Understanding the Homebuying Process in India: A Step-by-Step Guide

Ans. The duration of the home-buying process can vary depending on various factors, such as property availability, loan processing time, and legal procedures. On average, it may take around 2-3 months to complete the entire process, but it can be longer sometimes.

Ans. Engaging a lawyer or legal expert to guide you through the home-buying process, especially during the legal documentation and due diligence stages, is beneficial.

Ans: Home loan is one of the best financial options available in India to buy a house. The eligibility criteria varies from one lender to another. However, the common eligibility criteria includes a stable monthly income, good credit score, sources of income, age of the borrower, nationality of the borrower and any existing financial liabilities.

Ans: When you purchase a property in India, there are several taxes and additional costs. One of the main expenses is stamp duty, which varies as per the state. The stamp duty charges ranges from 5-8% of the property's value. Furthermore, there is a registration fee, generally around 1% of the property value, which you have to bear when you buy a house. For under-construction properties, buyers must also pay a Goods and Services Tax (GST). Legal fees for title verification, processing fees on loan and drafting the sale deed are additional cost.These expenses impact the overall home buying cost.