Buying a house is not exactly a walk in the park for many people, especially if home loans are involved. Many terminologies confuse a person to the extent that they may end up making a wrong decision with regard to purchasing a home, simply because they do not understand what it means.
Mentioned below is a list of real estate terms that may come in helpful for a homebuyer.
For instance, if an individual wishes to purchase a property/house worth Rs.80 lakh, the bank is allowed to give you a maximum loan amount of 80% of the value. The margin of 20% will have to be paid by the individual. This means that the bank is allowed to loan you Rs.64 lakh and the individual will have to make a down payment of Rs.16 lakh. Rs.16 lakh is the margin in this instance.
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