Investors, regardless of the kind of sector they are working in, need very keen senses, sharp analytical abilities, and quick learning capabilities to let growth be a part of their journey. And if that sector is real estate where a wrong decision can bring you under lakhs of rupees, alertness becomes even more significant.
Every business has a set of vocabulary i.e. some standard words & phrases that individuals, business people, developers, and investors need to know to communicate effectively. It enables you to grasp the meaning of any communication while impressing others with your excellent command and knowledge about the subject.
If you just stepped into the world of real estate investing in Jaipur, these 5 real estate terms will help you in your successful voyage. Let’s begin:
1) Fixed-Rate Mortgage
The word mortgage can be understood easily as the money that a person borrows to buy a flat or home. The concept of home loans has become popular in India in the last two decades as the person doesn’t have to wait for years to save money to purchase a home. Fixed-rate mortgages have a fixed interest rate on the principal loan amount. The market fluctuations don’t affect the rates.
2) Adjustable Rate Mortgage
The term Adjustable Rate Mortgage is gaining attention recently. In this, the interest rate on your borrowed amount will keep changing until the entire amount is paid. Sometimes, the interest rate might be very low, while in some months it may be high depending on the market condition.
3) Private Mortgage Insurance
A large number of people in India are still not very familiar with this term. The home buyer needs to pay an additional amount as Private Mortgage Insurance… If his down payment is lower than 20% of the property cost.
4) Closing Costs
Closing costs are other aspects that the buyer pays to cover additional fees, taxes, insurances charges, and such other costs.
Following is the definition of Refinancing. If a loan amount is too much to pay for a buyer, they usually take another low-interest loan to cover the charges of the first loan.
We hope that these 5 real estate terms will revamp the way you deliver words, phrases, and statements in conversations with your peers and customers that holds a great deal of significance for you. It was the second part of this series and more are on the way, so stay tuned with us. More terms are on the way.
About Shubhashish Geeta:
Shubhashish Geeta is a ‘Resort Theme’ gated community. It features luxury flats in Jaipur with amazing amenities including big balconies, corner apartments, and a huge living area. 21,000+ exotic trees and plants, solar panels, smart water meters, and car charging points make it a beautiful, eco-friendly gated community that is perfect for adults, kids, as well as elderly. You can undoubtedly consider buying your dream home here.
Contact: 7413 99 33 99
Address: 200ft. Jaisinghpura Road, Mansarover Ext., Jaipur