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Real Estate >> News
Don't Forget 10 Extra Expenses when Buying a Home
By
siliconindia
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Tuesday, September 30, 2014
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Private Mortgage Insurance (PMI) and Title Insurance: PMI is a risk management product that protects the banks if you stop paying your home loan. If you are making a down payment less than 20 percent of the appraised value of the home, lenders may entail you to acquire the PMI (Private Mortgage Insurance). These premiums are added to your monthly mortgage payments. Mainly, these PMI’s only applies to predictable loans only.One of the extra expenses that are often forgotten by every home buyer is Title insurance. Title insurance protects both owners and lenders in case of property against loss due to faults in title, ownership and many. By considering these expenses do yourself a favor and have a safeguard for emergencies.
External Electrification Charges: If you sign in buyer’s agreement for owning the apartment the developer/builder will charge you the external electrification charge to set up the wires and cables from electricity meter to the apartment. The charges comprise installation of electricity meter, common area lighting, cables, pumps, cables and many.
Club Membership: After purchasing an apartment every home buyer has to get a membership in society club. The creation of a club inside the society for amusement and other activities has become a common norm these days. If you have time to utilize the facilities or not, you ought to pay a price for it and it is not elective.
Car Parking Space:Over the years, it had been the trend of charging an extra cost for car parking space in a society. This cost varies from project to project. Generally there are two types of parking available in society, one is open parking and another covered parking. On March 2012, Supreme Court declared that no extra amount can be charged by developer for car parking. Even though, most of the developers are trying to evade this prerequisite by charging an extra amount to the actual price
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