyer is also entitled to a charge on the property, against the seller, to the extent of the seller's interest in the property, for the amount of any purchase money paid by the buyer in anticipation of delivery. In case of a default by the seller the buyer has a right to get back the advance paid plus reasonable interest. He may also compel the seller for specific performance of the agreement.

• Benefit of improvements

The buyer also has some rights given statutorily by the Transfer of Property Act. In case the ownership of the property has passed to the buyer, he is entitled to the benefits of any improvements that increase the value of the property, and to rent and profits from the property. Any benefits or increase in value of the property accrues to the buyer only and not the seller.

All these rights given by the Act can be enforced as they are bestowed by the statute. However, the operation of such rights and liabilities may be modified by the contracting parties, subject to mutually agreed conditions.