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

8. Government Schemes to Support First-Time Home-buyers in India

There are a variety of government schemes for first-time home-buyers in India to help you keep your purchase affordable. Some of the favorite ones by people include:

• Pradhan Mantri Awas Yojana (PMAY) - This provides subsidies on home loans as well as helping first time homebuyers from the weaker sections of the economy.

• Credit Linked Subsidy Scheme (CLSS) - A part of the PMAY. It offers gives an interest subsidy on home loans and is meant for lower-income and middle-income groups.

Also Read: India's Best Home loan schemes - Find yours & SEAL the DEAL of your DREAM HOME!

9. Completing the Deal

Once the bank has provided the home loan amount as per the agreement and you have signed all the necessary documents, you can go ahead with the process of completing the deal. You will have to:

• Sign the sale deed.

• Registering the property with the respective local sub-registrar office

• Pay applicable stamp paper duty and the property taxes.

Once you have completed the deal ensure that you get back the possession certificate and all other documents related to the property.

10. Advice for First-Time Homebuyers in India

These are a few wise tips to help you during your first home buying experience in India:

1. Commence Early: Start searching for property and submitting a loan application at least 6 months before planned move.

2. Do not Rush your Decision: Take your time to assess properties and loans; don’t feel the pressure to make rash decisions.

3. Negotiate the Price: Feel free to negotiate with the seller to settle on a better price.

4. Engage a Real Estate Agent: If you feel unsure of how to process, find a real estate agent who can take you through the entire procedure.

5. Choose Property for Future Value: Look at a property that has the potential for future price appreciation.