When you plan to buy your first house, the excitement surrounding the purchase is so high that you tend to be in a rush to complete the process. In doing so, you may take hasty decisions based on short-term aesthetics rather than focus on long-term benefits. However, keep in mind that buying a home is a lengthy commitment. Your home loan repayment itself may last up to 40 years. So, to help you take the right decision leading to your first property purchase, here are some learnings from homeowners.
1. Who you take your home loan from is important
Take a home loan from a lender who has no hidden costs and gives you additional benefits on your loan. You can avail a home loan from Bajaj Finserv, for example, to get a quick sanction on a high amount of up to Rs. 15 crore* at nominal interest. Along with the high loan amount, you also get the loan on easy and lengthy repayment terms.
Bajaj Finserv also gives you access to a value-added service of a Property Dossier. This exclusive offering provides first-time home owners like you with the following information for better property purchase decisions:
- Legal report on the history and title of the property
- Valuation report of the property
- City specific view of the real estate market
Further, Bajaj Finserv also offers you benefits such as customised insurance schemes, low interest top-up loans, and a 3-EMI holiday on your Home Loan.
2. Don’t be tempted to take the full loan amount you’re approved for
Let’s say you approach a lender for a housing loan and on evaluation of your documents including your annual earnings, savings, values of other properties, etc., you qualify for a home loan of Rs.2 crore. Even though the offer may look lucrative, it is better than you take a loan amount that is about 20-25% less than the full value you qualify for. Cutting your selected amount short of the approval amount will help you create a better impression with the lender. There are chances that you will get better terms and new loans for other needs in the future at more affordable terms.
3. Don’t forget to get the property inspected and checked
Get a qualified home inspector to take a look at the property you are planning to purchase. A thorough inspection will help reveal defects and details pertaining to the property. The inspector will also be able to report damages that may be invisible to you such as water leakage, structural issues, fire safety, pest problems, electric wiring issues, and other safety concerns. Checking for damages and hazards pertaining to the property will help you take an informed decision before you sign the dotted line.
4. Speak to your neighbours to get a better picture
Once you have narrowed down on a property, talk to the neighbors to understand what life is like in that neighborhood. Visit the location at different times of the day to get a feel of the surroundings and judge them based on your safety parameters. Check the conveyance connectivity and comfort too, as that will affect your daily lifestyle.
5. Know that structural changes are pricey but superficial remodeling isn’t
If you like a property, don’t turn it down simply because you spot an unflattering wall colour or a bathroom that isn’t well appointed. These are superficial issues that can be taken care of once you buy it. You can also negotiate and lower the price of the property with the seller owing to these issues, so make detailed notes when you visit shortlisted properties. However, if there are significant structural damages in the property, which will cost you a huge sum to alter or repair, then refraining from such a purchase is the best thing to do.
Armed with this information, you can make your first-home purchase experience more rewarding.
Bajaj Finserv brings you pre-approved offers for personal loans, home loan, business loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
Need instant financing? Think it. Done with Bajaj Finserv.
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