The Ultimate 7-Step Guide To Buy A House In Mumbai
What You Need to Know
- 20 November, 2023
Purchasing your dream home in a massive city like Mumbai can seem daunting. However, careful planning and research can make the process smooth and stress-free.
Follow this ultimate guide to buy a house in Mumbai with ease:
1. Set Your Budget
The first step is deciding your budget. Factoring in costs like property price, registration fees, taxes, maintenance charges, etc. will give you a realistic range. Mumbai offers residential options for all budgets – luxury 3 BHK homes in prime areas like Bandra can cost upwards of Rs.3 crores while budget 1 BHK flats are available under Rs.60 lakhs in far suburbs.
2. Hunt for the Most Suitable Location
Once you decide your budget, explore locations in Mumbai that match. Prioritize connectivity to your office, proximity to schools/colleges if you have kids, availability of amenities, etc. For example, Khar and Bandra offer a central location with excellent connectivity while being close to schools, restaurants etc. But 3 BHK homes in Khar can be more expensive.
3. Research Thoroughly
Drive around neighbourhoods you are considering, speak with brokers and read online reviews. Visit multiple projects to assess factors like design, construction quality, amenities, etc first-hand. Connect with existing residents to understand the pros and cons of living there.
4. Check CIBIL Score for Home Loan Eligibility
Having a high CIBIL score of 750+ will ensure easy home loan approval from banks. Review your credit report in advance and take steps to improve your score if needed. A higher score can help you get a better interest rate.
5. Get Your Finances in Order
Work on maximizing your savings for the down payment required. Typically 20% of property value. Additionally, factor in registration, taxes and other costs. Start researching home loan options so you have funds ready.
6. Do Thorough Background Checks
For under-construction projects, check credentials of the builder thoroughly and construction quality. For resale homes, verify ownership title, society legalities, etc. closely. This will help avoid issues later.
7. Trust Your Intuition
Lastly, trust your gut feel when finalizing the property. Factors like ventilation, lighting, space planning matter for your lifestyle. So only choose a home where you can comfortably envision your life.
Follow this well-researched, planned approach to buy your dream 3 BHK apartment or any other home in Mumbai. Being prudent and diligent will lead you to the perfect place you can happily call home!