Purchasing a house is one of the biggest investments you make in your life. If you plan to invest in an apartment or villa in Mohali, don’t just go and purchase on the face value of the builder’s claims. While buying a house in Mohali, look out for various factors and parameters that make it… Continue reading How to Check Builders Reputation and Credibility?
Date 30/09/2021 Get an exact and custom quote for your home I want to buy: RERAstands for Real Estate Regulatory Authority. The act was passed by the IndianGovernment in May 2016 to facilitate transparency in the process of buyinghomes. Since its inception, RERA is believed to bring many reforms in the realestate industry. … Continue reading Let’s Understand RERA in Tricity
Date 09/09/2021 Get an exact and custom quote for your home I want to buy: Employment The Consistently Growing Demand Bank Loan Rates Well-designed, budgeted projects SNH205 Kharar-Ropar Highway Real estate has always been a very lucrative sector to invest in. But by the virtue of factors, including urbanization, industrialization, and government initiatives, the Tricity has emerged… Continue reading Why it is the right time to invest in Real Estate in Mohali?
Date 24/06/2020 Get an exact and custom quote for your home I want to buy: Lower Interest Rates Simple Eligibility Criteria Longer Repayment Tenors Claim Tax Deductions Schemes like Pradhan Mantri Awas Yojna With more women taking up jobs and planning their careers, there has been a commendable increase in the number of women borrowers… Continue reading What are the benefits of home loan for women?
24/06/2020
I want to buy:
Are you a newbie in real estate sector? If yes, you must be unaware of the common real estate terms and terminologies. Talking with a real estate marketer might be a real headache for you.
However, if you are planning to make buy luxury flat in Mohali or diversify your investment portfolio, you need to learn these common terms and acronyms beforehand. So, the next time you hear these terms you understand the meaning and significance.
We have compiled a list of 7 most common terms that you must know.
ROI – Return on Investment
Return on Investment, as the name suggests, is a term that measures the profit you have received on the investment. It is calculated by dividing the net profit by the total capital cost of the investment. The higher the ROI, the higher is profit.
ROI decides whether the investment turned out to be profitable or not.
ROI = Net Income/Cost of Investment
BSP – Basic Sale Price or MV – Market Price
Both the terms indicate the base rate per sq ft at which the property is listed by the seller. The base rate does not include any additional charges such as Goods and Service Tax (GST), amenity charges, preferential location charges or any other maintenance fees. These additional charges calculate up to 20% of the BSP.
Cash Flow
Cash Flow indicates towards the net amount of cash earned from the property every month after deducting basic operation costs. Basically, it is the net difference between the money coming in and going out from your asset. If the income of the assets is more than the money you need to maintain it, then it proves that the property is profitable. It will help you maintain a profitable cash flow.
But, when expenses are more than the total income, you will experience a negative cash flow. Ideally, these are the rental incomes that ensure maintaining a positive cash flow.
HOA – Home Owner’s Association
HOA stands for a self-governing organization that comprises of a particular subdivision, apartment or planned housing community. HOA has all the rights to enforce rules for maintaining the property and collecting maintenance fees from the house owners. When you buy a property within a specific HOA, you will automatically become a member of the association and thus liable to pay the defined HOA charges.
EMI – Equal Monthly Installment
When the borrower takes a loan, he has to pay the amount in monthly installments, known as EMI. It is available for any buyer who is ready to take the loan to buy 3 BHK flat in Mohali.
The amount for EMI depends on various factors including the total amount of loan, you income, rate of interest, loan tenure, credit history etc. It is always better to take loans from reputed banks to avoid any scam.
Built Up Area
Built up area refers to the entire floor area of the home or apartment including the thickness of the wall and balcony area. We need to know, in most of the cases, 30% of the area of a flat is used in making walls, verandah, open terraces or balconies.
Carpet Area
As per RERA rules and regulations, carpet area is the net usable floor area of the flat. It excludes the area of the covered by the eternal walls, areas under service shafts and balconies. Basically, it is the area that can be covered by the carpet.
In current situation, real estate is considered as one of the most profitable investments. Being familiar with all the terminologies will cut out the confusion and help you crack a beneficial deal.
Date 24/06/2020 Get an exact and custom quote for your home I want to buy: Deciding where you will rest your head at night and spend your life is emotional, daunting and crucial at the same time. The decision will not impact your life for a month or a year but for decades, maybe lifetime.… Continue reading What are the advantages of buying a ready to move in 2 BHK flat in Kharar?
