All field notes
Finance · 7 min read
EMI, stamp duty and the real cost of a home
Model the loan and transaction charges together so the cash needed at registration does not surprise you.
Separate cash costs from financed costs
A lender may finance only part of the agreement value. Down payment, stamp duty, registration, legal review, moving and initial repairs often need cash outside the loan.
Stress-test the EMI
Compare the monthly payment at the quoted rate and at a higher rate. Leave room for maintenance, insurance and the ordinary changes that happen over a long loan tenure.
Use estimates as questions
Calculators are planning tools. Take the result to the lender, broker and legal adviser and ask which charges, rate conventions or caps differ for your transaction.