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

2. Check Your Home Loan Eligibility

As a first-time property buyer, you will more than likely need a home loan to finance your purchase. The eligibility criteria for home loans vary in India, however, in general, the main eligibility criteria are based on three primary factors:

Your income: Loans are typically provided to individuals with stable earnings by banks.

Credit score: You can achieve a better interest rate, depending on your credit score.

Existing liabilities: If you have reasonable liabilities, these would lower your debt-to-income ratio, improving your chances of getting a loan.

Home Loan Checklist for First-Time Buyers:

Check your credit score is 650 or above.

Be prepared with a 20 perecnt down payment.

Have documents ready, including your ID, address proof, income proof and documents related documents to your property.

Also Read: A New Trend in Indian Real Estate: Integration of Coworking Spaces in Housing Developments

3. Selecting the Ideal Property

When making your first home purchase in India, you must pick a property that meets your needs. You should pay attention to several important factors:

Location: Choose a location that is near to your office, schools, or public transport.

Builder Reputation: Understand the history of the builder and what quality of projects they have done previously.

Legal Aspects: Ensure that title deeds are clear and deeded properly and correct approvals are gained by local authorities.