A Home Buyer's Checklist

Buying a home involves many steps. A checklist helps avoid costly mistakes.

Before you start

• Decide whether buying suits you now, or whether renting is better.
• Set a budget: down payment, loan and 10 to 15 percent extra for costs.
• Keep an emergency fund separate.
• Check your credit score.

Choosing a property

• Location: commute, schools, hospitals, safety, water and future infrastructure.
• Developer track record.
• Ready vs under-construction.
• Carpet area, not just “super built-up” area.

Legal checks

• RERA registration.
• Title, encumbrance certificate and approvals.
• Occupancy certificate for ready homes.
• Hire a lawyer.

Financing

• Compare lenders, rates and fees.
• Check LTV and eligibility.
• Consider co-applicants.
• Read the loan agreement.

Closing

• Pay stamp duty and registration.
• Get the sale deed registered.
• Complete possession and check the property.

After buying

• Update property tax and utility records.
• Insure the home.
• Keep all documents safe.

Module recap

• RBI rules cap loan-to-value; banks and HFCs lend to different customers.
• Eligibility depends on income, EMIs and credit scores.
• Subsidies, GST and project risks shape costs.
• Hidden costs add 10 percent or more.
• Real estate is cyclical; rental housing and title clarity need reform.
• Stalled projects taught hard lessons; housing matters for the whole economy.