How to Buy Your First Home in India: A Step-by-Step Guide

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.