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Being able to own a home of their own is often the biggest motivation for people to work hard and save money. In India, a home is more than just a piece of property, it is also a source of pride, security and stability. More Indians today are looking to invest in residential property, instead of living in rented houses as tenants. This is further bolstered by the number of first time home buyer benefits being offered today.
Make sure you find out all the extra costs involved before you commit yourself to investing your hard-earned money in it.
At the time of booking a house, you will usually be required to pay a certain amount as a token fee to finalise your agreement. You will then have to sign a three way contract between yourself, the builder and the bank you are receiving a home loan from to pay the remaining amount of the property value. This contract is called the buyer-builder agreement. It is very important that you carefully read the fine print of the contract before you unwittingly sign an agreement that might not be beneficial to you.
Everyone wants their home loan application and property registration appointment to go smoothly the first time. However, if you don’t have the correct documents, you might have to reapply and wait longer.
The documents you will need to present can be grouped into two broad categories those which pertain to you and those that concern the property you are investing in.
Personal documents act as proof of your details and financial situation. These documents are usually required at the time of applying for a home loan. The documents related to the property include verification of its legal status, the credibility of the project and certificates from relevant authorities. Here is a guide to the complete First-time home buyer checklist of documents you will need to present through out the process:
A home loan can cover upto 90% of the total property value; the remaining 10% needs to come from your personal funds.
For those not familiar with it, applying for a home loan and understanding the amount payable as first time home buyer down payment can seem tedious. However, once you understand the process, you can prepare for it and learn how to purchase your first home with zero hassles.
Here’s a new home buyer’s guide to all the steps involved in the loan application process:
Registering your property is the single-most important step of the real estate investment process. Even if you have started paying the home loan installment and received the handover of your home, you are still not considered the legal owner of the property. According to section 17 of the Property Registration Act of 1908, a person will not be able to claim any legal right over a property unless it has been duly registered in their name. Not doing so will leave you vulnerable to property disputes in the future as it is not legally yours.
To ensure that you have complete ownership of your new home, here’s a few steps to help first time home buyers register their property:
The Mission was implemented in during 2015 to provide central assistance to Urban Local Bodies (ULBs) and other implementing agencies through States/UTs for:
Credit linked subsidy component will be implemented as a Central Sector Scheme while other three components will be implemented as Centrally Sponsored Scheme (CSS).