Once you have decided to buy a home, there are several things that need your attention and focus so that you make an informed decision. We list below six important things that you need to keep in mind before buying your first home:

1) Fix a budget

This is one of the most crucial factor to assess before going ahead with your home buying plan. One needs to assess what amount of money he can pay towards EMI of home loan after deducting all monthly expenses and funds set aside to meet emergencies. The amount one is prepared to pay as EMI will determine the loan amount he can raise. Add the availability of funds to pay towards down payment and paying stamp duty/registration charges/brokerage to this and one will arrive at a budget at which he can buy a home.

2) Check whether you are eligible for interest subsidy under Pradhan Mantri Awas Yojana

One can save upto Rs. 2.67 lakhs towards interest under PMAY. Based on your family income, you can check whether you can apply for a home loan and avail the credit linked subsidy scheme and take the benefits under PMAY.

3) Research on affordable housing projects

With PMAY, a lot of developers have launched affordable housing projects where families falling in Low Income Group / Middle Income Group can afford to buy homes at affordable rates. By doing a research on the projects in the locality you want to buy a home, you can get a good deal in an affordable housing project

4) Keep your documents ready

It is always advisable to keep documents related to income, age, domicile etc ready to avoid the last-minute hassle of organising the same when the lender asks for it. This can save a lot of time.

5) Check your CIBIL score

Its not difficult these days to find out your CIBIL score. A good score ensures sanction of loan from the lender who can offer a cheaper interest rate on the loan.

6) Get a pre-approved sanction of home loan

Let your home search and the loan process happen simultaneously. Lenders grant a pre-approved sanction of an amount they can disburse towards your home loan after assessing your documents. So once you have a pre-approved sanction, it not only gives clarity towards the amount you can raise but also can save a lot of time during disbursal as most of the scrutiny is already done.


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