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Tips for The New Home Buyers in Chennai

Chennai, the capital city of the Indian state of Tamil Nadu is also referred to as the “Detroit of India”. Chennai is undoubtedly a bustling metropolis along with its mastery in a number of fields like education, healthcare, IT, automobile and a number of others. Now, buying a new home might be a dream for any Chennaite and with so many of the preferred locations like Mylapore, Kilpauk, T – Nagar, ECR, Adyar and a lot of others as well, the choices are limitless. Thus, there are high chances of a lot of confusion arising among the new home buyers in Chennai. To eliminate these confusions, here we have carefully crafted a list with few of the most important tips for the new home buyers in Chennai.

The tips are basically classified into three major parts which are as follows:

  1. Deciding on the Requirements of the Home
  2. Financing and Home Loan
  3. Shortlisting Homes and Move-In

#1. Separate Your Needs and Wants

The first tip to keep in mind is to clearly differentiate between your needs and wants. All of us want to have a bigger home, in a posh area or central Chennai locality along with a number of special facilities. But you need to sit and decide whether those are affordable or are extremely necessary right away. Now, if this is your first home in Chennai, it would be ideal to give priority to your needs but if this is your second home, you can focus on your wants. Budget plays a great role in this regard. So, consider your budget or the amount you have particularly for this purchase and move ahead accordingly.

Research the Usual Process of Buying Homes is Quite Essential

Proper research of the usual home buying process is extremely important when you wish to buy a new home in Chennai. The buying of a new home might be a tedious task and so you need to be very well prepared for it. When you are completely ready both mentally and financially, you can contact a few of the potential agents. Fix a meeting with some of them who are not only competent but also highly professional.

Also, it would be a very good idea to simply narrow down the homes that you prefer and then set up personalised appointments with the realtors. It is recommended to visit the site for seeing the homes on weekends or whenever you are free. Also, ensure the project is RERA registered. When you have finally decided on any home, you can get into a negotiation with the developer. In the meantime, start the preparation of documents as well as the legal work that needs to be done. Finally, get ready for the registration, paying the brokerage fees and get the keys to your new home in Chennai.

Researching the Localities

Almost all home buyers would have a preference for some of the other locations. So, it would be ideal to research all the localities in which you are interested. With the ease of access to the internet, this researching can be done online. You can browse the sites of various realtors to check the upcoming residential properties and the average rates per square feet. Also, check the price trend and analyse it properly. At the time of researching the areas, you need to make sure to check out the facilities as well as the infrastructure that is of great importance to you and your family; facilities such as schools, workplaces, marketplace, hospitals, restaurants, among others that are necessary for you. A lot of Chennaiates look to buy near the OMR area as it is the IT corridors, they have become too expensive due to high demand. Some best spots to invest right now in Chennai would be Perambur, Porur and Vanagaram. 

#2. Financing and Home Loan

Most people buying a new home in Chennai look forward to opting for a home loan and avail easy EMI options. So, here are a few important tips to follow in this regard:

Check the Credit Score

The credit score indicates your creditworthiness and hence it is the most important step before applying for a home loan. All the home loan providers check the credit score for giving approval to the home loan. So, checking the credit score is the first step for home loan application and if the score is not good, take effective measure to correct it.

Clear Pending Loans

Home-loan is certainly the biggest loan that you might be applying for in your life and hence it would necessarily be a very good idea to clear all the pending loans beforehand. By clearing all previous loans increases your credit score and the chances of getting the home loan approved are higher.

Limiting the Use of Credit Cards

You need to keep a check on the number of credit cards you possess and the overall spends you make. This is a major criterion taken into account by the credit rating agencies. Here you need to ensure that you do not have any penalties and make it a point to pay credit card bills on time.

Saving Money is Essential

Whenever you plan to buy a new home, saving money is extremely important. Almost all home loans or finances generally lend up to 80 percent of the total property cost and the rest 20 percent you need to pay as the down payment. So, start saving soon to get your new home sooner.

Steady Job

You need to stay steady with your job when you apply for a home loan since a stable income proof is necessary for getting the loan approved and making sure that you are capable to pay the EMIs.

Budgeting

As per your income and capability to repay the loan, you need to decide on a budget so that it does not add pressure to your monthly expenses.

Documentation

Keep all the required documents handy for the easy and speedy processing of the home loan.

#3. Shortlisting Homes and Move In

This is the final step where you finally make the decision of your purchase and move in.

Finalise the developer

After researching the potential developers finally, stick to one that is suitable for you in all respects. Check aspects such as RERA registration, the credibility of the developer and look out for reviews from the existing customer pool.

Understanding the Quality of Homes

Get a clear idea about the quality of homes available and choose the one that suits all of your requirements at its best including location, budget, quality etc.

Close the Offer

Ultimately, make the offer from your side and take the necessary steps to close the same. You can do some final negotiation as well.

Check for Any Closing Costs and Move In

Finally, you need to check for the closing costs, if any, such as government registration, stamp duty, maintenance charges and others so that you do not face any hassles later. After all, is done, you are ready to move into your new dream home in Chennai.