7 Steps To Buy A House, For First-Time Home Buyers

Planning to buy your dream home in 2019? Here are some of the dos and don’ts that can make it easier for home seekers to raise the down payment and service the EMIs

Finance is one of the most important determinants, when it comes to buying a house and most of the other considerations revolve around this. As a property purchase is often a once-in-a-lifetime decision, it is essential to evaluate your funds accordingly. to Buy Property in Navi Mumbai, one nowadays has to utilise their savings and also opt for a house loan. The process of taking a loan has also become simpler, with a majority of people opting for it. Nevertheless, there are some basic principles that one can follow, to plan your finances for buying a house this year.

1. Pay off all your existing debts

You can never assess your net worth, if you are debt-laden. Any partial payment towards this debt, will show up poorly in your credit ratings and this may affect the house loan process. Paying off your debts completely, will help you move ahead in the direction of buying Flat in Panvel. Besides relieving one’s tension, it can help you to properly allocate money for your basic needs and for your big real estate purchase.

2. Invest in multiple assets

One should learn about the different financial instruments available in the market. This can help you to invest your money wisely and use the returns, to fund in purchasing 2 BHK Flats in Panvel. Financial experts always stress on having a mix of different asset classes in one’s portfolio, as this will help you during big-ticket purchases, like property. “Before making the decision to buy a house, one needs to ensure that the current asset allocation is not skewed towards a risky asset class like equities. If that is the case, one needs to shift a chunk of those assets to less risky ones that are also liquid. Mutual funds can be a great avenue for such temporary parking of funds,” says Rakesh Nair, an independent financial advisor.


3. Meet With Lenders

Many realtors will not spend time with clients who haven't clarified how much they can afford to spend. And in most instances, sellers will not even entertain an offer or buyer that’s not accompanied with a mortgage pre-approval. That's why – if you don't have all cash available – your next step is talking to a lender and/or mortgage broker.A lender or broker will assess your credit score and the amount you can qualify for on a loan. He or she will also discuss your assets and liabilities, as well as any local programs that might be available for down payment assistance. That's where your homework on first-time homebuyer programs can help. If you think you qualify, look for a lender that handles the program you hope to get.Do some research online, but work with a live person who can review your situation, answer questions and, if necessary, suggest how you can improve your credit.

4. Maintaining a balance between rent and EMIs

Proper planning is especially important, when one plans to buy a Property in Navi Mumbai while also living in a rented accommodation. This will entail an outgo of EMI, as well as the rent for your current house.Once you avail of a home loan, the EMI starts immediately. This can become a burden, when you are paying it along with the rent for your current house. You have to maintain a proper balance, between the EMI and the rent, so that once you get the possession of the new Flats in Panvel, you can increase the EMI amount and move into your dream home. In 2019, there is hope of a reduction in the Goods and Services Tax (GST) for real estate, as well as further reductions in the repo rate, which will directly reduce the pressure of repayment on buyers. In the meantime, buying a ready-to-move-in Flats in Navi Mumbai can be a viable option, as this will enable you to avoid the rental outgo and the GST.

5. Find a Real Estate Agent

Once you know how much you can afford and the loan amount you’ll qualify for, it’s time to find a real estate agent. Look for one who works with a team of people who can offer suggestions about home inspectors, insurance agents, etc.
Realtors do a lot of your groundwork up front for you by contacting listing agents to set up showings and help you negotiate the purchase. The best part is, a buyer doesn’t pay for working with a realtor. The service is free for a buyer, as sellers pay all the commission.

6. Have a Back-Up Lender

Qualifying for a loan isn’t a guarantee your loan will eventually be funded: Underwriting guidelines shift, lender risk-analysis changes and investor markets can alter. “I have had clients who signed loan and escrow documents, and 24 to 48 hours before they were supposed to close were notified the lender froze funding on their loan program,” says Recchia. Having a second lender that has already qualified you for a mortgage gives you an alternate way to keep the process on, or close to, schedule.

7. Decide on a Neighborhood

You'll probably have an ideal location, but keep an open mind as you see how much house you can buy in different areas. Homes and land are less expensive the farther they are from a metropolitan area. On the other hand in Panvel The City and Industrial Development Corporation (Cidco) will soon build a brand new city on 600 sq km of the Navi Mumbai Airport Influence Notified Area (NAINA), close to the new airport in Panvel taluka. Its pilot project on 38 sq km of land is as big as four Navi Mumbai civic nodes . The government will be drawing up a complete integrated layout plan for the entire Phase I of the NAINA project, comprising 160 sq km. Phase II, on 440 sq.km better known as the special township project, will feature the active participation of private builders. "Majority of the clearances required for the project have been received and with the upcoming Navi Mumbai International Airport getting its final nod, the road to NAINA Smart City will be faster and smoother with each passing day.

In addition, The Mumbai-Pune Expressway, Goa highway (NH 17) and the old Mumbai-Pune road (NH 4) passing through the city will offer Balaji Symphony residents, the unfair advantages of the shortest possible gateway from Mumbai, amongst all Mumbaikars.

Not to forget the many upcoming commercial Projects in Panvel offering excellent careers prospects within close proximity to their homes.