Buying a house for the first time? Memorize these 5 things...you will save lakhs of rupees, and you will never regret the decision.

Buying a house for your family is one of the most significant and beautiful dreams of life. But this work should not be done just out of enthusiasm. You should buy a house with complete planning and after thinking well, because small mistakes made in this matter can cost you heavily in the future. If you are going to buy a house for the first time, then understand some things well, as these can prove to be helpful for you.

Home loan plays a very big role in turning your dream of a house into reality, but it is very important to take it wisely. If you have a good credit score, the bank can give you a loan of up to 90% of the property value, but this is where you have to be smart. Try to make at least 20-30% down payment from your pocket. This will reduce the burden of your EMI and you will be able to save lakhs of rupees of interest in the long run. Before finalizing the loan, compare the interest rates and terms of 4-5 banks. Buy the loan from the one that gives you the cheapest loan.

Do not decide to buy a house just by looking at your current salary. Think about how much your income will increase in the coming years and how much your expenses may increase. Remember, the cost of a house is not limited to EMI only. Expenses like society maintenance charge, property tax, water-electricity bills and minor repairs of the house will also be paid from your salary. Always ensure that your home loan EMI is not more than 35-40% of your monthly take-home salary.

Once the home loan starts, EMI will become a part of your life. Therefore, along with making up your mind to buy a house, start cutting down on your unnecessary expenses. By reducing expenses like eating out on weekends, online shopping, expensive parties, you can create a good emergency fund. This fund will be useful in paying your EMI in future in difficult times and you will avoid defaulting. Developing the habit of saving is the most important step.

When you buy a house through an agent or broker, the agent takes 1 to 1.5% commission from you and also takes 1% from the seller, which the seller later recovers from you by adding it to the price of the property. Suppose you are buying a flat worth 50 lakhs, then you pay around 1.25 lakh to 1.50 lakh rupees to the agent. Try to buy the property directly from the developer or seller. This can save you lakhs of rupees.

It is very important to know how old the house you are buying is. In today's time, the average age of an RCC (cement, concrete, rebar) structure is considered to be 70-80 years. The older your property is, the lower its resale value will be and the higher the maintenance cost will be. To know the exact age of the property, you can take the help of old residents, property documents or a structural engineer. Getting a loan for old property can also be a bit difficult.