Also read |Form 26AS: Step-by-Step Download Guide

I. Financial Preparation (Steps 1, 4, 5)

This is about what you can actually afford. Let’s be real.

• 1. Begin with Budgeting: Don’t just budget for the house price. Factor in renovation, decorating, and long-term maintenance. Use an EMI calculator to figure out your comfortable monthly outflow before you decide on a loan amount.

• 4. Check Your CIBIL Score: Your eligibility and the interest rate you get are heavily dependent on this 3-digit score. Pay credit card bills and loans on time. You need a good score or you’ll compromise your financial security.

• 5. Save For Down Payments & EMIs: The Reserve Bank of India (RBI) mandates lenders can only provide up to 75% to 90% of the property value as a home loan, based on the property value slab and other factors. (The text states 80%, but market reality varies—up to 90% for properties under ₹30 lakh). This means you must save the mandatory 10% to 25% for the down payment yourself. Plus, budget for developer charges and interior costs.

II. Market & Location Due Diligence (Steps 2, 3, 6)

Location, location, location. And who built it.

• 2. Choose the Location with Care: Don’t just look at the house. Consider the amenities (schools for kids) and connectivity (for working professionals). If it’s an investment, choose a locality that shows demand and future resale value.

• 3. Study the Housing Market: Consult real estate forecasts and industry experts. This helps you identify cities or areas with low rent rates or upcoming infrastructure projects, which drive demand and value.

• 6. Take Your Time to Find the Right Home: Don’t rush into the first option. Have a non-negotiable checklist (e.g., outdoor space, deck). Factor in future needs and the kind of community you want. Avoid sub-par developers; research is key.

III. The Developer Factor (Step 7)

This is about quality control and legal peace of mind.

• 7. Choose a Grade A Developer: Buying from a Grade A developer ensures the property is legally compliant and built with the highest quality standards. Why? Because they have the scale, experience, financial stability, and reputation for on-time delivery and legal adherence. They usually offer better customer support, too.

 Post-Purchase & Ongoing Costs (The Aftermath)

Once the paperwork is done, the expenses don’t stop.

• Essential Safeguards: Get Homeowners Insurance to protect the investment. Conduct a Home Inspection (for structural integrity/safety) and a Home Appraisal (to confirm the price matches market value) before finalizing the deal.

• Ongoing Expenses: Don’t forget the monthly costs:

  • Mortgage Payments (EMI).

  • Property Taxes (annual).

  • Homeowners Association (HOA) Fees (if applicable).

  • Emergency Fund for unexpected repairs—this is not a luxury.

📈 Why Now? (Market View)

The Indian real estate market is expected to exhibit a solid growth rate (CAGR) of 9.2% during 2023-2028. The government is pushing things with tax benefits and aid.

• Favorable Factors: Low interest rates, a stable or growing market, positive economic conditions (low unemployment), and government incentives are key signs it might be a good time for you. But ultimately, it comes down to Personal Financial Stability and your Long-Term Stay plans.

Also read |Form 26AS: Step-by-Step Download Guide

The post The 7-Step Home Buyer Checklist: Don’t Buy Until You Read This. first appeared on Rightsofemployees.com.

There is a plan to increase the limit set for the benefit of credit linked subsidy in this scheme. If this happens, then houses of higher price than before will come under the scope of this scheme.

Apart from this, there is a proposal to simplify the definition of middle class in the scheme. These decisions will benefit the middle class family. According to sources, the Urban Development Ministry has sent the draft note and guidelines to the Cabinet for approval, which is likely to be approved in 2 to 3 months. In Budget 2024, Rs 2.2 lakh crore has been allocated for PMAY-U in 5 years.

Also Read: Good news for employees, Dearness Allowance arrears will be paid before Rakshabandhan

According to information received from sources, interest rebate is possible on houses up to Rs 50 lakh under the government’s New Housing Scheme.

-Under this discount, beneficiaries of Pradhan Mantri Awas Yojana-Urban (CLSS) will get a discount of 3 to 6.5 percent in interest rates. Currently, the Credit Linked Subsidy Scheme provides discount on interest on houses up to Rs 45 lakh.

-In the new scheme, the government has set a target of building 1 crore houses.

-For the convenience of the beneficiaries of this scheme, all approvals will be given through single window system.

The post Good news! The scope of the new housing scheme may increase, more discount in interest on buying a house first appeared on Rightsofemployees.com.

Delhi Development Authority (DDA) will e-auction some of its luxury apartments in Dwarka Sector 19B on March 5. There will be a third phase of the auction. The authority has started taking registrations for this auction. 28th February (Wednesday) will be the last day of registration. In this auction, penthouses worth Rs 5 crore and HIG flats worth Rs 2.05 crore will be auctioned by DDA.

The authority had conducted the first round of e-auction for 296 apartments on January 5, in which 274 apartments were booked, while the second round of e-auction for 707 apartments was held on February 5. The flats being offered through e-auction are part of DDA’s Festival Special Housing Scheme 2023,

where penthouses, Super HIG (Higher Income Group), HIG, MIG (Middle Income Group), LIG (Lower Income Group), and 32,000 flats have been put up for sale under various categories including EWS (Economically Weaker Section).

The post DDA is selling houses that you like at first glance, registration is underway, bidding will take place in a few days. first appeared on Rightsofemployees.com.