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Yes it does. It is one of the critical price adding factors and is due to the taxation involved vis-à-vis the city of purchase

Does the city of purchase add to the cost of the car?

—Shreemali Sharma,Pune

Yes it does. It is one of the critical price adding factors and is due to the taxation involved vis-à-vis the city of purchase. The price variation between a Maruti Swift taken in Chennai and one taken in Mumbai could be even upto R25,000 costlier in Mumbai.

Similarly there exists a huge price difference between models taken in Delhi as compared to Mumbai and Chennai. As a general thumb rule Delhi is cheapest followed by Chennai and Mumbai.

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What are some of the quick tips to close a home loan faster?

—Syna Dehnugara,Delhi

The best way to repay your loan is to close it quickly so that you save on interest cost. There are three guaranteed ways to ensure that your chunky EMIs end faster,freeing up your monthly budget immensely and these include — partial pre-payment; switching to a lower interest rate either by way of loan conversion within the same bank for a particular fee or switch to a new bank that offers better interest rate; and if your job prospects improve and you start earning more,then you could consider increasing your EMI if you are able to accommodate it easily in your budget.

What is guideline value and market value of a land and what is the difference?

—Sharmila Bose,Mumbai

Guideline value of a land is the value of the land as determined by the government,based on the facilities and infrastructure growth in that locality. The stamp duty and registration charges for registering a property deal,is based upon this guideline value. They are revised periodically to have them in sync with the market value. The guideline value and the market value act as pointers to each other. Market value on the other hand as the name denotes is determined by the demand and supply forces in the market and factors like type,age of property,quality of construction,location,infrastructure and amenities available,maintenance etc. Market value of the property is the price that the property commands in the open market. This will invariably be the price,which you will pay for your property. Depending upon the location and the city,the difference between guideline and market value can be low or high.

Generally the difference is around 30 per cent.

—The expert is CEO,Bankbazaar.com

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For your personal finance queries please email at expressmoney@expressindia.com

First published on: 03-09-2012 at 12:10:55 am
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