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.
Real Estate Gurus on Home Buying in India
Sandeep Mehta, MD, Shapoorji Pallonji Real Estate
Be patient and plan. Start with understanding your financing options and remember that buying a home is not just about square footage; it’s about building a future for you and your family.
Ramesh Nair, MD & CEO - Mindspace REIT, Former CEO & Country Head of JLL India, Former CEO - India
It’s essential to have a clear understanding of what your budget can afford, both in terms of immediate payment and long-term EMI obligations. Always account for hidden costs such as stamp duty, registration, and maintenance charges.
Anuj Puri, Chairman, ANAROCK Property Consultants
With home loans being more accessible than ever, first-time buyers should not only focus on interest rates but also ensure that the property they buy has a high resale value and will appreciate in the coming years.
Ravindra Pai, MD, Century Real Estate
For first-time homebuyers, affordability is key. However, it’s equally important to ensure the developer is financially stable and that there’s a clear roadmap for project completion.
Your Journey to Home Ownership in India
In India, becoming a first-time homebuyer is no small task. There are many things to understand before you will have peace of mind that you've made the right purchase decision. In doing this, the journey can be exciting and rewarding. From knowing about home loan eligibility to implementing the legal steps in buying a home in India, I hope this home buying guide has given you some of the essential tools to be successful. Remember to keep these tips in mind and follow the step-by-step process, before long, you will be settling into your new home in one of the best cities in India!
Happy Home Buying!
Frequently asked questions - FAQs
1. What is the down payment for a first home in India?
Most banks will ask for a down payment of between 10 percent and 20 percent of the property’s value, depending on your loan eligibility.
2. How do I check my home loan eligibility in India?
Home loan eligibility can be checked online using home loan calculators based on your income, credit score, and existing liabilities.
3. Which documents are needed to buy a house in India?
Key documents are ID proof, address proof, PAN card, income documents related to income; Title deed and Sale agreement related to the property.
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