How to Buy a House – A Guide for First-Time Buyers

The home-buying process can be challenging for a person without any prior experience. This is because you need to consider a lot of factors before making your decision. Let us learn more about how to buy a house for the first time.



3 Advantages of a First-time Home Buyer

  1. Tax Benefits

You can claim tax benefits on the principal amount and the interest on your home loan. However, there are certain limitations when you get a tax deduction because the cost of the house should be under a certain limit. Such government policies keep renewing so you can read about them while researching.

  1. Government Schemes

The government of India has schemes like Pradhan Mantri Awas Yojana (PMAY) and Credit Linked Subsidy Scheme (CLSS) for people who wish to buy a house. These schemes can lower your monthly payments and reduce the burden of paying a big chunk of money at once.

  1. Lower Interest Rates

Whether you are checking out plots in Mangadu, Thirumazhisai, Madhavaram or any other neighbourhood, you can get advantage of low-interest rates. Many banks and non-banking financial companies offer lower interest rates to first-time home buyers.

3 Tips for Buying a House for the First Time

When buying a house for the first time, there are two things to consider. You can look for land up for sale in Moolakadai, Tambram, or Thirumazhisai where you can construct the property on your own. The other possibility is to buy a ready-to-move-in apartment in a secure locality. Here are some tips that will guide you in both cases.

  1. Check for RERA Registration

Make sure that you only buy a property that is registered under Real Estate Regulatory Authority or RERA. For this purpose, you can verify the RERA registration number online to ensure that the seller’s property is registered.

  1. Make a Budget

It is recommended to make a budget according to your earnings and expenditure. Besides this, you should start researching early on so that you can apply for schemes that may aid you in fulfilling the loan amount.

  1. Focus on the Location

The location of a residential property determines the quality of living you can maintain. Along with this, its connectivity to state and national highways, accessibility to hospitals, schools, and restaurants, and safety measures should also be considered.

While looking for a house you must find a credible and certified real estate builder. Furthermore, it is suggested to read their customer reviews and verify their properties’ reputation in the market. 

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