REAL ESTATE PATNA

Mr. Kumar had recently purchased a 3 BHK flat in the Shaguna More area of Patna. The flat cost him around Rs.60 Lakhs including taxes. Besides saving, he had to take a home loan of Rs.45lakh. Now the biggest burden he faces every month is the EMI which takes away 35% of his monthly salary. With the ever fluctuating interest rates, home buyers in Patna like Mr. Kumar are having second thoughts on purchasing homes in Patna. To keep EMIs affordable and also purchase the dream house in Patna, people usually go for long tenure home loans . However, many are clueless that the more long-term loan you apply for, the more interest you pay. As mentioned above, the long-term loan will make you pay extra EMI from the usual interest rate you are paying. The short-term loan will ensure reduced long-term financial commitment. A 15-year loan is quite affordable compared to 20-year home loan , which will also result in the lower interest rate. Moreover, the principal amount pai...

Builders in Patna are used to quote the price of the apartment in terms of super built-up area , without clarifying how the super built-up area of a particular flat in Patna is calculated. Majority of builders in Patna randomly load 20-35% of net usable area of the apartment to arrive at super built-up area. The reason to charge on super built-up area, as interpreted by builders in Patna, was to cover the cost of construction of all common areas such as passages, staircases, lift shafts, lobbies and covered car parking areas. More surprising was that even civic authorities in Patna, instead of discouraging the wrongdoings by builders in Patna, supported the illogical move, as they could get higher property tax, considering super built-up area of the apartment for tax assessment. In Bihar government authorities made it mandatory to mention the super built-up area in the sale deed of apartment, in order to earn higher stamp duty and registration charges. Thanks to the re...