First-time home buyer in India? A simple 10-step checklist

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Buying your first home is exciting — and it is also the biggest purchase most families make. A clear plan saves money, time and stress. Here is the order we suggest.

1. Fix a realistic budget

Add up your savings for the down payment (usually 10–25% of the price) and the extra costs: stamp duty, registration, GST on under-construction homes, legal fees, brokerage, interiors and moving. Keep an emergency fund aside — do not put every rupee into the house.

2. Check your home loan eligibility early

Banks look at your income, existing EMIs, credit score and age. Most lenders keep your total EMIs within roughly 40–50% of your take-home pay. A pre-approved loan tells you exactly what you can spend and makes sellers take you seriously.

3. Shortlist localities, not just flats

• Distance to work, schools and hospitals at peak hours
• Water supply, power cuts and flooding in the monsoon
• Upcoming metro, roads or projects nearby
• Resale and rental demand in the area

4. Visit at different times

See the home on a weekday evening and a weekend morning. Check sunlight, ventilation, noise, parking and the condition of the building and lifts.

5. Verify the documents

For a new project, check the RERA registration on your state RERA website, the approved plan and the builder's track record. For a resale home, check the title chain, the occupancy certificate (OC), society NOC, and that property tax and maintenance are paid up. A property lawyer is worth the fee.

6. Negotiate on the total cost

Compare the all-inclusive price — parking, club house, floor rise, PLC and maintenance deposits can add a lot. Ask for every charge in writing.

7. Sign the agreement carefully

Read the possession date, penalty for delay, specifications and cancellation terms before you sign. Do not pay large amounts in cash.

8. Pay stamp duty and register

Stamp duty and registration charges depend on your state (many states charge less for women buyers). Check the current rates with your sub-registrar office or a calculator before you plan your budget.

9. Take possession properly

Inspect the home with a checklist — plumbing, wiring, tiles, doors and windows — and get defects fixed before you move in. Collect all original documents and receipts.

10. Update the records

Transfer the electricity and water connections, property tax records and society membership to your name.

FAQ

How much down payment do I need?

Usually 10–25% of the property price, plus stamp duty, registration and other costs, which banks do not fund.

Is a RERA number enough to trust a project?

It is an important first check, but also look at approvals, the builder's past projects and the agreement terms.

Should I buy ready-to-move or under construction?

Ready homes have no delay risk and no GST; under-construction homes may cost less but carry possession risk. Choose based on when you need to move.