How is flat resale value calculated?
How is flat resale value calculated?
Value of a resale flat= Value of undivided share of land (UDS)+ Depreciated value of building and amenities + Value of overheads, expenses and promoter’s profit. Value of undivided share of land: Cost per square feet multiplied by UDS. You can take the guideline value for the cost per square feet.
How much loan can I get on resale flat?
Muthoot Fincorp also offer home loans for resale flats and properties. You can avail a home loan up to Rs. 25 lakh with the repayment tenure going up to 20 years….Major Banks That Offer Home Loan For Resale Flat.
| Bank name | Interest rate (p.a.) | Processing fee |
|---|---|---|
| HDFC Bank | 6.90% – 7.85% | Up to 0.50% of the loan amount |
What happens if valuation is lower than offer?
“So, if a valuation is less than the estimate that the estate agent or seller originally placed on the property, consumers can still go ahead with the sale by covering the difference with their own money or funding, but the mortgage lender would be likely unwilling to take the risk.”
What happens if a property is undervalued?
A bank undervaluing your property can be fatal to a house purchase as it means that the mortgage lender doesn’t agree with the property value you offered.
What do surveyors check when valuing houses?
They will focus primarily on the structural integrity of the property and look for maintenance issues such as subsidence, unstable walls, a leaking roof or unsafe chimney chute. They will also provide details on the type of materials and glazing used, which is helpful when it comes to ensuring your property.
Should you buy a home for more than the appraised value?
Though there’s no law against paying more than a property’s appraised value, mortgage lenders almost never loan more than that value. In cases in which a property’s appraised value is less than sales price, the buyer and seller often find themselves in uncertain circumstances.
How do I get around a low appraisal?
There are ways to turn this situation around.
- First, look for errors in the home appraisal. The appraisal report should come back in less than a week.
- Challenge the home appraisal with a Reconsideration of Value.
- Request a new home appraisal.
- Negotiate with the buyer to save the deal.
