IGI Logo

Below Is Article On What should women consider before they buy their first home? By Mr. Prashant Utreja, CEO at Reliance Housing Finance

Women today have become financially independent and have been making informed financial decisions. What is even more striking is the way they have been owning and managing small businesses and entrepreneurial ventures which has got them exposed to many financial instruments and buying capacities in the lending landscape. Buying a home is the most important decision for any individual. They should tread wisely before they choose to own a home right from deciding which bank and the amount that needs to be invested before they buy a home. Apart from the loaning formalites, women should also consider a checklist on various factors.

Checklist for women before buying their first home

1. Planning finances and checking availability

The first thing to take into account before considering a home loan is affordability. Seek advice from a financial planner who will give the right direction to invest as per the investment goal. Maintain a contingency fund to cover home loan EMIs and other expenses for three to six months. When lenders look at home loans, they take into account age, outstanding debt, income, and credit history. They will also look for the future value of the property when determining home loan eligibility.

2. Explore the location

Do not make a hasty decision to choose and buy a home. Before making a final decision, spend some time doing the research before making your final selection about the potential property such as security, basic amenities, and how well it is connected to other key locations..

3. Registration charges and stamp duty

Registration and stamp duty are evidence of legal ownership. The stamp duty depends on factors such as the type of property, the age, the location, etc. You need to pay a substantial amount for the registration and stamp duty. Find out how much is expected to pay based on the location and property one is planning to buy.

4. Documents required for a home loan

This step is important at the start but after you decide and register your property, you will have to submit many financial documents if you apply for a home loan. The sooner you get the documents ready it will be easy. The documents to be submitted include tax return papers, income certificates like salary slips for the last month, bank statements of the registered account, proof of address and identity documents. If the lender asks for more documents you will have to submit them as well but these are just the basic documents.

5. Check the market rates of properties and options to manage loans digitally

Before buying a property, compare the market rates of several properties to get a clear picture. Check and compare the rates on real estate websites as it contains locality-specific information. Check rates for women co-ownership or senior citizens if possible and consider things like ease of customer service and options of managing loans digitally as this will be a long-duration loan.

6. Choose a reliable builder

Before shortlisting a project, conduct several rounds of a thorough review. Conduct the first level of research online which will give you a fair idea of what to expect. Try and contact real homeowners and explore the benefits and disadvantages of the property you are interested in. Finding the right apartment for your needs will be easier if you search locally for good brokers.

7. Check parking facility, other amenities, and traffic situation

When choosing a house, make sure there are parking spaces available. The parking facility in a residential society is usually included in the deal, but you can purchase an additional space depending on your budget and needs.

8. Possession time of property

Check the ownership time of the property. As a buyer, you can either opt for a completed project or buy a house under construction. Buying a house during the construction phase is always in demand and costs more. However, buying a house at the completed stage has its own advantages. If you decide to buy a house under construction, make sure it is registered with RERA and the builders have all the government permits and certificates.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer