Buying a house is one of the
most important decisions. We are here to
guide you in taking
an informed decision as you
embark on this journey of home ownership.
Buying your dream home is one
of the most important
decisions you will make. We are here to guide
you in taking
an informed decision as you embark on this
journey of
home ownership. Explore our repository of articles,
videos,
calculators,
infographics
on
varied topics for a
first time home buyer.
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Acre
A unit of area equivalent to 43,560
square feet or 4,047 square meters approximately. It is
a commonly used term for larger land parcels in India.
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Allotment
Letter
A letter issued by the
developer (private or state development agency)
allotting a particular plot or unit in an under
development or under construction project. This letter
is important in availing loan from banks. It is
generally superseded by builder-buyer agreement once
that is signed.
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Amortization
The loan payment consists of a portion
which will be applied to pay the accruing interest on a
loan, with the remainder being applied to the principal.
Over time, the interest portion decreases as the loan
balance decreases, and the amount applied to principal
increases so that the loan is paid off (amortized) in
the specified time.
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Amortization
Schedule
A table which shows how
much of each payment will be applied toward principal
and how much toward interest over the life of the loan.
It also shows the gradual decrease of the loan balance
until it reaches zero.
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Co-Borrower
A party or individual who cosigns a
mortgage loan. Co-borrowers are jointly liable with the
other borrower for the balance of the loan period.
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Completion
Certificate/ Statement
A
certificate/ statement issued by the local development
authority certifying that all necessary works have been
completed and that the property is fit for occupation.
In case of private development, such certificate can be
given by the builder to individual unit owners at the
time of possession.
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Downpayment
/ Margin Money
The part of the
purchase price of a property that the buyer pays in cash
and does not finance with a loan
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Encumbrance
Certificate
A report issued by
Registrar of Assurances or Sub-Registrar's office after
due verification of the relevant documents certifying
that the property in question is free from all
encumbrances such as loans, leases, easements or
restrictions
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Fixed
Interest Rate
An interest rate on
a loan that remains fixed either for the entire term of
the loan or for part of the term and does not increase
or decrease with market fluctuations.
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Floating
Interest Rate
An interest rate
that is allowed to move up and down with the rest of the
market or along with an index.
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Foreclosure
A situation in which a homeowner is
unable to make principal and/or interest payments on his
or her property loan, so the lender, be it a bank or
building society, can seize and sell the property as
stipulated in the terms of the loan agreement.
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Loan
Processing Fee
A fee paid to a
lender (bank) for processing application of a loan. This
fee is charged by the lender to cover its administrative
and other application related costs.
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Loan to
Value (LTV) Ratio
The amount of
the loan financed as a proportion of the property value,
expressed as a percentage.
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No
Objection Certificate (NOC)
A
certificate issued by the concerned local authority that
the plans are in order and conform to the guidelines and
rules in force. In other words, the authority concerned
has NO OBJECTION to the commencement of construction
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Occupancy
Certificate
A certificate issued
by the local development authority certifying that all
necessary works have been completed as per the
sanctioned plans and that the property is fit for
occupation. The OC is issued after clearance from the
water, electricity, sewerage, fire fighting authorities
etc.
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Instant
An evaluation of a
potential borrower by a lender to determine whether the
borrower qualifies for a loan
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Principal
The amount borrowed or still to be
repaid. The part of the monthly payment that reduces the
balance of the loan.
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Refinance
The process of paying off one loan with
the proceeds from a new loan using the same property as
security.
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Resale
Property
Resale signifies that a
property is being sold by the person who was allotted
the same property. In other words, when property once
purchased is now put on sale by the initial buyer, the
property is said to be on resale.
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Stamp
Duty
Stamp duty is the tax
governments place on legal documents, usually in the
transfer of
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or property.
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Title
Search
An investigation of public
records into the history of ownership of a property to
check for liens, unpaid claims, restrictions or
problems, to prove that the seller can transfer free and
clear ownership.
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Under
Construction Property
A property
which has received all necessary approvals from
authorities, raised funds from private investors or
financial institutions, appointed the construction
contractor and is currently under construction.
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