Owning a home is one of the most important life goals for most of us. But sometimes it can be challenging, especially if you are a first-time homebuyer. However with a little planning and research, you can buy your dream home without any trouble, and we are here to help you with that. With the increase in property prices, it is important to find the right home that secures all your needs.

Important Things to Consider When Buying a Home

• Why do you need a home?

Do you want stability in terms of where you stay? Are you tired of moving from one rented accommodation to another? Has it always been your aspiration to own a home of your own? If you relate to any of these, you should consider buying a home.

• Do you have a timeline?

The above question will help you decide the property that will meet your requirements and in selecting the perfect project. Depending on your timelines you can choose a ready-to-move-in house or book an under-construction one. Both the properties have their advantages and disadvantages. Under-construction properties can be easier on your pocket but come with a waiting period for possession. Read-to-move-in properties come with immediate availability and can save you from the double burden of paying rent and EMIs. So, you should finalize the property based on what your unique need is.

Finalize the Location and Size

Before deciding on the home you want to buy, you should consider two other important factors:

• Location:

It is important to choose a location with access to basic amenities including schools, hospitals, markets, police stations, cinema halls, and other places for entertainment including a children’s park, etc. You may also want to consider the distance between your home and office and the availability of public transport in the area.

If you are buying an apartment in a high-rise building, you also need to consider the floor on which you would like your home to be. Usually, people with older parents or kids prefer lower floors.

Size:The size of the home depends on a lot of factors:

• How many members are going to live in the house?
• Will you have guests visiting you frequently?
• Do you need a balcony space for something like a small home garden? Or, if you have a child, for them to play?
• After deciding the space, you also need to consider the area of the house. An increase in every square foot will cost you more. A one-bedroom-hall apartment may be available in both 400 sq feet and 700 sq feet. But the difference in the price between both the flats will be a lot. So, ask yourself are you buying accommodation or are you buying size. You will have to make a decision based on what your budget is.

Utilize the Benefits

In recent times, owning a home has become an easier process with lenders as well as the government giving a lot of benefits to home buyers.:

Under the Pradhan Mantri Awas Yojana if you are a first-time homebuyer you can get an interest subsidy of up to Rs.2.67 lakh on your home loan. The scheme also allows eligible customers to avail an interest subsidy on the purchase/construction/upgradation of a house.

In addition, you can save up to INR 2 lakh on your home loan interest paid under the Income Tax Act Section 24 and up to INR 1.5 lakh under Section 80C, for the principal repayment of the loan.

To know more about the benefits and DMI affordable home loan options check https://www.dmihousingfinance.in/home-flat-purchase.php. You can give us a missed call on +919772027704 for all your home loan needs. You can also use our customer portal to apply online from wherever you are. It helps you to get fast approvals, track your loan application, check eligibility, manage your loan account, and access multiple other benefits.

You can also write to us at customercare@dmihousingfinance.in or contact us on DMI Housing Finance customer support number – 1800 121 4214. Enjoy the benefits of applying for a home loan easily with DMI Housing Finance and let us help you make your dream home a reality.