Summary:- The term ‘real estate’ refers to the land along with anything which is permanently fixed to the same, such as buildings. It is a layman’s phrase for the property that has a fixed location.

According to law, the word real means realism or actual or something that distinguishes one thing from the other. Thus, there is a clear line of difference between “real” property (which includes land and anything related to it) and ‘personal’ property (such as clothing, furniture, money). The oldest use of the term “Real Estate” that has been preserved in historical records was in 1666.

India had witnessed a Real Estate boom in last few years. It is mainly powered by the growth in the information technology industry, which has property rates to the sky. Politician-Builder-Banker lobbies have been befitted by the boom. The main participants of Real Estate are as follows:-

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Owner/User – They are people which include both the owners and tenants.

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Owner – These are the people who are the pure investors. They are not the real consumer of the real estate that they purchase. They basically rent out or give lease of their property to the third person.
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Renter – They are the persons who are basically the pure consumers.
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Developers – They actually prepare raw land for the purpose to construct a building which results in new product for the market.
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Renovators – They actually supply refurbished buildings to the market.
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Facilitators – They includes banks, real estate brokers, lawyers, and others that helps to facilitate the purchase and sale of real estate

There are various ways of financing a Real Estate property, that is by governmental and commercial sources and institutions. A home buyer or builder can also get financial help from the savings and loan associations, commercial banks, savings banks, mortgage bankers and brokers, life insurance companies, credit unions, federal agencies, individual investors, and builders.

Thus, in order to purchase a real estate, one has to take loan from different financial loan institute like HDFC Home Loans, SBI home loans etc. The interest rates that are being charged on different loans differ between the various banks. There are different categiories of interest rates, some of which may not be available in the market currently. Most common offered rates are as folliowed:-

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Fixed interest rate including reset clause
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Floating interest rate
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Mixed interest rate

After taking and building up of the house property, one has to make their property insured so that they can safeguard it from the various natural and man-made hazards. Home insurance is also known as hazard insurance or homeowners insurance, and is that type of insurance that provides cover to private homes. It is actually an insurance policy that actually combines up with various personal insurance protections, which can include the losses occurring from one’s home, its contents, loss occurring from its use (additional living expenses), or loss arising from other personal possessions of the homeowner, as well as the liability insurance arising from accidents that may happen even at the home.

The home insurance policy is usually means a term contract which effect from a fixed period of time. The payment given by the insurer is called the premium. The payment must be paid by insurer in each term. Most insurance companies usually charge a lower premium if it appears that the home is less likely to be damaged or destroyed. Thus home insurance is a must for those individual those who want to take care of their property.

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