Nowadays homes advertised are equipped with latest amenities and one is not aware that nothing is free and every service comes with a price. During the process of applying for a home loan we must be aware that all these amenities have to be paid for directly to the builder. Irrespective of the rate per square feet in that area the builder can charge more for the amenities that he is offering and also take membership fees from the buyer.
Amenities are of two types: internal and external. Internal facilities would include concealed wiring, intercom facility, bathroom and kitchen fittings of latest trends, generator backup facility in areas of power cuts, solar heaters etc. Parking area, club membership, swimming pool and gymnasium membership is taken as one time fees from the buyer are included in the external facilities offered by the builder. The home loan does not accommodate this amount and it is on the buyer to arrange for this amount at the time of purchase. One also has to remember to always take receipts of these payments from the builder during purchase. The purchase of such flat also has recurrent cost in terms of monthly higher maintenance due tot he facilities available. In fact there are many societies where the pool becomes a dumping ground and the water fountains are in dire need of cleaning and maintenance. It is also understood that the resale value of the flat will not appreciate much as compared to the initial payment by the home buyer as the resale purchase will value the property according to the rates available in that area per square feet.
Hence when applying for a home loan one has to be prepared with the down payment, administrative charges and also these amenities that will require to be paid as once life time membership fee.