Property Buying Guide by NoPlaceLikeHome

Buying a home is probably the biggest financial decision a person will make in his or her entire life. The process of buying a property in India can certainly be confusing and complicated, not to mention stressful. At NoPlaceLikeHome, we hope to help prospective buyers by listing the various steps most home buyers go through enroute to home ownership. We’ve also elaborated on each step by including links to full articles to help prospective buyers get a better idea of what to expect at each step of the home buying process.

Home Loan Affordability

People who are thinking of opting for a home loan (mortgage) are faced with the question of affordability and aren’t always sure how much they should borrow. A home loan is a long term financial commitment. Therefore, regardless of how much a bank is willing to lend you, always consider how much can you really afford to borrow?

Also, don’t forget to factor in the costs associated with home loans.

Documents required when applying for a Home Loan

The links provided below list the documents required to get a home loan in India

Property Search for Home Buyers

At NoPlaceLikeHome, we assist prospective buyers with their property search. We aim to provide considerable value to prospective buyers by simplifying property transactions, making the entire process more efficient, convenient, cheaper, and transparent. We individually verify every property we list on our site by having a member of our staff visit and take pictures of the property. Our map search as well as property page gives the exact location of the property on the map so that people know exactly where a particular property is located.

Property Viewing for Home Buyers

Before visiting a property, it is important to keep a property viewing checklists at hand to ensure that you are inspecting all features of the home that are important to you.

It also helps to have an actual list of questions for the current owner of the property to ensure that all your doubts regarding the home are clarified.

After having inspected the flat on sale, you might have a whole new set of questions related to the home buying decision.

Hence, it’s important that you make the most of your property viewing, thereby eventually making an informed decision on the property purchase itself.

Price Negotiations for Home Buyers

Relevant information is usually the key to negotiations and in our article on Price Negotiations for Home Buyers, we give you our thoughts along with a link to a government site to help you be better prepared when negotiating with a seller.

When relevant information isn’t always available, there are other ways to estimate the value of a property and negotiate effectively with the seller of an existing home.

Legal Considerations

When it comes to legal requirements, it’s always best to consult a real-estate lawyer to ensure that the rules you are complying with are up to date. I have put together a list of documents required to buy a property. However, please note that this list is merely to give prospective buyers a basic level of awareness of what the process involves.

Also, for NRI and OCI’s who want to know about the acquisition and Transfer of Immovable Property in India by a person resident outside India, a link has been provided to the relevant FAQs section of the Reserve Bank of India (RBI).

Moving in

Before you can sit back and relax in your new home, you still have to go through the tiring and tedious process of moving in.

Home Insurance

Home owners might also look to safeguard their property by buying Home Insurance.

Home insurance in India is a type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. Although not classified as home insurance, Mortgage-Linked Term Assurance is a decreasing life insurance cover that pays off your mortgage in the event of death.

The Indian home insurance market consists of products that offer protection broadly related to each of the following:

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