Rohan was looking out for some good properties by reputed builders to buy his first home. The name of Hiranandani builders came to his mind and he googled more about them and their properties. He was looking for 1 BHK flats in Panvel and Hiranandani Fortune City took his instant liking. With modern amenities, children play area, gymnasium and more such facilities; this new construction in Panvel generated his instant liking.
But before even thinking about buying a property, Rohan had prepared an essential checklist for a smoother home buying process. It includes:
- Building a good credit score: A stellar credit score is very important if you are planning to avail a home loan. So it is very important to have all your outstanding EMIs duly paid and avoid opening any new lines of credit. Rohan had thought of it years in advance and strived to improve his credit score so that he can receive a better loan amount.
- Accessing finances: Rohan was very particular when it came to investments, savings and arranging for margin money when it came to buying a property. He meticulously monitored his savings and anticipated the EMI amount that he might have to shell out for years, so that he can continue living the lifestyle that he lives.
- Comparing and choosing the best lender: There are many banks and NBFCs providing home loans at attractive rate of interest. Rohan just did not rely on the bank his usually banks with for getting a home loan. Rohan did a thorough comparison of different banks and NBFCs and the rate of interest they charge.
- Inspecting the property: It is always advisable to visit the property plenty of times before coming to any conclusion. It becomes all the more important to visit and inspect if the property is slightly old. There may be additional costs to be incurred. Rohan had chosen a new property and yet he inspected the site and the flat plenty of times before finalizing it.
- Household items: Usually, people tend to ignore the cost to be incurred on buying household items and furniture. Adequate amount of money needs to be kept aside for such expenses. Rohan was aware about it and had planned for it as well.
So to have a peace of mind before buying your own home, it is advisable to follow the above checklist and most importantly, aim for a good credit score as soon as possible.