Home buying gives you a whole different experience than buying other things. Acquiring a home teaches you how to manage things while being confused and excited. Excitement is understandable when it is a house you always had in your dreams. In India, people are investing or buying a home in Real Estate. Now almost everyone in a stable financial situation can buy a home with the help of a loan. Loans make it easy and help you financially.

• Everywhere the home-buying process is different 
• Everyone’s home-buying purpose is different

Quite interesting no?

If you are a first-time home buyer, you should know the tips for home buying. 

First, let’s talk about the legal process of home buying in India because the legal process can not be dissimilar.

1. Title Verification: How will you know the property is yours now? Title verification proves the ownership of the property and verifies the property documents.

2. Identity Verification: Identity verification can be from both buyer and seller, but the seller identity verification is essential because no future trouble for the buyer. This Verification includes the seller’s PAN card, Aadhar card, and organization details. Note – The buyer must examine all the documents from the seller.

3. Documents For Land/Property Use: In India (in some states) it is illegal to use a property/land for purposes other than what it’s intended for, and for another usage, you have to grant permission legally.

4. Construction Approvals: Having construction approvals from the government, authorized by municipal, regulatory, and statutory, is a must for no future issues in electricity supply, water, environmental clearances, and fire safety.

5. Occupancy Certificate: The buyer must check the occupancy certificate from the seller. The seller has to obtain an occupancy certificate before the property transfer.

6. Tax Charges/Payments: The buyer should check if the seller remains any tax charges that are related to the property. If yes, then it will create poor value because of penalty charges. You can check/verify these details with the help of municipal authorities.

7. Mortgages And Other Claims: What if the property you are going to buy is under any debate? Before this happens, you can check government websites for land/property registration.

8. Physical Survey And Access To The Property/Land: When we buy something, whether it is cheap or expensive, we examine/inspect it before buying. Just like this, a physical survey of the Property/land is necessary. It helps you to understand the routes, surrounding areas, connectivity options, neighbors, etc.

9. No Objection Certificate (NOC) : The buyer should ask the seller for a no-objection certificate. Check NOC copies of the pollution board, coordination department, traffic, sewage board, environment department, etc.

10. Compliance Under RERA: RERA stands for Real Estate Regulatory Authority. RERA is an act by the Indian government to remove the cloudiness in the Real Estate industry. You must check if the property/land you are buying is under the Real Estate Regulatory Authority and check the official RERA website for property information about cases or default payments by the seller/developer.

A step-by-step guide for home buying in India   

Purpose & Requirements for your home/property 

• Purpose: Know the purpose of buying a property. Are you buying a home/land/property for investment purposes, renting it out for income, or do you want to settle? There can be many purposes of home buying, but you have to find yours.
• Requirements: Requirements for the home should be according to you and your family members. If you are going to live alone, there is no need for a big house. You have to decide if you want a 1RK, 1BHK, 2BHK, or 3BHK with a balcony or without. Knowing the purpose and requirements for your home will make the home process easy & quick.
• Research: Finding properties to your expectations is not easy, but nowadays, you can research homes/properties online without wasting your physical energy because of some legit property portals, people can buy property online, and these property portals help a lot. 

Budget is essential

Making a budget before doing all the expenses will help you prepare for future expenses. Do not forget to add the home booking amount, home buying costs, stamp duty charges, utility fixing expenses, small-big household expenses, and down payments to your budget list.

• Make sure that your budget goal can take care of before heading installment.

Location

Sometimes to save some money, we select a location that does not match our needs. For example- You purchased a home at a lower price, but it is way too far from your office, and now you have to travel daily. From this, you sure saved some money while buying a home but what afterward? You will have to pay your traveling expenses for a lifetime. It is not just about traveling there are a lot of people who travel for their work/college, it is about deciding a suitable location for yourself while staying under the budget.

Hire a Real Estate Expert

“The process of buying a new home, legal formalities, and the paperwork can get chaotic. That is why you will need an ethical property expert who will reduce your stress and handle the home-buying process for you. If you are a first-time home buyer, you can not handle everything by yourself. Don’t worry about this problem our property experts are there to guide you.”

If you are buying a home, examine the truth of the Real estate market. 

Loan

Home loans make home buying easier for people who can not afford such large amounts at the time. You can pay your home loan payment in monthly installments.

People with money in hand too take home loans.

Why?

Because there are some benefits of taking home loans

• Tax Benefits: In home loans, tax benefits by the Indian government attract home buyers. The Indian government has laws and principles that provide tax deductions under section 80C up to Rs 1.5 lakh and under Section 24B up to Rs 2 lakh. Note- You can not claim these tax benefits if your property is under construction.
• Balance Transfer Facility: If you get a home loan with lower interest, why not transfer it? You get the facility to transfer home loans.
• No Prepayments: In the floating rate home loans case, there are no prepayment charges/penalties.

After Home Buying

• Secure the sale deed
• Digitalize the documents
• Get updated with the new address.
• Home security
• Associate the utilities
• Fresh painting and flooring ( Only if you can afford it at that time, it is unnecessary.)

After all that hard work, take a rest. It is the perfect time to think about your home decoration unless you did not prepare a budget. You might face some financial problems after buying a home, but if you make a budget for all your expenses, you are free from unexpected bills.