The seemingly complex world of home buying appears to be posing even more daunting questions if you are not sure how and where to start. People are curious by nature and certain questions often pop up no matter how prepared you are before getting the deal done. So, whether you are a first-time buyer or a repeat one, here’s a simple, step-by-step guide to make your life little easier when you decide to home in on.

• First things first: Know how much you can spend or borrow from a lender/bank to buy your dream property. This helps you in deciding how much money you need for down payment and other closing costs and also narrows down the list of properties that fit into your budget. Now, get the ball rolling and identify the location wherein you want to settle down.

• Property due diligence: This could be little tricky but is, nonetheless, extremely important. Whether an under-construction property or a pre-existing one, you must verify documents to ensure the developer or the seller has the ownership rights and appropriate construction approvals.

• Loan approval: If you need a home loan, keep certain documents regarding your income and tax status ready. Your lender will assess your creditworthiness before sanctioning a loan. This is done based on your credit score. Normally, someone with a better credit profile can get a better interest rate while people with lower credit scores may need to settle for a little higher interest rate and down payment.

• Down payment: This is the amount a home-buyer needs to pay upfront before booking a flat and is roughly about 20% of the property value. However, there is no maximum limit you can pay as down payment. Try to pay the maximum amount you can afford without, of course, breaking the bank. That will lower your interest pay-outs.

• Allotment and sale: Once you have booked an under-construction property, the developer will issue you an allotment letter, which will include the details of the flat and payments. To mark the sale of the property, the developer will also sign a sale agreement with you over the coming months.

• Possession and registration: You are about to walk the last mile! The physical transfer of the property is called possession. However, to establish the legal ownership, the property has to be registered in your name. At the time of registration, the buyer has to pay stamp duty to document the property in government records.

There is nothing like having everything in order when it comes to buying a house. Hence, as you jump into the wonderful world of homeownership, put your house in order until you call it your home!