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Planning to buy a new house? Here are some home loan tips for new buyers!

Essential Tips for New Home Buyers
Essential Tips for New Home Buyers

Planning to buy a new house? Here are some home loan tips for new buyers!

Essential Tips for New Home Buyers

Who wouldn’t want to sit and sip their evening cuppa in their little terrace garden—their very own Shangri-la? But, the thought of buying a house for the first time could both be exhilarating and intimidating. The entire process of house hunting, selecting a property, getting the paperwork done to eventually sewing up the deal could be taxing. However, a little hand-holding may help you choose the right property that you would soon call your home. Moreover, with Standard Chartered’s home loan facility, you can now make your dream home a reality.

Here’s a ready-reckoner for those who wish to jump up the bandwagon.

Verify bank approvals

When a reputable bank ratifies a housing project it indicates that it’s legally and financially compliant. A bank approves a project only after thoroughly verifying the nitty-gritty of the same. Choosing a property that’s approved by a reputable bank is an assurance of the project’s credibility in the market.

RERA registration

RERA’s (Real Estate Regulations Authority) primary task is to safeguard the consumer’s interest by ensuring efficiency and transparency in sale of plot, apartment or building, etc. Hence, make sure the project is RERA registered. You can even verify the RERA registration number online.

Builder’s reputation

Check the past records of the builder in question. When it’s about your finances, you would rather bank upon a trusted developer.

What’s your home loan eligibility

Consider your home loan eligibility, ongoing loans and other financial liabilities. A proper audit of your finances may help you zero-in on a real budget. You may want to exhaust the entire home loan amount to buy a duplex apartment in a posh locality. Also, you need to know what would be your EMI, before applying for the home loan

In this case, you get tax-exemption from day one. With an increase in income, you could also hope to pay off the home loan much faster.

Location is the key

Make certain that the property has good connectivity across the city and is in close proximity with essential amenities such as hospitals, schools, market complex, offices, etc. In case you are required to move away from the proper city, make sure that there are multiple transportation options available in the vicinity.

Evaluating personal requirements

A newly-wed couple might be looking for a 2BHK. However, a family with a kid or two would ideally want a bigger apartment. You may or may not want all the modern amenities in your housing complex. Your agenda behind buying a property could be for self-use or for investment purposes. Thus, evaluating your requirements is mandatory before taking that big leap.

What are the amenities offered?

Buying properties involves spending a large amount. Hence, you would want the builder to offer all the modern amenities. Many projects come with facilities such as power back-up, 24/7 running water, elevator, play space, gymnasium, swimming pool, etc.

What’s the true cost of the property?

The cost of a property is always more than what it seems on the surface. You always end up paying another 11-12% over and above the quoted price. This includes additional expenses such as registration costs, elevation charges, VAT, stamp duty, brokerage commission, interior decoration, etc. Take these incidentals into account while preparing the budget and evaluating your home loan eligibility

Asses the maintenance cost

Property that comes with multiple amenities is bound to have higher maintenance cost. Enquire about the maintenance cost of the accommodation well in advance. Knowing this will help you fathom the cost of living associated with the property.

Seek professional help

For a first-time-home-buyer, the process of purchasing a property becomes a tad easier if you let a real estate agent or a lawyer handle the required paperwork.

For the NRIs

NRIs wishing to purchase a property in India! There’s no need to shell out a fortune anymore. To know more about Standard Chartered’s new home loan facility that can help the NRIs, Click here. It offers variable new home loan interest rates without any processing fees.

Takeaway

Purchasing your dream house is one of the most crucial financial decisions you would ever take. It’s, therefore, very important to evaluate several properties before settling on any one.

Disclaimer

The views expressed in the article are those of Standard Chartered Bank (“SCB”) and do not constitute financial, professional or other advice. SCB, including its Directors, Officers or Employees shall not in any event be liable for any damages or injury arising merely from your reliance on any information provided here. Each bank / financial institution will have its own processes/ fees/ charges and any information contained in this Article is only indicative. Before placing any reliance on any information contained or views expressed in this Article, we would request you take all steps necessary to verify the correctness thereof. The information contained in this Article is only indicative. Each Standard Chartered Bank Product has its own terms & conditions and should be referred to in entirety. We request you to kindly visit “sc.com/in” or visit your nearest Standard Chartered Bank Branch or call on our Customer Care numbers for more details.