banner banner

Stay Up-to-Date with Our Blogs & Articles

The texts on this website have been translated using an automated translation tool and its accuracy cannot be guaranteed. We recommend referring to the English version of the content for the most precise information. In the event of any disputes or inconsistencies, the contents in the English language shall be considered final and binding. IIFL HFL disclaims any liability or responsibility in this matter.
Go Back to Main blog page

Pointers For First-Time Home Buyers

By IIFL Home Loans | Published On Apr 25 2018 3:00 PM 2 min read 44 views 3146 Likes
IIFL   Home   Loans   -   Pointers   for   First   Time   Home   Buyer

Buying a home for the first time is as confusing as it is exciting. While it marks an important milestone in a person life, a wrong decision in this regard could be really costly.

In order to make the decision of owning your first house a beautiful memory, here are a few pointers you could consider to get it right.

  • Note down how you want your house to be: This is the starting point. It is important that you know what you want even before you start house hunting. In order to do so, it is very necessary that you note down all the basic requirements and functionalities you would want in your new house. This note would help you analyze and choose the right option when house hunting.
  • Don be unrealistic: The first house definitely means a dream come true, but it is very important that one remains realistic at the same time. Nothing is perfect and you must know when to draw the line. Having unrealistic expectations could prove to be a hindrance in your house hunting.
  • Draft your budget and plan accordingly: This is one of the most important things and should be done precisely. You need to know your budget, list down your assets and liabilities, understand if you would need a home loan, arrange for the down payment amount, and based on your current financials, work on the EMI Equated Monthly Installment calculations. Going over-budget should be a ig No as buying the house is not the only goal, it is just the first step. Maintenance, lifestyle, and other daily expenses that follow should also be accounted for. Sticking to the budget is key, don get overwhelmed and go over-budget, or you will be inviting problems in the future.
  • Ensure the availability of basic amenities: It is important that you make sure that amenities such as hospitals, markets, and schools are nearby and that the locality and the housing society is good enough for living long-term. Even water availability especially during summers, regularity of power supply, society maintenance, and other amenities should be scrutinized beforehand to avoid any shockers later.
  • Check if the property is as per government standards: Often, builders show a different plan on paper, while the actual property appears different upon completion. Thus, it is very important to ensure that the property you are going to buy is as per the plans approved by the municipal corporation and is according to government-issued standards.
  • Enquire about the tentative possession dates: If you are booking a property in an under-construction building/colony, it is important that you know of the tentative period you will be given possession. The date of possession plays an important role in the stamp duty, registration, and home loan proceedings.
  • Read the documents carefully: Before you sign any paper, be it related to the property ownership or a loan application, it is very important that you know its content. Therefore, it is very important that you go through each and every line mentioned in the papers and get a clarity of the whole process before signing them or agreeing upon. This could save you from a lot of possible unforeseen issues.
  • Think long-term when making decisions: Buying a home is a long-term investment and is definitely not a regular affair. Hence, it is very important that you make decisions keeping the long-term consequences in mind.


apply loan

Quick and Hassle Free Loan Processing

green ad
Prelude to Building Green - IIFL Home Loan's Guide to Sustainable Affordable Housing
Download report

Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.