Those who are looking to buy houses in India should do so as soon as possible. This is because the longer they wait, the more they reach closer to retirement, which can then become a problem when it comes to availing a home loan and even clearing off the home loan EMIs. Now, buying a house requires a lot of planning and research to ensure that the house purchase can go smoothly.
Listed below are a few crucial tips that every homebuyer needs to keep in mind.
- Be aware of your budget
Most homebuyers rely on home loans in order to afford the property of their choice. Most financial institutions offer a period of 20 years to repay a home loan. Now, this makes buying a house a long-term debt. This is why it is very important for a buyer to keep in mind their income as well as existing debt obligations while setting the budget for buying a house. Borrowers should make use of a home loan EMI calculator to be aware of the home loan EMIs. Using this home loan calculator will help them get a better understanding of their budget.
- Research about the builder’s reliability
A lot of people prefer to choose an upcoming project as compared to a complete one to get a better deal on the property value. Now, while this is a good way to save money, it is also important to take into account the builder’s reputation. It is better to avoid trusting a builder who has numerous uncompleted projects that have got stuck over the years. Rather, choose one that has a great track record.
- Keep an eye out for offers
It is not uncommon for builders to try and entice buyers with great offers. A homebuyer can be open to all kinds of deals and discounts while buying a house, however, it is in their best interest to find an offer that truly benefits their case. For instance, a homebuyer with a car can benefit from an offer that provides them with a free parking spot!
- Check your home loan eligibility
The first thing that any applicant should do before they apply for home loan is to first check the home loan eligibility criteria listed on the lender’s website. Financial institutions have their own terms and conditions, based on which their eligibility criteria might differ from one another. A borrower should check with their specific bank about its home loan eligibility criteria before applying for the loan.
- Consult an expert
It is always best to rely on a real estate agent who is aware of the area and price of properties you are interested in. This will ease the burden of finding a good property at an affordable price. Having a professional by your side will help while taking the final decision on the house purchase.
Lastly, make sure to personally visit the location of the property once again before purchasing it. This will help in getting a clear picture of the locality and all the facilities around.