Buying a home is one of those big life decisions that makes you both thrilled and overwhelmed. In India, because of its mix of different markets, neighborhoods, and legal steps, this process takes a little bit more planning than just picking the right location.
We have Priyanka Rao From Jupiter Money talking about the key considerations and planning that are required before buying a house.
Key Considerations When Buying a House in India
Setting up a smart plan and knowing what to look out for is an unskippable part of the plan no matter how many times you’ve been through the process. Here’s a simple guide for you to get prepared, stay on budget, and find the home that fits your needs in India.
Start with a Realistic Budget
The very first step is to clearly establish a budget for your home. Go through the overall cost of the property, also considering the additional fees, like registration and stamp duty. You can use a home loan EMI calculator to easily estimate monthly payments based on the loan amount and interest rate. This tool is handy for understanding the repayment capacity and avoiding financial over-commitment.
Pick the Right Location
Picking the right place to live is just as important as choosing the right house. Think about how close you want to be to work, schools, and shops. Then, check out the safety of the neighborhood and the overall vibe of the area. Visit different spots, chat with locals, and focus on what feels right for you. The right location will improve your living experience and help your home’s value grow over time.
Study the Housing Market
Understanding the housing market is another non-negotiable step to follow before making a purchase. Look into the current trends, such as property values, demand, and available inventory in your desired area. This knowledge will make your decisions way more informed, allowing you to negotiate effectively. Pay attention to factors like local amenities, future developments, and the overall growth potential of the neighborhood, as these elements will definitely have an impact on your investment.
Check Your CIBIL Score
Now, your CIBIL score is important for getting a home loan. Lenders check this score to see if you’re a good candidate for borrowing money. So, before you start shopping for a home, go check your score to see where you stand. A higher score will help you get a loan with better rates, making the whole process easier. And if your score needs a boost, take some time and improve it before you apply.
Check Best Home Loan Offers Based on Your Credit Score.
Save Up for EMIs and the Down Payment
When you’re buying a house, save up for both the down payment and your monthly EMIs to avoid building up pressure over time. Aim to set aside around 10-20% of the home’s price for the down payment. Start a dedicated savings plan to help you reach this goal. Don’t forget to keep in mind the extra costs like stamp duty and registration fees, too. Plan ahead and feel more relaxed and ready when it’s time to make an offer.
Calculate Your Monthly Home Loan EMIs and Start Planning Your Finances Today!
Take Time to Find the Right Property
Finding the right home takes time, so don’t feel rushed. Give yourself the chance to really look around and explore different options. Visit several properties, take your time to think about what you like and don’t like, and make sure whatever you choose fits well with your life now and in the future.
Opt for a Reputable Developer
Look for a Grade A developer who is known for building quality homes and keeping their promises. This will make you feel more confident about the construction quality and the timeline for getting your new home. This one step will make the whole buying process smoother and give you the peace of mind you deserve as you take this exciting step.
Conclusion
Buying a home in India is considered a very important milestone that deserves proper planning. By starting with a solid budget, choosing the right location, and understanding the housing market, you lay a strong foundation for a successful purchase. Checking your CIBIL score and saving for down payments and EMIs will further increase your chances of securing a home loan.
Remember, taking your time to find the perfect home and selecting a reputable developer will make a world of difference. Each decision you make along the way will contribute to the experience and thus, your future. With these important steps in mind, turn the dream of owning a home into a reality.
HDFC Home Loan
SBI Home Loan
