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The Complete Guide to Buying a House in India

This home buying guide gives you a detailed look at what’s in store when you buy a home, right from the legal aspects to the financial considerations and the factors to keep in mind at every step of the way.

From picking a property that matches your need to opting for a good home loan and navigating the charges that come with a loan, arm yourself with all the information that will make your home-buying journey effortless.

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Here is a peek at what this guide has to offer:

What you need to know before buying a home

  • Real estate market and trends

  • Additional costs you need to account for

  • Understanding property insurance

Technical aspects to be mindful of

  • Check compliance with RERA

  • Check the sanction plan

  • Check for property disputes

Understanding financing options

  • Home Loans

  • Tax benefits on home loan

  • CIBIL score and home loans

  • Joint home loan

  • Home Loan interest subsidy via PMAY

FAQ 1. Is 2020 a good time to buy a house?

  • Recent reports suggest that as many as 64% of individuals renting accommodation in top metropolitan cities plan to purchase a house in 2020. It presents a positive picture of house purchase this year. Refer a home buying guide when buying your house.

FAQ 2. Is it better to rent or buy a house?

  • Cost of financing both the options forms a key consideration, which can vary based on existing rates for the two in different cities. While renting can be cheaper in the short run, house purchase serves best for the long term.

FAQ 3. Which is the best city to buy a house?

  • The top 7 most affordable cities for house purchase include Indore, Jaipur, Ahmedabad, Lucknow, Kochi, Hyderabad and Kolkata. Opt for a suitable city and check the process of buying a home to complete a hassle-free property purchase.

Understanding payment plans

  • Down payment

  • Construction-linked payment plan

  • Loan subvention scheme

Making the purchase

  • Allotment letter

  • Sale agreement

  • Sale deed registration

Repayment

  • Repayment strategies

  • Refinancing a home loan

FAQ 4. How to select the right property?

  • Check available amenities to shortlist properties.

  • Confirm RERA compliance.

  • Check for any property disputes and verify sanction plan.

  • Check affordability as per property value and the cost of financing option chosen.

FAQ 5. What should you not do before buying a house?

  • You must avoid the following things before initiating a house purchase -

  • Do not miss repayment of your existing advances.

  • Avoid making job changes immediately before house purchase.

  • Do not utilise your savings for a lump sum purchase.

FAQ 6. How much should a first-time homebuyer save?

  • The savings quantum depends on the value of a property one plans to purchase. The ideal savings to maintain should be 20% of the property’s value, which is usually the ideal down payment required for property registration.

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