Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Menu  
 
Apply Now
Apply Now

Tata Capital > Blog > Dos and Don’ts While Buying Your First Home

Loan for Home

Dos and Don’ts While Buying Your First Home

Dos and Don’ts While Buying Your First Home

Given that builders are extending attractive property prices and home loan rates are at an all-time low, now is the perfect time to buy a house.

Selecting the right property is the hardest part when you are out, buying your first home. After all, there are plenty of options available, a range of aspects to consider, and significant funds on the line. No wonder many people rely on checklists to arrive at a buying decision.

Looking for one yourself? Here’s a checklist of the dos and don’ts of buying a house.

Dos

#1 Look for RERA approved properties

As a first-time homebuyer, keep a keen eye out for choosing a RERA approved property. This is because RERA provides a unified legal framework improving the transparency in the home buying process while keeping the interests of the home buyers in mind. Hence, with a RERA approved property, you never have to settle for a lesser carpet area than negotiated or wait endlessly to have your apartment constructed, among other things.

Additional Read: Home Loan in Mumbai

#2 Check your developer’s track record

Getting a property with a reliable developer can ease many home buying concerns. But how do you know if a developer is reliable? Check their project completion rates and average time frames, the quality of materials used and most importantly, customer reviews.

#3 Research the prices of the properties in the neighbourhood

Before buying a house, make sure you know the average cost of properties in the area. While you’re at it, also check if the cost of your chosen property is in line with other apartments of similar configuration, amenities provided etc., and do a cost-benefit analysis with your other property options.

Additional Read – A Complete Guide for a First-Time Home Buyer in Mumbai

Dos and Don’ts While Buying Your First Home

Don’ts

#1 Leave your finances for the last minute

Remember buying a house is a large financial investment, often requiring down payments upfront. So, start looking for properties only after deciding your budget. Don’t have enough funds? Consider getting a home loan you can repay over time. Most home loans cover 70-90% of the costs, thereby making home-buying more accessible.

In fact, these days, you can get first time home buyer benefits like tax rebates on your home loan interest and tax benefits on the principal repayment too.

#2 Get a house away from social infrastructure

Property prices vary with location depending on how accessible the social infrastructure is. This includes schools, colleges, hospitals, groceries, places of worship, etc. For instance, you could get a lower price for property far from the railway station, but if you’re dependent on railways for daily transport, is it really worth the cost savings?

Simply put, you should choose a housing location keeping your family’s necessities in mind.

Additional Read – 5 Essential Home Buying Tips for Millennials

Final word

Choosing the perfect house is much easier when you consider factors like the locality, the developer, your budget, and more.

And if you need the perfect financing option to help you purchase your dream home, Tata Capital is right here. We offer attractive home loan interest rates, home loan EMI calculator and flexible tenures, making your application process as smooth as it gets.

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
More About Loans
home loan calculating home loan housing loan rate of interest calculate home loan eligibility documents needed for housing loan quick cash loan housing loan top up home loan transfer home loan with overdraft facility home loan balance transfer calculator home loan disbursement process loan for home extension rgrhcl
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools

502 Bad Gateway

Microsoft-Azure-Application-Gateway/v2