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Tata Capital > Blog > Loan for Home > A Complete Guide for a First-Time Home Buyer in Mumbai

Loan for Home

A Complete Guide for a First-Time Home Buyer in Mumbai

A Complete Guide for a First-Time Home Buyer in Mumbai

Buying a home for the first time is as exciting as scary. One of the most important milestones of your life, a house purchase is widely seen as a symbol of success and prosperity. However, Mumbai has some of the highest real estate prices in the world, and buying a house in the city is sure to leave a gaping hole in your pocket. With the following guide, you have help on your side when you go house-hunting for the first time in Mumbai.

Decide What You Want

First things first, prepare a list of specifications and features you absolutely want in your house. Fix a budget, the amount of floor area you need, neighborhood, locality, amenities, etc. Also consider the housing loan you will be able to secure, given your income, credit score, and outstanding debts. It’s best to target homes well within your means. You really don’t want to aim too high and run into trouble with repayments later.

Additional Read: When is the right time to buy a house in Mumbai?

Do Background Checks on Developers

Do your research on developers and their success with previous projects. Many times, developers cut corners and build towers and apartments with cheap, low-quality materials that are well below industry standards. Ensure that the developer has a good industry standing; read customer reviews and inspect the quality of the building material before considering a purchase.

Deal Negotiation

Mumbai is a seller’s market, as demand far exceeds supply. Hence, you might have a lower room to negotiate, though it's not completely impossible. You should, in this case, employ brokers who are experts and will help you navigate the quagmire of the Mumbai real estate industry. They will fetch you better prospects and a better price with their in-depth knowledge of the local market, and may even get you your dream house within your budget. Developers employ various offers as marketing gimmicks, so try to avail them as cash discounts instead of other, tangible gifts in kind. Show interest in the property; developers give higher preference to potential customers who are highly interested in the property as opposed to just looking through it. A seller is also more inclined to close the deal if you let them know that you already have the funds for buying the house. Develop a relationship with the seller; this goes a long way in ensuring you get a good deal.

Additional Read: New Home Registry - Everything you need to know!

Financing

With the skyrocketing prices of real estate in Mumbai, you will most likely need to cover most of the cost of your house with a home loan. Hence, choosing a good housing loan that works best for you is very important. This is where Tata Capital home loan comes in – the one-stop-shop for home loan in Mumbai. Tata Capital offers loan amounts ranging from Rs. 2 lakhs to 5 crores, with competitive home loan interest rates. Choose home loan plans with easy repayment, high home loan eligibility, and flexible EMI options. If you plan your finances wisely, your dream home should be well within your grasp.

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