Planning to Buy Your First Home in Delhi? Here’s Your Checklist!

Updated on: 14 Dec 2021 // 19 min read // Home Loans
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Delhi, the capital city of India, is also called the nation’s heart. A city that’s the seat of the Government of India, Delhi has been the torchbearer of India’s great culture and heritage. It is home to some of the country’s most famous historical monuments and constantly developing over time. Moreover, it is also the headquarters of many top Indian corporate houses and is also a bustling city for trade and commerce.

However, as the city keeps developing and attracts more and more foreign investments, its land prices too, are soaring, and for working individuals to buy a house or flat, a Home Loan is the best option. Approach any noted Home Loan Provider in Delhi, be it nationalised or private bank or Non-Banking Financial Company (NBFC), submit the necessary documents and the loan will come through easily.  You can also apply online through MyMoneyMantra.

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The boom in Delhi’s real estate segment a few years ago led to the development of a wide variety of mid-range to luxury apartment complexes that sprouted all over the city. This enabled a lot of young, salaried people to buy their own homes, mostly on a Home Loan, instead of staying on rent. Nevertheless, home buying is once-in-a-lifetime investment for most people who need to be aware of the following before they make an investment.

Identify Your Requirements: This is the first step in buying a home. You need to look primarily for a living space that meets all your requirements: Is it close to your place of work; will it be convenient for your children to go to school; how secure and safe is the area; factors regarding property maintenance and also other amenities like swimming pool, club, and playgrounds. Take note of the utility and work out the minimum floor are that you would require to live comfortably for the rest of your life, if need be.

Study the Market: Before you make your investment in a home, conduct thorough research of all prevailing market conditions, personal finances and growth potential. Ask yourself if it’s the correct time to invest in property; carefully check out the current state of the real estate market; try and do an analysis of whether the investment will be lucrative in future with the maximum returns. It is also extremely important to see if all papers regarding the property are in order.

Organise Your Finances: Take an objective look at your available funds while also calculating how much you would be required to invest upfront if you opt for a Home Loan and how much would be payable in monthly Equated Monthly Instalments (EMIs) later. Buying the best home within your affordable budget is the best thing you can do. With a pre-approved loan from any Home Loan provider in Delhi, you can start looking for your dream home taking into consideration total property costs that include external/internal development fees, charges for preferential location, club/parking/statutory charges as also property registration costs.

Check Out the Locality: The locality where you’ll be staying certainly matters. Its quality, overall environment, basic amenities and, more importantly, safety need to be thoroughly checked out. Also, make a thorough assessment of the locality’s neighbouring establishments and areas including the locality’s crime rate, availability of shopping facilities, transport facilities, good schools as also public places. This would give you a clear idea of what to expect from your neighbourhood once you move in.

Look for a Reliable Builder: Once you have ascertained the property type you want, start looking for the most competent builder who has the required expertise and experience to build the house you want. Take the advice of friends, family members or associates who have gone through the home building experience themselves, and you will get some valuable tips on who to finally select as your builder.

Searching the internet will also guide you to the right person. Once you have shortlisted a few, start having meetings with them. Analyse them carefully on the basis of their past work experience and whether they are experienced in creating buildings of the type you want.

See photographs or examples of their actual work and whether they would be able to cater to your specific needs and budget. It is also important to ensure that the builder is aware of Real Estate Regulatory Authority (RERA) guidelines as also local building laws. This assumes significance because any violation of the law during the building’s construction could get you into trouble later on.

Added Value Counts: Modern amenities add substantial value to your property, particularly if you want to sell it later. Gated community properties offer swimming pools, clubhouses, open areas for recreation and children’s playgrounds. So making an investment in these is a good idea. A bit of research on the area’s unique selling points will help you make a faster and better decision.

Also Read: Buying Your First Home? It’s Time to Prepare Yourself!

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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