Real Estate Jargon & Their Meanings For Home Buyers
If you are looking to buy a new home and are are actively searching for it wether online or offline through an agent, you must have seen real estate jargon that often makes no sense to the property buyer. This often gets very confusting and is a detriment to the buyer making an informed and correct property buying desicion.
Thus to help buyers navigate the real estate landscape more easily, we are listing some of the common jargon used in real estate by developers and agents.
BHK – This refers to Bedroom Hall & Kitchen, this term is often used to describe the number of bedrooms present in a property. For example 2BHK means 2 bedrooms One Hall & One Kitchen.
Super Built Up Area – This refers to the total area of a property but also includes common spaces like corridors, lifts and stairs etc. Often times gardens, lawns and swimming pools are also included by some builders. This may often reffered to as the Saleable Area.
Carpet Area – This is the actual usable area in a property or flat, it can be calulated as the area of a flat excluding any inner walls. Carpet area does not include spaces like gardens, lobby or lift but the price per square feet of carpet area does include the price of these amenities.
Freehold Property – This is a type of property where complete ownership is given to the owner of the property and is not subject to any other party like the developer or a society. The owner of freehold properties can pass on or sell the property without prior permission from anyone else.
Real Estate Agent/Agency – They serve as a link between property buyers and seller, they not only help to settle any property deals but also are also respoinsible to help the buyers find the properties they would like to buy
Home Loan – This is a form of long term loan provied to purchase residential property, land or for construction of a home.
CIBIL – Credit Information Bureau (India) Limited is an organization the records and maintains the credit records of the customersof its partner banks, credit card companies and finance companies. It propides a score called the CIBIL Score that determines the eligibility of a customer to recieve a loan.
RERA – Real Estate Regulatory Act 2016 is a law passed by the Government Of India In march 2016 which seeks to protect the buyers from unfair practices as well as boost investment in the real estate sector. Although a mandetory framework implemented by the Central Government, not all of the states have set up enforcemnt for the same as of 2018.
These are some of the most important jargon words that you should know when searching for a new home. If there are some that we missed please let us know in the comments below or mail to us at email@example.com
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