Home Buyers Guide 101: Saving Up for Your First Home

Buying a home involves a multitude of factors. A perfect home should meet all your needs in terms of accommodation, location and other such factors. At the same time, you should be financially prepared to fund for the same. So here are some tips to help you make the right decisions:

• Size of the House
• Location and
• Amenities

1. The first step in planning to buy a home should be determining your needs. List all your requirements such as;
2. Make a choice thinking of your present as well as future requirements. Once you decide on what you need, try to focus on how well you can afford the same. A proper budget should involve all the costs to be incurred and should also have room for unforeseen expenses. Try to make sure your budget aligns with your needs.A home is a long-term investment; hence, make sure the quality and integrity of the construction are top-notch. An easy way to do so is to opt for a reputed promoter/builder. Take a look at the projects undertaken by the builder and check the reputation of the builder concerning the same projects, prioritizing the most recent ones.You can either buy the property using your savings or you can opt for a home loan . Availability of loans and the interest rates on the same will depend on your credit score or CIBIL(Credit Information Bureau India Limited) score. It is better to consult an expert or financier regarding loans if you are a first time home buyer.The Government of India offers several benefits to the first time home buyers under the Credit Linked Subsidy Scheme or CLSS and the Pradhan Mantri Awas Yojana or PMAY. You can get subsidies of up to 2.67 lakhs.

Buying a home might seem like a complex affair at first. But given the amount of investment and time and effort taken to realize the same, you should be patient while making a choice. You should always make sure you are absolutely content with the outcome of your decisions. As our homes are our safe havens and after a long day at work, all we long for is to go back and relax at our homes.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.