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.
6. Apply for a Home Loan for First-Time Buyers
After shortlisting the property, you would apply for a home loan. Many banks and financial institutions offer loans to first-time home buyers in India at good interest rates.
The following explains how to proceed:
Step 1: Compare the best home loan rates offered to first-time buyers.
Step 2: Submit the documents required (ID proof, salary proof, property documents).
Step 3: Wait for the bank's approval to sign the loan agreement.
If you're unsure of the amount to borrow, home loan calculators can give estimates for the monthly EMI as well as the total loan amount.
7. Down Payment and EMI
Your down payment as a first-time homebuyer typically will be around 20 percent of the cost of the property; however, this differs based on the lender and type of loan being requested.
First-Time Homebuyer’s Guide to EMI
The EMI will depend on the amount you are taking out, the interest rate, and the loan tenure. Make sure your EMI is affordable for you so it won't undermine your finances.
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