Want to buy a home? Start with planning to finance this big purchase. Even if you have adequate funds, don’t exhaust them to prevent a liquidity crunch. Choose the best bank in India for home loans that come with highly competitive interest rates and easy eligibility. Then follow these 5 steps to buying your dream home.
Set your Budget
That you’ve set your mind on buying a home, first fix a budget. Down the road, you need to pay for insurance, maintenance and repair. But now you have to make the down payment of the chosen housing loan, and pay for taxes and legal fees. You can easily figure out your budget by using the housing loan EMI calculator on the official website of the bank. Choose the maximum eligible loan amount, a repayment tenure, and a suitable interest rate. Then check the EMI amount and whether you can afford to pay it monthly. Go on adjusting the values of the parameters until the EMI is payable.
Decide on the Location
Want to move to a city? Compare the living costs and prices of residential properties in different cities. Choose a city where you can afford to live. Then pick a suitable location based on the following factors:
- A good neighbourhood
- No reported crime
- Easy access to public transport
- Proximity to workplace
- Closeness to schools
- Proximity to metro or train stations
- Nearness to markets
- Your budget
Consider the Kind of Property Desired
If you plan to live in a city, you may like to purchase an apartment. Keep two things in mind— your budget and your needs— when buying a home. Regarding your requirements, consider the following points:
- Why are you purchasing the home? Do you plan to inhabit it or go for house flipping?
- If you want to live in the house with your family members, check if it has sufficient rooms for you all.
- Think about how long you wish to stay here.
- If you intend to sell the property, consider the tastes of your target tenants to pick the right type of property.
What Amenities Do You Want?
Consider the amenities you wish to have access to. Opting for buying a home in a modern apartment complex? Then see if it has a swimming pool, gym, clubs and spas. Do you have small children? Then a play space will be great. If you have a car of your own, you may want a garage or parking lot. Decide on the amenities wisely because they add up to the overall value of the property to be purchased.
Seek a Reputed Builder
From the quality of construction to the project delivering what was promised, everything matters when buying a home. Compare the customer testimonials and track records of different builders. Then zero down on the builder whose earlier projects were satisfactory and delivered on time. If still unsure, pick a ready-to-move-in unit.
Once you’ve finalised buying a home, prepare the necessary home loan documents and apply for the loan right away!