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Your EMI should not exceed 40% of your monthly take-home salary Keep 20% of property value ready for down payment Budget ₹1-2L for registration and stamp duty costs Set aside ₹50,000-1L for brokerage fees
Know your exact budget Negotiate better with sellers Speed up the purchase process
Distance from workplace School proximity (if you have children) Metro/transport connectivity Future infrastructure development Flood zone and soil quality reports
Title deed (minimum 30-year chain) Encumbrance certificate (EC) Approved building plan Occupancy certificate (OC) RERA registration Property tax receipts (last 3 years)
[ ] Bank loan sanction letter received [ ] All documents verified by your lawyer [ ] Property free of any legal disputes [ ] Builder/seller has clear title [ ] Possession date clearly mentioned
Step 1: Determine Your Budget
Before starting your property search, understand your financial capacity clearly.
Key calculations:
Step 2: Check Your Loan Eligibility
Visit 2-3 banks and get pre-approved before property hunting. This helps you:
Step 3: Location Research
Evaluate locations based on:
Step 4: Document Verification
Critical documents to verify:
Step 5: Legal Due Diligence
Always hire an independent property lawyer (not the builder's lawyer) to review all documents. Budget ₹3,000-8,000 for this service.
Step 6: Negotiate and Close
Once you've verified everything, negotiate the price (typically 5-10% below asking is achievable), sign the sale agreement, and proceed to registration.
Final checklist before signing: