Buying your first home is a major milestone exciting, emotional, and often overwhelming.
1. Underestimating the Total Cost of Homeownership
Most buyers focus only on the property price—but that's just the beginning. You also need to budget for stamp duty, registration, legal charges, maintenance, and more.
Tip: Always keep an additional 10–15% buffer above the property cost.
2. Not Getting Pre-Approved for a Home Loan
Without pre-approval, you may fall in love with homes outside your budget or face rejection later.
Tip: Get a home loan pre-approval to strengthen your negotiation and know your limits.
3. Ignoring Credit Score and Loan Eligibility
Your credit score impacts your loan interest rate and approval chances.
Tip: Check and improve your credit score before applying. Clear existing debts to boost it.
4. Skipping Legal Due Diligence
Buying without legal checks can lead to disputes or fraud.
Tip: Hire a real estate lawyer to verify title deeds, RERA, and encumbrances.
5. Overstretching the Budget
A bigger house can mean EMI stress and default risk.
Tip: Follow the 30:40:30 Rule: 30% down payment, 40% income on EMI, 30% for other goals.
6. Buying Without Researching the Builder
Not all developers are trustworthy. Delays and poor quality are common.
Tip: Check RERA ID, past projects, and online reviews before investing.
7. Delaying Insurance or Emergency Planning
Skipping insurance can leave your family exposed in a crisis.
Tip: Get term + loan insurance and keep 6 months EMI in reserve.
Ready to Buy Smart and Safe?
Let DhanBhumi guide your first home investment with transparency, trust, and expertise.