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Home Buying Guide

Owning a home is everyone’s dream, and the first owned house is even more special. While it gives the owner and the family a sense of stability and security, it’s also an investment that grows with time.

Turning this dream into reality requires hard work, diligence and financial commitment as it’s a big investment decision. As a first time buyer, it’s important to know each of the details, be it major or minor. With meticulous and wise steps, you will not only save money but also avoid legal or technical issues and have a stress free time in future.

Following these simple tips and rules will help you find your perfect dream home.

1) Prioritize your requirements:

There are a number of factors you need to weigh in when buying a home space. Depending on requirements for the house, budget, family members and long-term views, you should prioritise, as it will be your home for several years.

  • The type of home and the desired space
  • Check the location, amenities and safety
  • Look for facilities nearby such as schools, hospitals, stores, gyms etc
  • Most importantly, take account of the property growth opportunities
2) Type of Residence:

Today, there is no limit on choice for housing. So based on your preference decide the type of house most suited to you from an apartment or flat.

3) Area/size of the house:

Area plays a key role in the overall price of the house. Developers often levy a higher rate per square foot for flats located on higher floors in a high-rise building. So choose an area size based not only on your family’s current requirements but also on anticipated requirements pertinent to a young and growing family. Additional preferences such as the number of rooms, balconies, bathrooms, etc., should also be kept in mind.

4) Location:

In real estate, location is paramount. To pick the right location, check for proximity and convenience of access to your workplace, school, health clubs, road connectivity, public transport facilities, recreation clubs, gym, mall places, etc. You should also opt for a location with hospitals where you can travel during an emergency.

5) Surroundings:

Our surrounding environment has a significant impact on moods, behaviour and general lifestyle. Today modern housing complexes come with easy to access amenities like general stores, clubhouses, gyms, spas, swimming pools, etc. It plays a vital role in the upbringing of kids. Also, when selecting a location, safety against theft and anti-social elements, pleasant surroundings, friendly neighbourhood, etc. should be taken into account.

6) Arranging Home Loan:

Buying a home requires you to arrange a huge amount of capital. Many people opt to get a Home Loan as it comes with value added benefit of tax benefits on interest payment and principal repayments. There are many HFCs that provide various home loans based on the customer’s requirements.

7) What is a Home Loan?

It is a borrowing availed to buy a property or construction of a home at a certain rate of interest. The property is taken as security by the lender. Once the loan is repaid to the lender in EMIs over the tenure, the property is released by the lender from the mortgage.

There are a few things to help you work out an affordable Home Loan:

  • To avail the best loan offer, first, you need to check your Home Loan eligibility criteria
  • Next, calculate your Home Loan EMI to decide your monthly repayment amount with interest and assess the repayment method. You can also check Poonawalla Fincorp current Home Loan rates
  • You can opt for Joint Ownership Home Loan with your spouse or parents as it helps to ease the financial burden and also increase your loan eligibility.

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