It would be a dream for millions to own their home in a metropolitan city such as Mumbai. To purchase a home is a huge accomplishment, but you need to do a lot of research and have immense patience to see it through. You must have thorough clarity before you decide to invest in a home since it is usually a massive lifetime decision that cannot be reversed.
Hunting for apartments is quite a chore because the housing sector in India is a competitive market. For you to make a well-informed decision, follow this guide step-by-step since it can make the challenging process easier. It can assist you to make a better choice when purchasing your dream home.
Here is a step-by-step guide to buying a house of your preference:
- Decide the Budget
The first and the most significant step in the process of purchasing a home are to determine the budget. You need to finalize a tentative amount and keep it aside when it comes to buying a property.
You can visit IndexTap and go through their extensive line-up of the best properties MMR and take a look at the prices quoted and match it with the budget you have in mind. Check your savings and see if there is enough to make a down payment. If there isn’t, you should plan for taking a home loan in advance.
- Narrow Down the Location and Type of Property
It is extremely vital to make a decision on the kind of property you’re looking for and its location. It needs to be decided well in advance if you’re seeking a duplex house, row house, constructed house, builder floor, flat, or plot to construct a home. It is also important to determine the type of BHK property you require. IndexTap has an array of 2 BHK flats for sale in Mumbai, so if that’s your preference, you need to zero on it well in advance.
Once the property type is finalized, the next step would be to focus on the location. Popular residential locales in metropolitan cities have rates that are quite high. Make an informed decision while picking the area. It should be close to essentials like grocery shops, schools, hospitals, and more.
- Resale Value of the Home
Before you finalize the property, it is imperative to consider the resale value of the house. Calculate the future value of the home by taking a look at the market statistics and do not blindly go by the location of the property.
- Check Loan Eligibility & EMI
Home loans are taken since everyone cannot afford to purchase property on a down payment. It is crucial to check the eligibility before applying for a loan. The eligibility criteria of every bank are different according to the RBI regulations. Once the eligibility is checked, you need to compute the EMI to pay during the definite tenure. As a rule of thumb, ensure that your EMI should not be over 40% of your monthly salary.
- Stamp Duty & Registration Fee
While purchasing a home, there are a couple of additional charges that need to be paid. Fees such as stamp duty, registration charges, sales tax, and income tax have to be paid mandatorily. Once you have finalized the house, estimate your state’s stamp duty charges and registration fee. Since the costs are different for every state, make sure that you have kept aside a fund for these charges separately.
- Make a Checklist of Documents
There are numerous third parties involved when you buy a home, so ensure that all payments are made. Moreover, you need to make a checklist of all the documents that would be needed and keep it ready.
- Insurance of the Property
It is extremely important to get your property insured since it will help in keeping your house safe. There are many home insurance policies available. Do thorough research and choose the one that suits your family’s needs.
In a nutshell, when you think of choosing a house from the many flats for sale in MMR, keep this step-by-step guide in mind. IndexTap can help you finalize your dream home thanks to their extensive line-up of residential properties in MMR.
Visit IndexTap for more such exciting analysis and details on real estate.
