Although the pandemic has derailed the plans, priorities, and expectations of many, do not get blindsided when it comes to house-hunting and be ready to roll with the punches.
Here is a handy guide for your house-hunting adventure!
Before you take the plunge, having a priority checklist is really helpful. It is important to factor in design, budget, location, legal documentation or procedures, and financing options.
As a first-time home buyer, life sure serves ‘burgers on the menu vs. burger that’s served’ moments much to our chagrin. Do not fret! We are here to help you fence with the not-so-typical transgressions that come with the territory of home buying.
Finding The One
- EXPECTATION: It will be love at first sight
- REALITY: Take your time – research and shop around before you say yes!
As you begin your house-hunting journey, you will soon learn that there are quite a lot of details to look into than simply how beautiful the home is.
Pay attention to any potential or existing issues that could come with the home. Double-check for mold and common wear and tear. Checking issues with the foundation is of absolute importance. Check the roofing, plumbing, and ventilation within the home. Location and surroundings are also crucial. Research its proximity to schools, grocery stores, hospitals, clinics, police stations and other utilities. Also, ascertain the safety and security aspects of the community and the locality.
Additional Reading: How to Avoid Real Estate Scams
Meeting Your Needs
- EXPECTATION: You will get exactly what you want
- REALITY: There are compromises to make along the way
Unless you are designing and constructing your new home from scratch, it is highly unlikely that the home you finalise will meet all your expectations. As you proceed further on this house-hunting journey, you will see yourself compromising more and more. It could be with your budget, location, or design.
- EXPECTATION: Never-ending documentation
- REALITY: It is as easy as 1-2-3!
Many believe that applying for a Home Loan is an overly complicated process. Finding a relatively low interest rate, loan amount suitable for your needs, a seamless application process, quick approvals and expecting lenders to ask for a lengthy list of documents – these definitely make you fret a little. Keep your worries at bay! Applying for Home Loans via BankBazaar ensures you have all that and more! The minimal documentation process makes Home Loans easily accessible to all.
Depending on your profile, here are the Home Loan documents generally required:
Residence Proof (any 1)
- Copy of electricity bill/water bill/telephone bill
- Copy of valid Passport/Aadhaar Card/Driving License
Identity Proof (any 1)
- Driving License
- Voter ID
- Valid Passport
- Employer Identity Card
- Duly filled loan application form affixed with 3 passport-size photographs
- Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
- Bank account statements for all the bank accounts owned by the applicant for the last six months
- EXPECTATION: Long waiting period for Home Loan approval
- REALITY: You can embark on your journey with a loan pre-approval
Being pre-qualified or pre-approved for a Home Loan is beneficial as it makes your profile more reliable for lenders. However, pre-approval does not always imply that your loan will be disbursed immediately. It also depends on other factors like your creditworthiness, income, financial standing, etc., which are taken into consideration for loan approval.
With perks like no pre-closure and part-payment fees along with a quick approval time, getting a Home Loan is fairly simple and hassle-free now.
Additional Reading: 6 Things to Consider Before You Opt for A Home Loan
Factors determining your eligibility for Home Loan:
- Annual Income
- Occupational stability
- Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]
- Number of co-applicants
- Co-applicants’ income
- Credit Score
- Other ongoing loans (if any)
All set for your next big adventure? A good Credit Score of 750+, reliable credit history and employment history will ensure you get the best Home Loan deals. Finance your dream home with these exciting Home Loan offers with rates starting as low as 6.4%.