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.DOWNLOAD THE FREE HOME BUYING GUIDE
Real estate market and trends
Additional costs you need to account for
Understanding property insurance
Check compliance with RERA
Check the sanction plan
Check for property disputes
Tax benefits on home loan
CIBIL score and home loans
Joint home loan
Home Loan interest subsidy via PMAY
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.
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.
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.
Construction-linked payment plan
Loan subvention scheme
Sale deed registration
Refinancing a home loan
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.
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.
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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