Understanding Real Estate Jargon: A Simple Glossary
Navigating the world of real estate can feel like learning a new language. To help you feel more confident, here’s a simple breakdown of some common terms you’ll encounter.
- Carpet Area: This is the actual usable area of your apartment, not including the thickness of the inner walls. It’s the space where you can physically lay a carpet.
- Built-up Area: This includes the carpet area plus the thickness of the walls and any balcony space. It’s always larger than the carpet area.
- Super Built-up Area: This includes the built-up area plus a proportionate share of the common areas like the lobby, stairs, elevator, and amenities. This is often what the property’s price is based on.
- EMI (Equated Monthly Instalment): The fixed payment you make to the bank every month to repay your home loan. It consists of both principal and interest components.
- Sale Deed: The primary legal document that acts as proof of sale and transfer of ownership of a property from the seller to the buyer. It is a crucial document that requires registration.
Feeling confused? The team at Sreemaan Properties is always here to clarify any questions you have.
