Property Glossary

Below, is a comprehensive list of Real Estate terms, which will be updated regularly. Readers are encouraged to become familiar with the terminologies used in context of Real Estate Transactions.

Interior permanent furnishings required in a property including HVAC ducting, fire protection system, establishment of workstations and telephone/computer cabling among others, in order to make the property fit for usage.

An interest rate on a loan that either remains fixed for the entire term of the loan or for part of the term and does not increase or decrease with market fluctuations.

An interest rate that is fixed for a predetermined period after which it converts to a floating interest rate.

An interest rate that is allowed to move up and down with the rest of the market or along with an index.

Floor Space Index or Floor Area Ratio is the ratio of the combined gross floor area of all floors (excepting areas specifically exempted under regulations) to the total area of the plot. Higher FSI or FAR tends to indicate higher density in construction.

A situation in which a homeowner is unable to make principal and/or interest payments on his or her property loan, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the loan agreement.

A property where title has conveyed the property in favor of the purchaser by conveyance/ sale deed with no restriction on the right of the holder of the property to further transfer the property. Record of ownership of the freehold property can be verified from the office of the sub-registrar and can be transferred by registration of sale deed.