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.
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.
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