Purchasing a home should be a decision that has to be implemented carefully which otherwise will throw you into the big pit that cannot be climbed up. Many first times home buyers are victims of the sufferings as they tend to overlook many factors in the excitement to buy their first home. Consider looking at these important factors in order to make sure that your first time home purchase is not a disaster. These factors not only help to improve the chances of a home loan but also help you purchase a home right.
First Time Home Buyers- Check These Factors
Get green light from credit score
What does this mean? Your credit score is one of the important factors in the home loan approval. Many first time home buyers who are unaware of this fact approach the lender without checking the credit report, low credit score, errors in the credit report and high credit utilisation ratio may end up in rejection of the home loan application. Multiple rejections from the lender will reduce your credit score further and make it difficult to get a loan. Check if your credit score gives a green signal to apply for home loan.
Source up down payment
Lender sanction 80% -90% of the invoice value and rest of the amount should be adjusted by you towards the down payment. Consider your monthly budget and retain a number of emergency funds before sourcing the amount for down payment. As soon as you star your EMI starts, you will be strapped for funds. If don’t have enough it is always a good idea to wait for some more time.
Choose the house carefully
Don’t fall in love with every home you come across. It is advisable to see as many homes as you can to get a clear understanding about the quality of construction and other related factors. If you love to have a good interior design of the house, it should not be a reason to say yes, enough research should be conducted on builder’s credibility, market value, the Material used in the construction of the building, amenities in the locality. A careful analysis of all these factors should be made as you will be spending your foreseeable future in this locality.
Get the house inspected by legal advisor
You are making a big purchase in life so, you should be careful about the legal aspects of the property. Make sure you read the legal documents completely and get all your doubts clarified by the legal advisor before you make a purchase. Take the help of real estate savvy friends and their advice will add benefits to your basket for sure.
Follow up realtor
If you have booked a property under construction, make sure you keep in touch with the realtor so that you will update on the progress of the construction. However, RERA is always in place to secure you from defaulting delivery dates.