The real estate world
is really vast and there are thousands of words which are known by their
abbreviations. Are you planning to buy a new real estate property or about to
start your career in the real estate industry, it’s good to get familiar with
these commonly used real estate abbreviations. Here is a list of some of the
most commonly used real estate terms.
• BSP – Basic Sale Price
The Basic Sale Price is
also called as Market value (MV). It can be defined as the base rate per sq ft
at which a developer advertises the property. The market value doesn’t include
the extra charges associated with a property purchase such as GST, maintenance
charges etc.
• LTV - Loan To Value
LTV is the ratio of
home loan to the total property price allowed by finance companies. It ranges
from 75 to 90 per cent of the property price. The rest amount should be paid as
down payment by the buyer.
• FAR – Floor Area Ratio
FAR is the ratio of the
gross floor area of the building to the size of the land upon which the
construction is done.
• NOC – No Objection Certificate
It is a legal document
issued by the concerned department certifying that the building is constructed
according to the terms and conditions and which doesn’t violate any building
bylaws.
Ladder Kerala the
trusted builders in Calicut known for building luxury apartments in Calicut,
Kerala. Ladder Mankav Greens, one of the choicest address among flats in Calicut facilitates an envious urban lifestyle.
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