Purchasing your first home in India is one of the most thrilling and memorable accomplishments of your life. Whether you're a first-time homebuyer in India or just trying to get a grasp on the home buying process in India, this guide covers everything from obtaining a home loan to choosing the right property to ensure you navigate through the home buying process smoothly.
We cover all the information you need to be stress-free on your journey to becoming a homeowner.
Here’s the simple breakdown of the diverse stages of the home buying process in India
Step 1: Budgeting and Financing
Step 2: Choosing Property
Step 3: Verifying Legal Aspects
Step 4: Taking a Home Loan
Step 5: Down Payment
Step 6: Finishing the Deal
1. Home Buying Budget
The first step in the home buying process is to calculate your financial situation. It is important to calculate how much you can afford to spend on your first home. Start with your monthly income minus savings (if any), and how much EMI (Equated Monthly Installment) will fit your budget.
Tips for Budget
Look at your savings: If you want a down payment suggestion, 20 percent of the cost of the property is a good standard.
Consider your eligibility for home loans: You should check your eligibility for home loans and have an idea of how much the bank is willing to lend you to buy a property. How much you can borrow is based on your income, credit score, and existing liabilities.
We use cookies to ensure you get the best experience on our website. Read more...
Copyright © 2025 HomesIndiaMagazine. All Rights Reserved.