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Showing posts with the label PRE EMI

Essential Checks Before Taking Possession from the Builder

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When the keys to your dream home are about to be handed over, excitement is palpable. However, before you step into your new abode, it's crucial to conduct a thorough check to ensure everything is in order. Here are the key things to examine before taking possession from the builder: 1. Structural Integrity: - Inspect the foundation, walls, and roof for any signs of cracks or structural issues. - Ensure doors and windows open and close smoothly, and there are no visible gaps. 2. Plumbing and Electrical Systems: - Run faucets and check for leaks. Inspect water pressure and drainage in sinks, showers, and toilets. - Test all light switches and power outlets to ensure they are functional and properly installed. 3. Finishing Touches: - Examine the paintwork, tiles, and flooring for any imperfections, discolorations, or uneven surfaces. - Check for proper sealing in bathrooms and kitchens to prevent water damage. 4. Fixtures and Fittings: - Verify that all promised fixtures, such as lig...
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PRE EMI in Real Estate Financing

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When it comes to financing real estate, the term "PRE EMI" often surfaces in discussions. This financial concept plays a crucial role in home loans, influencing the repayment structure for borrowers. Let's delve into what PRE EMI is and how it impacts real estate transactions. What is PRE EMI? PRE EMI, short for Pre Equated Monthly Installment, refers to the interest payable on a home loan amount disbursed in part or progressively during the construction phase of a property. This phase, commonly known as the pre-possession period, extends from the loan disbursement date until the completion of the property.  How Does PRE EMI Work? During the pre-possession period, the borrower is required to pay only the interest component of the loan amount that has been disbursed. The full Equated Monthly Installment (EMI), including both principal and interest, begins only after the property is handed over to the buyer, marking the start of the possession phase. Why is PRE EMI Signific...
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