What are the Steps for First Time Home Buyer?

I was a first time home buyer a few years ago. So, I can help you understand the

steps involved in buying a house for the first time.

Buying your first house is an exciting and difficult adventure to take. As a first-time buyer, you can move through the process with confidence if you know what to expect and are aware of the necessary stages. 

What are

Buying a House for the First Time Steps?

I will tell you the important factors and offer a detailed process to help first-time house buyers effectively navigate the home-buying process.

• Establish Your Budget

  : 

This is the

first step in buying a house for the first time.

You should have a reasonable budget that takes into account a down payment, closing costs, and monthly mortgage payments, assess your income, savings, and outgoings.

• Get Pre-Approved for a Mortgage:

   

To enhance your position as a serious buyer and set expectations, get pre-approval from a respected lender.

• Determine Your Wants and Needs:

   

To focus your search, make a list of the features you absolutely must have and rank them.

• Research Neighbourhoods and Communities:

   

Look into neighbourhoods that suit your tastes, keeping in mind things like future growth, schools, transit, safety, and amenities.

• Seek Legal and Financial Advice:

   

To guarantee a seamless transaction in line with your long-term objectives, speak with a real estate lawyer and financial advisor.

• Start With House Hunting:

   

Begin your property hunt by using internet platforms like NoBroker. You can check property listings on their website and get owner details using different

• Perform Due Diligence:

   

Make comprehensive inspections, which may involve hiring a qualified home inspector. You can do this too with the help of

• Complete the Closing Process:

   

To complete the necessary paperwork, inspections, and financing requirements, collaborate closely with your lawyer, and lender. Before signing, go over every document, and get your closing costs ready.

Follow this

step by step in buying a house first time, and get NoBroker’s help for a smooth buying experience as a first-time buyer.

The steps for purchasing a property for the first time might seem complicated, especially for first time home buyers with no prior experience. Between credit scores, down payments, property taxes, interest rates, and closing the deal, it’s natural to feel overwhelmed. To make it easy for you, I will tell you what are the steps for first time home buyer.

• Do thorough research and check real estate websites like NoBroker, magazines, newspapers, and that have real estate listings to find homes that suit your needs the most.

• Determine the cost of the house you can afford based on your financial situation. You can use an Affordability Calculator available online to check which houses you can afford.

• Check whether you are eligible for a home loan by going through the eligibility criteria of your bank and figure out what steps you can take to increase the home loan amount.

• Start touring houses in your price range and check out the small details of each property like testing plumbing, electricity, etc.

• Check the necessary documents like the sale deed, encumbrance certificate to make sure that the seller is the rightful owner of the property you’re purchasing.

• Close the deal by signing all of the documents required to complete the transaction, including your loan documents.

There are various ways through which the govt. has assisted people in purchasing their own house:

As per this scheme, there’s an interest subsidy ranging from 3-6.5% given to the people falling in the annual income bracket up to Rs. 18 lakhs on their purchase of the first residential house.

There are many tax benefits given to a housing loan borrower. Read some of these benefits here:

• Under Section 80C, one can get a benefit of up to Rs. 1.5 lacs for the principal repayment of the loan.

• Under Section 24, one can claim a deduction of Rs. 2 lacs on their housing loan interest.

• Under Section 80EEA, one can claim an additional deduction of Rs. 1.5 lacs over and above Rs. 2 lacs on their housing loan interest. This is only for first-time homebuyers.

I hope you like these first time home buyer incentives.

Read more:

I hope you find this guide for first time home buyers helpful.