As per Real Estate (Regulation and Development) Act, 2016, “Carpet Area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under service shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal
Before purchasing property from a company, it is necessary to verify with the Registrar of Companies that the property is not mortgaged or is not being used as a security against a loan, otherwise it is not considered a freehold property.The area of an apartment or building, not inclusive of the area of the walls is known as carpet area. This is the area that is actually used and in which a carpet can be laid. When the area of the walls including the balcony is calculated along with the carpet area, it is known as built-up area. The built-up area along with the area under common spaces like lobby, lifts, stairs, garden and swimming pool is called super built-up area. partition walls of the apartment.
The list of documents required to apply for a housing loan is as follows:
Completed Home Loan Application Form
Proof of Age: (Any one of the below)
Proof of Residence:
These are a few ways to reduce your EMI: You can opt for a loan with a longer repayment tenure. Go for a Step-Down EMI Plan. Try and consider taking loans with your existing bank. Opt for a higher down payment.