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Step-By-Step Guide How to Buy A House In India
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By: tushar
- January 02, 2024
Do you envision the perfect place to call home? Are you looking for a place whose corner resonates with your aspirations and dreams? If yes, the diverse real estate of India has a multitude of options for you. The country boasts a vibrant real estate landscape that has options ranging from affordable apartments to luxurious villas. From serene countryside retreats to bustling metropolitan cities, India’s real estate market caters a wide spectrum of preferences making it easy to buy a house. However, these various choices also make it challenging to navigate through the market and find the most suitable one.
A vast array of choices make finding the ideal home an overwhelming task. Each region in India boasts unique homes. From architectural styles to cultural influences, each city and the areas within them has something different to offer. These different choices offer an expansive realm to find the perfect home that aligns with your vision. However, the sheer multitude of options can be both a curse and a blessing for the homebuyers. It is because on one hand, the options ensure there is something suitable for everyone, on the other hand these abundant choices make the decision making process overwhelming.
To help you find your dream home, the Home4us team is here with a step-by-step guide on how to buy a house. This guide will not let you feel overwhelmed with the abundance of choices. By following this expert guide you can unravel the complexities of the real estate market and make your home buying experience much less challenging. So, to uncover the tips and strategies from our real estate experts, start reading below.
Steps to buy a house
Buying a house is one of the most significant parts of one’s life. As a result, doing it with perfection is of utmost importance. In addition to being one of the most crucial financial investments, it also decides the buyer's quality of life. By following the steps listed below, you can ensure that you are moving closer to your dream home.
Step 1- Decide your budget
The first and most crucial step is to decide your budget. Budgeting in the home buying process involves doing a thorough assessment of your finances and figuring out how much money can be spent on buying a home. Now, some people might take a rough estimate. But, our experts suggest you plan a proper budget. You must think of the money that will be available to meet your monthly expenses after you buy a home. In addition to this, you must also consider how much you can spend on renovating the house or maintaining it for years to come. To plan a proper budget, you can start by listing all your financial commitments. If you wish to streamline the process of paying for your home, it is advisable to have ample savings before buying a home. You can use an EMI calculator to know your EMI and see if it is within your budget. Budget planning requires you to subtract your EMI, monthly expenses and emergency fund from your monthly income and see if you can afford it.
Step 2- Choose the location wisely
After deciding your budget, you must start looking for the right location for your home. Unlike usually believed, in addition to the quality of a home, its location is important too. Hence, you must finalize the area you wish to live in very carefully. An ideal locality is the one that will provide you and your family with all the required amenities. For example, if you have senior people in your family, you must look for a locality safe for them. If you have children, look for an area that has the top schools located in its proximity. Additionally, if you are a working professional , look for a home in areas nearby your workplace for convenience. Do not buy a home that is aloof from the rest of the city. Instead, look for an area that is well-connected to the rest of the city through public transport. If you are buying a property for investment purposes, buy one located in an area that is in demand as it will offer high resale value.
Step 3- Study the real estate market
Although it is always for the best to consult a real estate expert, a brief research on your own never harms. Before deciding on a house and buying one, our experts suggest you study the present real estate market to know its trends. Studying the market trends briefly will assist you in making an informed decision. From looking for the perfect location to studying the real estate forecasts, several aspects are needed to consider to ensure you invest in the right property and that the property will convert into your dream home. It will also help you to know about the upcoming projects and allow you to explore all the options. If all this seems overwhelming to you, do not worry as you can always rely on real estate websites like Home4us to show all the options to you.
Step 4- Check your home loan eligibility
If paying the entire amount in one go is not possible for you, do not worry, you can still buy your dream house with the help of a home loan. If you intend to do so, the first step is to ensure if you are eligible for a home loan. Before this, you must know your financial standing. Your eligibility for a home loan significantly depends on your CIBIL score. This score also decides your interest rates and ensures if you will be getting a loan on a reasonable interest rate. It is a numeric summary that displays your credit borrowing and repayment history. If you have taken credits earlier, repaid them on time and have not defaulted on them, your CIBIL score will be high and you have higher chances to get a home loan at a reasonable interest rate. However, if your CIBIL score is low, you must take charge of your finances and pay your ongoing loans on time.
Step 5- Start saving
After knowing your loan eligibility, it's now time to start saving for the down payment. This saving needs to be done much before you secure the home loan. According to the RBI guidelines, the lenders are allowed to provide only 80% of the home value as a loan. Hence, the borrower is expected to pay 20% of its value as a down payment. In addition to the down payment, you must also save for any additional charges that might be levied by the developer when you buy the property. It is also advisable to save some amount for the EMIs to ensure you do not default. Saving in advance will make your home buying process smoother and ensure your financial stability. You must also save for the interior development of your home to ensure you turn the property in your dream home.
Step 6- Choose a trusted developer
Next step to buy a house is to find a trusted developer. The Grade A developers help you remain assured that the property you are buying is legally compliant. It also ensures that it is built with the highest quality of materials. These developers have reliable experience and in addition to in-house expertise, they also collaborate with the best names in the industry to develop high-end projects with all the required and luxurious amenities. Their projects will offer you the finest lifestyle. Apart from this, such projects also ensure that the construction quality is reliable and is done using the latest technology. These developers also provide a seamless experience throughout your home buying journey. From supporting you with loans to offering information at your fingertips, they ensure a great experience for you.
Step 7- Take your time
Buying a house is not a small investment or decision. Hence, we advise you to take your time. Explore all the options available. Do not hurry while buying a home as you might end up buying a poor quality home. Create a checklist of your preferences and divide them into negotiable and non-negotiable ones. You can compromise a little if some negotiable things are not available at a property. However, do not compromise on something that is of utmost importance to you.
Is it a Good Time to Buy a House in India?
Based on a trusted study, the period between 2023-2028 is the best time to buy a home in India. It is because the real estate industry of India is transforming dramatically with offering the best homes with all the amenities available easily. So, if you are thinking of buying a home in India, do not hesitate and start finding the one suitable to you.
In the end
The real estate market of India is quite diverse offering something suitable to everyone. Every homebuyer will get numerous options when they start looking for a dream home. However, the question is how to buy a house. If you follow the above listed steps carefully, you will surely find the ideal place for you to call home. Also, explore Home4us to see all the options available for you.