Buying your first home is one of the most significant financial decisions of your life. This comprehensive guide walks you through every step, so you can make a confident, informed decision.
Step 1: Determine Your Budget
A home loan should not exceed 4-5x your annual income. Your monthly EMI should be within 35-40% of your monthly take-home pay. Add 8-12% for registration charges, stamp duty, brokerage and legal fees on top of the property price. This is your realistic budget.
Step 2: Get Pre-Approved for a Home Loan
Visit 2-3 banks or use a loan aggregator to get a pre-approval letter. This tells you exactly how much the bank will lend, giving you clarity before you start serious property searching. It also makes you a stronger negotiator.
Step 3: Choose the Right Location
For first-home buyers, prioritise: proximity to workplace (reduces commute cost and time), access to schools if you have children, proximity to metro station (adds resale value), and availability of daily amenities. For investment: prioritise upcoming infrastructure, government project proximity and low current price with high upside.
Step 4: Shortlist and Visit
Search on Brickwise.space with your budget and location filters. Shortlist 8-10 properties and visit them all. Visit at different times of day to check traffic, noise and lighting. Talk to existing residents.
Step 5: Legal Check
Before paying any token advance, have a lawyer check the title deed, encumbrance certificate, RERA registration, building plan approval and society NOC. This costs ₹5,000-₹15,000 and is worth every rupee.
Step 6: Negotiate and Register
Negotiate the price. Pay token advance only after receiving a written receipt. Complete the sale deed on stamp paper and register at the Sub-Registrar's office.
Our team at Brickwise guides first-time buyers through every step. Call 9971116724 for a free consultation.