Once you decide upon your home budget, selecting the right property can prove to be a herculean task. In order to get a property of your choice in your preferred location and meet your budget requirements, it is important to gather as much information as you can. It is necessary that you make a decision based on the current financial situation, lifestyle consideration and long-term family needs. Shortlisting a property involves two crucial steps that include requirement gathering and location & property shortlisting. In the requirement gathering step, you need to consider the must-have features of your residential property, the good to have facilities and the things that must be avoided. The must-have features comprise of the much-needed facilities that you must consider while buying a new home. Your home should be in a safe and decent locality. It should be well-ventilated and airy. It should be child-friendly and spacious and must have security & fire features. The construction should be of good quality. You also need to analyse the stage of construction. In order to balance the rent and pre-EMIs you must choose under-construction/sub-vented projects and if you wish to stop paying rent you can opt for ‘Ready to Move’ properties. The good to have facilities are basically the additional benefits, which your prospective building must have. These include clubhouse, garden, gymnasium, open space and party lawns or halls. While selecting the new home there are a few aspects that need to be avoided. You must not select a home in an area that has proximity to slums and noise destination such as night clubs and pubs. Your property must not be in an area that is very densely or sparsely populated. You and your family members should not face any difficulty while commuting from your residential area on a daily basis. You should avoid purchasing a home in a building that has a crumbling infrastructure. Buying a home in a locality that has high crime rates is definitely a big NO. After the requirement gathering step, the next step is of locality and property shortlisting. You need to consider various factors before shortlisting a locality. These include future development prospects and plans, ease of commute, proximity to schools, colleges and hospitals and historic price trends in order to get an estimate of capital appreciation. In order to identify a suitable locality, you can begin the initial research through various property-related websites, talk to your family and friends and seek the assistance of reliable real estate consultants/agents. Property analysis and developer analysis are two important tasks that need to be undertaken while selecting your new home. In property analysis, you need to compare all the shortlisted properties and assign them a rank based on your current and future requirements, ease of travel and socio-cultural environment. The ranking will help narrow down your process. In developer analysis, you need to analyse the developer’s past experience. You need to check the developer’s financial and project delivery capabilities. You need to research if there is any pending litigation against the developer which can delay the project completion. In addition, you must do a thorough background check by getting in touch with people who are residing in the completed projects and find out about their level of satisfaction. While shortlisting a property, the crucial factors to consider include family size, locality and stage of construction. Family size refers to the number of family members who would reside in the new home. You must choose a promising locality that has proximity to public transport, railways stations, schools, and parks. The locality should have ample greenery, water supply and power supply. You are eligible to purchase a home during different stages of construction such as launch stage, under-construction stage and ready-to-move stage.
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HCPL and it's partners reserve the right to reject any application at any time in accordance to its policies. To qualify, a borrower must be a Indian citizen and meet our financial partners underwriting requirements. To check for an applicant’s eligibility, our lending partner will request your full credit report from one or more credit bureaus. Not all applicants receive the down payment assistance. To qualify for the program, you must have a responsible financial history and meet other conditions. Assistance limits displayed are indicative, actual limits will depend on number of factors. If approved, your program assistance tenure will depend on a variety of factors, including down payment assistance amount, repayment capacity, a responsible financial history, years of experience, income, home-loan to value ratio and other factors.
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