The decision to buy your first house is a monumental one and after the purchase goes through seamlessly, it is nothing short of a massive achievement. Braving the tumultuous Indian market and saving just enough to make a downpayment can be daunting at first, but here are some pro-tips to make that journey a lot less stressful. Do keep in mind, that no rule is set in stone, and you understand your finances best and suggestions must be implemented using your discretion.

1. Identify the dream home and understand your budget

We don't want to rain on your parade, but it is absolutely necessary to take stock of your financial situation and set realistic expectations. Your first home will be special, no matter what and its perfectly alright if yours isn't the biggest on the market. It only gives us the inspiration to dream bigger.

Before starting to plan, identify the kind of house you'd like to buy. Understand its costs, the taxes that will be levied later, the kind of EMI plan you'd opt for and other add on expenses. After understanding the kind of pressure it would exert on your finances, start saving up accordingly. Some experts suggest that spending more than 28% of your monthly income on home expenses is not a good idea. If you're just starting off, you could put aside 28% every month, till you've saved enough to pay the downpayment and some other immediate costs. It is also a good idea to contact your financial advisor you can give you a more expert opinion on how you should handle your existing debts, such as student loans or impending medical bills.

2. Work out a strict time bound schedule

After you've worked a viable money plan, we've got to get going on the time schedule. Set yourself attainable goals and identify by when you want to buy your house. Individuals who started saving from an earlier age may find that they can dip into their savings right away to put down their downpayment. If you've just started to save, its still nothing to worry about. Just time yourself in a way that doesn't leave you in too much debt or gasping to ends meet. Remember, the house will be there tomorrow, but it's important to take care of yourself and your loved ones today. It is a good idea to make a time schedule and work your way through it religiously to be able to comfortably put down a downpayment.

3. Maximize benefits

Put out feelers for offers and benefits you could make use of when you're buying your house. The Pradhan Mantri Awas Yojana allows you to receive a subsidy on the interest paid towards your home loan if you don't own a home anywhere in the country. Builders and developers too often have a host of offers or freebies that they offer. It is also a good idea to see if you're eligible for any tax subsidy.

4. Think forward

While you are saving for your downpayment, it won't be the worst thing to get a headstart on the EMI plan as well. Paying off a loan is a long and winding process, and it can be less stressful if you do have a couple of instalments at hand.