First Time Home Buyers
Planning to buy your first home? If yes, you might be having 100s of questions in your mind. Buying a home in a city like Bangalore is a dream for every middle-class person. However, turning this dream into reality needs a lot of money. And to make that money we spend decked working and planning our finances.
In such a situation when you are about to achieve your goal and ready to buy your first home, you can’t afford to make even a single mistake. Being a first time home buyer, you have to be extra careful. Things like property type, area, builder, cost per square feet and all matters a lot. All these things contribute to your budget and hence requires your time to research and think before you choose your dream home.
Here are a few tips which can help you when buying your new home.
Funding Your Home:
To purchase your own home, the most important thing you need is funds. You may have some funds with you, but having the total amount that you need to buy your home is difficult. To help you out, having knowledge of funding options is very important. However, home loans are the best way to fund your dream home. We are suggesting this because funds are easily available through a home loan, and you get sufficient time to repay it which is a maximum of 30 years. But knowing this much is not enough. There are many housing finance companies and so many other things related to it, which is important to know before you buy your property.
Location a Big Factor
Your home location depends on many factors which include- your work location & your kid’s school. In a city like Bangalore you also need to think about traffic congestion and most importantly your budget. Your home location matters a lot and you should consider this as a very serious thing.
Amenities such as hospitals and markets are a must to have nearby your house. The public means to commute is also one the factor to consider. All these together contribute to your budget.
Whatever you will purchase depends on your budget. Here one important thing is don’t let emotions and apartment amenities such as GYM, garden and swimming pool increase your budget as these are secondary. You can increase it with a hairline difference, not with a huge gap as you have to repay the loan.
Research for The Builder
When you are looking to buy a home, it is a must to know about the builder of the property you select. The property you select must be built by a reputed builder. This is important to avoid further problems. There have been cases like builders running away after taking the money or the property is not handed over on time. All this is very stressful and is a big dent in your finances. Hence, to avoid such conditions it is important to research well for the builder.
Your Home Loan Provider
When you have decided that you will go with a home loan, the next step is deciding your home loan provider. The loan industry is getting competitive and there are so many home loan providers in Bangalore offering the same product. So, here you have to be wise and choose the one who is more profitable for you.
While selection your home loan provider the things which you have to look for are:
- Research in the market for appropriate lenders.
- Compare the Interest rate for home loans in Bangalore.
- Choose the best plan.
- We accurate while deciding tenure for your loan
- Check the prepayment and part-payment policies of the lender you choose.
- Check for the processing fee & applicable penalties in case of delayed payment.
- Read the fine prints of your loan document properly before you sign it.
- Check for the subsidies such as PMAY or any other if you are eligible to avail.
- Check for the balance transfer facility.
Availing your first home needs a lot of planning and commitment. Even a single mistake can affect you so much financially and can make your life difficult. So, before you decide to buy a home, you have so many things to do. Considering the above-mentioned points will help you with this.