Easily one of the most important decisions in life and a big, big commitment. Stress levels going through the roof – quite possible! Relax, we’ve done your homework for you. Here’s what we found:
Eligibility Check
Before you even start your property hunt, it’s best to check the loan amount you’re eligible for with your bank. Don’t take your friend’s word or a rough quote from a sales executive. Finding out that you are eligible for a lesser amount than you expected after zeroing in on a house can be an unpleasant affair. Apply – Know The Amount – HUNT!
Make It Affordable
Review your income carefully. Check your savings to understand how much down-payment you can afford, the loan amount you’re eligible for and the right EMI. Take a quick scan of your present financial situation and do not take into consideration possible salary hikes or money that ‘might’ come in. Don’t let the loan affect your present lifestyle too much. Slow and steady – that’s the way to go!
Brochures Vs Reality
Colourful brochures and 3D walkthroughs – NO! The actual house might look very different. Visit the place yourself and also check out the builder’s previous projects too. Reputation is key. If it doesn’t feel right, it probably isn’t.
Narrow It Down
Don’t look at EVERYTHING out there. Filter it down. The area you prefer, proximity to your office and good schools might be some of the things you might want to consider. If your preferred area is beyond your budget, check out the next best option. Be smart about it!
Legalities and Hidden Charges
Get a complete insight into the project and verify every document with the help of a lawyer. Do not sign on any agreement with the developer or commit to anything financially. If it looks shady, back off! Similarly, there are several additional costs like floor rise charges, infrastructure development fee, charges for parking area, club membership charges and pre-maintenance charges which come at a later stage. Be aware of all these!
When it comes to buying a new house, there’s no such thing as too much research.
If you’re ready (yeah, you are), take a look at our Home Loan offers!