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10 step checklist from buying to moving into your new home
You must be even more motivated to buy your own home and move into it at the earliest, in the face of the present circumstances. Not only does owning a home give you that security of being in a safe and hygienic environment, you also know it’s a great financial asset.
So, if you are considering buying a home, it’s time you did it with a proper road map in place.
Here’s a 10 step checklist to make the process smoother.
1. Assess your financial strength
This is the all-important criterion to know if you can indeed afford a luxury home. First go through your income and expenditure including other loans such as a car loan, to see how much you can pay for your home. Factor in other charges such as the down payment, stamp duty, registration fee, etc along with drawing up the budget for your house. If you plan to take a home loan, your EMI should not be more than 35 – 40 per cent of your monthly net income. If you are below 30 and looking ahead at increased income in the years to come, you could probably stretch your home loan EMI to 50 per cent of your net income after accounting for all your other household expenses and outgoings.
2. Location matters
If you have decided to make it your ‘forever home’ where you and your family can enjoy living in the neighbourhood for years together, it might be a good point to consider. Look for the immediate developments in the locality in terms of the improved transport system, road connectivity, established educational institutions, hospitals, and ample natural greenery. A plush neighbourhood can also add to the investment quotient of your apartment if you choose to rent it out or sell it at a later stage.
3. Choose the best developer
One of the important aspects most homebuyers overlook in their hurry to buy a premium home is the credibility and track record of the developer of the project. A trusted developer, like HM Constructions, will always prioritise premier grade construction quality, top of the line architectural styles, contemporary and futuristic amenities and services, in all the luxury projects to give the best of living standards to homebuyers.
4. Option of a ready to occupy home vs under construction
There’s no two ways about it: a ready home is hassle-free if you need to move in immediately. All you need to do is choose the best luxury home project in the top location of the city and move in. Moreover, you do not have to pay GST on a ready home. However, also remember that a ready home works out to be more expensive than one under construction. Another factor is that you as a homebuyer may not have a choice of which floor you’d want to buy on, and also, not be able to execute any structural or design changes in the apartment. The advantage, if you live in a rented house, is that you will not have to pay rent anymore and can divert it to your home loan EMI if you are going in for a housing loan.
An under-construction home gives you the advantage of being able to choose the floor in the project and make whatever structural and design changes in the interiors of the apartment wherever possible. You can also choose various home loan plans including construction-linked, Flexi-payment, subvention plans, etc. Only, you will have to pay GST for your under-construction home.
5. Opting for a home loan
Look up the top financial institutions and banks offering housing loans and compare the interest rates. HDFC, ICICI Bank, SBI banks offer some of the lowest interest on home loans starting from 6.70%. Your developer will have a tie-up with a bank or HFC to offer deeper discounts and incentives to homebuyers.
6. Credit worthiness
Your home loan approval will depend greatly on your repayment capacity. This is where your timely payments against your credit cards, bills, car loans, etc will determine your creditworthiness.
7. Down payment plan
Since most banks and HFCs disburse only 85-90 per cent of the loan, the rest of it will have to be paid by you as a down payment. In fact, only after you’ve paid the down payment to the bank will they disburse the loan to you to purchase your apartment. So, before you apply for a home loan, have at least 20 percent of the cost of the apartment ready to pay as a down payment.
8. Sale deed
This is the most important document while purchasing or selling property and gives you legal ownership of your property. A sale deed must have the details of those involved with the transaction, which includes the name, age and addresses of the parties – buyer and seller – and their respective signatures, in order to make it valid.
9. Occupancy certificate
An Occupancy Certificate is a legal document issued by the BBMP or BDA that certifies that your home has complied with all the rules and construction byelaws and is an authorized building. This certificate is required when you apply for a home loan as well as when you want to sell your property in future.
10. Moving in
This should be your happiest day especially if you have aced all of the above with perfection. When you do move in, wear your mask, sanitise your belongings and the fittings in your new home.
Happy homecoming!
Call us at 888 022 5555 for a home tour, today.