Buying your first home is an exciting milestone, but it can also feel overwhelming with so many decisions to make. From choosing the right property to securing a home loan, every step matters. If you’re a first-time homebuyer in India, here’s a simple checklist to guide you through the process with confidence.
1. Define Your Budget
Your home search begins with knowing how much you can afford.
- Calculate your savings and monthly income.
- Factor in down payment (usually 10–20% of the property cost).
- Don’t forget additional costs like stamp duty, registration, GST (for under-construction homes), and maintenance charges.
Tip: Use a home loan eligibility calculator to estimate how much loan you can get.
2. Check Your Credit Score
Banks and NBFCs look at your CIBIL score before approving a home loan.
- Aim for a score of 750+ for better chances of approval.
- Clear pending dues, pay EMIs on time, and avoid taking multiple loans before applying.
3. Explore Home Loan Options
Choosing the right loan is as important as choosing the right home.
- Compare interest rates (fixed vs floating).
- Check loan tenure, processing fees, and prepayment options.
- Get pre-approved to speed up the buying process.
4. Choose the Right Location
Location isn’t just about where the property is—it’s about lifestyle and long-term value.
- Look for upcoming infrastructure projects like metro lines, highways, and IT parks.
- Check for schools, hospitals, and markets nearby.
- Consider future resale and rental demand.
5. Shortlist Properties
Make a list of properties that fit your budget and lifestyle.
- Compare ready-to-move vs under-construction homes.
- Verify the developer’s reputation and past projects.
- Ask for RERA registration details.
6. Verify Legal Documents
Before finalizing, ensure the property is legally clear.
- Sale deed, title deed, and encumbrance certificate.
- Approvals from municipal authorities.
- OC (Occupancy Certificate) and CC (Completion Certificate) for ready homes.
7. Inspect the Property
Visit the site personally to check:
- Construction quality.
- Amenities (water, power backup, parking, security).
- Vastu compliance, if important to you.
8. Negotiate Smartly
Don’t hesitate to negotiate with developers. You can often save on:
- Price per sq. ft.
- Parking charges.
- Waiver on stamp duty or maintenance for the first year.
9. Complete the Registration
Once everything is finalized:
- Pay the stamp duty and registration charges.
- Get the sale deed registered in your name.
- Keep all documents safe for future reference.
10. Plan Your Move-In
Now that your dream home is yours:
- Arrange for interior work (if needed).
- Get your utilities connected.
- Celebrate your new beginning
Conclusion
Buying your first home doesn’t have to be stressful. With the right guidance and a clear checklist, the process becomes smoother and more rewarding. At Horizon PropTech, we’ve helped thousands of families find their dream homes with 0% brokerage and direct deals with top developers.
