Why it's important:

Before embarking on your home-buying journey, evaluate your financial stability to ensure you can comfortably afford a property.

Financial Health

What to do:

• Calculate your monthly income, expenses, and savings.
• Maintain a credit score of 750+ to secure favorable home loan terms.
• Determine your budget by accounting for upfront costs (down payment, registration fees) and recurring expenses (EMIs, maintenance).
• Use online home loan calculators to estimate your affordability.

Why it's important:

Understanding your needs helps narrow down the property search and ensures you find a home that suits your lifestyle.

Homebuying needs

What to do:

• Decide on the type of property: apartment, villa, or independent house.
• Choose the size and configuration: 1BHK, 2BHK, or 3BHK, depending on your family's requirements.
• Consider factors like proximity to workplaces, schools, hospitals, and transportation hubs.
• Prioritize additional amenities such as a gym, swimming pool, or green spaces, based on your preferences.

Why it's important:

A thorough understanding of the real estate market ensures you make informed decisions and avoid overpaying for a property.

Research the market

What to do:

• Research the property prices in your preferred locations.
• Compare new developments with resale properties.
• Monitor market trends, including government policies, stamp duty changes, or real estate incentives.
• Use reliable platforms like Dwello.in for property searches.

  
  

Why it's important:

Securing financing is one of the most significant aspects of buying a home.

Financial Planning

What to do:

• Arrange the down payment (typically 10-20% of the property's value).
• Explore home loan options from multiple lenders to get the best interest rate.
• Check eligibility for Pradhan Mantri Awas Yojana (PMAY), which offers subsidies for first-time buyers in specific income categories.
• Review loan terms, including the interest rate (fixed vs. floating), loan tenure, and processing fees.

Why it's important:

Narrowing your options saves time and ensures you focus on properties that meet your criteria.

Shortlist Properties

What to do:

• Create a list of properties within your budget and preferred location.
• Visit shortlisted properties to evaluate their condition, layout, and surroundings.
• Check for RERA (Real Estate Regulatory Authority) registration to ensure the project is legally compliant.

Why it's important:

Ensuring the property has clear titles and is legally compliant protects you from future disputes.

Verify legal documents

What to do:

• Check the sale deed, title deed, and encumbrance certificate to verify ownership and property history.
• Obtain a copy of the building plan approved by the municipal corporation.
• Verify that the property adheres to zoning regulations and has no pending dues.
• Consult a legal expert to review all documents before proceeding.

Why it's important:

Effective negotiation can save you a significant amount on your property purchase.

Negotiate the price

What to do:

• Use your market research to determine a fair price for the property.
• Highlight any flaws or additional expenses (e.g., renovations or repairs) during negotiations.
• Consider seeking assistance from a real estate consultant to negotiate on your behalf.

Why it's important:

Once you've decided on a property, securing a home loan is the next critical step.

Finalize the Home loan

What to do:

• Submit required documents, including income proof, KYC details, and property documents.
• Wait for loan approval and disbursement, which may take 7-10 business days.
• Keep track of your loan's terms and conditions, including repayment options and penalties for prepayment

Why it's important:

Property registration is a legal requirement that establishes ownership.

Registration and Stamp Duty

What to do:

• Pay stamp duty (typically 5-7% of the property value, varying by state) and registration fees (1-2%).
• Visit the local sub-registrar's office with all necessary documents for registration.
• Ensure your name is updated on the property ownership records.

Why it's important:

Once ownership is established, it's time to make your new house a safe and comfortable home.

Secure your home

What to do:

• Install basic security measures like CCTV cameras, smart locks, and alarm systems.
• Perform a thorough inspection to ensure all utilities (electricity, plumbing, gas) are in working order.
• Personalize your space with furniture, decor, and other essentials that reflect your style.
• Celebrate this milestone and enjoy your new home!