Are you thinking about buying your first home in India? Congratulations on deciding to take an ultimate step so young when most of the people don’t give it a thought. Be it the financial instability or their inability to repay the loan, there are many reasons for not owning a home.
This post is about offering some relevant tips to people deciding to buy a home especially with the help of the Home Loan in India. Yes, with the advancement of the modern-finance, Home Loans have become affordable and helping people make a home purchase an affordable affair.
If you have the required Home Loan eligibility, you can avail up to Rs.3.5 crores and get a wider tenor of up to 20 years and easily repay it over smaller EMIs.
Quick Tips for First Time Home Buyers in India
- Assess your Needs
For the first time home buyers, it is vital to be sure of the reason you are buying the home. Being aware if the home is to be used an investment vehicle assists in making a good choice. Thus, depending on the needs (total amount needed for buying a home), you can apply an exact amount and keep off from overspending as you need to repay it.
- Choice out your Property Requirement
When it comes to buying a property, you will need to figure out the best choice for you such as an independent home, apartment, villa, bungalow and more. The type of home that you will buy will decide the amount that you will need out of a Home Loan. Also, you need to check out if the property that you want to seek is close to your office, hospital, schools, banks, railway station, airport, and utility stores. It will help save your commuting time and fuel while you will be able to spend more time with your family.
- Get your Finances in Order
Unless a home price and the Home Loan suits your current budget or if you are ready with the down payment amount (10-15% of the price of the property), it does not make sense. If you are to avail a Home Loan to fund your home, be sure of the processing charges and other ones so as to be ready with how much you will need to bear.
- Check your Credit Score
Another vital thing to consider if you are to buy a home using a Home Loan in India is your Credit Score. If you have maintained a CIBIL Score of around 750+ or more out of 900 along with a sound repayment history, you can get a quick Home Loan approval. Also, people with a higher Credit Score can also get a lower Home Loan interest rate and pay lower EMIs which in turn, can help them save some money.
- Shop Around and then Opt for a Home Loan
Don’t stop at the first lender who approves your Home Loan application. Yes, there may be lenders offering you a lower Home Loan rates along with a host of other facilities. As a result, go to a third-party website and compare all Home Loan offers online to decide the best deals that match your needs and repayment capacity.
The Bottom Line
The discussed tips will surely help you easily get your first home especially using a Home Loan in India facility. If you have any doubts, you can also get in touch with a known financial expert to help you with some tips to convince you. Good luck!