Buying a home is one of the biggest decisions in a person’s life.
Especially buying your first home can be a little overwhelming. There are a lot
of question in a person’s mind about budget, location, which builder to choose,
whether to go for an under construction property or ready to move in and so on.
If you know what your exact requirement is, the entire experience of selecting
the correct home for your needs will seem easier. As there are a lot of options
available to buy Flats in Lucknow, a first time
home buyer may get a little overwhelmed to make the entire process easier for
you, we are providing you with a complete guide on what factors you need to
consider while buying your first property
- Deciding your budget
The most important factor to consider while making a decision is the
budget. Location and type of property will determine the price. This will help
you narrow down properties in Lucknow
while deciding. You may want to take into consideration your existing financial
commitments and have an estimate of the EMIs that you are comfortable paying
every month at a reasonable interest rate and tenure. You can calculate this
using the EMI Calculator.
2. Deciding the type of property
of property you buy depends on factors like the number of family members and
your budget. All this will help you decide if you want to go for an independent
house or an apartment in Lucknow.
This will also help you determine whether you want a 1 BHK, 2 BHK or 3 BHK
are various projects in Lucknow offering apartments in all sizes at various
3. Focus on the location
the location for your home is one of the most important factors while making
purchase decision. You should choose a location so that your school, office and
other places that you need to commute on a regular basis are easily accessible.
It is also important to have good connectivity with market, hospitals, railway
station, airport and other such social infrastructure. The budget that you have
decided will also pay a very important role in deciding the location of your
buying a home in Lucknow, you may consider prominent locations like Gomti
Nagar, Gomti Nagar Extension, Sultanpur Road, Golf City, Shaheed Path. These
locations have easy accessibility to all the areas in Lucknow.
4. Choose amenities as per your needs
days apartments in Lucknow offer a host of amenities like clubhouse, kids play
area, amphitheatre, meditation zone, Power Backup, Gated Security.
note of the kind of amenities that you require on a regular basis depending on
the members of your family. For instance, if you have kids, it would be a good
idea to consider an apartment which has a spacious play area. If you have
elderly members in the family, you may look for amenities like park and yoga
room. If you are buying home in a township, you will have easy access of the
things you need on a daily basis as everything will be available in the campus
select your dream home on the basis of your requirements.
5. Choose a reputed builder
home is probably the biggest investment of a person’s lifetime. Since a lot of
time, money and emotions are attached to making this decision it is crucial to
consider the builder reputation. Check the record of the builder and the
company, how many projects has he delivered. There are a lot of reputed builders
in Lucknow like Ansal, Omaxe and Paarth Infrabuild.
6. Selecting Home Loan
Since buying a home is a big investment, you will need to
avail a home loan. You can talk to your existing banker or look for a project
that is already Bank Approved. It is advisable to look for a Bank approved
project in Lucknow as it is generally a more secure option as Banks usually do
thorough investigation of the financial feasibility of any project before
giving approval for loan.
A home loan also offers tax benefits as interest paid on
home loan is tax deductible.
Do a thorough research on home loan rates offered by
different banks and which is the best suited to your needs.
7. Verify if the project is RERA Registered
The property should be registered under RERA and you can
check for the same on the official website of RERA. RERA ensures that the
interests of the buyer is protected in terms of what the developer has
committed to deliver. This ensures more transparency between the buyer and the
developer. In case of any grievances you may reach out to RERA for assistance. So,
always look for a RERA Approved Property in Lucknow.
8. Status of the Property
How soon do you want to move in and what kind of payment
plan you are looking at will determine the status of the Property you buy.
Whether you want to go for an under construction project or ready to move in
will also further help you to narrow down your options.
9. Keep into consideration the additional costs
When you are working out a financial plan to pay for your
house, do not forget to consider additional costs like property registration
cost, property taxes and Maintenance Cost. All these will come into play after
you have bought the house but they do make up for a considerable amount and
need to be factored in your financial Planning. Do talk to your developer about
an estimate of these cost before making the buying decision.
10. Know the Government Benefits available
The Government has several ongoing schemes for first time
home buyers and you should find out if you are eligible for any. If you are a
first time home buyer, you are eligible to avail income tax benefits under the
sections- Section 80C, Section 24 and Section 80EEA of the Income Tax Act. Make
sure to avail benefits that the government has to offer.
You may also check with the developer in Lucknow about the
benefits you may get if you are eligible for any, on booking your home with
We hope this list can help you in making the decision of
buying your dream home in Lucknow.