Home Buying Guide


HOME BUYING GUIDE

Buying a home is nowadays is very easy, if you plan in advace with properly set goals. Housing for All, Mission for urban area is being implemented during by gov. offering Pradhan Mantri Awas Yojana wiht Subsidy upto 2.67 lacs. Here are the guideline to make property buying easy.

Step 1: Fixing the Budget and Checking Your Home Loan Eligibility

Buying your first home requires planning and saving. To start with, fix your budget. In case you wish to opt for a home loan, enquire at the bank about the amount of loan you are eligible for. Your current earnings, current age, amount of other outstanding loans and most importantly, your past credit history or CIBIL score (maintained by Credit Information Bureau (India) Ltd.) would have a significant bearing on your home loan eligibility. While banks finance 80-90% of the home value, buyers usually need to arrange for 10-20% as the down payment.
Once decided on budget, start to save money for own contribution / down payment from your. Start by drawing up a budget of your monthly expenses and deciding how much you can afford to save per month.

Step 2: Deciding the EMI (Equated Monthly Installment)

Home loans can be availed for a maximum tenure of 30 years. Loan borrowers often face the dilemma of selecting the suitable tenure. Longer-term loans have a lower EMI. However, longer the loan tenure, higher is the interest on the amount borrowed.
Investment experts feel that home loan borrowers should ideally opt for an EMI that is less than 50% of their total monthly earnings. However, A younger home buyer may take higher loan, considering future income growth. Calculate Your EMI

Step 3: Ask Yourself Three Questions for Home Buying

A little planning for the future undoubtedly goes a long way, as selecting an ideal house depends on your current stage of life. Here are three questions (3Qs) that every prospective home buyer must answer:

Step 4: Selecting the Right Location

Daily commute (for all family members) will of course be a major factor before you zero in on a locality. Places with easy access to multiple modes of transport should be preferred. Get feedback from friends and relatives, research for future developmental plans of the area, proposed infrastructure connectivity and/or sanctioned plans of the Local Governing Body.

Step 5: Choosing a perfect Home

After short listing the area, picking the right housing project can be a daunting task if you are presented with multiple options. Experienced real estate buyers suggest novice home buyers to opt for a builder of repute with strengths like quality construction, timely delivery, financial stability, trust to its credit and of-course MahaRERA certificate is medatory. Projects with wide range of amenities should be preferred, they feel.

CHECK YOUR HOME LOAN ELIGIBILITY & EMI