Your Ultimate Guide to Buying a Home

A real estate buyer's guide involves key steps: financial preparation and budgeting, property search and local market research, and legal verification and closing.

Financial Preparation

• Down Payment: Save 10% to 20% of the target home price for the initial upfront payment.
• Credit Score: Maintain a score above 750 to qualify for lower mortgage interest rates.
• Hidden Costs: Budget an extra 8% to 12% of the property price for registration, stamp duty, GST on under-construction units, and maintenance fees.

Market Search and Selection

• Location Analysis: Target growth corridors close to infrastructure projects like highways and metro lines for faster property value appreciation.
• Property Type: Choose between ready-to-move resale homes, under-construction projects, or independent plots.
• Builder Verification: Research builder track records and past delivery timelines.

Legal Checks and Closing

• RERA Registration: Verify the project’s specific RERA identification number online to ensure legal compliance.
• Title Deed: Inspect the clear title deed and encumbrance certificate to guarantee the property has no active claims or legal disputes.
• Home Inspection: It is very important to valuate structural integrity, electrical wiring, and plumbing before final payment.

A genuine developed properties will have all the necessary approvals from the local municipality and RERA.