Things to Check before Buying a House in India with Home Loan

Owning a house is not only a financial goal that almost every individual wishes to achieve, but also a status symbol in society. It’s an asset that most people buy once in a lifetime. Naturally, it has to be the best. Therefore, one must check various factors before buying a house. 

If you dream of buying a house soon, make note of these factors below. 

  • Location

You must carefully choose the location of your house. It is always best to choose a house close to hospitals, markets, schools, police stations,s, and other socially established infrastructure. Moreover, It should not be aloof from city limits or on the outskirts. While it could be inconvenient to commute to your place of work, it could also be tricky to sell your house in the future if needed. Your house should be in a safe neighborhood with pleasant surroundings.  

  • Legality

While buying the house, it is imperative to ensure that you are purchasing a legal property. If the builder does not have sufficient approvals, you might have to face legal issues later. You must check property documents before purchasing. The property should be constructed on undisputed land and approved by the local municipal bodies. Before you purchase the property, you must verify the project and the builder. You can look for online reviews or inquire from residents in the neighborhood for verification.  

  • Financing

Buying a house is a huge investment, and so it should be within your budget. While you plan its financing, ensure that it does not hamper your other goals. You can use your savings or apply for home loan. However, it is usually better to avail a housing loan than to drain your savings. With a home loan, you can repay the loan amount comfortably over a predetermined tenure. You can check the home loan interest rate and decide on tenure as per your financial comfort. You can also check your EMIs through a home loan EMI calculator

  • Architecture

You should check the architecture and structural designs of the house. How is it designed, are there enough windows for ventilation and air circulation? Is the house secure enough? There are many such questions that you must find answers to while buying a house. 

You must also consider the size of the house and decide whether you need a 3BHK house or 2BHK or an independent house. Moreover, you must check the amenities provided in the society. Many societies have a gym, swimming pool, clubhouse and other amenities to offer. However, they also charge hefty prices as a maintenance fee for the same. You must factor in these costs while buying your house.  

Buying a house is a significant financial decision. Before you start searching for properties, it would be better to assess your requirements. Consider your needs and financial viability while making the decision. Explore different houses based on your needs, and then conduct thorough due diligence to be extra sure about your choice. 

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