Home Loan Checklist for First-Time Buyers
Eligibility, documents and costs to plan for before you apply for a home loan.
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A little preparation makes the home-loan process smoother and helps you negotiate better terms.
Know your budget
Lenders look at income, existing EMIs and credit history. Keep total EMIs within a comfortable share of your monthly income.
Documents usually requested
- Identity and address proof
- Income proof: salary slips or ITRs and bank statements
- Property documents: agreement for sale, title documents, approved plan
Costs beyond the EMI
- Down payment
- Processing and legal fees
- Stamp duty and registration charges
Compare offers from several lenders and read the terms on prepayment and rate resets.
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