You have been dreaming of buying your own home for a long time, and now you are finally ready to take the plunge. But before you sign the dotted line, there are some essential things you should know to make your home-buying process smooth and hassle-free. Here are some tips to help you find and buy your dream home in India.
1. Check your budget
Know how much you can afford and how much loan you can get. Assess your income, savings, expenses, and credit score to determine your financial health. You must also check the eligibility criteria and interest rates of various lenders to find the best Home Loan option.
If you need help arriving at your budget, use the Axis Bank Home Loan EMI calculator.
2. Choose the right location
Look for a locality that matches your lifestyle, preferences, and future plans. You must also check the connectivity, accessibility, infrastructure, amenities, and security of the area. Research the market trends, price appreciation, and demand and supply of the location to ensure you get a good return on your investment.
3. Decide on the property type
After analysing your requirements, you can choose from various properties, such as apartments, villas, bungalows, and penthouses. You should also decide the size and configuration of your home, such as the number of bedrooms, bathrooms, balconies, and lawn area. Before finalising the property, consider the carpet area, built-up area, and super built-up area of the home, as they affect the price and space of the house.
Also Read: Navigating the Home Loan process: 6 key considerations
4. Select a reputed builder
Once you have shortlisted the location and type of your home, look for a reliable and trustworthy builder and project. Check the builder's reputation, track record, credentials, and customer reviews. Verify the project's legal status, approvals, RERA registration, completion date, and quality standards. You should also visit the site and inspect the sample flat or model home to get a clear idea of the layout, design, and features of the house.
5. Negotiate the price
After you have found your ideal home, start comparing the price and terms with other similar properties in the area. Check the hidden costs and charges, such as GST, stamp duty, registration fee, maintenance fee, and parking fee. Try to negotiate the price and terms with the builder or seller to get the best deal. If you have a decent profile, ask for discounts, offers, and freebies, if any.
6. Read the agreement
The final step to buying your home is to read and sign the agreement with the builder or seller. Carefully read the contract and understand the clauses, conditions, and obligations. You should also check the property's details, such as the title, ownership, possession, and payment schedule. Seek consultation from a legal expert if you have any concerns.
Remember, before transferring ownership to your name, pay the booking amount and stamp duty and register the agreement with the sub-registrar.
Also Read: Buy your dream home even if you are in your 40s
Conclusion
Buying your dream home is a big decision and a lifetime achievement. Follow these tips to make your home-buying process easy and enjoyable. Axis Bank offers customised Home Loan solutions with flexible tenures, competitive interest rates, and easy application processes to make your home-buying journey smooth and hassle-free.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
