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Home / Brand Post / Looking to buy a home this Diwali? Here's a checklist of things to keep in mind
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Being a homeowner is on almost everyone's wish list. Who wouldn't want the independence and the comfort of coming back to their own home every day? However, buying a home involves plenty of checks to ensure you are getting the best deal on what could very well be your most prized possession. There are several factors to consider when buying a home, and missing any step out may cause trouble later. So, here are some things to things to keep in mind before signing those papers.

Affordability of the home

It is essential that the property you pick is within your budget and income. Do your research and compare different properties that are available. Keep in mind that the prices of under-construction and ready-to-move properties can be very different. Consider the property's total area, layout, facilities, and even the builder or broker, as these can affect the price. You can even use a home loan calculator to give you an idea of how much you will be paying in EMIs for a complete picture of your purchase.

Home loan interest rate

If you want to keep your savings intact and use a home loan to fulfil your home-owning dreams, it is crucial to check the home loan interest rates and other terms and conditions before you get a home loan. The festive season brings with it all kinds of offers, so find out how you can get the best rates. For instance, HDFC Bank Festive Treats currently offers interest rates as low as 6.70% per annum on home loans. You can even consider taking a home loan to renovate your house or revamp the interiors in preparation for the festive season. Either way, a home loan work as an ideal funding option.

With the aim of Karo Har Dil Roshan, HDFC Bank is also charging lower processing fees than usual. Put all these together, and you can save big on one of the most significant buys in your life.

The legality of the property

Check if the plot where your home stands and the property itself is legal. Ensure that the seller or builder has a clear title by checking the validity of their documents. Ideally, you should check documents tracing down to 30 years, but the standard minimum is 12 to 15 years. Look for the following documents:

- Sale deed

- Will (if any)

- Partition deed

- Government grant order

- Succession certificate

- Development agreement

- Power of attorney executed by the seller

- Nature of title document: whether it is development, leasehold, or freehold

All these documents must be stamped and registered to remain valid.

Authority approvals for construction

Make sure the builder or developer has the necessary approvals and no-objection certificates for construction. These approvals should be from the appropriate area development authorities, environment board, water supply and sewage boards, electricity boards and the concerned municipal corporation. There should also be orders from the concerned competent courts and RERA (Real Estate Regulatory Authority) registration. RERA regulates properties and builders to keep buyers safe and ensure the entire process is transparent.

Home location and topography

While the nitty-gritty of home buying is vital, it is of utmost importance to look at the area surrounding your future home. Ensure that the potential residency you live in has smooth connectivity, ample amenities and facilities, a sound physical infrastructure. If you have a family, you need to ensure there is access to top-quality hospitals, schools, universities, grocery stores, malls, and recreational zones, among other things. Also, the safety and security of the area and building or home should be intact. These are areas on which you should not compromise at all, even if you have to go a little over your allocated budget.

Buying a home this Diwali can be a prosperous decision and an exciting experience. More so, if you get to avail it at a discounted rate. If you are taking the help of a home loan, make sure you look for a bank that is reliable and suitable to be your lifelong partner in the journey, such as HDFC Bank.

If you are a non-HDFC Bank customer but want to avail yourself of the many Festive Treats offers, you can instantly open a Savings Account with HDFC Bank. To learn more about the account, its features and benefits, click here.

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