BUSINESS

This is how you can finance the construction of your own home

Published

2 years ago

2 July 2022

Live in a home owned, independent and, possibly, away from the hustle and bustle of the city. This desire, to leave behind contact with the crowds that live in large cities, has become stronger since the start of the health emergency caused by the covid pandemic. However, if instead of buying an old home you prefer to build a new one, in many cases the savings are not enough for the land and the building. For this reason, there is a peculiar class of loans whose guarantee is not an already built home, as in common mortgages, but a house of which only the project exists. It is the so-called self-promoter mortgage, a niche product whose trend, however, is on the rise, according to experts.

“The demand for self-promoting mortgages is much lower than that of a conventional mortgage loan,” says the director of Mortgages at iAhorro, Simone Colombelli. These represent only a small part of the mortgages contracted through this bank comparator. However, for the secretary of the General Council of real estate agents (Coapi), Lola Alcover, “in the last year it has been possible to see an increase in demand, undoubtedly closely linked to the increase in interest in single-family homes that the current health crisis, with everything that has come with it, has meant”.

But, what are the requirements to apply for a self-promoter mortgage? Beyond having the economic solvency require by the bank to grant a loan, the user must be the owner of the land on which he plans to build his home and this must be register in the Land Registry. “The land must also comply with all the urban planning regulations that are applicable in each specific case and have the building permit, processed before the town hall,” explains Alcover. And you will have to provide a project for the execution of the work carried out by a competent technician like boom & bucket and with the collegiate visa, as well as a budget.

Basic bindings

“In the vast majority of cases, with a self-promoting mortgage you can get the same level of financing as with a regular mortgage loan, that is, up to 80%,” says Colombelli. That money, however, will not be deliver all at the beginning, but in a staggered manner. The usual thing is that the first contribution occurs at the time of signing the mortgage and before starting the work, and that it covers 50% of what is establish in the contract. “That money will be use to pay for all the costs of buying materials and starting construction,” explains Alcover.

Each time the successive stages of construction are finish, the technical director will issue the corresponding work certifications, which will be transfer to the entity to certify the completion of one of the sections. In this way, the user will receive from the bank the money planned for the next phase. When the execution of the project ends and the certificates are issue, as well as the occupancy certificate, the last tranche of financing will arrive, which generally ranges between 10% and 20%.

As for the other characteristics of self-promoting mortgages —marketed, among other entities, by Banco Sabadell, Bankinter, Liberbank, Unicaja, Globalcaja, Targobank and Banca Pueyo— Colombelli points out that they are very similar to typical mortgage loans. “In the vast majority of cases, the links are usually the basic ones: payroll, life insurance and home. The most frequent term is usually 30 years and the interests are similar to those of the rest of mortgages”, says Colombelli.

“There are also many firms that set a slightly higher interest, considering that the risk assumed is higher than in the traditional format, since they are talking about a building in the future, with the consequent uncertainty of whether at final will count or not with the guarantee of the property. However, when this increase occurs, it moves in a range that does not usually exceed half or three quarters of a point”, Alcover warns.

Uncertainty

Colombelli stresses that when requesting a self-promoting mortgage “the land must be purchase, except in the case of Banca Pueyo, which offers to cover up to 70% of its price, and Unicaja and Targobank, which grant up to 50% %”.

The experts consulted agree on the advantages of this type of loan. “We have the flexibility to define the project and even for the conditions of the loan with an entity that does not have a specific range of this product,” says Colombelli, from iAhorro. To which Alcover, from Coapi, adds the fact that “the amounts are receive in stages and, therefore, the indebtedness goes hand in hand with the good evolution of the define company; and that during the first two years capital is not amortize, but only the fixed interest, which makes the start of the project more affordable”.

However, some inconvenience must be take into account. “If we take into account all the setbacks that may arise throughout the process, such as unexpect changes in materials or delays in the work, among others, and not having a close budget, it is possible that the process is costly and a deviation between the project and the finish work; and it is on the latter that the appraisal is carry out”, warns Colombelli. To balance the uncertainty that this generates, “the entity will be more rigorous in the require solvency conditions and it is very common for guarantees to reinforce the guarantee to be request, which is another disadvantage to take into account,” Alcover emphasizes.

Entrepreneurs

The WittyFeed Triumph: Vinay Singhal, Parveen Singhal, and Shashank Vaishnav’s Journey to Content Dominance

Published

1 month ago

8 March 2024

Vanity Stardom

Vinay Singhal, Parveen Singhal, and Shashank Vaishnav have created a stunning success story with WittyFeed in the digital world, where content is king. Rising from the ashes of failed businesses, these computer experts changed course and built the second-largest content platform globally, only surpassed by BuzzFeed. This piece explores the story of these visionary founders and how WittyFeed rose to prominence in the content industry.

In 2013, faced with the setbacks of two unsuccessful ventures, Vinay, Parveen, and Shashank decided to stay the course. Ditching Evrystry.com and FollowMe247, they envisioned a content platform that catered to the needs of content creators, distributors, and consumers. This vision materialized in September 2014 with the launch of WittyFeed—a platform that rapidly ascended the ranks to become the third-most visited website in the Indian entertainment category.

For Vinay Singhal, WittyFeed is not just a content platform; it’s a technology play. Leveraging robust technology and analytics, WittyFeed ensures its content goes viral by intricately guiding content selection, creation, distribution, and monetization. Real-time data analysis and insights into user behavior empower thousands of influencers to disseminate content, making WittyFeed a formidable player in the global content arena.

WittyFeed’s strategic foresight extends to its strong network of influencers, positioning the platform years ahead of its competitors. Recognizing influencers as the distributors in the digital world, WittyFeed created Viral9.com—an influencer platform with around 15,000 influencers. These influencers, with millions of followers, redirect traffic to WittyFeed, creating a symbiotic relationship that propels the platform’s reach.

WittyFeed’s impact transcends borders, with a presence in Spain, the US, and the UK, while rapidly gaining traction in India. The platform boasts over 100 million sessions and 60 million unique visitors monthly, generating revenues of ₹30 crore in FY17. Programmatic advertising forms a significant revenue stream, complemented by sponsored content collaborations with around 70 brands, including Uber, Coca-Cola, and Zee Studios. By endearing itself to brands, WittyFeed aims to derive 40 percent of its revenues from brand partnerships.

While WittyFeed has thrived, the platform remains vigilant about potential challenges, especially as Facebook’s algorithms evolve. Vinay emphasizes the importance of steering clear of click-bait and focusing on quality content to maintain a symbiotic relationship with Facebook. Future strategies include the integration of video content, fostering collaborations with mobile apps, and seeking a series A funding round for expansion.

The success of WittyFeed lies in the synergy of its founders—Parveen Singhal, Vinay Singhal, and Shashank Vaishnav. Parveen, the Chief Content Officer, envisions video content as the next growth frontier. Vinay, with a knack for building solutions, steers the technology-driven aspects, while Shashank, the Chief Technology Officer, brings real-time data analytics to the forefront.

As WittyFeed charts a course toward greater heights, its founders remain attuned to the evolving nature of digital consumption. Vinay Singhal encapsulates the essence of their journey, emphasizing the imperative of staying at the forefront of change. The triumvirate’s journey from the brink of failure to commanding one of the world’s largest content platforms is not just a success story; it’s a testament to resilience, innovation, and the power of strategic vision. In an ever-evolving digital landscape, WittyFeed and its founders stand poised for continued impact and influence.

Entrepreneurs

Rahul Narang and Saurabh Arora: Architects of Healthcare Transformation at Lybrate

Published

1 month ago

8 March 2024

Vanity Stardom

Rahul Narang and Saurabh Arora‘s combined genius is evident in the rapidly changing field of healthcare innovation as they lead Lybrate, a ground-breaking online platform for medical consultations. The story takes place against the backdrop of Saurabh Arora, who attended Columbia Business School and IIT Delhi before purposefully changing his course. 2014 saw Arora leave his position as a data scientist at Facebook in Silicon Valley in order to pursue his homegrown business goals. This crucial choice launched Lybrate in 2015, a platform that has the potential to completely transform patient-doctor relations.

Arora’s vision for Lybrate germinated during a visit to India, where he keenly observed the challenges posed by self-medication in rural areas and the inconveniences faced by urban denizens. Fueled by a determination to bridge these gaps, Arora enlisted the expertise of his former colleague and friend, Rahul Narang, who assumed the role of co-founder and chief technology officer at Lybrate.

The platform, operating as an online out-patient department (OPD), strategically deploys technology to enhance the accessibility of quality healthcare across India. Arora’s mission was to seamlessly connect patients and doctors, transcending geographical constraints. In less than three years, Lybrate has garnered over 1 lakh registered doctors, facilitating upwards of 6 million interactions monthly. These interactions span doctor searches, health queries, and appointments for consultations and lab tests.

The triumph of Lybrate can be attributed to its innovative approach and meticulous planning. Arora underscores the critical importance of aligning the product with the workflow of doctors, fostering positive word-of-mouth recommendations. The nascent stages involved securing funding, with Gokul Rajaram, a luminary in developing Google’s AdSense network, playing a pivotal role. Lybrate secured a seed round of $1.23 million from Nexus Venture Partners, Rajaram, and independent investor Vispi Daver in August 2014. A subsequent funding round in July 2015 saw a commitment of $10.2 million from Tiger Global, Nexus Venture Partners, and Ratan Tata, propelling Lybrate’s mission to new heights.

The healthcare landscape in India presents a formidable challenge, marked by a concerning doctor-patient ratio of 1:1,700, as highlighted by a joint report from KPMG and Ficci. What sets Lybrate apart is its unwavering focus on alleviating the doctor shortage. The platform’s workflow begins with anonymous health-related queries from patients, evolving into online or offline consultations as comfort levels with the doctors on the platform grow.

Lybrate’s distinctive patient engagement model places the patient at the center, offering access to a comprehensive spectrum of healthcare services. This strategic differentiator positions Lybrate favorably against Practo, its major competitor, which primarily functions as a doctor discovery platform. While Practo concentrates on appointment scheduling, Lybrate is committed to transforming the patient-doctor interaction and propelling it into the digital realm.

Despite the myriad challenges, Lybrate has achieved a commendable turnover of over ₹22.45 crore in FY15-16, with aspirations to reach ₹25 crore in the current fiscal year. The platform boasts various revenue streams, including ‘Lybrate Consult,’ allowing users to consult preferred doctors for a fee. ‘Lybrate Lab+’ and ‘Lybrate Cube’ contribute significantly to the company’s revenue by facilitating lab tests and providing tools for doctors to enhance their online presence.

As the health tech industry witnesses an influx of competitors, Lybrate’s early entry into the fray positions it as a frontrunner. However, challenges persist, and success in this dynamic landscape hinges on delivering a substantial value proposition for both patients and doctors. The journey of Rahul Narang and Saurabh Arora with Lybrate symbolizes a commitment to quality and innovation, marking the advent of a new era in online healthcare solutions.

Entrepreneurs

Abhishek Shah: Revolutionizing Diabetes Care Through Digital Therapeutics

Published

1 month ago

8 March 2024

Vanity Stardom

Abhishek Shah, the 34-year-old CEO of Mumbai-based Wellthy Therapeutics, stands out as an innovator in a world where chronic illnesses like type 2 diabetes are becoming more prevalent. With its AI-powered smartphone app that provides a customised health coach experience, Wellthy Therapeutics aims to revolutionise the treatment of type 2 diabetes. The journey of Abhishek Shah, the founding of Wellthy, and the significant influence it has had on patients such as Smruti Daru are all covered in this article.

Abhishek Shah’s foray into healthcare entrepreneurship was inspired by personal experiences. Growing up in a family of healthcare entrepreneurs, with parents diagnosed with chronic diseases, Shah witnessed the challenges of managing conditions like hypertension and diabetes. This exposure laid the foundation for Wellthy Therapeutics, founded in 2015 with the vision of leveraging technology for behavioral change in healthcare.

Wellthy Therapeutics’ mobile app serves as a personal health coach, utilizing AI to analyze patient data and habits. The app provides continuous guidance and motivation for adopting healthier lifestyle choices, crucial for managing type 2 diabetes. For individuals like Smruti Daru, the app has been transformative, helping her achieve significant improvements in glycated haemoglobin levels and weight within a short period.

At the core of Wellthy’s philosophy is an outcome-focused approach. Abhishek Shah emphasizes the importance of improving patient outcomes by addressing behavioral changes. The app guides patients through their daily routines, encouraging them to log diet, monitor sugar levels, track weight, and adhere to exercise routines. This focus on quantifiable outcomes sets Wellthy apart in the realm of digital therapeutics.

Wellthy Therapeutics has garnered recognition and endorsements from major organizations. Partnering with the Research Society for the Study of Diabetes in India (RSSDI) in 2016, Wellthy became a prescribed application for doctors. The company presented positive clinical outcomes at an American Diabetes Association conference, establishing itself as the first South Asian digital therapeutics firm with such achievements. Understanding the unique cultural nuances of India and Asia, Wellthy tailored its app to cater specifically to the genetic makeup, behavior, and values prevalent in the region. Recognizing that two-thirds of the world’s diabetics reside in Asia, Wellthy’s regional focus positions it strategically in the fight against diabetes.

Abhishek Shah’s commitment to improving healthcare outcomes is reflected in Wellthy’s self-funded growth. Investing around ₹2.9 crore into the venture, Shah prioritized creating a product that genuinely benefited patients. Wellthy’s expansion involves unique partnerships with hospitals, doctors, patients, and insurance companies, laying the groundwork for future growth. With plans to go live in the Middle East later this year, Wellthy envisions achieving a full-fledged presence in Asia within four to five years. The company’s trajectory aligns with its mission to redefine diabetes care through innovative technology and a patient-centric approach.

For Abhishek Shah, the journey of building Wellthy intertwines with the personal milestone of becoming a father. This balancing act, navigating the realms of first-generation entrepreneurship and first-time fatherhood, shattered perceived limitations and unlocked newfound capabilities. Shah’s dedication to his vision has not only transformed his life but has become a source of empowerment for individuals managing diabetes.