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First Time Home Buyer Resources
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What is the first step in the home-buying process?
The first step is to assess your finances and get pre-approved for a home loan. This helps you understand your budget and shows sellers that you are a serious buyer.
How much down payment do I need to buy a home?
Typically, lenders ask for 10–20% of the property value. However, some loan programs allow as low as 3–5% down payment for first-time buyers, depending on your credit score and eligibility.
What are the additional costs involved besides the property price?
Apart from the home price, you must consider closing costs, registration and stamp duty, property tax, home inspection fees, insurance, and maintenance charges (if applicable).
What is a home loan pre-approval and why is it important?
A pre-approval is a lender’s confirmation of how much they are willing to lend you based on your income, credit score, and financial history. It helps speed up the buying process and strengthens your negotiation power.
How do I know which home loan is best for me?
Compare interest rates, loan tenure, fixed vs. floating rates, EMI options, and prepayment charges across various banks and financial institutions. Consulting a financial advisor can also help you make an informed decision.
What is a home inspection, and is it necessary?
A home inspection is a professional evaluation of the property’s structure, electrical systems, plumbing, roofing, and overall condition. It helps identify hidden issues and can save you from costly repairs in the future so yes, it is highly recommended.
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