1. Assess Your Financial Readiness
750+CIBIL Score Needed
20%Down Payment
40%Max EMI/Income
3-5xIncome-to-Price Ratio
Before you start property hunting, answer these honestly:
- Is your job/income stable for the next 5+ years?
- Do you have emergency savings beyond the down payment?
- Is your CIBIL score above 750?
- Can your household manage EMI + expenses comfortably?
2. Set Your Budget
| Monthly Income | Max EMI | Approx Property Value |
|---|---|---|
| ₹50,000 | ₹20,000 | ₹25-30 Lakh |
| ₹75,000 | ₹30,000 | ₹38-45 Lakh |
| ₹1,00,000 | ₹40,000 | ₹50-60 Lakh |
| ₹1,50,000 | ₹60,000 | ₹75-90 Lakh |
| ₹2,00,000 | ₹80,000 | ₹1-1.2 Crore |
3. Choose Location Wisely
For first-time buyers in Delhi, we recommend areas with:
- Good metro connectivity (saves commute cost and time)
- Established markets and hospitals nearby
- Proven appreciation track record
- Active resale market (easy exit if needed)
See our guide on affordable areas in South Delhi.
4. Search & Shortlist Properties
Visit at least 8-10 properties. Use our verification checklist during each visit.
5. Legal & Technical Verification
Hire a lawyer to verify title, approvals, and encumbrances. See required documents.
6. Get Home Loan Approval
Apply to 2-3 banks simultaneously. Compare interest rates, processing fees, and prepayment terms.
7. Negotiate & Close
💡 Negotiation Tips
- Always offer 10-15% below asking price
- Cash-ready buyers get better deals
- Point out needed repairs to justify lower offers
- Be willing to walk away — it's your strongest tool
8. Registration & Possession
Complete stamp duty payment and registration. Get the keys and start your new life!
⚠️ Common First-Timer Mistakes
Read our 10 mistakes to avoid before finalizing your purchase.
Frequently Asked Questions
What is the first step in buying a home?
The first step is assessing your financial readiness — check your savings, CIBIL score, and calculate how much EMI you can afford (max 40% of income).
How much should I save before buying my first home?
Save at least 25-30% of the property value — 20% for down payment plus 8-10% for stamp duty, registration, and moving costs.
Looking for Properties in South Delhi?
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