Are you a first-time home buyer who is in a plethora of dilemmas about which property option is best for you? Which finance options are suitable for you according to your income? For buying a new house you have to be extra careful in terms of property value, location, and finance.
Here I am providing you a quick guide that provides you with information about every aspect of the property including finance, location, thorough inspection of the property, and laws related to home loans.
Check out the detailed tips that ease your journey of buying your new home -:
For every new home buyer, the first and foremost thing is to look after their financial statement. In terms of finance, you’ll look after various factors your savings, down payment, and different options in loans. Here I am describing every single finance option that’ll help you out in your house-purchasing journey.
- Budget -
You should first check your financial statement before purchasing your new house. You have to look after your expenses, and savings to set realistic goals for purchasing a new home.
You have to save for your down payment which is up to 20% of the home’s original value so you can secure better mortgage options.
b) Home loans -
Many banks provide you with loans according to your bank balance. You should study loan plans and interest rates of different financial institutions and opt for the one that suits your financial needs.
Once you are sure, you’ll need approval from the bank which will provide you with a loan. They’ll look after your finances and determine how much loan you can get from them.
2) Benefits for the first-time home buyers -
It is said first is always gold in every area, this implies in real estate too. First-time home buyers can take advantage of loans or taxes.
a) Section 80 C -
This section provides you a tax advantage of up to Rs.1.5 lakhs on interest repayment of your house loan. You can reclaim these tax advantages if you own or build the house within 5 years of loan approval.
- Section 24 -
According to this section, first-time home buyers could claim up to Rs. 2 lakhs deduction on the tax. You’ll claim the benefit of this clause only if you own the house not rented to any other person.
Validity for the claim -
According to the 2016 budget you can claim those tax benefits only if you have completed or acquired the house within 5 years of loan approval.
3) Pradhan Mantri Awas Yojana (PMAY) for Lower Income Candidates -
Pradhan Mantri Awas Yojana (PMAY) is making every single person's dream come true to buy a home. People of middle as well as lower income classes can take leverage of this scheme.
This yojana was launched in 2015 with the slogan “housing for everyone”. Only people whose annual income is rs.18 lakhs and lower can benefit from this yojana.
4) Location -
Every single person who wants to buy their first dream house is concerned about the location.
If you are planning to build or buy a new house you can look after two parameters for location.
- First - Connectivity is most important, if you are buying a new house you should first check that your house is connected to the main market, railway station, airport, hospitals etc.
- Second - Security is another aspect every new home buyer looks into. It is always best that you should check your society and whether your area is secure or not. A house is a place where you can find comfort and peace, for this purpose it is necessary that you should opt for a secure and civilized area.
You can also take advice from local real estate property agents who will conduct thorough research of the area.
5) Property Evaluation
You should evaluate your property market value, its infrastructure, electric connection, and plumbing.
You have to also evaluate its future resale value, in case you want to sell your property in the future. Only the best property with good amenities and a prime location can give you high-resale value.
6) Seeking Advise of Professionals -
It says taking advice from a professional will help you in a long way.
Taking legal advice from your legal expert is necessary-
- To check the legal documentation of the property
- Ensure your property is registered under the RERA Act.
- Give advice on legal issues related to property
7) Vaastu - based Home -
Well, it is not necessary for any new home buyers to inspect the Vastu of your home.
But in India, many buyers check the Vastu of their home, they only purchase the house if it is designed according to vastu shastra.
People who want to ready-to-move-in house, prefer a north-east-facing house.
Note- It is important for only people who take vastu seriously will consider a north-east facing house. It is not for everyone.
8) Select the best Real Estate Developer in Your Town -
For every new home buyer, you should always choose the best real estate developer in your town, who has already built up a trust of providing superior and best quality homes to the people.
If you are in Bhopal there is only one real estate developer whom you trust is Agrawal Construction. The company already set up its unprecedented remark on providing the best quality homes to the people of Bhopal. All of their projects are under the RERA Act.
They have many township projects that are spread all over Bhopal with the ultimate goal of providing luxury, comfort, and high-quality homes to the community.