First Time Home Buyers Guide in India

• Under-construction home: An under-construction property, as the name suggests, is a residential living area that is still being built. Once the property has been fully constructed and the relevant authorities have received the mandatory amount of certificates, you can take possession of them.

• A resale property: If you are determined to buy a home in a very specific locality but cannot find a newly-constructed home there, you may want to go for a resale property. A resale property is a home that was owned by someone else before but is now on the real estate market for sale.

• Plot of land: If you want to build a home of your own from scratch, you will need to own a plot of land to build it on. If you do not own a land, you can simply buy one with the help of a property loan and then build a house on it later as per your needs.

• Bungalows/Villas: If you wish to not be a part of a housing society, you can always buy a bungalow or villa in either your city or any part of the country.

It is important to plan a budget and then look for a new house as it would then ensure that the entire process of buying a new house will not negatively affect your family’s needs.

• Step 2: Decide On a Location to Buy a New House: Before you choose a home to stay at, do make sure that you are aware of how the location is. The location is a very important aspect to keep in mind while looking for a new house. It is always suggested in every home buying guide to choose a location that is close to places such as the supermarket, the police station, the railways or the airport, schools and hospitals, among others.
  

• Step 3: Rental Rates Present in The Locality: If you plan to buy a new house and invest by using it as a rental property, do find out about the rental rates before choosing a location to buy a new house at. Even if you do not have any immediate plans of investment, it is always a good idea to keep it in mind for the future, for times of need.

• Step 4: Resale Value of Property: The resale value is also an important factor to consider while buying a new property. It is a common mistake among buyers to not pay attention to the resale value. Keeping the resale value of the property you like and the ones around it would give you a clear idea of how things might be in the future or in times of emergency.

• Step 5: Eligibility of Home Loan: One of the most important things to consider while you buy a new house is house loan eligibility. There are several factors such as your income, existing debts and your capacity of repayment that will determine your loan eligibility. It is important to keep these in mind while looking for a new house.

• Step 6:Registration Fee and Stamp Duty: You are required to find out about the charges or rates that are applicable in the city you live in. The registration fee and stamp duty charges will differ and depend on where you live, and is an important factor while buying a new property.

• Step 7: Additional Expenses: One thing that every home buying guide warns people about is the possibility of additional or hidden expenses. You need to talk to people living in and around the property to find out if there's a garage to park your car at, the maintenance costs, etc before you buy a new house. You may also take help from professionals to find all of that out for you.

• Step 8: Property Insurance: The insurance of property would ensure the safety of your financial future. There are various insurance policies that you may take a look at for your new house. There are various kinds of converages that a property insurance plan or home insurance plan has, and you should take a thorough look at them to know what is the best option for you and your family.