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.
Home Loan Insurance is like any other life insurance term plan. The difference is that, in case of death of the borrower, instead of paying the nominee, the insurer settles the claim with the bank to close the loan on the policyholder’s behalf. Most home loan insurance cover size is linked to the outstanding loan amount and the sum assured reduces along with the liability as one repays the loan.
Refers to the heating, ventilation and air conditioning system installed in a building to regulate temperature.